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Condensed unaudited financial statement to 30 June 2013, incorporating the period 26 October 2012 to 31 March 2013
GoGlobal Properties Limited
(Incorporated in Bermuda)
(Registration number 47031)
BSX share code: GGB.BH JSE share code: GGP ISIN: BMG945551023
(“GoGlobal” or “the company”)
CONDENSED UNAUDITED FINANCIAL STATEMENTS THE QUARTER ENDED 30 JUNE 2013 AND FOR THE PERIOD FROM 26 OCTOBER 2012
("THE INCORPORATION DATE") TO 31 MARCH 2013 AND FURTHER CAUTIONARY
Commentary
Incorporation and listing
GoGlobal was incorporated in Bermuda on 26 October 2012 in accordance with section 14 of the Companies Act 1981
as a Bermudan exempted company. The issued share capital of the company, comprising 250 000 shares, was listed on
the Bermudan Stock Exchange ("BSX") on 15 March by way of introduction. The BSX constitutes the company’s
primary listing. Subsequent to 31 March 2013, the company's financial year-end, the company made an offer to invited
investors to subscribe for a further 250 000 shares (“the private placement”) and applied for a dual listing of the
company’s issued share capital on the Alternative Exchange of the JSE Limited (“AltX”) in South Africa. The private
placement was fully subscribed for and GoGlobal listed on the AltX on 29 April 2013.
GoGlobal was established with the intention of investing in high yielding real estate companies and assets with the
prospect of an income return to shareholders, coupled with that of capital appreciation. Based on the support that the
promoters have received in their previous endeavours and their access to the South African ("SA") property investor
base, the promoters consider that the company will present an attractive opportunity to SA investors and that the
secondary listing on the AltX will enhance GoGlobal's ability to raise capital.
Cautionary announcement
Shareholders are referred to the cautionary announcement published on SENS on 30 April 2013 regarding the potential
acquisition of €212 million worth of properties in Germany and the UK and are advised that discussions in this regard
are ongoing. Accordingly shareholders are advised to continue exercising caution when dealing in their GoGlobal
shares.
Results for the period from 26 October to 31 March 2013
In line with its investment policy, GoGlobal invested approximately 50% of the capital raised since incorporation in a
portfolio of listed European and UK REIT's. The balance of the capital raised has been retained in cash.
For the period to 31 March 2013, the company showed a loss of 20.88 pence per ordinary share, calculated on the weighted average
of 62 854 shares in issue. On a fully diluted basis, calculated on the total number of 250 000 shares
issued in the period, the loss per ordinary share is 5.25 pence per share. The loss for the period arises from:
- a loss on revaluation of the listed REIT portfolio offset partially by a dividend yield of 1.44%, and
- operating costs of £6,006 for the period.
Results for the quarter ended 30 June 2013
The total return from investments over the quarter ended 30 June 2013 was 3.81%. Operating costs comprise largely
directors' fees and other costs associated with the operations of a listed holding company. After expenses, the basic
loss per share for the period was 0.36 pence per ordinary share.
Contingent liability
The expenses and costs associated with the establishment of the company, share issues and the listing of shares on the
BSX and AltX are estimated to amount to £30 976 and £218 001 respectively. A total of £60,000 has been carried by
the company. The balance of the expenses will be settled by the promoters. To the extent that the company
successfully raises further capital in addition to that raised per the private placement, the full amount of the expenses
will be settled by the company out of the proceeds from such further capital raising. The costs incurred by the
company are considered by the directors to relate to the issue of equity and have been debited to equity in accordance
with IAS32: Financial statements.
Statement of comprehensive income
Unaudited for the
Unaudited for the period from
quarter ended 26 October 2012
30 June 2013 to 31 March 2013
£ £
Fair value profit /(loss) on revaluation of listed securities 4 779 (9 141)
Dividends received 2 827 3 016
Revenue from investments 7 606 (6 125)
Other income - foreign exchange translation gain 482 -
Total income 8 088 (6 125)
Transaction costs on acquisition of listed securities - (993)
Operating expenses (9 619) (6 006)
Loss before taxation (1 531) (13 124)
Taxation - -
Loss for the period (1 531) (13 124)
Other comprehensive income - -
(1 531) (13 124)
Attributable to equity holders of the company (1 531) (13 124)
Basic loss per ordinary share (pence) (0.36) (20.88)
Headline loss per ordinary share (pence) (0.36) (20.88)
The company's issued share capital comprises 500 000 ordinary shares (March 2013: 250 000).
Basic earnings per ordinary share and headline earnings per ordinary share are based on the weighted average of 423
077 shares in issues for the quarter ended 30 June 2013 (March 2013: 62 854). There are no reconciling items
between basic earnings and headline earnings.
GoGlobal has no dilutionary instruments in issue.
Statement of financial position
Unaudited as at Unaudited as at
30 June 2013 31 March 2013
£ £
Assets
Non-current assets
Financial investments
Investment in listed securities 204 396 199 617
Current assets 280 958 43 109
Trade and other receivables 3 390 957
Cash and cash equivalents
Cash at bank 266 476 34 844
Cash held in broking account 11 092 7 308
Total assets 485 354 242 726
Equity and liabilities
Equity 425 345 226 876
Share capital - -
Share premium (net of share issue and listing costs) 440 000 240 000
Retained deficit (14 655) (13 124)
Current liabilities
Trade and other payables 60 009 15 850
Total equity and liabilities 485 354 242 726
Statement of changes in equity
Unaudited
Total equity
Share capital attributable
and share Retained to equity
premium deficit holders
£ £ £
For the period from 26 October 2012 to 31 March 2013
Balance at 26 October 2012 - - -
Net loss for the period - (13 124) (13 124)
Transactions with owners
Share capital issued 250 000 - 250 000
Provision for share issue and listing costs incurred (10 000) (10 000)
Balance at 31 March 2013 240 000 (13 124) 226 876
For the quarter ended 30 June 2013
Net loss for the period - (1 531) (1 531)
Transactions with owners
Share capital issued 250 000 - 50 000
Provision for share issue and listing costs incurred (50 000) (50 000)
Balance at 30 June 2013 440 000 (14 655) 425 345
Statement of cash flows
Unaudited
Unaudited for the period from
for the quarter ended 26 October 2012
30 June 2013 to 31 March 2013
£ £
Cash flows from operating activities (8 643) 910
Loss for the period before taxation (1 531) (13 124)
Adjusted for:
Fair value (profit) /loss on revaluation of listed
securities (4 779) 9 141
Net movement in working capital
Increase in trade receivables (2 433) (957)
Increase in trade payables 100 5 850
Cash flows from investing activities
Acquisition of listed securities - (208 758)
Cash flows from financing activities 244 059 250 000
Issue of ordinary shares 250 000 250 000
Share issue and listing costs paid (5 941) -
Net (decrease) / increase in cash and cash equivalents 235 416 42 152
Cash and cash equivalents at the beginning of the quarter 42 152 -
Cash and cash equivalents at the end of the quarter 277 568 42 152
Notes
The condensed unaudited financial statements for the quarter ended 30 June 2013 and for the period from 26 October 2012
to 31 March 2013 are prepared in accordance with the recognition and measurement principles of International
Financial Reporting Standards, the requirements of IAS 34: Interim Financial Reporting, the JSE Listing Requirements
and the BSX Listing Rules. The accounting policies and methods of computation are consistent with those applied in
the historical financial information as set out in the pre-listing statement issued on 22 April 2013.
In terms of Bermuda company law, audited annual financials must be laid before shareholders and an auditor
appointed at the annual general meeting. The BSX has waived the requirement for an audit for the period from date of
incorporation to 31 March 2013, the company’s financial year-end, which waiver was approved by the shareholder and
the directors in a resolution passed on 11 March 2013. The next audit of company will be for the period from
incorporation to 31 March 2014. The condensed financial statements have not been reviewed or reported on by the
company's external auditors.
The directors have reviewed the company’s activities and having regard to the level of liquid resources in relation to
the company’s operating expense base, have reasonable expectation that the company has adequate resources to
continue in existence for the foreseeable future. The condensed unaudited financial statements have thus been prepared
on a going concern basis.
These condensed unaudited financial statements were approved by the board on 7 August 2013.
8 August 2013
JSE sponsor
Java Capital
Date: 08/08/2013 03:16:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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