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'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. 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