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Condensed unaudited financial results for the nine months and quarter ended 31 December 2013 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 NINE MONTHS AND QUARTER ENDED 31 DECEMBER 2013 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").
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 and further
cautionary announcement published on SENS on 31 October 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.
Results for the nine months ended 31 December 2013
In terms of the BSX listing regulations the company is required to report results on a quarterly basis. The financial
information presented includes results for the nine months ended 31 December 2013 as well as quarterly results for
the three months ended 31 December 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 2.7% for the nine months.
Coupled with capital appreciation of 13.1%, total Sterling returns on the REIT portfolio amount to 15.8% 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 12.2% 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 nine month period. An improving macro outlook, good relative value in real estate and
ongoing normalisation in the lending markets have all contributed to the positive momentum. In the medium term it
is expected that the lack of attractive prime opportunities in core cities in Europe will lead investors increasingly to
focus on non-core and non-prime opportunities.
Despite good investment returns, given the relatively small size of the company's invested capital, the company
incurred a loss for the nine month period after taking account of operating costs of £36,034. The basic loss per
ordinary share for the period amounts to 0.78 pence per share.
During the quarter ended 31 December 2013, the company incurred a loss of 0.59 pence per share with operating
costs of £12,340 nominally exceeding investment returns on the REIT portfolio. The total return on the investment
portfolio for the quarter was 4,3%, majority of which comprises appreciation in underlying share prices.
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 nine Unaudited for the period
quarter ended months ended from 26 October 2012 to
31 December 2013 31 December 2013 31 March 2013
£ £ £
Fair value profit /(loss) on revaluation
of listed securities 8 991 26 140 (9 141)
Dividends received 314 5 460 3 016
Revenue from investments 9 305 31 600 (6 125)
Other income - foreign exchange
translation gain 70 721 -
Total income 9 375 32 321 (6 125)
Transaction costs on acquisition of
listed securities - - (993)
Operating expenses (12 340) (36 034) (6 006)
Loss before taxation (2 965) (3 713) (13 124)
Taxation - - -
Loss for the period (2 965) (3 713) (13 124)
Other comprehensive income - - -
(2 965) (3 713) (13 124)
Attributable to equity holders of the
company (2 965) (3 713) (13 124)
Basic loss per ordinary share (pence) (0.59) (0.78) (20.88)
Headline loss per ordinary share
(pence) (0.59) (0.78) (20.88)
Basic loss per ordinary share and headline loss per ordinary share are based on the weighted average of 474 545 shares in issue for
the nine months ended 31 December 2013 and 500 000 for the quarter ended 31 December 2013 (March 2013: 62 854). There are
no reconciling items between basic loss and headline loss.
GoGlobal has no dilutionary instruments in issue.
Statement of financial position
Unaudited as at Unaudited as at
31 December 2013 31 March 2013
£ £
Assets
Non - current assets
Financial investments
Investment in listed securities 225 757 199 617
Current assets 266 406 43 109
Trade and other receivables 895 957
Cash and cash equivalents
Cash at bank 251 788 34 844
Cash held in broking account 13 723 7 308
Total assets 492 163 242 726
Equity and liabilities
Equity 423 163 226 876
Share capital - -
Share premium (net of share issue and listing costs) 440 000 240 000
Retained deficit (16 837) (13 124)
Current liabilities
Trade and other payables 69 000 15 850
Total equity and liabilities 492 163 242 726
Statement of changes in equity
Share capital Total equity
and share attributable to
premium Retained deficit equity holders
£ £ £
Unaudited for the quarter ended 31 December 2013
Balance at 30 September 2013 440 000 (13 872) 426 128
Net loss for the period - (2 965) (2 965)
Balance at 31 December 2013 440 000 (16 837) 423 163
Unaudited for the nine months ended 30 December 2013
Balance at 31 March 2013 240 000 (13 124) 226 876
Net loss for the period - (3 713) (3 713)
Transactions with owners
Share capital issued 250 000 - 250 000
Accrual for share issue and listing costs incurred (50 000) - (50 000)
Balance at 31 December 2013 440 000 (16 837) 423 163
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 nine months ended 26 October 2012 to
31 December 2013 31 December 2013 31 March 2013
£ £ £
Cash flows from operating activities (8 105) (20 012) 910
Loss for the period before taxation (2 965) (3 713) (13 124)
Adjusted for:
Fair value (profit) /loss on revaluation of listed
securities (8 991) (26 140) 9 141
Foreign exchange translation gain - unrealised (70) (721)
Net movement in working capital
Decrease / (increase) in trade receivables 1 248 62 (957)
Increase in trade payables 2 673 10 500 5 850
Cash flows from investing activities
Acquisition of listed securities - - (208 758)
Cash flows from financing activities - 243 371 250 000
Issue of ordinary shares - 250 000 250 000
Share issue and listing costs paid - (6 629) -
Net (decrease) / increase in cash and cash
equivalents (8 105) 223 359 42 152
Cash and cash equivalents at the beginning of the
period 273 616 42 152 -
Cash and cash equivalents at the end of the period 265 511 265 511 42 152
Financial notes
These condensed unaudited financial statements for the nine months and quarter ended 31 December 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 unaudited financial statements for the nine months and quarter
ended 31 December 2013 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 11 February 2014.
14 February 2014
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Date: 14/02/2014 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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