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Unaudited quarterly results for the three months ended 30 June 2014, results of EGM and withdrawal of cautionary
GoGlobal Properties Limited
(Incorporated in Bermuda)
(Registration number 47031)
BSX share code: GGB.BH
JSE share code: GGP ISIN: BMG945551023
(“GoGlobal” or “the company” or “the group”)
UNAUDITED QUARTERLY RESULTS FOR THE THREE MONTHS ENDED 30 JUNE 2014, RESULTS OF EGM AND WITHDRAWAL OF CAUTIONARY
GoGlobal has its primary listing on the Bermuda Stock Exchange ("BSX") and a secondary listing on the Alternative
Exchange of the JSE ("AltX").
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.
Results for the three months ended 30 June 2014
Following the acquisition of 100% of the issued share capital of APF1 Limited on 25 March 2014 the group owns eight
investment properties with a current valuation of £27.5 million as at the reporting date.
GoGlobal has retained its original investment of 50% of the capital raised at incorporation in a portfolio of listed European
and UK REITS.
The results for the three months to 30 June 2014 thus reflect both the trading result of the first period of the ownership of
the APF1 Limited investment assets and the returns from the listed European and UK REITS.
The combined result of these operating activities for the three months to 3 June 2014 produced earnings of 2.24 pence per
share.
Condensed consolidated statement of comprehensive income
Unaudited for the Audited for the period
period from 1 April from 26 October 2012
2014 to to 31 March 2014
30 June 2014
£ £
Net rental income 684 951 45 052
Operating costs ( 150 697) ( 91 168)
534 254 (46 116)
Impairment of goodwill - ( 8 038)
Operating profit/(loss) 534 254 (54 154)
Investment revenues 2 942 11 930
Other gains and losses - 28 007
Net finance costs ( 113 714) ( 10 164)
Profit/(loss) for the period before taxation 423 482 (24 381)
Taxation ( 64 619) ( 6 543)
Profit/(loss) for the period after taxation 358 863 (30 924)
Other comprehensive income
Fair value movement on trading investments 6 922 -
Fair value movement on interest rate swaps 31 890 3 719
Total comprehensive profit/(loss) for the period 397 675 (27 205)
Attributable to the owners of the company 397 675 (27 205)
Earnings per share
- Basic earnings per ordinary shares (pence) 2.24 (5.80)
- Headline earnings per ordinary shares (pence) 2.24 (4.29)
Basic earnings per ordinary share and headline earnings per ordinary share are based on the weighted average
of 15,986,003 in issue for the three months ended 30 June 2014 and 533,175 for the period 26 October 2012
to 31 March 2014.
GoGlobal has non dilutionary instruments in issue.
Statement of financial position
Unaudited as at Audited as at
30 June 2014 31 March 2014
£ £
Non-current assets
Investment properties 27 500 000 27 500 000
Investments 243 688 236 766
Total non-current assets 27 743 688 27 736 766
Current assets
Trade and other receivables 155 264 212 931
Cash and cash equivalents 1 710 232 1 380 526
Total current assets 1 865 496 1 593 457
Total assets 29 609 184 29 330 223
Current liabilities
Trade and other payables 1 376 352 1 423 781
Total current liabilities 1 376 352 1 423 781
Non-current liabilities
Borrowings 10 360 605 10 400 000
Derivative financial instruments 41 011 72 901
Total non-current liabilities 10 401 616 10 472 901
Net assets 17 831 216 17 433 541
Equity
Ordinary share capital and share premium 17 460 746 17 460 746
Retained earnings 334 861 (30 924)
Cash flow hedge reserve 35 609 3 719
Total equity 17 831 216 17 433 541
Statement of changes in equity
Cash flow To owners
Share Share Retained
hedge of the
capital premium deficit
reserve company
£ £ £ £
Audited for the period to 31 March
2014
Balance at 26 October 2012 - - - - -
Total comprehensive loss for the period
- - 3 719 (30 924) (27 205)
Proceeds from issue of ordinary shares
16 17 534 587 - - 17 534 603
Share issue and listing costs
- (73 857) - - (73 857)
Balance at 31 March 2014 16 17 460 730 3 719 (30 924) 17 433 541
Total comprehensive income for the period - - 31 890 365 785 397 675
At 30 June 2014 16 17 460 730 35 609 334 861 17 831 216
Statement of cash flows
Unaudited as at Audited as at
30 June 2014 31 March 2014
£ £
Operating activities
Operating profit/(loss) 534 254 (54 154)
Impairment of goodwill - 8 038
Increase/decrease in receivables (42 855)
54 698
Increase/(decrease) in payables (119 618) 166 135
Interest paid (89 698) -
Interest received 27 191
Net cash from operating activities 379 663 77 355
Investing activities
Dividends received from trading investments 5 911 8 961
Purchases of trading investments - (208 759)
Cash obtained on acquisition of subsidiary - 1 016 287
Net cash from investing activities 5 911 816 489
Financing activities
Proceeds on issue of ordinary shares - 500 000
Listing costs paid - (13 318)
Financing fees (43 265) -
Unutilised facility fee paid (12 603) 2
Net cash from financing activities (55 868) 486 684
Cash and cash equivalents at the beginning of the period 1 380 526 -
Net increase/(decrease) in cash and cash equivalents 329 706 1 380 528
Cash and cash equivalents at the end of the period 1 710 232 1 380 528
Financial Notes
These condensed unaudited financial statements for the three months ended 30 June 2014 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 Listings Requirements and the BSX Listing Rules. The accounting policies and
methods of computation are consistent with those applied in the audited financial statements for the period from 26
October 2012 to 31 March 2014. These condensed unaudited financial statements have been prepared under the
supervision of the company’s financial director D R Smith, ACA and 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 a reasonable expectation that the company has adequate resources to continue in
existence for the foreseeable future. These condensed unaudited financial statements have thus been prepared on a going
concern basis.
These condensed unaudited financial statements were approved by the board on 16 July 2014.
Dividends
As announced on 5 August 2014, any dividends declared by the company prior to the implementation of the acquisition
(the “acquisition”) of the Stenham portfolio (more fully detailed in the announcement published on 7 August 2014) would
reduce the issue price of the new GoGlobal shares to be issued as consideration for the acquisition, resulting in the issue of
more shares than would otherwise be the case and, accordingly, the board of directors of the company determined that it
would be in the best interests of shareholders not to declare a dividend for the quarter ended 30 June 2014.
Following the implementation of the acquisition, the company intends embarking on a restructure of the debt in the
enlarged portfolio in order to minimize annual amortization so that (subject to applicable laws and periodic repayment
obligations such as payments required under amortising loan facilities and taking into account various factors, including
its operating results and current and anticipated operating cash needs) all core income earned by the company is available
to be paid out as semi-annual dividends. No dividends will be paid out while the debt restructure is taking place but it is
anticipated that the company will pay a dividend in the first full year following the debt restructure in excess of 6% with a
view to growing this dividend over time.
Results of extraordinary general meeting and withdrawal of cautionary
Shareholders are advised that all the resolutions proposed at the extraordinary general meeting of the company’s
shareholders held today at Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 4NA, including all resolutions
necessary to approve the acquisition, were approved by the requisite majority of shareholders, accordingly shareholders
are no longer required to exercise caution when dealing in their GoGlobal shares.
8 September 2014
South African corporate advisor and JSE sponsor
Java Capital
BSX sponsor
LOM
Date: 08/09/2014 04:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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