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Financials results for the 6 months and quarter ended 30 September 2013, changes to the board and further 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”)
CONDENSED UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS AND QUARTER ENDED 30 SEPTEMBER 2013, CHANGES TO THE BOARD OF DIRECTORS
AND FURTHER CAUTIONARY ANNOUNCEMENT
Commentary
GoGlobal has its primary listing on the Bermuda Stock Exchange ("BSX") and a secondary listing on the Alternative
Exchange of the JSE Limited ("AltX"). During April 2013, the company made an offer to invited investors to
subscribe for a further 250 000 shares ("the private placement") and applied for a secondary listing of the
company's issued share capital on the 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.
Further cautionary announcement
Shareholders are referred to the cautionary announcement published on SENS on 30 April 2013 regarding the
potential acquisition of properties in Germany and the United Kingdom (“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.
Changes to the board of directors
All of the directors were re-elected to office at the company's annual general meeting held on 25 September 2013,
other than Sharon Ward, who was not available for re-election and was replaced by David Brown.
Results for the six months ended 30 September 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.
The company's portfolio performed well during the period, earning a dividend yield of 2.6% for the six months.
Coupled with capital appreciation of 8.6%, total Sterling returns on the REIT portfolio amount to 11.2% for the
period. Whilst a portion of the capital appreciation represents a reversal of mark-to-market write-downs taken during
the course of the previous financial period, the portfolio has earned total returns of 7.8% since acquisition in late
February 2013. The net positive returns are reflective of a more positive sentiment in underlying real estate markets
during the course of the six month period, particularly in the UK.
Despite good investment returns, given the relatively small size of the company's invested capital, the company was
close to break-even for the period after taking account of operating costs of £23,694. The basic loss per ordinary
share for the period was 0.16 pence per share.
Within the six months to September 2013, the company incurred a loss of £1 531 during the quarter to June 2013, as
previously reported, and a nominal net profit of £783, after all costs, during the second quarter to September 2013.
The improvement in earnings in the second quarter is as a result of improved performance of its investment portfolio,
despite higher operating costs during the quarter.
Contingent liability
The contingent liability as disclosed in notes 11 and 13 to the unaudited financial statements for the period from
incorporation to 31 March 2013 remains unchanged. In addition, the promoters of the company have underwritten an
amount of £600 000, in aggregate, to cover acquisition costs that may be incurred by the company, prior to the
completion of a further capital raising, in undertaking a due diligence of the portfolio detailed under the section
headed "further cautionary announcement". To date, the company has engaged lawyers, valuers and other
professional advisors for the purposes of such due diligence. To the extent that the company successfully completes a
further capital raising for the purposes of acquisition of such portfolio or part thereof, the costs will be settled by the
company as part of such acquisition.
Condensed consolidated statement of comprehensive income
Unaudited for the Unaudited for the Unaudited for the period
quarter ended six months ended from 26 October 2012 to
30 September 2013 30 September 2013 31 March 2013
£ £ £
Fair value profit /(loss) on revaluation
of listed securities 12 370 17 149 (9 141)
Dividends received 2 319 5 146 3 016
Revenue from investments 14 689 22 295 (6 125)
Other income - foreign exchange
translation gain 169 651 -
Total income 14 858 22 946 (6 125)
Transaction costs on acquisition of
listed securities - - (993)
Operating expenses (14 075) (23 694) (6 006)
Profit /(loss) before taxation 783 (748) (13 124)
Taxation - - -
Profit /(loss) for the period 783 (748) (13 124)
Other comprehensive income - - -
783 (748) (13 124)
Attributable to equity holders of the
company 783 (748) (13 124)
Basic earnings /(loss) per ordinary
share (pence) 0.16 (0.16) (20.88)
Headline earnings/(loss) per ordinary
share (pence) 0.16 (0.16) (20.88)
Basic earnings per ordinary share and headline earnings per ordinary share are based on the weighted average of 461 749 shares
in issue for the six months ended September 2013 and 500 000 for the quarter ended 30 September 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 September 2013 31 March 2013
£ £
Assets
Non - current assets
Financial investments
Investment in listed securities 216 766 199 617
Current assets 275 759 43 109
Trade and other receivables 2 143 957
Cash and cash equivalents
Cash at bank 260 206 34 844
Cash held in broking account 13 410 7 308
Total assets 492 525 242 726
Equity and liabilities
Equity 426 128 226 876
Share capital - -
Share premium (net of share issue and listing costs) 440 000 240 000
Retained deficit (13 872) (13 124)
Current liabilities
Trade and other payables 66 397 15 850
Total equity and liabilities 492 525 242 726
Statement of changes in equity
Share capital Total equity
and share Retained attributable to
premium deficit equity holders
£ £ £
Unaudited for the quarter ended 30 September 2013
Balance at 30 June 2013 440 000 (14 655) 425 345
Net profit for the period - 783 783
Balance at 30 September 2013 440 000 (13 872) 426 128
Unaudited for the six months ended 30 September 2013
Balance at 31 March 2013 240 000 (13 124) 226 876
Net loss for the period - (748) (748)
Transactions with owners
Share capital issued 250 000 - 250 000
Accrual for share issue and listing costs incurred (50 000) - (50 000)
Balance at 30 September 2013 440 000 (13 872) 426 128
Unaudited 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
Statement of cash flows
Unaudited for the
Unaudited for the Unaudited for the period from
quarter ended six months ended 26 October 2012 to
30 September 2013 30 September 2013 31 March 2013
£ £ £
Cash flows from operating activities (3 264) (11 907) 910
Profit /(loss) for the period before taxation 783 (748) (13 124)
Adjusted for:
Fair value (profit) /loss on revaluation of listed
securities (12 370) (17 149) 9 141
Foreign exchange translation gain - unrealised (172) (172)
Net movement in working capital
Decrease / (increase) in trade receivables 1 247 (1 186) (957)
Increase in trade payables 7 248 7 348 5 850
Cash flows from investing activities
Acquisition of listed securities - - (208 758)
Cash flows from financing activities (688) 243 371 250 000
Issue of ordinary shares - 250 000 250 000
Share issue and listing costs paid (688) (6 629) -
Net (decrease) / increase in cash and cash
equivalents (3 952) 231 464 42 152
Cash and cash equivalents at the beginning of the
period 277 568 42 152 -
Cash and cash equivalents at the end of the period 273 616 273 616 42 152
Financial notes
These condensed unaudited financial statements for the six months and quarter ended 30 September 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 Listings Requirements and the BSX
Listing Rules. The accounting policies and methods of computation are consistent with those applied in the
unaudited financial statements for the period from 26 October 2012 to 31 March 2013. These condensed unaudited
financial statements have been prepared under the supervision of the company’s financial director P Goetsch CA
(SA).
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. These 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. 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 30 October 2013.
31 October 2013
JSE sponsor BSX sponsor
Java Capital Global Clearing and Custody Limited
Date: 31/10/2013 10:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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