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Unaudited financial results for the quarter ended 30 September 2016
VestIN Holdings Limited
(Incorporated in Bermuda)
(Registration number: 47305)
‘A’ Ordinary Share Code: VIN
ISIN: BMG934031060
(“the Company”)
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2016
The Company is incorporated in Bermuda and its main purpose is the holding of investments. The Company maintains a primary
listing on the Bermuda Stock Exchange (“BSX”) and a secondary listing on the Alternative Exchange (“AltX”) of JSE Limited
(“JSE”). The listing of the Company’s Class A ordinary shares on the AltX, in so far as it relates to their trading, has been suspended
since Monday, 9 November 2015.
Business Review
The Company disposed of all its shares in its subsidiaries with effect from 1 July 2015 and has had limited business activity since
the suspension of its AltX listing on 9 November 2015. As a result, the Company recorded a net loss after tax for the quarter
ended 30 September 2016 of ZAR 695,165.
Dividends
No dividend has been declared for the period under review.
Basis of Preparation
The unaudited results for the quarter ended 30 September 2016 have been prepared in accordance with International Financial
Reporting Standards including International Accounting Standard 34 – Interim Financial Reporting, the Bermuda Companies Act,
1981 (the “Act”), the BSX Listing Regulations and the JSE Listings Requirements.
Accounting policies
The financial results set out below have neither been audited nor reviewed by the Company’s external auditors. The accounting
policies adopted are consistent with those published in the audited Consolidated Financial Statements for the year ended 30 June
2015.
By order of the Board
22 December 2016
The Company has its primary listing on the Bermuda Stock Exchange and its secondary listing on the Alternative Exchange of the
JSE Limited (suspended).
JSE Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
BSX Sponsor: Global Custody and Clearing Limited
VESTIN HOLDINGS LTD
UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2016
As at As at
30 September 2016 30 September 2015
R R
ASSETS
Cash and cash equivalents 6,200,586 103,231,481
Other receivables 155,156 -
Other financial assets - 4,674,929,270
Total assets 6,355,742 4,778,160,751
EQUITY AND LIABILITIES
EQUITY - -
Shareholders’ equity (1,847,664) 4,776,223,911
Total equity (1,847,664) 4,776,223,911
LIABILITIES
Loans at amortised costs - -
Trade and other payables 8,203,406 1,936,840
Current income tax liabilities - -
Total liabilities 8,203,406 1,936,840
Total equity and liabilities 6,355,742 4,778,160,751
VESTIN HOLDINGS LTD
UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
THE QUARTER ENDED 30 SEPTEMBER 2016
For the quarter For the quarter
ended 30 September ended 30
2016 September 2015
R R
Interest income - -
Loan fee income - -
Direct distribution expenses - -
Net portfolio income - -
Other income 408 3,486,518,416
Operating costs (695,573) (5,218,145)
Other (expenses)/income (695,165) 3,481,300,271
Operating profit before taxation (695,165) 3,481,300,271
Income tax expense - -
(Loss) / Profit for the period (695,165) 3,481,300,271
Earnings per share (cents)
Basic and headline loss per share (cents) (1.11) 2,721
Diluted (1.11) 2,721
VESTIN HOLDINGS LTD
STATEMENTS OF CHANGES IN EQUITY FOR QUARTER ENDED 30 SEPTEMBER 2016
Retained
earnings/
Share Share (Accumulated Non-
controlling
capital premium loss) Reserves interests Total
R R R R R R
Balance at 01 July 2016 2,388 - (38,043,844) 36,888,957 - (1,152,499)
Disposal of shares - - - - - -
Disposal of subsidiaries - - - - - -
Transfer from share premium - - - - - -
Loss for the period - - - - - -
Other comprehensive income for the
period - - (695,165) - - (695,165)
Dividend payment - - - - - -
Balance at 30 September 2016 2,388 - (38,739,009) 36,888,957 - (1,847,664)
Balance at 01 July 2015 132,762 1,328,532,183 387,482,373 (523,688) 1,537,598 1,717,161,228
Disposal of shares (130,374) (1,328,532,183) - - - (1,328,662,557)
Disposal of subsidiaries - - (421,112,635) - (1,537,598) (422,650,233)
Transfer from share premium - - - 37,000,000 - 37,000,000
(Loss) / profit for the period - - (915,049) 412,645 - (502,404)
Other comprehensive income for the
period - - 3,481,300,271 - - 3,481,300,271
Dividend payment - - (3,484,798,804) - - (3,484,798,804)
Balance at 30 June 2016 2,388 - (38,043,844) 36,888,957 - (1,152,499)
VESTIN HOLDINGS LTD
STATEMENTS OF CASH FLOWS FOR THE QUARTER ENDED 30 SEPTEMBER 2016
Unaudited for the 3
months ended as at 30 Unaudited for the year ended
September 2016 as at 30 June 2016
R R
Profit before taxation (695,165) 3,480,385,223
Adjustments for:
Depreciation and Amortisation - -
Tax paid - -
Changes in working capital:
Trade and other payables 27,170 4,778,037
Trade and other receivables 92,219 4,675,212,022
Net cash (utilised in)/generated from operating activities (575,776) 8,160,375,282
Net cash utilised in investing activities - (8,249,031,852)
Net cash generated from financing activities - -
Cash and cash equivalents at the beginning of the period 6,776,362 95,432,932
Net cash at the end of the period 6,200,586 6,776,362
Date: 22/12/2016 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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