TIDMAMED
RNS Number : 0692B
Amedeo Resources PLC
14 June 2016
14 June 2016
Amedeo Resources plc
("Amedeo" or the "Company")
Audited Results for the Year Ended 31 December 2015
and Notice of AGM
Amedeo, the resource and resource infrastructure and asset
investment company, is pleased to announce its consolidated audited
results for the year ended 31 December 2015.
Period highlights
-- Physical build of Le Tourneau Super 116E Class design
self-elevating mobile offshore jack up drilling rig ("Explorer 1"),
completed and commissioning underway. Explorer 1 expected to be
delivered in 2H2016
-- MGR Resources PTE Ltd ("MGR") posts a profit of US$90,000
despite depressed iron ore prices and difficult market
-- Administrative expenses for the year were down 20% on the
prior period at US$651,000 compared with US$812,000 for the 11
months ended 31 December 2014
-- Cash at the year end at US$2,340,000 (2014: US$1,179,000), and post year end at US$4,152,000
S
For further information please visit www.amedeoresources.com or
contact:
Enquiries:
Glen Lau Zafar Karim
Chief Executive Officer Executive Director
Amedeo Resources Plc Amedeo Resources Plc
Tel office: +44 20 7583 8304 Tel office: +44 20 7583 8304
Paul Shackleton Elliott Hance
Nominated Adviser & Broker Joint Broker
WH Ireland Beaufort Securities Limited
Tel office: +44 113 394 6600 Tel office: +44 20 7382 8300
Notes
Amedeo Resources plc is an investment company whose policy is to
invest principally, but not exclusively, in the resources and
resources infrastructure and asset sectors. Amedeo has a deep and
broad global network and wide contact base in these sectors,
including in East and South East Asia and the Middle East which it
leverages to source and make investments. These sectors exhibit
high growth and are strategically important. Amedeo is a proactive
investor which assists its investee companies to grow by providing
investment, expertise and contacts.
CHAIRMAN'S STATEMENT
Introduction
Progress at Jiangsu Yangzijiang Offshore Engineering Co. Ltd's
("YZJ Offshore") marine vessel yard on its first order, a Le
Tourneau Super 116E Class design self-elevating mobile offshore
jack up drilling rig ("Explorer 1"), continued and the physical
build was completed at the end of the year. Following completion of
the physical build, commissioning, a process of extensive testing
and certification commenced.
With the fall in the oil price, the rig market remains difficult
and while discussions with several potential purchasers are
on-going, no new orders have been obtained. While this is
disappointing, YZJ Offshore has the capability to build many
different vessels and blocks, and with Explorer 1's construction
now complete, YZJ Offshore has a completed vessel to showcase.
With the iron ore price depressed, MGR Resources PTE Ltd ("MGR")
has had a difficult year and cut back on its activities.
Nonetheless, it managed to post a profit of US$90,000 during the
year under review.
Despite the ongoing difficult environment, Amedeo continues to
pursue its long term strategy of building a vertically integrated
business in the resource and energy and related infrastructure
sectors, and on an operational level, it continues to run a tight
ship: Administrative expenses for the year were down 20% on the
prior period at US$651,000 compared with US$812,000 for the 11
months ended 31 December 2014. Cash at the year end was
US$2,340,000 (2014: US$1,179,000), and increased further following
the year end to US$4,152,000 due to the repayment of a loan by MGR
in February 2016 of US$1,717,000 as well as receipt of interest of
US$300,000 in March 2016, the only remaining loan balance with MGR
is the US$400,000 loan made in 2015.
YZJ Offshore
YZJ Offshore's first order, Explorer 1, was physically completed
in December at the end of the year. Following completion,
commissioning commenced, a process of testing and certifying which
takes several months, subsequent to which the rig is expected to be
delivered. Currently, delivery is expected in the second half of
2016 at the original contract price.
While the rig market in general may be oversupplied, YZJ
Offshore's first rig is a Le Tourneau Super 116 Enhanced Class
design self-elevating mobile offshore jack. The Le Tourneau is the
most established design in the offshore world. It has the a very
popular footprint i.e. its legs space dimension is one that has
been used for many years and for many wells, therefore as well as
being used for new wells it is extensively used for existing wells.
Other rig designs do not have this significant advantage.
Le Tourneau was recently purchased by Keppel FELs, which has
built and delivered almost half of the world's jack up and
semi-submersibles in the past decade, due to the importance and
uniqueness of the Le Tourneau design. Moreover, in the current new
build market, there are no Le Tourneaus that have been built on
speculation. All have been ordered for clients and by clients.
With respect to new orders, YZJ Offshore continues discussions
with potential customers for further orders with the benefit that
it now has a rig that is physically complete to showcase. This is
important from both a marketing perspective and also from a
reputational perspective. No new orders, however, have been
forthcoming as currently the offshore vessel market remains
difficult due to the volatility in the oil price from its high
around US$115 per barrel in July 2014, through below c.US$30 per
barrel, with only a recent recovery. As at the time of writing, the
oil price is around US$50 per barrel, an increase of over 70% from
its lows.
While the recovery in commodity prices, including oil, might
suffer a setback this year, with the likelihood of rising US
interest rates, Amedeo believes that any setback is likely to be
temporary, particularly in the oil and gas sector. Accordingly,
while the current outlook in the offshore vessel sector may appear
challenging, Amedeo believes that the medium to long term outlook
is positive with activity set to increase.
YZJ Offshore, having completed its first rig and therefore taken
the first step along establishing its reputation, together with
being a large and well equipped yard (it has the capacity to build
product carriers, specialised platforms, semi-submersibles, amongst
other vessels, as well as rigs), it is well positioned to take
advantage of the recovery in the offshore fabrication market.
YZJ Offshore is also able to fabricate blocks for container
ships and gas carrier vessels, and as such it is absorbing
container block overspill from Yangzijiang Shipbuilding (Holdings)
Ltd's principal yards. These activities keep YZJ Offshore's yard
busy.
Amedeo has an indirect 19.0% stake in YZJ Offshore which it
holds through its 47.5% stake in the joint venture company, YZJ
Offshore Engineering Pte Ltd ("YZJ JV").
MGR
With the reduced demand for iron ore and depressed iron ore
prices (from around US$70 per tonne at the beginning of 2015 to
around US$40 by the end of 2015), MGR scaled back its iron ore
operations, and focused on monitoring that market and exploring
opportunities for broking other commodities, along the East and
South East Asia, South Asia, Middle East and Africa corridors.
Actual broking activities during 2015 were minimal and, in
anticipation of reduced activities, in January 2015, MGR repaid
Amedeo US$1,950,100 of its convertible loan that was issued in
April 2013.
As at the year end, MGR had a loan of US$2,177,000 outstanding
to Amedeo. With activities remaining, and expected to remain, at
low levels, in February 2016, MGR repaid a further US$1,717,000 of
the loan balance to Amedeo. Amedeo has a 49.0% equity stake in
MGR.
Financial Review
Revenue for the year ended 31 December 2015 was US$128,000 (11
months to 31 December 2014: US$91,000), an increase of US$37,000 or
41% on the prior period. Amedeo provides various business
development and marketing services to MGR, which represents 100% of
revenue in both periods.
Administrative expenses were US$651,000 (11 months to 31
December 2014: US$812,000), a decrease of US$164,000 or 20%. The
decrease is primarily due to the fact there were a number of
one-off items in the prior period (fees related to the investment
in YZJ JV and items related to a now settled VAT dispute) amounting
in total to US$149,000.
Amedeo's share of loss in associates was US$2,014,000 (11 months
to 31 December 2014: US$922,000). This was made up of a loss of
US$2,059,000 (11 months to 31 December 2014: US$942,000) at YZJ JV
and a profit of US$45,000 (11 months to 31 December 2014: US$20,000
profit) at MGR. The losses/profits of the associates are non-cash
items.
Foreign exchange losses amount to US$115,000 (11 months to 31
December 2014: US$197,000). These were predominately due to
translating GBP denominated loans into US$. This is a non-cash
item.
Finance income decreased to US$300,000 (11 months to 31 December
2014: US$444,000) due to the repayment of US$1,950,000 of loans
from MGR during the year.
Overall loss on ordinary activities before taxation increased to
US$2,610,000 (11 months to 31 December 2014: loss of US$1,411,000).
Basic and fully diluted loss per share for the period was US7.99c
(11 months to 31 December 2014: US4.40c).
Excluding non-cash items, loss on ordinary activities before
taxation for the year ended 31 December 2015 reduced by US$57,000
to US$220,000 (11 months to 31 December 2014: loss of US$277,000),
a 21% reduction.
Foreign exchange translation differences of US$978,000 (2014:
US$64,000) arose, which relate to Amedeo's indirect investment in
YZJ Offshore. The translation of Amedeo's indirect investment in
YZJ Offshore is also a non-cash item.
Taking the balance sheet foreign exchange translation
differences into account, overall, total comprehensive loss for the
period was US$3,588,000 (11 months to December 2014: loss of
US$1,475,000).
At the period end, the carrying value on the balance sheet of
investments in associates fell to US$16,213,000 (2014:
US$19,205,000), primarily as a result of the share of loss from
Amedeo's stake in YZJ JV. Current assets fell to US$5,044,000
(2014: US$5,576,000). Cash as at 31 December 2015 was US$2,340,000
(2014: US$1,179,000).
Subsequent to the year end, MGR paid back a further loan of
US$1,717,000. Consequently, at the date of these financial
statements, the Group had approximately US$4,152,000 of cash and
cash equivalent balances.
Trade payables at the period end decreased to US$147,000 (2014:
US$344,000) due to timing differences on when invoices were paid
around the period end.
Overall, at the period end, net and total assets were
US$21,110,000 (2014: US$24,437,000) and US$21,257,000 (2014:
US$24,781,000), respectively.
Share Consolidation
During the year, and following passing of a resolution at the
last Annual General Meeting, the shares of Amedeo Resources plc
underwent a 1 for 100 consolidation. This had the effect of
reducing the number of shares outstanding by a factor of 100 from
3,265,384,300 ordinary shares of 0.1p each to 32,653,843 ordinary
shares of 10p each. The Company does not hold any shares in
treasury. At the year end and the date of these financial
statements, the total number of Ordinary Shares in the Company with
voting rights was 32,653,843.
Share based payment awards
During the year under review, and in line with Amedeo's policy
of aligning Directors' incentives with those of shareholders as
well as keeping cash remuneration modest, Amedeo awarded Glen Lau,
the Company's Chief Executive Officer, 2,607,211 warrants to
subscribe for new ordinary shares of 10p in the Company. The
warrants have share price performance and time vesting conditions.
They have an exercise price of 100 pence compared with the share
price of 35 pence at the time of the award.
Outlook
With the current difficulties with the rig market, winning new
orders at YZJ Offshore has been difficult. Amedeo do not expect
this situation to continue in the medium term, and when the
recovery does come, YZJ Offshore, having proved itself with
Explorer 1 and with its capability to produce advanced, specialised
and localised rigs as well as a range of other vessels, is well
placed to take advantage of it. Depressed iron ore prices have not
helped MGR. It, however, remains profitable and is exploring other
opportunities.
Amedeo remains focused on long term strategy of building a
vertically integrated business in the resource and energy and
related infrastructure sectors.
The Board looks forward confidently to the future.
Annual general meeting
A notice convening the annual general meeting of the Company
("AGM") to be held at 201 Temple Chambers, 3-7 Temple Avenue,
London EC4Y 0DT at 2:00pm on 8 July 2016 will be sent to
shareholders today.
COSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2015
Year ended 11 months
31 Dec ended 31
2015 Dec 2014
Note $'000 $'000
Revenue 128 91
Administrative expenses 4 (651) (812)
Share based payments (261) (15)
Share of loss of associates 5 (2,014) (922)
Foreign currency loss (115) (197)
______ ______
Loss from operations (2,913) (1,855)
Profit on sale of quoted 3 -
shares
Finance income 7 300 444
______ ______
Loss on ordinary activities
before taxation (2,610) (1,411)
Taxation 8 - -
______ ______
Loss for the year/period (2,610) (1,411)
Basic and diluted loss
per share 9 (7.99)c (4.40)c
Other Comprehensive Income
Foreign exchange translation
difference (978) (64)
______ _____
Total Comprehensive Expense
for the year/period (3,588) (1,475)
The accompanying notes are an integral part of these financial
statements.
All activities are derived from continuing operations.
The Company has elected to take exemption under section 408 of
the Companies Act 2006 from presenting the Company statement of
comprehensive income. The loss for the Company for the year ended
31 December 2015 was US$450,000 (11 months to 31 December 2014:
loss of US$408,000).
STATEMENTS OF CHANGES IN EQUITY
for the year ended 31 December 2015
Group
Total
Foreign equity
currency attributable
Share Share-based translation to equity
Share premium payment reserve Accumulated holders
capital account reserve Losses of parent
$'000 $'000 $'000 $'000 $'000 $'000
At 1 February
2014 4,923 21,643 289 1,523 (10,822) 17,556
Loss for
the period - - - - (1,411) (1,411)
Share-based
payments - - 15 - - 15
Foreign exchange - - - (64) - (64)
Issue of
share capital 881 7,902 - - - 8,783
Issue costs - (442) - - - (442)
______ ________ ________ ________ _________ ________
At 31 December
2014 5,804 29,103 304 1,459 (12,233) 24,437
Loss for
the year - - - - (2,610) (2,610)
Share-based
payments - - 261 - - 261
Foreign exchange - - - (978) - (978)
______ _______ ______ ______ _______ ______
At 31 December
2015 5,804 29,103 565 481 (14,843) (21,110)
______ ________ ________ ________ _________ ________
Company Total equity
Foreign attributable
Share-based currency to equity
Share premium payment translation Accumulated holders of
Share capital account reserve reserves Losses parent
$'000 $'000 $'000 $'000 $'000 $'000
At 1 February 2014 4,923 21,643 289 922 (9,597) 18,180
Loss for the period - - - - (408) (408)
Share-based
payments - - 15 - - 15
Issue of share
capital 881 7,902 - - - 8,783
Issue costs - (442) - - - (442)
______ ______ ______ ______ _______ ______
At 31 December 2014 5,804 29,103 304 922 (10,005) 26,128
Loss for the year - - - - (450) (450)
Share-based
payments - - 261 - - 261
______ _______ ______ ______ _______ ______
At 31 December 2015 5,804 29,103 565 922 (10,455) 25,939
______ ________ ________ ________ _________ ________
The accompanying notes are an integral part of these financial
statements.
STATEMENTS OF FINANCIAL POSITION
as at 31 December 2015
Group Company
Assets Note Dec 2015 Dec 2014 Dec 2015 Dec 2014
Non-current assets $'000 $'000 $'000 $'000
Investment in subsidiaries 10 - - 8 8
Investment in associates 11 16,213 19,205 - -
_____ _____ _ _
16,213 19,205 8 8
Current assets
Loans receivable 12 2,177 3,813 24,809 24,867
Investments in quoted
shares 13 - 7 - 7
Investment in unquoted
preference shares 14 - 33 - 33
Other receivables 15 527 544 468 250
Cash and cash equivalents 2,340 1,179 759 1,017
____ ____ ______ _____
5,044 5,576 26,036 26,174
Total assets 21,257 24,781 26,044 26,182
Liabilities
Current liabilities
Trade and other payables 16 (147) (344) (105) (54)
____ ___ ____ ____
Total liabilities (147) (344) (105) (54)
______ ______ ______ ______
Net assets 21,110 24,437 25,939 26,128
Equity
Called up share capital 17 5,804 5,804 5,804 5,804
Share premium account 29,103 29,103 29,103 29,103
Share-based payment
reserve 18 565 304 565 304
Foreign currency
translation reserve 481 1,459 922 922
Accumulated losses (14,843) (12,233) (10,455) (10,005)
_____ _____ _____ _____
Total equity 21,110 24,437 25,939 26,128
Approved by the Board and authorised for issue on 13 June 2016
and signed on behalf of the Board by
Glen Lau
Director
Registered Number 05216336
The accompanying notes are an integral part of these financial
statements.
STATEMENTS OF CASH FLOWS
Group Company
Year 11 months Year ended 11 months
ended ended 31 Dec ended
31 Dec 31 Dec 2015 31 Dec
2015 2014 2014
$'000 $'000 $'000 $'000
Loss for the period
before tax (2,610) (1,411) (450) (408)
Adjustments for:
Share-based payments 261 15 261 -
Share of loss of associates 2,014 922 - -
Change in receivables 17 (492) (218) (198)
Change in payables (197) 144 51 (78)
Loss on sale of quoted
shares (3) - (3) -
Provision for unquoted
preference shares 33 - 33 -
Finance income (300) - (300) -
Unrealised FX losses 86 - 86 -
_____ _____ _____ _____
Cash used in operating
activities (699) (822) (540) (684)
Investing activities
Receipt on sale of
quoted shares 10 - 10 -
Investment in associates - (5,059) - -
Loans made to associates (400) (1,863) - (1,863)
Loans made to subsidiaries - - (28) (5,059)
Loans repaid by associates 1,950 - - -
______ ______ ______ ______
Net cash from (used
in) investing activities 1,560 (6,922) (18) (6,922)
Financing activities
Proceeds from share
issue - 8,783 - 8,783
Share issue costs - (442) - (442)
Finance income 300 - 300 -
_______ _______ _______ _______
Net cash from financing
activities 300 8,341 300 8,341
_______ _______ _______ _______
Net increase/(decrease)
in cash and cash equivalents 1,161 597 (258) 735
Cash and equivalents
at beginning of year/period 1,179 582 1,017 271
Effects of currency
translation on cash
and cash equivalents - - - 11
Cash and equivalents
at end of year/period 2,340 1,179 759 1,017
The accompanying notes are an integral part of these financial
statements.
NOTES TO THE GROUP FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They
have all been applied consistently throughout the period and the
preceding year unless stated otherwise.
Basis of accounting
The financial statements of the Group and the Company have been
prepared in accordance with International Financial Reporting
Standards, International Accounting Standards and Interpretations
issued by the International Accounting Standards Board as adopted
by European Union.
The financial statements have been prepared under the historical
cost convention, with the exception of financial instruments, some
of which are measured at fair value.
The accounting policies applied are the same as those applied in
the financial statements for the year ended 31 December 2014. New
standards introduced during the period had no material impact on
the results or net assets of the company.
Standards and interpretations in issue but not yet effective
A number of new standards and amendments to existing standards
have been published which are mandatory, but are not effective for
the year ended 31 December 2015. The Directors do not anticipate
that the adoption of these revised standards and interpretations
will have a significant impact on the figures included in the
Financial Statements in the period of initial application other
than the following:
IFRS 9 Financial Instruments
The standard makes substantial changes to the measurement of
financial assets and financial liabilities. There will only be
three categories of financial assets whereby financial assets are
recognised at either fair value through profit and loss, fair value
through other comprehensive income or measured at amortised cost.
On adoption of the standard, the Group will have to re-determine
the classification of its financial assets based on the business
model for each category of financial asset. This is not considered
likely to give rise to any significant adjustments other than
reclassifications.
The principal change to the measurement of financial assets
measured at amortised cost or fair value through other
comprehensive income is that impairments will be recognised on an
expected loss basis compared to the current incurred loss approach.
As such, where there are expected to be credit losses these are
recognised in profit or loss. For financial assets measured at
amortised cost the carrying amount of the asset is reduced for the
loss allowance.
For financial assets measured at fair value through other
comprehensive income the loss allowance is recognised in other
comprehensive income and does not reduce the carrying amount of the
financial asset.
Most financial liabilities will continue to be carried at
amortised cost, however, some financial liabilities will be
required to be measured at fair value through profit or loss, for
example derivative financial instruments, with changes in the
liabilities' credit risk recognised in other comprehensive income.
The Group expects this to have some impact due to the value of
financial instruments across its entities.
The standard is effective for periods beginning on or after 1
January 2018 but is yet to be endorsed by the EU.
IFRS 15- Revenue for contracts with customers
The standard has been developed to provide a comprehensive set
of principles in presenting the nature, amount, timing and
uncertainty of revenue and cash flows arising from a contract with
a customer. The standard is based around five steps in recognising
revenue:
1. Identify the contract with the customer;
2. Identify the performance obligations in the contract
3. Determine the transaction price;
4. Allocate the transaction price; and
5. Recognise revenue when a performance obligation is satisfied.
On application of the standard the disclosures are likely to
increase. The standard includes principles on disclosing the
nature, amount, timing and uncertainty of revenue and cash flows
arising from contracts with customers, by providing qualitative and
quantitative information.
The standard is effective for periods beginning on or after 1
January 2018 but is yet to be endorsed by the EU.
IFRS 16 - Leases
The standard is effective for periods beginning on or after 1
January 2019, but can be applied before that date if the Company
also applies IFRS 15 revenue from Contracts with Customers. IFRS 16
eliminates the classification of leases as either operating leases
or finance leases for a lessee. Instead all leases are treated in a
similar way to finance leases applying IAS 17. Leases are
'capitalised' by recognising the present value of the lease
payments and showing them either as lease assets (right-of-use
assets) or together with property, plant and equipment. If lease
payments are made over time, a company also recognises a financial
liability representing its obligation to make future lease
payments. IFRS 16 replaces the typical straight-line operating
lease expense for those leases applying IAS 17 with a depreciation
charge for lease assets (included within operating costs) and an
interest expense on lease liabilities (included within finance
costs).
Going concern
The Group's business activities, together with the financial
position of the Group and the factors likely to affect its future
development, performance and position are set out in the Chairman's
Statement on pages 4 to 7.
As at the year end, the Group had US$2,340,000 of cash. The
Group's administrative expenses were US$651,000 (11 months to 31
December 2014: US$812,000). The Directors do not expect these cash
costs to rise substantially in the foreseeable future. As at the
date of signature of these financial statements the Group had
US$4,152,000 of cash and equivalent balances, following the
repayment of a loan by MGR in February 2016.
On the basis of the above, the Directors believe that sufficient
funds will be available to support the going concern status of the
Group over the next 12 months following the approval of these
financial statements. Consequently, the Directors believe that it
is appropriate to prepare the Group's financial statements on a
going concern basis.
Basis of consolidation
Where the Company has the power, either directly or indirectly,
to govern the financial and operating policies of another entity or
business so as to obtain benefits from its activities, it is
classified as a subsidiary. The consolidated financial statements
present the results of the Company and its two subsidiary
undertakings, Amedeo Resources (Asia) PTE Ltd ("Amedeo Asia") and
Creon Corporation Limited ("Corporation"), the latter of which is
dormant, as if they formed a single entity. Inter-company
transactions and balances between Group companies are therefore
eliminated in full.
Revenue
The revenue received from the services provided for MGR is
recognised in the accounting period in which the services are
rendered.
Investments in subsidiaries
Investments in subsidiary undertaking is stated at cost less any
provision for impairment.
Investments in unquoted and quoted shares
Investments in unquoted shares and quoted shares (should the
Group invest in any in the future) are/will be initially measured
at cost, excluding transaction costs. Subsequent measurement of all
investments is at fair value. The fair values of listed investments
will be based on bid prices at the financial year end date.
Assets held by the Group at the period end include unlisted
ordinary equity shares and unlisted redeemable preference
shares.
When managing its investments, the Group aims to profit from
changes in the fair value of equity investments. Accordingly, all
quoted equity investments, should they be held, will be designated
as "at fair value through the profit and loss" and will be
subsequently recorded in the statement of financial position as
current assets at fair value.
Investment in associates
Where the Company, or its wholly owned subsidiary, has
significant influence over an entity, normally having an interest
being more than 20% and less than 50%, such as Amedeo Asia's
holdings in YZJ JV and MGR, then that investment is classified as
an associate and is equity accounted, see notes 5 and 11.
Under the equity method, on initial recognition the investment
in an associate is recognised at cost, and the carrying amount is
increased or decreased to recognise the Company's share of the
profit or loss of the investee after the date of acquisition. The
Company's share of the associate's profit or loss is recognised in
its statement of comprehensive income. Distributions received from
an associate reduce the carrying amount of the investment.
After application of the equity method, an impairment review is
carried out to determine whether it is necessary to recognise any
additional impairment loss with respect to its net investment in
the associate.
Loans receivable
Loans receivable are valued at nominal amount less provisions
against recoverability. The maximum exposure in respect of the loan
portfolio at the period end is the amount receivable shown in note
12. No hedging transactions have been entered into with respect to
the loan portfolio.
Impairment
At each financial period end date, the Group reviews the
carrying amounts of its non-current assets with finite lives to
determine whether there is any indication that those assets have
suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss. Where it is not possible to
estimate the recoverable amount of the individual asset, the Group
estimates that recoverable amount of the cash-generating unit to
which the asset belongs.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank, in hand and
demand deposit and other short term highly liquid investments of
three months or less at inception that are readily convertible to a
known amount of cash and are subject to an insignificant risk of
change in value.
Financial liabilities and equity
Financial liabilities and equity are classified according to the
substance of the financial instrument's contractual obligations
rather than the financial instrument's legal form. An equity
instrument is any contract that evidences a residual interest in
the assets of the Group after deducting all of its liabilities.
Financial assets
Apart from its unquoted investments and investments in
associates, the Group has only financial assets classified as loans
and receivables. The Group's loans and receivables comprise loans
and other receivables and cash and cash equivalents in the
statement of financial position.
Trade payables
Trade payables are not interest bearing and are stated at their
nominal value.
Equity instruments
Equity instruments issued by the Company are recorded as the
proceeds received, net of direct issue costs.
Current and deferred tax
Taxation is applied on a current basis in accordance with IAS 12
"Income taxes". Deferred taxation is provided in full on temporary
differences that result in an obligation at the balance sheet date
to pay more tax or a right to pay less tax, at a future date, at
rates expected to apply when they crystallise based on current tax
rates and law. Temporary differences arise from differences between
the carrying amounts of assets and liabilities for financial
reporting and the amounts used for taxation purposes. Deferred tax
assets are recognised to the extent that it is probable that future
taxable profit will be available against which unused tax losses
and credits can be utilised. Deferred tax assets and liabilities
are not discounted.
Deferred tax assets and liabilities are offset when they relate
to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net
basis.
Foreign currencies
The financial information is presented in United States Dollars
which is the functional currency of the Company. The presentational
and functional currency changed from United Kingdom Pounds Sterling
in the 11 months ended 31 December 2014.
Transactions in foreign currencies are translated at the rate
prevailing at the date of transaction, with any differences
recognised to the Income Statement. Monetary assets and liabilities
denominated in foreign currencies in each company are translated at
the rates of exchange prevailing at the accounting date.
On consolidation, revenues, costs and cash flows of undertakings
abroad are included in the Group income statement at average rates
of exchange for the year. The assets and liabilities denominated in
foreign currencies are translated into United States Dollars using
rates of exchange at the reporting date.
Exchange differences on the re-translation of opening net assets
and results for the year of foreign subsidiary undertakings and
associates are dealt with through other comprehensive income net of
differences on loans denominated in foreign currency. Other gains
and losses arising from foreign currency transactions, including
trading, are included in the consolidated income statement.
Share-based payments
All share-based payments are accounted for in accordance with
IFRS 2 - "Share-based payments". The Company issues equity-settled
share-based payments in the form of share warrants to certain
Directors and key advisers. Equity settled share-based payments are
measured at fair value at the date of grant. The fair value
determined at the grant date of equity-settled share-based payments
is expensed on a straight line basis over the vesting period, based
on the Company's estimate of shares that will eventually vest.
Fair value is estimated using a Black Scholes probability
valuation model. The expected life used in the model has been
calculated by reducing the total contractual life to management's
best estimate of the expected date of exercise.
Critical accounting estimates and judgements
The Group makes certain estimates and assumptions regarding the
future. Estimates and judgements are continually evaluated based on
historical experience and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances. In the future, actual experience may differ from
these estimates and assumptions. The estimates and assumptions that
have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next
financial year are discussed below.
(a) Impairment of investment in associated company:
The investment in the associated company is stated on an equity
accounting basis supported by the audited financial statements of
the associate. The Group is also required to determine whether any
impairment loss should be recognised in accordance with IAS 39. The
recoverable amount is determined based on value in use
calculations. In determining the value in use, the Company
estimates:
(i) its share of the present value of the estimated future cash
flows expected to be generated by the associate or joint venture,
including the cash flows from the operations of the associate or
joint venture and the proceeds from the ultimate disposal of the
investment; or
(ii) the present value of the estimated future cash flows
expected to arise from dividends to be received from the investment
and from its ultimate disposal.
It then compares the product of these estimates with the total
carrying value of the associate.
(b) Recoverability of loans receivable:
Separately, the Company determines the recoverability of its
loans to its associate, MGR. As the loans were used to make working
capital available to MGR, consideration of the recoverability of
the loans is related to consideration of the carrying value of the
associate.
2. Segmental reporting
No segmental analysis is considered necessary as the Directors
believe that the Group has only one segment in the period under
review, being that of an investment company with a focus on
investments in, but not exclusively, the resources and/or resources
infrastructure sectors, with no specific national or regional
focus.
3. Reference date and presentational currency
In the prior period, the Directors decided to change the
accounting reference date from 31 January to 31 December. This is
more typical in the resource and offshore sector and generally. As
a result of this change not all amounts disclosed in the financial
statements for the corresponding period may be directly
comparable.
4. Administrative expenses
Expenses included in administrative expenses are analysed
below
Year ended 11 months
on ended 31
31 Dec Dec 2014
2015
$'000 $'000
Administration, legal,
professional and financial
costs 508 664
Directors' fees 143 140
Unrecovered VAT - 8
_____ _____
651 812
_____ _____
The auditor's fees in the year ended 31 December 2015 for the
audit of the parent company and the consolidated accounts were in
respect of taxation services amounted to US$Nil (11 months to 31
December 2014: US$50,000) and auditor's fees payable to the
associates of the company's auditors in respect of audit of the
subsidiary's financial statements were US$35,000 (11 months to 31
December 2014: US$30,000). In addition, fees for non-audit services
in respect of taxation services in the year ended 31 December 2015
were US$Nil (11 months to 31 December 2014: US$47,500).
5. Share of loss of associates
Year ended 11 months
31 Dec ended 31
2015 Dec 2014
$'000 $'000
YZJ Offshore Engineering
Pte Ltd (2,059) (942)
MGR Resources Pte Ltd 45 20
_____ _____
(2,014) (922)
_____ ______
The Company's wholly-owned Singapore-registered subsidiary,
Amedeo Asia, holds a 47.51% investment in YZJ JV, a Singapore
registered company. The loss of US$2,059,000 represents Amedeo
Asia's share of YZJ JV's loss for the year ended 31 December 2015
(11 months to 31 December 2014: US$942,000) and Amedeo Asia's share
of MGR's income for the year ended 31 December 2015 of US$45,000
(11 months to 31 December 2014: US$20,000).
6. Foreign exchange losses
Year ended 11 months
31 Dec ended 31
2015 Dec 2014
$'000 $'000
Loss on conversion of loans
made to associates 86 181
____ ____
In June 2014, the Company made a foreign currency denominated,
interest free, unsecured loan to its wholly-owned subsidiary,
Amedeo Asia, totalling GBP1.2 million (translated to US$2.044
million in June 2014), to enable Amedeo Asia to make a convertible
loan to MGR ("Convertible Loan"). At 31 December 2015, the loan of
GBP1.2 million was retranslated to US$1.777 million at the
reporting date, resulting in an unrealised loss on foreign exchange
of US$0.086 million. See table below, which details this:
Loan from Amedeo Asia to
MGR in 2014
At 1 January 2015 $1.863m
Less: At 31 December 2015 ($1.777)m
Unrealised loss on foreign US $0.086m
exchange
The Company does not hedge against movements in foreign exchange
rates.
7. Loan interest
Year ended 11 months
31 Dec ended 31
2015 Dec 2014
$'000 $'000
Interest on loans made to
associates 300 444
____ ____
Interest on loans made to associates is made up of interest
receivable from MGR.
8. Taxation Year ended 11 months
31 Dec ended
2015 31 Dec 2014
$'000 $'000
UK Corporation tax
Factors affecting tax charge
in the year
Loss on ordinary activities
before tax (2,010) (1,411)
Loss on ordinary activities
at the effective rate
of corporation tax 20% (11months
to 31 December 2014: 20%) (402) (282)
Unrelieved losses 402 282
- -
___ ___
Deferred income tax assets are recognised for tax losses
carried-forward to the extent that the realisation of the related
tax benefit through future taxable profits is probable. The Group
does not recognise any deferred income tax assets relating to
carried forward tax losses as there is insufficient evidence that
any deferred tax asset recognised will be recovered.
9. Loss per share
The basic and diluted loss per share for the year to 31 December
2015 was US7.99c (11 months to 31 December 2014: US4.40c). The
calculation of loss per share is based on the loss of US$2,610, 000
for the year ended 31 December 2015 (11 months to 31 December 2014:
US$1,411,000 loss) and the weighted average number of shares in
issue during the year to 31 December 2015 of 32,653,843 (11 months
to 31 December 2014:32,104,388). The prior period numbers have been
restated to reflect a consolidation of the number of shares in
issue to 10 pence each, which was approved at the AGM on 30 June
2015 and was effective from 5.30pm on that date.
No warrants were exercised in the year ended 31 December 2015.
The outstanding warrants represent approximately 15% of the
Company's current issued share capital and are considered by the
Directors to be anti-dilutive, given that the various exercise
prices of warrants are all in excess of the average share price for
the year.
10. Investment in subsidiaries
Company
31 Dec 31 Dec
2015 2014
Cost or valuation $'000 $'000
At 31December 2014 8 8
___ ___
At 31 December 2015 8 8
___ ___
The investment in subsidiaries shown in above is the investment
in Amedeo Asia.
The Company's subsidiaries were as follows:
Name Country of Proportion of ownership
incorporation interest
Dec 2015 Dec 2014
Creon Corporation
Limited England 100% 100%
Amedeo Resources
(Asia) Pte Limited
("Amedeo Asia") Singapore 100% 100%
Creon Corporation Limited was incorporated on 24 November 2011
and acquired by the Company on 16 December 2011. It remains
dormant. Amedeo Asia was incorporated on 10 July 2012 to hold the
Company's Asian-based investments.
11. Investments in associates
Amedeo's wholly owned subsidiary, Amedeo Asia has a holding in
YZJ JV, which is incorporated in Singapore, of 47.51%. YZJ JV has a
40% stake in Jiangsu Yangzijiang Offshore Engineering Co. Ltd ("YZJ
Offshore"), which is incorporated in Singapore. YZJ JV equity
accounts for its 40% interest in YZJ Offshore, and Amedeo Asia
equity accounts for its 47.51% stake in YZJ JV. Amedeo provided an
interest free unsecured loan to Amedeo Asia to make the 47.51%
stake in YZJ JV.
Amedeo Asia also has a 49% stake in MGR, which is incorporated
in Singapore. Amedeo Asia equity accounts for its 49% stake in MGR.
In the year to 31 December 2015 the Group received a dividend from
MGR amounting to US$: Nil (11 months to 31 December 2014:
US$Nil).
YZJ JV MGR Total
31 Dec 31 31 Dec 31 Dec 31 Dec 31 Dec
15 Dec 15 14 15 14
14
Amounts $'000 $'000 $'000 $'000 $'000 $'000
relating
to associates
Current
assets 973 1,086 10,407 14,496 11,380 15,582
Non-current
assets 32,282 38,524 - - 32,282 38,524
Current
liabilities (9) (16) (7,568) (11,656) (7,577) (11,672)
Non-current
liabilities - (1,949) (2,035) (1,949) (2,035)
______ ______ _______ _______ _______ _______
Net assets 33,246 39,594 890 805 34,136 40,399
_______ _______ _______ _______ _______ _______
Group's
share of
net assets
of associates 15,777 18,811 436 394 16,213 19,205
_______ _______ _______ _______ _______ _______
Total revenue 3 2 9,261 43,777 9,264 43,779
(Loss)/Profit (4,334) (2,165) 92 46 4,242 (2,119)
_______ _______ _______ _______ _______ _______
Group's
share of
loss of
associates
(see note
5) (2,059) (942) 45 20 2,014 (922)
_______ _______ _______ _______ _______ _______
Group's share of net assets $'000
of associates
Opening at 1 January 2015 19,205
Additional investment in associates -
Group's share of loss of associates (2,014)
Foreign exchange translation
difference (978)
--------
Closing at 31 December 2015 16,213
--------
12. Loans receivable
Group Company
31 Dec 31 Dec 31 Dec 2015 31 Dec
2015 2014 2014
$'000 $'000 $'000 $'000
Balance brought
forward 3,813 1,950 24,867 18,090
Loans advanced 400 2,044 28 6,958
Loans repaid (1,950) - - -
Foreign exchange
loss (86) (181) (86) (181)
______ ______ ______ ______
Balance carried
forward 2,177 3,813 24,809 24,867
______ ______ ______ ______
During the year, the Group made a loan to an associate, MGR, of
US$400,000 (11 months to 31 December 2014: US$2,044,000), and
received repayment of a loan to MGR of US$1,950,000.
The Directors consider that the carrying amount of loans
receivable approximates to their fair value.
13. Investments in quoted shares
Group and Company
31 Dec 31 Dec
2015 2014
Cost or valuation $'000 $'000
At 1 January 7 7
Sales Proceeds (10) -
Profit on disposal 3 -
_____ _____
- 7
At 31 December 2015 _____ _____
The investment represents 2,775 ordinary shares in the capital
of Ashcourt Rowan PLC. This investment has been disposed of during
the year for a sale value of US$10,000.
14. Investment in unquoted preference shares
Group and Company
31 Dec 31 Dec
2015 2014
Cost or valuation $'000 $'000
Cost 660 660
Provision brought forward (627) (627)
Impairment during the year (33) -
_______ _______
- 33
_______ _______
15. Other receivables
Group Company
31 Dec 31 Dec 31 Dec 31 Dec
2015 2014 2015 2014
$'000 $'000 $'000 $'000
Prepayments and
sundry debtors 527 544 468 250
The Directors consider that the carrying amount of other
receivables approximates to their fair value.
16. Trade and other payables
Current liabilities Group Company
31 Dec 31 Dec 31 Dec 31 Dec
2015 2014 2015 2014
$'000 $'000 $'000 $'000
Trade payables
and accruals 147 344 105 54
______ ______ ______ ______
147 344 105 54
______ ______ ______ ______
17. Called up share capital
31 Dec 31 Dec
2015 2014
Allotted, called up and fully Restated
paid
Ordinary shares
In issue at beginning of the
period 32,653,843 27,386,193
Issued for cash - 5,267,650
Total Ordinary shares 32,653,843 32,653,843
$'000 $'000
Ordinary Shares of 10p each 5,179 5,179
44,190,545 Deferred Shares
of 0.9p each 625 625
_____ _____
Total Share Capital 5,804 5,804
During the year, the Company announced a share capital
reorganisation so that every 100 Existing Ordinary Shares of 0.1p
be consolidated into 1 ordinary share of 10p. This reduced number
of ordinary shares in issue from 3,265,384,300 to 32,653,843.
The 44,190,545 deferred shares of 0.9p each ("Deferred Shares")
do not entitle the holder thereof to receive notice of or attend
and vote at any general meeting of the Company or to receive a
dividend or other distribution or to participate in any return on
capital on a winding up unless the assets of the Company are in
excess of GBP1,000,000,000,000. The Company retains the right to
purchase the Deferred Shares from any Shareholder for a
consideration of one penny in aggregate for all that shareholder's
Deferred Shares. As such, the Deferred Shares effectively have no
value. Share certificates have not and will not be issued in
respect of the Deferred Shares.
18. Warrants
The Company had 1,915,446 outstanding warrants at 31 December
2014. In the year ended 31 December 2015, 3,107,211 warrants were
granted per the table below. This leaves 5,022,657 warrants
outstanding at 31 December 2015. All the warrants can be exercised
between the date of grant and the end of the exercise period shown
below.
Number
End of Number of Warrants
Date of Exercise of Warrants Exercise Number at 31 Dec
grant period granted price exercised 2015
------------- ------------ ------------- ---------- ----------- -------------
4 April 4 April
2012 2022 160,000 75 pence - 160,000
31 August 31 August
2012 2017 710,000 50 pence 50,000 660,000
23 June 23 June
2013 2023 1,095,446 50 pence - 1,095,446
1 February 1 February
2015 2025 500,000 100 pence - 500,000
12 March 12 March
2015 2025 2,607,211 100 pence - 2,607,211
________ _______ ________
5,072,657 50,000 5,022,657
________ _______ ________
The weighted average exercise price for the warrants at the
beginning of the period was 52 pence.
The weighted average exercise price for the warrants at the end
of the period was 81 pence.
The weighted average remaining contractual life of outstanding
warrants as at the end of the period was 6.78 years.
Two warrants were granted during the year, the first was granted
on 1 February 2015 with 500,000 warrants whilst the second was
granted on 12 March 2016 with 2,607,211 warrants.
The charge in the current year of US$261,000 relates to the
3,107,211warrants issued during the year.
The following table sets out the warrants held by Directors and
former Directors, or entities connected with the Directors, who
served during the year and up to the date of this report:
End of
Number Date of exercise Exercise Number
Warrant holder of Warrants grant period price exercised
--------------- ------------- ----------- ----------- ---------- -----------
Fulton Capital
Management 31 August 31 August
Ltd(1) 250,000 2012 2017 50 pence -
Lau Lian
Seng Glen 12 March 12 March
(2) 2,607,211 2015 2025 100 pence -
Zafarullah 1 February 1 February
Karim (3) 333,157 2015 2025 100 pence -
Zafarullah 23 June 23 June
Karim 1,095,446 2013 2023 50 pence -
Notes
(1) Fulton Capital Management Limited is a company owned and
controlled by Mr Lau, the Company's chief executive officer
(2) During the year, Mr Lau was issued 2,607,211 warrants with
an exercise price of 100p and an expiration date of 12 March
2025.
(3) During the year, Mr Karim acquired from a third party
333,157 warrants with an exercise price of 100p and an expiration
date of 1 February 2025.
The share based payment charge in the period under review of
US$261,000 relates to the 3,107,211 warrants issued in 2015 (period
ended 31 December 2014: US$15,000). The Black Scholes pricing model
was used to calculate the share based payment charge.
19. Asset value per share
The net asset value per share at 31 December 2015 was US$0.65
(31 December 2014: US$0.75). Net asset value is based on the net
assets as at 31 December 2015 of US$21.1 million (31 December 2014:
US$24.44 million) and on the number of ordinary shares in issue at
31 December 2015 being 32,653,843 ordinary shares (31 December
2014: Restated 32,653,843).
20. Staff numbers and costs
The average monthly number of employees of the Group, including
Directors, during the period was 4 (2014: 4). The Directors are
considered the key management of the Group. The aggregate
remuneration of the Directors is set out in the remuneration
report. All employees are Directors of the Company, therefore no
remuneration was paid to staff of the Company (11 months to 31
December 2014: US$: Nil).
21. Related party transactions
In April 2014, Amedeo signed a management services agreement
with MGR to provide marketing assistance and services to MGR.
During the year, MGR paid US$128,000 to Amedeo in respect of these
services (11 months to 31 December 2014: US$91,000).
During the year, Amedeo made a loan of US$400,000 to MGR and MGR
repaid a loan of US$1,950,000 to Amedeo.. The Group earned
US$300,000 in interest on their loans to MGR for the year to 31
December 2015 (11 months to 31 December 2014: US$444,000). At the
year end US$300,000 of interest was outstanding and is included in
other receivables (at 31 December 2014: US$444,000) which has been
paid in full subsequent to the year end in March 2016. Also,
subsequent to year end, MGR repaid a loan of US$1,717,000 to
Amedeo, in February 2016. Following this, the only remaining loan
balance with MGR is the US$400,000 loan made in 2015.
22. Financial instruments and risk management
Investments
All of the Group's actual and intended investments present a
risk of loss of capital. Such investments are subject to investment
specific, industry specific, sector specific, market specific and
macro-economic risks including, but not limited to, international
economic conditions, international financial policies and
performance, governmental events and changes in laws. Moreover, the
Company may only have a limited ability to vary its investments in
response to changing conditions.
The success of the Group is dependent upon the identification,
making, management and realisation of suitable investments. There
can be no guarantee that such investments can or will be made or
that such investments will be successful. Poor performance by an
investment could severely affect the net asset value per share of
the Company.
The Group may have minority interests in companies, partnerships
and ventures. As such it may be unable to exercise control over the
operations of such investments or exercise control over any exit,
or timing of any exit, by other investors in such investments. In
addition, the managements of the investee companies targeted by the
Directors may not always welcome proactive shareholder
involvement.
The Group may dispose of investments in certain circumstances
and may be required to give representations and warranties about
those investments. In certain cases such representations and
warranties may be challenged. This may lead to the Group having to
pay damages to the extent that such representations and warranties
turn out to be inaccurate or other terms of sale are breached.
There can be no certainty that the value of investments as
reported from time to time will in fact be realised.
Investments in unquoted companies
It is intended that the Group's investment portfolio will
comprise interests predominantly in unquoted, growth companies,
which may be difficult to value and/or realise. Investments in
unquoted growth companies may involve greater risks than is
customarily associated with investments in larger, more established
quoted companies. In particular, such companies may have limited
product offerings, markets or resources and may be dependent on a
small number of key individuals. As at 31 December 2015, the
Group's holding of unquoted investments was valued at approximately
US$16.2 million (31 December 2014: US$19.2 million).
Market risk
It is possible that certain investments will represent a
significant proportion of the Company's total assets, such as
Amedeo Asia's investment in YZJ JV. As a result, the impact on the
Company's performance and the potential returns to investors will
be adversely affected to a greater degree if any one of those
investments were to perform badly than would be the case if the
Company's portfolio of investments was more diversified. At 31
December 2015, the overall investment allocation was a portfolio of
2 investments all of which were in unquoted companies. As at 31
December 2015, the Company's investment in YZJ JV represented 98%
of the value of the Company's investment portfolio and almost 76%
of the Group's gross assets.
Interest rate risk
The majority of the Group's financial assets and liabilities are
not interest bearing. As a result, the Group is not subject to
significant amounts of risk due to fluctuations in the prevailing
levels of market interest rates. Any cash and cash equivalents are
held in short notice accounts. The table below summarises the
Group's exposure to interest rate risks.
As at 31 December 2015 Non-interest Fixed
bearing interest Total
Assets $'000 $'000 $'000
Investments 16,213 - 16,213
Loans to MGR - 2,177 2,177
Other receivables 527 - 527
Cash and cash equivalents 2,340 - 2,340
______ ______ ______
Total financial
assets 19,080 2,177 21,257
______ ______ ______
Liabilities
Trade and other payables 147 - 147
______ ______ ______
Total financial liabilities 147 - 147
______ ______ ______
As at 31 December 2014 Non-interest Fixed
bearing interest Total
Assets $'000 $'000 $'000
Investments 19,212 33 19,245
Loan to MGR - 3,813 3,813
Other receivables 544 - 544
Cash and cash equivalents 1,179 - 1,179
______ ______ ______
Total financial
assets 20,935 3,846 24,781
______ ______ ______
Liabilities
Trade and other payables 344 - 344
______ ______ ______
Total financial liabilities 344 - 344
______ ______ ______
Hedging and currency risk
As the current focus of the Company's investment has been
outside of the UK, the majority of the Company's investments are
denominated in US$. The Company's accounting currency is also
US$.
Liquidity risk
The Company's financial instruments include minority equity
investments in unquoted Singapore-registered companies. As a
result, the Company may not be able to quickly liquidate some of
its investments in these instruments at an amount close to their
fair value in order to meet its liquidity requirements.
The Company has a procedure to manage liquidity risk whereby the
board meet regularly to review investment holdings and current and
anticipated levels of financial liabilities. Where liquidity of the
investments within the portfolio is believed to be at a level which
may adversely affect the Company's ability to service its financial
obligations, the board will consider taking action to improve cash
flow, which may include utilising bank overdrafts or other credit
arrangements.
The table below details the contractual, undiscounted cash flows
of the Group's financial liabilities.
Less
than 1-3 3 months No stated
to 1
1 month months year maturity
31 December
2015 $'000 $'000 $'000 $'000
Trade and other
payables 147 - - -
______ ______ ______ ______
Total 147 - - -
______ ______ ______ ______
31 December
2014
Trade and
other payables 344 - - -
_______ ______ ______ ______
Total 344 - - -
_______ ______ ______ ______
Credit risk
Credit risk is the risk that a counterparty to a financial
instrument will fail to discharge an obligation or commitment that
it has entered into with the Group. The carrying amounts of
financial assets best represent the maximum credit risk exposure at
the balance sheet date.
Capital risk management
The Company is currently financed solely through equity and
manages its capital to ensure that it has sufficient financial
resources to implement its planned operations while maximising the
return to stakeholders. Please see the Strategic Report on page 7
for details.
23. Subsequent events
Save for the repayment by MGR of US$1,717,000 of the loan due to
Amedeo in February 2016, there are no significant subsequent events
to report.
24. Ultimate controlling party
The ultimate controlling party is Qatar Investment Corporation,
which holds 61.1% of the issued Ordinary Share capital of the
Group. Qatar Investment Corporation is a wholly owned investment
vehicle of Mr Ghanim Al Saad, Non-Executive Chairman of the
Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EANKDFSLKEFF
(END) Dow Jones Newswires
June 14, 2016 02:01 ET (06:01 GMT)
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