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MAINLAND REAL ESTATE LIMITED - Abridged unaudited financial statements for the three months and the eleven months ended 31 December 2016

Release Date: 10/02/2017 09:50
Code(s): MLD     PDF:  
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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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