TIDMUOS
RNS Number : 2653B
UAE Oil Services PLC
05 June 2019
UAE Oil Services Plc
("UAE Oil" or the "Company")
Final results for the year ended 31 December 2018
UAE Oil announces its final audited results for the period ended
31 December 2018, extracts of which have been included below. The
Annual Report will be sent to Shareholders today and will be
available to view on the Company's website in due course at the
following link
http://www.uaeoilservices.com/content/investors/annual-reports.asp
Enquiries:
UAE Oil Services www.uaeoilservices.com
Stephen Smedley info@uaeoilservices.com
Nils Trulsvik (Chairman)
WH Ireland (Broker)
James Joyce / Jessica Cave / James
Sinclair-Ford ++44 (0) 20 7220 1666
Walbrook PR (PR advisers) Tel: +44 (0) 20 7933 8790 or
Paul McManus / Nick Rome uae@walbrookpr.com
Chairman's Statement
On behalf of the Board of directors, it is my privilege to
present the financial statements of UAE Oil Services Plc (the
"Company" or "UAE Oil") for the period 3 January to 31 December
2018.
During the financial period, the Company reported a net loss of
GBP779,732 (0.77.9p per share). The majority of this loss can be
attributed to legal and professional fees. As at 31 December 2018,
the Company had cash balance of GBP346,486.
The Company was incorporated on 3 January 2018 with the
intention of making acquisitions in the oil and gas support
services and infrastructure sector in the Middle East and North
Africa, with an initial focus on the United Arab Emirates.
During the financial period, the Company was admitted to the
official list by way of standard listing to trade on the London
Stock Exchange.
On 17 August 2018, the Company announced a potential acquisition
of the OBN Group and as a result suspended trading in its shares.
As of 31 December 2018, the acquisition had not yet taken place but
it is the intention of the board to complete this as soon as
possible.
I look forward to the year ahead with gratitude to our
shareholders, for their continued support.
Nils Trulsvik
Chairman
Operational and Financial Review
During the financial period, the operational activities of the
Company were to source suitable opportunities and, once
opportunities have been identified, to carry out due diligence on
the target companies following advice from its professional
advisors.
The Directors believe there is sufficient financial resources in
order to complete the acquisition of OBN Group. However, other
opportunities will be considered if they meet the strategic
objectives of the Company.
Statement of Comprehensive Income
for period ended 31 December 2018
Period ended
31 December
2018
GBP
Directors' remuneration (52,800)
Administrative expenses (59,428)
Legal and professional fees (667,504)
Operating loss (779,732)
Interest payable and similar charges -
Loss before taxation (779,732)
Taxation -
Loss for the period (779,732)
Other comprehensive loss for the period -
Total comprehensive loss for the period
attributable to the equity owners (779,732)
Loss per share
Basic and diluted (pence per share) (1.1)
Statement of Financial Position
as at 31 December 2018
As at
31 December
2018
Assets GBP
Current assets
Cash and cash equivalents 346,486
Total current assets 346,486
Total assets 346,486
Equity and liabilities
Capital and reserves
Share capital 1,000,000
Accumulated losses (779,732)
Total equity 220,268
Liabilities
Current liabilities
Other payables 126,218
Total liabilities 126,218
Total equity and liabilities 346,486
Statement of Changes in Equity
For the period ended 31 December 2018
Share capital Accumulated Total
losses
GBP GBP GBP
Shares issued on incorporation 100 - 100
Loss for the period - (779,732) (779,732)
-------------- ------------ ----------
Total comprehensive loss
for the period - (779,732) (779,632)
-------------- ------------ ----------
Issue of ordinary shares 999,900 - 999,900
As at 31 December 2018 1,000,000 (779,732) 220,268
============== ============ ==========
Statement of Cash Flows
for the period ended 31 December 2018
Year ended
31 December
2018
GBP
Cash flow from operating activities
Operating loss (779,732)
Changes in working capital
Increase in trade and other payables 126,218
Net cash used in operating activities (653,514)
Cash flows from financing activities
Proceeds from issuance of shares net of
issue costs 1,000,000
Net cash generated from financing activities 1,000,000
Increase in cash and cash equivalents 346,786
Cash and cash equivalents at beginning of -
the period
Cash and cash equivalents at end of the
period 346,786
Financial information
This announcement does not constitute the Company's statutory
accounts. The financial information for the year ended 31 December
2018 within this announcement is derived from the statutory
accounts for the same year, which will be delivered to the
registrar of companies.
The above information should be read together with the full
report and accounts and notes to the accounts which form an
integral part of the financial statements.
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 rns@lseg.com or visit www.rns.com.
END
FR FAMJTMBJMBIL
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