Wrap Text
Unaudited financial results for the quarter ended 31 December 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 31 DECEMBER 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 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
31 December 2016 of ZAR 584,621.
Dividends
No dividend has been declared for the period under review.
Basis of Preparation
The unaudited results for the quarter ended 31 December 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.
VESTIN HOLDINGS LIMITED
UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016
As at As at
31 December 31 December
2016 2015
R R
ASSETS
Cash and cash equivalents 5,806,011 7,309,391
Other receivables 75,931 171,950
Total assets 5,881,942 7,481,341
EQUITY AND LIABILITIES
EQUITY
Shareholders' equity (2,432,285) (598,167)
Total equity (2,432,285) (598,167)
LIABILITIES
Trade and other payables 8,314,227 8,079,508
Total liabilities 8,314,227 8,079,508
Total equity and liabilities 5,881,942 7,481,341
VESTIN HOLDINGS LIMITED
UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE QUARTER ENDED 31 DECEMBER 2016
For the quarter For the six For the quarter
ended 31 months ended 31 ended 31
December 2016 December 2016 December 2015
R R R
Net portfolio income - - -
Other income 5,092 5,500 364,823
Operating costs (589,713) (1,285,286) (725,539)
Other expenses (584,621) (1,279,786) (360,716)
Operating loss before taxation (584,621) (1,279,786) (360,716)
Income tax expense - - -
Loss for the period (584,621) (1,279,786) (360,716)
Earnings per share (cents)
Basic and headline loss per share (0.94) (2.05) (0.58)
Diluted loss per share (0.94) (2.05) (0.58)
VESTIN HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER ENDED 31 DECEMBER 2016
Retained
earnings/
Share Share (Accumulated Other
capital Premium loss) Reserves Total
R R R R R
Balance at 01 October 2016 2,388 - (38,739,009) 36,888,957 (1,847,664)
Loss for the period - - (584,621) - (584,621)
Balance at 31 December 2016 2,388 - (39,323,630) 36,888,957 (2,432,285)
Balance at 01 October 2015 132,762 1,328,532,183 3,447,670,009 (111,043) 4,776,223,911
Disposal of shares (130,374) (1,328,532,183) - - (1,328,662,557)
Transfer from share premium - - - 37,000,000 37,000,000
Loss for the period - - (360,717) - (360,717)
Dividend payment - - (3,484,798,804) - (3,484,798,804)
Balance at 31 December 2015 2,388 - (37,489,512) 36,888,957 (598,167)
VESTIN HOLDINGS LIMITED
STATEMENT OF CASH FLOWS FOR THE QUARTER ENDED 31 DECEMBER 2016
31-Dec 31-Dec
2016 2015
R R
Loss before taxation (584,621) (360,716)
Changes in working capital:
Trade and other payables 110,820 6,142,668
Other receivables 79,226 4,674,757,320
Net cash (used in) / generated from operating activities (394,575) 4,680,539,272
Net cash utilised in investing activities - (4,776,461,362)
Cash and cash equivalents at the beginning of the period 6,200,586 103,231,481
Net cash at the end of the period 5,806,011 7,309,391
By order of the Board
31 March 2017
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
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