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Abridged unaudited financial statements for the three months and the eleven months ended 31 December 2016
MAINLAND REAL ESTATE LTD
(Incorporated in the Republic of Mauritius)
(Registration number 135891 C1/GBL)
SEM share code: MAIN.N0000
JSE share code: MLD ISIN: MU0520N00000
(“Mainland” or “the Company”)
ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS AND THE ELEVEN MONTHS ENDED 31 DECEMBER 2016
DIRECTORS COMMENTARY
NATURE OF BUSINESS
Mainland Real Estate Ltd (“the Company” or “Mainland”) was incorporated on 02 February 2016 as a Category One Global
Business Licence Company. The Company has its listing on the Official Market of the Stock Exchange of Mauritius Ltd (“SEM”)
and a secondary listing on the AltX of the JSE Limited (“AltX”). The Company has been established with the primary objective to
invest in global real estate assets and companies, predominantly situated in the United Kingdom and selected Western European
jurisdictions, specifically the Netherlands and Germany.
COMPANY REVIEW FOR THE QUARTER ENDED 31 DECEMBER 2016
Mainland successfully achieved its secondary listing on the AltX on Friday, 9 December 2016. Mainland invested the proceeds
from the listing on the SEM and the AltX into a diversified portfolio of listed property securities. All investment activity was
restricted to trading in a diversified portfolio of listed property securities.
The Company hereby presents its results for the three months and eleven months ended 31 December 2016.
COMPANY OUTLOOK
Mainland continues to identify suitable real estate investment opportunities both in listed property securities and direct properties
that will deliver suitable income returns and capital growth to its investors.
The Board is continually assessing its strategy and targeted investment jurisdictions, in line with global events and market
fluctuations impacting the real estate sector.
STATEMENT OF FINANCIAL POSITION
Unaudited
as at
31 December 2016
GBP
ASSETS
Non-current assets
Financial assets 32,639
Current assets
Trade and other receivables 5,944
Cash and cash equivalents 1,263,369
Total current assets 1,269,313
Total assets 1,301,952
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital 1,767,984
Share issue costs (512,000)
Retained earnings 9,284
Total capital and reserves 1,265,268
Current liabilities
Trade and other payables 36,684
Total current liabilities 36,684
Total equity and liabilities 1,301,952
Actual number of shares in issue 884,042
Net asset value per share (GBP) 1.43
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited Unaudited
for the three for the period from
months ended 02 Feb 2016 to
31 December 2016 31 December 2016
GBP GBP
Revenue 15,957 27,965
Other expenses (35,360) (63,817)
Foreign exchange gain 45,133 45,133
Operating profit 25,730 9,281
Other income 3 3
Profit before tax 25,733 9,284
Taxation - -
Profit for the period 25,733 9,284
Other comprehensive income for the period - -
Total comprehensive income for the period 25,733 9,284
Earnings per share
Basic and diluted earnings per share (GBP pence) 6.18 2.23
STATEMENT OF CHANGES IN EQUITY
Ordinary Retained
Unaudited for the period from 02 February 2016 share capital earnings Total
to 31 December 2016 GBP GBP GBP
Balance at 02 February 2016 - - -
Ordinary shares issued 1,767,984 - 1,767,984
Share issue costs (512,000) - (512,000)
Profit for the period - 9,284 9,284
Balance as at 31 December 2016 1,255,984 9,284 1,265,268
STATEMENT OF CASHFLOWS
Unaudited
for the period from
02 February 2016
to 31 December 2016
GBP
Cash generated from operating activities 25,198
Cash utilised in investing activities (17,813)
Cash generated from financing activities 1,255,984
CHANGE IN CASH & CASH EQUIVALENTS 1,263,369
Cash and cash equivalents at beginning of period -
Cash and cash equivalents at end of period 1,263,369
NOTES
The Company is required to publish financial results for the three months and the eleven months ended 31 December 2016 in terms
of the Listing Rule 12.19 of the SEM. Accordingly this announcement presents the financial results of the Company in respect of
the period from 01 October 2016 to 31 December 2016 and in respect of the period from 02 February 2016 to 31 December 2016.
The abridged unaudited financial statements for the three months and the eleven months ended 31 December 2016 have been
prepared on the basis of accounting policies of the Company, which are in compliance with the International Financial Reporting
Standards. The abridged unaudited financial statements are in accordance with the measurement and recognition requirements of
IFRS, the requirements of IAS 34: Interim Financial Reporting, the SEM Listing Rules and the Mauritius Securities Act 2005.
The abridged unaudited financial statements have not been reviewed or audited on by the Company's external auditors. These
financial statements were approved by the Board on 8 February 2017.
Copies of the abridged unaudited financial statements and the Statement of direct and indirect interests of each officer of the
Company, pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007, are available free of
charge, upon request at the Registered Office of the Company at c/o Intercontinental Fund Services Limited, Level 5, Alexander
House, 35 Cybercity, Ebene 72201, Mauritius.
Contact person: Mr Kesaven Moothoosamy
This communiqué is issued pursuant to SEM Listing Rules 11.3 and 12.20, and section 88 of the Securities Act of Mauritius 2005.
The Board accepts full responsibility for the accuracy of the information contained in these financial statements. The directors are
not aware of any matters or circumstances arising subsequent to the period ended 31 December 2016 that require any additional
disclosure or adjustment to the financial statements.
By order of the Board
10 February 2017
JSE sponsor
Java Capital
Tel: +27 11 722 3050
SEM authorised representative and sponsor
Perigeum Capital
Tel: +230 402 0890
Company Secretary
Intercontinental Trust Ltd
Tel: +230 403 0800
Date: 10/02/2017 09:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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