EARLY EQUITY PLC
("Early Equity" or the "Company")
Executive Director’s Statement
I am pleased to present the unaudited interim results for the Company for the six month period ended 28th February 2021.
Results and Review of Business
The loss for the period was GBP£79,982 (2020: GBP344,474) representing a loss per share of 0.01p (2020: 0.038p). The losses are significantly lower than the previous year, which primarily reflected the costs associated with the subsidiary business (Meihome (M) Sdn Bhd (‘Meihome’). As this business is currently experiencing very low levels of activity due to the ongoing Covid 19 pandemic, the Company is not responsible for its general running costs. The losses in the period relate to the holding company costs.
Although the Group generated a loss in the period it has a net asset position of £1,675,432 (2020 - £1,437,516) including a cash balance of £548,185
During the period, the Company raised a total of £754,433 by way of subscription.
Post Balance Sheet Events
On 18 May 2021, the Company raised a further sum of £90,000 by way of subscription and it acquired the entire issued ordinary A share capital of Farina Investments (UK) Limited (“Farina”), representing 100% of its voting shares. Farina is a company which provides services to the insolvency industry.
The primary strategic rationale for the acquisition was that Farina holds 146,062 ordinary shares in Lotto Studios Limited (“Lotto”), a company that Early Equity already holds 17,606 ordinary shares. On 30 March 2021, Early Equity announced the appointment of Jonathan Symonds to the board who is also a director of Lotto Studios Limited. Following this acquisition, the Company holds approximately 20% of the issued share capital of Lotto. In addition, Farina holds 8 million shares in Pure Sea Nutrients, Inc (approximately 10% of it is current share capital) a life science business that the Company already has a working relationship with.
The Group’s operations in Malaysia are still affected by Covid-19, and continues to have a material adverse impact on business operations.
As previously reported and as above, the Board have been actively seeking to diversify the Group’s activities and have been exploring opportunities in the UK within sectors that can flourish during and beyond these unprecedented times. We continue to work closely with Lotto and Pure Sea Nutrients, Inc to develop their respective businesses.
The Board are seeking to explore additional revenue generating opportunities over the coming months.
On behalf of the Board, I would like to take this opportunity to thank shareholders and professional advisers for their continued support of the Company.
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR SIX MONTHS TO 28 FEBRUARY 2021
6 months to
6 months to
Less Cost of Sales:
OTHER OPERATING (EXPENSES) GAIN
(LOSS) BEFORE TAX
(LOSS) FOR THE YEAR / PERIOD
LOSS ATTRIBUTABLE TO:
Owners of the parent
TOTAL COMPREHENSIVE LOSS FOR THE YEAR / PERIOD
BASIC AND DILUTED LOSS PER SHARE
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2021
6 months to
6 months to
Available-for-sale financial assets
Investment in Yicom Global Sdn Bhd
Deposit and prepayment
Trade and other receivables
Provision For Taxation
Cash and cash equivalents
Trade and other payables
Deferred Tax Liabilities
Provision for Taxation
NET CURRENT ASSETS / (LIABILITIES)
Loss for the year
Fair value reserve
The interim financial information for the six months ended 28 February 2021 is neither audited nor reviewed, but has been prepared in accordance with the accounting policies set out in the Company's annual report and accounts for the year ended 31 August 2020.
The Directors of the Company accept responsibility for the announcement.
Early Equity Plc
Tel: +44 (0)7830 182501
Novum Securities Limited
AQSE Corporate Adviser
David Coffman / Lucy Bowden
Tel: +44 (0)207 399 9400