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Ford Eagle Group Ltd (FEGP)


Wednesday 29 May, 2013

Ford Eagle Group Ltd

Final Results

                                                                    29 May 2013

                           Ford Eagle Group Limited                            

                        ("Ford Eagle" or "the Company")                        

        Full Year results for the twelve months ended 31 December 2012         

                             Chairman's Statement                              

I am pleased to report the final audited consolidated results for the twelve
months ended 31 December 2012.

Review of Operations

The Company conducted its primary trading activity during the year under review
through its wholly owned subsidiary, Ford Eagle Capital Limited (`FEC'). FEC
provides advisory services to Chinese companies on London listing options.

Despite difficult conditions during the year, one of FEC's clients, LYZE Group
Plc, was admitted to AIM in the second half of 2012. As a result, total income
for the Group amounted to £392k (2011: £43k). In addition, in April 2012, the
Company acquired a 10% interest in Winning Step Investment Limited; the
purchase price of £96,165 was settled by the issue of 641,100 new ordinary
shares in the Company. The asset was transferred to FEC on 31st December 2012.

The Board continued to maintain tight controls over operating expenditure which
amounted to £375k (2011: £363k). The Company made a net profit of £122k (2011:
loss of £316k). The resulting profit per share was 3.33p (2011: loss 9.90p).

Operating assets and liabilities were transferred into FEC. As at 31 December
2012, the consolidated current assets amounted to £509k (2011: £34k)
represented by financial assets (primarily shares in LYZE) of £425k (2011: £0)
with cash of £80k (2011: £29k). The increase in cash is due to receipt of an
unsecured loan of £79.8k at the year end in order to support the Company
working capital requirements for 2013. Since inception, the Company's working
capital requirements have been funded through loans which at 31 December 2012
amounted to £425k (2011: £305k).

Current Trading and Post Balance Sheet Events

Trading conditions since the year end have continued to be difficult and the
Directors have made a concerted effort to source alternative funding for the

On 8 May 2013, the Company sent shareholders a Circular and Notice of a General
Meeting to be held on 31 May 2013. The circular described the proposals to
dispose of FEC, to change the business strategy, a capital reorganisation and a
change of name. The Company also announced an open offer at 1p per new ordinary
share to raise around £180,000 after costs which has been underwritten. The
General Meeting will be held on 31 May 2013. The Directors expect all the
resolutions to be passed as it has received sufficient irrevocables to vote in
favour of the resolutions.

Following the General Meeting, the Company will become an Investing Company
seeking to maximise shareholder value over a period of five to seven years. It
will seek to achieve this by investing a combination of debt and equity in
businesses with growth potential. The Company intends to be an active investor
in situations where the Company can make a clear contribution to the progress
and development of the investment and where appropriate the Directors would
seek representation on the board of the investee company.

I am confident that with the proposed change in business strategy, strengthened
balance sheet and board of directors provide the Company with a strong platform
for future development. I believe that the business experience and expertise of
the Board will enable us to identify and bring to fruition a succession of
investment projects.

Board Changes

Wing Sang Wilson Hui resigned as a director on 28 December 2012. I would like
to thank him for his immense contribution to the company. Nicholas Littlewood
resigned as a director on 8 January 2013. Nicholas was a supportive
non-executive director and gave me help and advice during his period in office.

On 13 March 2013, Chin Pang Tse and Xinyan Wong joined the Board. On 25 March
2013, David Adamson Hirst joined us as a non-executive director. I take great
pleasure in welcoming my three new colleagues.

On 13 March 2013 Jack Law relinquished his role as Chief Executive Officer but
remains a non-executive director of the Company. He has been the driving force
of Ford Eagle and I am delighted that we are to retain his support. On behalf
of the Board I thank Jack for all he has done for Ford Eagle Group. Stanley Tse
has acted as Chief Executive Officer in the interim period and we appreciate
his work for the Company. Garry Willinge chaired both the Audit and the
Remuneration Committees and again I would like to thank him for his leadership.

Finally, I would like to thank all our shareholders for their ongoing support
during this period of transition.

Tony Drury

AS AT 31 DECEMBER, 2012                                                        
                                                               2012       2011    
                                                               GBP         GBP    
NON-CURRENT ASSETS                                                             
Property, plant and equipment                                     -      18,825
Available-for-sale financial assets                          36,331           -
Goodwill                                                          -           -
                                                             36,331      18,825
CURRENT ASSETS                                                                 
Financial assets at fair value through profit or loss       424,800           -
Trade and other receivables                                   3,578       4,682
Cash and cash equivalents                                    80,341      29,259
                                                            508,719      33,941
CURRENT LIABILITIES                                                            
Financial liabilities at fair value through profit or       106,200           -
Trade and other payables                                      7,558      44,196
Unsecured loan                                               39,900           -
                                                            153,658      44,196
NET CURRENT ASSETS/(LIABILITIES)                            355,061    (10,255)
TOTAL ASSETS LESS CURRENT LIABILITIES                       391,392       8,570
NON-CURRENT LIABILITIES                                                        
Unsecured loan                                             (79,800)           -
Loans from related parties                                (344,908)   (305,443)
                                                          (424,708)   (305,443)
NET LIABILITIES                                           (£33,316)  (£295,873)
Share capital                                               414,660     320,550
Share premium                                               194,448     147,393
Foreign currency translation reserve                          2,089       3,978
Accumulated losses                                        (644,513)   (768,794)
DEFICIENCY IN SHAREHOLDERS' FUNDS                         (£33,316)  (£296,873)

FOR THE YEAR ENDED 31 DECEMBER, 2012                                           
                                                              2012       2011    
                                                              GBP         GBP    
CONTINUING OPERATIONS                                                          
TURNOVER                                                    391,665      43,366
OTHER INCOME                                                121,558       3,428
ADMINISTRATIVE EXPENSES                                   (375,329)   (363,011)
FINANCE COSTS                                              (13,613)     (1,230)
PROFIT/(LOSS) BEFORE TAX                                    124,281   (317,447)
INCOME TAX                                                        -           -
PROFIT/(LOSS) FOR THE YEAR                                  124,281   (317,447)
OTHER COMPREHENSIVE (LOSS)/INCOME                                              
Exchange differences on translating foreign operations      (1,889)       1,462
TOTAL COMPREHENSIVE LOSS FOR THE YEAR                      £122,392  (£315,985)
BASIC AND DILUTED PROFIT/LOSS PER SHARE (PENCE)              (3.33)      (9.90)

For further information:

Ford Eagle Group Ltd
Tony Drury, Non-Executive Chairman
+ 44 (0)79737 37284 (UK)

Alexander David Securities Limited - Corporate Adviser
David Scott
+44 (0)20 7448 9800

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