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MENA Land PLC (MENA)

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Tuesday 01 October, 2019

MENA Land PLC

Half-year Report

RNS Number : 2497O
MENA Land PLC
01 October 2019
 

MENA Land PLC

(the "Company")

 

Half-yearly report for the six months ended 30 June 2019

 

The Company is pleased to announce its unaudited condensed interim financial statements for the six months ended 30 June 2019.

 

Electronic copies of the report will be available at the Company's website http://www.mena-land.com 

 

Enquiries:

 

MENA Land PLC                                                                                                           

John-Paul Etheridge                                                                  +971 (0)50 454 2608 / [email protected]

 

 

 

Director's Statement

I am pleased to report the condensed interim financial statements of MENA Land PLC (the "Company") for the six months ended 30 June 2019.

 

The Company was formed for the purpose of making acquisitions in the real estate sector in the United Arab Emirates, and our long-term strategy remains steadfast, which we aim to achieve by:

 

·  acquiring high-quality income generating assets ensuring flexibility to cope with technological advances and environmental sustainability;

·   building a real estate practice aimed at delivering diversification and superior risk-adjusted returns by identifying attractive opportunities on a highly selective basis; and

·    maintaining capital discipline to create value, with a strong and healthy balance sheet and extensive reach to access capital markets.

 

Financial headlines

In the six months ended 30 June 2019:

 

·    On 11 April 2019 the Company completed its initial public offering with admission to the Standard Listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange.

·   On 24 June 2019 the Company entered into an agreement with Blue Rock Investments LLC ("Blue Rock") for a £100,000 loan facility ("the Facility") for a period of five years with an interest coupon of 5% per annum.

·    Total loss for the period was £120,665.

·     Net assets at 30 June 2019 were £665,673.

 

Outlook

The Company continues to make steady progress with efforts towards identifying suitable assets for acquisition and is well positioned to move quickly once these quality assets are identified.  At 30 June 2019 the Company had net assets of £665,673 (as a result of gross proceeds from the issue of equity in April 2019) to be put towards costs to be incurred in connection with seeking to identify and effect an acquisition(s). The costs of such acquisition(s) will likely comprise legal, financial and tax due diligence.

 

Cautionary statement about forward looking statements

All statements other than historical facts are forward-looking statements and the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

There are a number of potential risks and uncertainties which may have material impact on the Company's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results.  The directors do not consider that there are any changes to the principal risks and uncertainties since the publication of the prospectus in connection with admission to the Standard Listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities, which contained a detailed explanation of the risks relevant to the Company, and which is available on the Company's website at www.mena-land.com.

 

Responsibility statement

The Directors are responsible for preparing the Condensed Interim Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting (IAS 34).

 

The directors confirm that, to the best of their knowledge, this condensed consolidated interim financial statements have been prepared in accordance with IAS 34, as adopted by the European Union. The interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

 

·     an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

·    material related-party transactions in the first six months and any material changes in the related party transactions described in the Admission document.

 

 

 

 

John-Paul Etheridge

Director

 

30 September 2019

 

 

 

Condensed Interim Statement of Comprehensive Income
 

 

 

 

 

 

Six months ended
30 June 2018
(unaudited)

 

Note

 

 

 

£

 

 

 

 

 

 

Revenue

 

 

 

 

-

Cost of sales

 

 

 

 

-

Gross profit

 

 

 

 

-

 

 

 

 

 

 

Listing costs

3

 

 

 

32,769

Operating costs

 

 

 

 

85,989

Operating loss

 

 

 

 

118,758

 

 

 

 

 

 

Finance cost

 

 

 

 

1,907

 

 

 

 

 

 

Loss before tax

 

 

 

 

120,665

Tax

 

 

 

 

-

Loss after tax

 

 

 

 

120,665

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss for the period attributable to equity holders

 

 

 

 

120,665

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

Basic and diluted loss per share (£)

4

 

 

 

0.845

 

 

 

 

 

 

 

 

Condensed Interim Statement of Financial Position

 

 

 

At 30 June
2019
(unaudited)

 

At 31 December 2018
(unaudited)

 

Note

 

£

 

£

 

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

 

772,218

 

100

Trade and other receivables

 

 

6,738

 

-

 

 

 

778,956

 

100

Current liabilities

 

 

 

 

 

Trade and other payables

 

 

113,283

 

-

 

 

 

113,283

 

-

 

 

 

 

 

 

Net current assets/(liabilities)

 

 

665,673

 

-

 

 

 

 

 

 

Net assets/(liabilities)

 

 

665,673

 

100

 

 

 

 

 

 

Equity attributable to owners

 

 

 

 

 

Stated capital

3

 

786,338

 

100

Accumulated loss

 

 

(120,665)

 

-

Total equity

 

 

665,673

 

100

 

 

 

 

 

 

 

 

Condensed Interim Statement of Changes in Equity

 

 Stated capital

 

Accumulated loss

 

Total

 

£

 

£

 

£

 

 

 

 

 

 

On incorporation (3 August 2018)

100

 

-

 

100

 

 

 

 

 

 

Result for the period

-

 

-

 

-

Total comprehensive loss

-

 

-

 

-

Balance at 31 December 2018

100

 

-

 

100

 

 

 

 

 

 

Loss for the year

-

 

(120,665)

 

(120,665)

Total comprehensive loss

-

 

(120,665)

 

(120,665)

 

 

 

 

 

 

Transactions with owners

 

 

 

 

 

Shares issued on IPO (note 3)

999,900

 

-

 

999.900

IPO listing costs (note 3)

(213,662)

 

-

 

(213,662)

 

 

 

 

 

 

Balance at 30 June 2019 (unaudited)

786,338

 

(120,665)

 

665,673

 

 

 

 

 

 

 

The above condensed interim financial statements should be read in conjunction with the accompanying notes below.

As the Company was incorporated on 3 August 2018 no comparative figures are available.

 

 

Notes to the Condensed Interim Financial Statements

 

1.    General Information

The Company was incorporated in England and Wales on 3 August 2018 as a public company limited by shares under the Companies Act 2006 and registered number 11499183.  The registered office of the Company is at 89 Leigh Road, Eastleigh, SO50 9DQ, and the nature of operations is to act as a special purpose acquisition company.

2.    Accounting policies

(a)   Basis of preparation

The condensed interim financial statements of the Company for the half-year reporting period ended 30 June 2019 have been prepared in accordance with the Disclosure Guidance and Transparency rules of the Financial Conduct Authority and Accounting Standard IAS 34 "Interim Financial Reporting" as adopted by the EU.

The condensed interim financial statements of the Company are unaudited and do not constitute statutory financial statements.   

The condensed interim financial statements of the Company are presented in British Pound Sterling ("£").

(b)   Comparative figures

Comparative figures have been presented for the period from incorporation, 3 August 2018 to 31 December 2018.

The condensed interim financial statements of the Company cover the six months ended 30 June 2019.

(c)    Cash and cash equivalents

The Company considers any cash on short-term deposits and other short-term investments to be cash equivalents.

(d)   Going concern

The condensed interim financial statements have been prepared on a going concern basis, which assumes that the Company will continue to be able to meet its liabilities as they fall due for the foreseeable future.

3.    Stated capital

 

Number of shares

 

£

Issue and fully paid:

 

 

 

On incorporation

100

 

100

At 31 December 2018

100

 

100

Shares issued on 11 April 2019

999,900

 

999,900

IPO related costs

-

 

(213,662)

At 30 June 2019

1,000,000

 

786,338

 

The Company was incorporated on 3 August 2018 with 100 shares at £1 par value for a total stated capital of £1. 

On 11 April 2019 the Company completed its initial public offering ("IPO") with the admission to the Official List of 1,000,000 Ordinary Shares for gross proceeds of £999,900 (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange's main market for listed securities. 

Listing costs

The total listing costs incurred were £246,430 in the 11 April 2019 IPO, of which: £32,768 was expensed in the period ended 30 June 2019 and £213,662 was charged to Stated Capital.

4.    Earnings per share

The calculation for earnings per share (basic and diluted) for the relevant period is based on the profit after income tax attributable to the equity holder for the six months ended 30 June 2019 and is as follows:

 

 

 

Six months ended 30 June 2019
(unaudited)

 

 

 

£

 

 

 

 

Loss for the year

 

 

120,665

 

 

 

 

Weighted number of ordinary shares

 

 

142,871

Loss per ordinary share - basic and diluted

 

 

0.845

 

Basic loss per share is based on the weighted average number of ordinary shares in issue during the period. Diluted loss per share would assume conversion of all potentially dilutive share options.  There are currently no dilutive potential ordinary shares.

5.    Related party disclosures

Key management

The directors are considered to be the key management personnel.  Details concerning the Directors remuneration is as follows:

 

 

 

Six months ended
30 June 2019
(unaudited)

 

 

 

£

 

 

 

 

Director fees for the period

 

 

38,557

 

Blue Rock Investments LLC - £100,000 loan facility, unsecured

As announced on 24 June 2019, the Company signed a loan facility agreement with Blue Rock for a principal amount of £100,000 for a period of five years with an interest coupon of 5% per annum.

Khalifa Hasan Ali Saleh Al Hammadi, who owns 100% of the issued share capital of ME Land Company PLC, which in turn owns 70% of the issued share capital of the Company, owns 50% of the issued share capital of Blue Rock.  As a result, the Company entering into the Facility constitutes a material related party transaction under clause 7.3.8 of the Disclosure and Transparency Rules.

6.    Subsequent events

There are no subsequent events requiring disclosure in the condensed interim financial statements of the Company.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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