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VESTIN HOLDINGS LIMITED - Unaudited financial results for the quarter ended 31 March 2017

Release Date: 23/06/2017 15:00
Code(s): VIN     PDF:  
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Unaudited financial results for the quarter ended 31 March 2017

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 MARCH 2017

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 March 2017 of ZAR 382,955.

Dividends

No dividend has been declared for the period under review.

Basis of Preparation

The unaudited results for the quarter ended 31 March 2017 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 (given the status of its listings, the Company was not required to, and did not, prepare audited Financial Statements for the
year ended 30 June 2016).





VESTIN HOLDINGS LIMITED

UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2017


                                           Company as at          Company as at
                                           31 March 2017          31 March 2016
                                                  R                      R


ASSETS
Cash and cash equivalents                                             7,072,686
                                               5,298,556
Other receivables
                                                  62,451                131,704
Total assets                                   5,361,007              7,204,390


EQUITY AND LIABILITIES
EQUITY
Shareholders' equity                         (2,815,240)              (954,017)
Total equity                                 (2,815,240)              (954,017)


LIABILITIES
Trade and other payables                       8,176,247
                                                                      8,158,407
Total liabilities                              8,176,247              8,158,407
Total equity and liabilities                   5,361,007              7,204,390





VESTIN HOLDINGS LIMITED

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 MARCH 2017


                                               Company
                                                                    Company for      Company for
                                               for the
                                                                       the nine      the quarter
                                               quarter
                                                                   months ended         ended 31
                                              ended 31
                                                                  31 March 2017       March 2016
                                            March 2017
                                                 R                      R                  R


Net portfolio income                                  -                       -                -


Other income
                                                  7,617                  13,117                3
Operating costs                               (390,572)             (1,675,857)        (355,853)
Other expenses                                (382,955)             (1,662,740)        (355,850)


Operating loss before taxation                (382,955)             (1,662,740)        (355,850)
Income tax expense                                    -                       -                -
Loss for the period                           (382,955)             (1,662,740)        (355,850)


Earnings per share (cents)

Basic and headline loss per share (cents)        (0.61)                  (2.66)           (0.57)

Diluted                                          (0.61)                  (2.66)           (0.57)





VESTIN HOLDINGS LIMITED

UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE
QUARTER ENDED 31 MARCH 2017


                               Share      Accumulated
                             capital             loss     Reserves           Total
                                 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 January 2017     2,388     (39,323,630)   36,888,957     (2,432,285)
Loss for the period                -        (382,955)            -       (382,955)
Balance at 31 March 2017       2,388     (39,706,585)   36,888,957     (2,815,240)





VESTIN HOLDINGS LIMITED

UNAUDITED STATEMENT OF CASH FLOWS FOR THE QUARTER ENDED 31 MARCH 2017



                                                           Unaudited for the
                                                                     quarter     Unaudited for the quarter
                                                         ended 31 March 2017           ended 31 March 2016
                                                                   R                             R


Loss before taxation                                               (382,955)                     (355,850)
Changes in working capital:
Loan and other receivables                                            13,480                        40,246
Trade and other payables                                           (137,980)                        78,899
Net cash used in operating activities                              (507,455)                     (236,705)


Net decrease in cash and cash equivalents                          (507,455)                     (236,705)
Cash and cash equivalents at the beginning of the
period                                                             5,806,011                     7,309,391
Net cash and cash equivalents at the end of the
period                                                             5,298,556                     7,072,686




By order of the Board

23 June 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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