Wrap Text
Abridged unaudited consolidated results for the three months ended 31 March 2015
New Frontier Properties Ltd
(Incorporated in the Republic of Mauritius on 5 June 2014)
(Registration number 123368C1/GBL)
SEM share code: NFP.N000
JSE share code: NFP
ISIN: MU0453N00004
(“New Frontier” or “the Company”)
ABRIDGED UNAUDITED CONSOLIDATED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2015
The Company has been established in Mauritius as a public company limited by shares holding a Category 1 Global Business
Licence. The Company is listed primarily on the Stock Exchange of Mauritius ("SEM") Ltd and has a secondary listing on the
AltX of the Johannesburg Stock Exchange ("AltX"). The primary objective of the Company is to acquire and develop good
quality income generating property assets situated primarily in the United Kingdom.
REPORTING CURRENCY
The reporting currency of the Company was changed from United States Dollars to Pounds Sterling by a Directors resolution
dated 30 January 2015. Therefore, the opening balances were retranslated effective from 10 February 2015. The Company’s
results are therefore reported in Pounds Sterling.
BUSINESS REVIEW
During this period, the Company successfully raised GBP 84.1 million by the issue of shares through a private placement to
invited investors, as follows:
- 6 500 000 New Frontier shares at an issue price of GBP1.00 per share, raising GBP6.5 million through the company’s
Mauritian share register; and
- 77 259 264 New Frontier shares at an issue price of ZAR18.2507 per share at an exchange rate of GBP1.00/ZAR18.2507,
raising approximately ZAR1.4 billion (approximately GBP77.3 million) through the company’s South African share
register.
The proceeds raised from the private placement will be used to settle part of the aggregate purchase consideration and transaction
costs for the acquisition of two retail centres situated in the United Kingdom.
The Company has reported a GBP82,444 loss for the three months ended 31 March 2015. The loss for the period includes
GBP97,500 representing capital raising fees for the period.
CHANGES TO THE BOARD
During this period, the following directors resigned from the Board, effective from 25 March 2015: Brendon Jones, Gary Fourie,
Peter Todd and Diane Bosman. The following directors were appointed to the Board, effective from 25 March 2015: Sisa
Ngebulana, Andile Mazwai and Kameel Keshav. In addition, Mike Riley and Victoria Whitehouse were appointed to the Board,
effective from 7 April 2015.
PROSPECTS
Subsequent to the period under review, the Company has undertaken to sell its interests in Coastal Buildings Holding Limited and
has proceeded with the acquisition of two retail centres in the United Kingdom, which had a completion date of 14 April 2015.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These abridged unaudited consolidated results for the three months ended 31 March 2015 have been prepared in accordance with
International Financial Reporting Standards, including IAS34 – Interim Financial Reporting, the rules of the SEM and the Listings
Requirements of the JSE Limited.
ACCOUNTING POLICIES
The results below have not been audited or reviewed by the Company’s external auditors, BDO & Co. The accounting policies
adopted are consistent with those published in the audited annual financial statements for the year ended 31 December 2014.
By order of the Board
Osiris Corporate Solutions (Mauritius) Ltd
Company secretary
15 May 2015
NOTES
Copies of this report are available to the public at the registered office of the Company, 19th Floor, Newton Tower, Sir William
Newton Street, Port Louis.
Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule 8(2)(m) of the
Securities (Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public upon request to the Company
Secretary at the Registered Office of the Company at 19th Floor, Newton Tower, Sir William Newton Street, Port Louis.
This communiqué is issued pursuant to Listing Rules 12.20 and 12.21 and Section 88 of the Securities Act 2005. The Board of
New Frontier Properties Ltd accepts full responsibility for the accuracy of the information in this communiqué.
For further information please contact:
JSE sponsor
Java Capital +27 11 722 3050
Company secretary
Osiris Corporate Solutions (Mauritius) Ltd +230 650 4030
GROUP STATEMENTS OF FINANCIAL POSITION
As at As at
31 Mar 15 31 Dec 14
Unaudited Audited
ASSETS
GBP GBP
Non-current assets
Investment property 78,280,049 1,115,659
78,280,049 1,115,659
Current assets
Trade and other receivables 58,997 66,480
Cash and cash equivalents 6,912,818 1,547
6,971,815 68,027
Total assets 85,251,864 1,183,686
EQUITY
Equity attributable to equity holders of
the parent 84,779,182 616,064
Non-controlling interests 31,435 31,435
Revenue Deficit (187,825) (104,618)
Total equity 84,622,792 542,881
LIABILITIES
Non-current liabilities 456,074 470,214
Current liabilities 172,998 170,591
Total liabilities 629,072 640,805
Total equity and liabilities 85,251,864 1,183,686
GROUP STATEMENTS OF COMPREHENSIVE INCOME
For the quarter ended For the year ended
31 Mar 15 31 Dec 14
Unaudited Audited
GBP GBP
Revenue 33,025 75,031
Operating expenses 115,420 120,040
Operating profit (82,395) (45,009)
Fair value loss on investment property - 42,784
Finance costs 49 16,825
Loss before tax (82,444) (104,618)
Income tax expense - -
Loss for the period (82,444) (104,618)
OTHER COMPREHENSIVE INCOME
Movement for the period - -
- -
TOTAL COMPREHENSIVE INCOME FOR
(82,444) (104,618)
THE PERIOD
Loss attributable to:
Equity holders of the company (82,044) (104,111)
Non-controlling interests (400) (507)
(82,444) (104,618)
Total comprehensive income attributable to:
Equity holders of the company (82,044) (104,111)
Non-controlling interests (400) (507)
(82,444) (104,618)
Weighted average number of shares in issue 104,389,880 938,736
Net asset value per share 0.81 0.58
Basic loss per share and headline loss per share
(GBP pence) (0.00) (0.09)
There are no reconciling items between basic earnings
and headline earnings.
*The Company does not have any dilutionary instruments in issue.
GROUP STATEMENTS OF CHANGES IN EQUITY
Attributable to equity holders of the parent
Non-
Share Revenue Controlling
capital Deficit Total Interest Total
GBP GBP GBP GBP GBP
At 05 June 2014 616,064 - 616,064 - 616,064
Acquisition through business
combination 21,886 21,886
Issue of shares to non-
controlling shareholders - - - 9,549 9,549
Other comprehensive income
for the period - - - - -
Loss for the period - (104,618) (104,618) - (104,618)
Other comprehensive income
for the period - - - - -
At 31 December 2014 616,064 (104,618) 511,446 31,435 542,881
At 01 January 2015 616,064 (104,618) 511,446 31,435 542,881
Foreign currency
translation (763) (763) - (763)
Loss for the period - (82,444) (82,444) - (82,444)
Other comprehensive income
for the period - - - - -
Issue of ordinary shares 84,163,118 - 84,163,118 84,163,118
At 31 March 2015 84,779,182 (187,825) 84,591,357 31,435 84,622,792
GROUP STATEMENTS OF CASH FLOWS
For the quarter ended For the year ended
31 Mar 15 31 Dec 14
Unaudited Audited
GBP GBP
Net cash flows from
operating activities (66,784) 77,965
Net cash flows from
investing activities (77,164,390) (42,778)
Net cash flows used in
financing activities 84,142,445 (33,640)
Decrease/Increase in cash
and cash equivalents 6,911,271 1,547
Opening cash and
cash equivalents 1,547 -
Closing cash and
cash equivalents 6,912,818 1,547
Date: 15/05/2015 03:15:00 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. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.