Etaireia Investments Final Results

TIDMETIP

Final Results

31 August 2016

ETAIREIA INVESTMENTS PLC

(Etaireia” or the “Company”)

Audited Annual Results for the year ended 31 March 2016

Etaireia Plc are pleased to report its audited annual results for the twelve months ended 31 March 2016.

Financial Overview

There was a loss from continuing operations for the year of GBP 203,647 (2015: GBP 363,122).

The Group’s net assets at the end of the period were GBP 2,318,194 (2015: GBP 2,133,766)

Review of Activities

On 15 September 2015 I was appointed as Chairman and remain optimistic that my extensive contact base in the property sector will enable a series of deals to conclude, enhancing the balance sheet and profitability of the Company. Due to cash constraints and the difficulties with fund raising in the current market, I endeavour to acquire properties primarily by issue of equity in the Company. On 15 February 2016 we acquired the property known as ‘Ivy Leaf Club’ in Sunderland of which I held a 50% interest, entirely for new shares. Now as a significant shareholder, my ability to negotiate other deals to follow is strengthened.

The Board is aware that the Group needs to generate income and work has continued with limited cash resources to explore all opportunities within our current portfolio. Negotiations with various parties to develop the land at Dalry and Roystonhill continue and announcements in this respect are anticipated in due course.

During the period the Company raised a total of GBP 132,000 by way of subscription of new ordinary shares and a total of GBP 90,000 loan notes were converted to equity.

There have been no other material events, transactions or developments during the period.

Post Balance Sheet Events

On 17 August 2016 the Company announced a further acquisition of a property at 5-6 High Street, Cleator Moor, Cumbria, CA25 5AH, recently valued by at GBP 182,000. The issue of new shares primarily financed the purchase. The board is now working towards finalising agreed terms with a tenant to generate rental income from the site as soon as possible.

Since the financial year end the Company has raised a further GBP 35,000 by way of subscription of new ordinary shares and settled a total of GBP 14,000 debt by issue of new ordinary shares.

On 17 August 2016 the Company announced that Jim Kirkwood (who was appointed within the accounting period on 14 May 2015) and Phil McGinlay were stepping down from their respective board roles today, the 31 August 2016, to pursue other interests.

The Board continues to actively seek further investment and acquisition opportunities to enhance shareholder value and we expect to make further announcements in the near future.

Baron Bloom
Chairman
31 August 2016

GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2016

Table

 

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2016.

The Directors do not propose a dividend for the period reported.

The Directors of the Company accept responsibility for this announcement.

ENDS

Enquiries:
Etaireia Investments Plc
Tel: 079 1756 5565
Baron Bloom, Chairman

ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott – Corporate Broking
James Dewhurst – Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com 49 Queen Victoria Street, London EC4N 4SA

Etaireia Investments Plc

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