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Jellybook Limited (JELY)

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Monday 26 September, 2011

Jellybook Limited

Interim Results

RNS Number : 8947O
Jellybook Limited
26 September 2011
 



26 September 2011

 

 

JELLYBOOK LIMITED

("Jellybook" or the "Company")

 

INTERIM REPORT FOR THE PERIOD ENDED 30 JUNE 2011

 

 

HIGHLIGHTS

 

·       Completed successful admission to AIM in June

·       Cash resources of £10.8 million to 30 June 2011

·       Company conserving cash resources in uncertain environment

·       Acquisition evaluation process underway

 

CHAIRMAN'S STATEMENT

 

Dear Shareholder

 

I am very pleased to issue our first interim report to shareholders as a public company, with the shares of Jellybook Limited having been admitted on 22 June 2011 to trading on AIM.  On admission, your Company raised an additional £11.0 million of funds (before expenses).

 

The financial statements in this interim report cover the period from incorporation at the beginning of March 2011 until 30 June 2011.  Most of our activities in this period were related first of all to the incorporation of the Company and then the preparatory work for the IPO, culminating in the successful closure of the admission process near the end of this four month period.  The results for the period therefore largely reflect the costs involved in bringing Jellybook into existence and to its AIM admission.

 

At 30 June 2011 the Company had cash balances of approximately £10.8m equating to 6.15p per share.  Throughout the period following the Company's flotation on AIM, the Company has sought to maintain its cash resources in the prevailing difficult and volatile economic climate, whilst continuing to evaluate potential investments / transactions.  None of these have yet resulted in a suitable investment or acquisition but we are making good progress as we pursue opportunities for investment in line with our stated principal strategy of buying into businesses in the European social media sector that have innovative, low cost and scalable technologies and the potential to attain a significant market share.  We have adopted a rigorous process for evaluating potential acquisitions, a process I am overseeing myself since we are well aware of the potential pitfalls in this market.  The social media sector continues to demonstrate extremely strong growth despite the wider economic uncertainties. I am confident that we will be able to identify one or more suitable acquisitions reasonably quickly and look forward to reporting good news to you in due course. As part of this process your Board has refused to overpay for transactions which would not deliver long-term shareholder benefits.

 

The rationale for flotation, namely the access to both deal flow as well as the track record of the Board, remain in place and we continue to evaluate deals on a regular basis.

 

I would like to take this opportunity to thank the Jellybook Board and all the professionals whose hard work made the admission to AIM possible and for their continued contribution to the development of the Company since its IPO.

 

 

Jonathan Rowland

Chairman

 

 

For further information, contact:

 

Jellybook Limited

Tel: + 44 (0)1603 753675

Jonathan Rowland, Chairman

 

Maitland

Tel: + 44 (0) 20 7379 5151

Neil Bennett, Dan Yea

 

Allenby Capital Limited

Tel: + 44 (0) 20 3328 5656

Nick Athanas, Alex Price, Dan Robinson

 

 

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2011

 


Note


From

incorporation

to

30 June 2011

(unaudited)




£





Other operating expenses



(1,016,071)

Operating loss



(1,016,071)

Finance costs - net



-

Loss on ordinary activities before taxation



(1,016,071)

Taxation



-

Retained loss for the financial period



(1,016,071)





Loss per ordinary share (pence) - basic and diluted

3


(0.595)

 

The Company's loss arose from continuing operations.

 

There were no gains or losses other than those recognised in the income statements.

 

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2011

 


30 June 2011

(unaudited)


£



CURRENT ASSETS


Trade and other receivables

16,451

Cash and cash equivalents

10,781,036


10,797,487



CURRENT LIABILITIES


Trade and other payables

(138,558)


(138,558)



NET CURRENT ASSETS

10,658,929



NET ASSETS

10,658,929



CAPITAL AND RESERVES


Ordinary shares

1,707,500

Share premium

9,967,500

Retained earnings

(1,016,071)



EQUITY SHAREHOLDERS FUNDS

10,658,929

 

CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 JUNE 2011

 


Note


Period ended

30 June 2011

(unaudited)




£





Cash flow from operating activities

4


78,495

Cash flow from investing activities



-

Cash flow from financing activities

5


10,702,541

NET INCREASE IN CASH AND CASH EQUIVALENTS



10,781,036

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD



-

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD



10,781,036

 

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR PERIOD ENDED 30 JUNE 2011

 


Share

Share

Accumulated

Total


capital

premium

losses



£

£

£

£






Incorporation

600,000

-

-

600,000

Shares issued

1,107,500

9,967,500

-

11,075,000

Loss for the period

-

-

(1,016,071)

(1,016,071)

Balance at 30 June 2011

1,707,500

9,967,500

(1,016,071)

10,658,929

 

 

NOTES TO THE INTERIM REPORT

 

1       The Company was incorporated in Bermuda on 1 March 2011 and was admittedto AIM, the junior market of the London Stock Exchange ("AIM") on 22 June 2011, when it commenced its business.  The unaudited interim accounts for the period ended 30 June 2011 have been prepared on the basis of the accounting policies expected to apply for the full current financial period, under the historical cost convention and in accordance with applicable accounting standards.

 

The interim report for the period to 30 June 2011, which complies with IAS34, was approved by the Board on 16 September 2011.

 

2       The Directors do not recommend the payment of a dividend.

 

3       The basic and diluted earnings per share are based on the loss for the financial period of £1,016,071 and the following weighted average number of shares in issue during the period ended 30 June 2010: basic and diluted: 170,750,000.

 

4       Reconciliation of operating loss to net cash inflow from operating activities

 


Period ended

30 June 2011

(unaudited)


£



Operating loss

(1,016,071)

Cost of AIM flotation

972,459

Increase in trade & other payables

138,558

(Increase) in trade & other receivables

(16,451)

Net cash inflow from operating activities

78,495



 

5       Cash flow from financing activities

 


Period ended

30 June 2011

(unaudited)


£



Proceeds from shares issued

11,675,000

Cost of AIM flotation and shares issued

(972,459)

Net cash inflow from financing

10,702,541

 

6       The authorised share capital on incorporation was £5,000 divided into 500,000 ordinary shares of £0.01 each.  Following the Company'sfirst general meeting on 16 March 2011, the authorised share capital was increased by £595,000 to £600,000 divided into 60,000,000 ordinary shares of £0.01 each.  On admission to trading on AIM, the Company raised a further £11,075,000 through the issue of 110,750,000 ordinary shares of £0.01 each.  The issued share capital as at 30 June 2011 was 170,750,000 ordinary shares of £0.01 each.

 

7      The unaudited results for the period ended 30 June 2011 do not constitute statutory accounts under the Bermuda Companies Act 1981.

 

8      This interim statement will be sent to all shareholders and is also available from the Company's office at The Old Stables, Rue à L'Or, St Peter Port, Guernsey, GY1 1QG. The interim statement is also available on the Company's website (www.jellybook.com) in accordance with AIM Rule 26.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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