GOGLOBAL PROPERTIES LIMITED – Q1 2015 & EGM Results

HAMILTON, Bermuda – 08 September, 2014 – In a filing with the Bermuda Stock Exchange, GoGlobal Properties Limited (“GoGlobal”; Ticker: GGB.BH) released unaudited first quarter 2015 results to 30 June, 2014, and the results of the Extraordinary General Meeting (“EGM”) held on 08 September, 2014. The filing read, in part:

“Following the acquisition of 100% of the issued share capital of APF1 Limited on 25 March 2014 the group owns eight investment properties with a current valuation of £27.5 million as at the reporting date.

GoGlobal has retained its original investment of 50% of the capital raised at incorporation in a portfolio of listed European and UK REITS.

The results for the three months to 30 June 2014 thus reflect both the trading result of the first period of the ownership of the APF1 Limited investment assets and the returns from the listed European and UK REITS.

The combined result of these operating activities for the three months to 3 June 2014 produced earnings of 2.24 pence per share.

Financial Notes

These condensed unaudited financial statements for the three months ended 30 June 2014 are prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards, the requirements of IAS 34: Interim Financial Reporting, the JSE Listings Requirements and the BSX Listing Rules.  The accounting policies and methods of computation are consistent with those applied in the audited financial statements for the period from 26 October 2012 to 31 March 2014.  These condensed unaudited financial statements have been prepared under the supervision of the company’s financial director D R Smith, ACA and have not been reviewed or reported on by the company’s external auditors.

The directors have reviewed the company’s activities and having regard to the level of liquid resources in relation to the company’s operating expense base, have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future.  These condensed unaudited financial statements have thus been prepared on a going concern basis.

These condensed unaudited financial statements were approved by the board on 16 July 2014.

Dividends

As announced on 5 August 2014, any dividends declared by the company prior to the implementation of the acquisition (the “acquisition”) of the Stenham portfolio (more fully detailed in the announcement published on 7 August 2014) would reduce the issue price of the new GoGlobal shares to be issued as consideration for the acquisition, resulting in the issue of more shares than would otherwise be the case and, accordingly, the board of directors of the company determined that it would be in the best interests of shareholders not to declare a dividend for the quarter ended 30 June 2014.

Following the implementation of the acquisition, the company intends embarking on a restructure of the debt in the enlarged portfolio in order to minimize annual amortization so that (subject to applicable laws and periodic repayment obligations such as payments required under amortising loan facilities and taking into account various factors, including its operating results and current and anticipated operating cash needs) all core income earned by the company is available to be paid out as semi-annual dividends.  No dividends will be paid out while the debt restructure is taking place but it is anticipated that the company will pay a dividend in the first full year following the debt restructure in excess of 6% with a view to growing this dividend over time. 

Results of extraordinary general meeting and withdrawal of cautionary

Shareholders are advised that all the resolutions proposed at the extraordinary general meeting of the company’s shareholders held today at Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 4NA, including all resolutions necessary to approve the acquisition, were approved by the requisite majority of shareholders, accordingly shareholders are no longer required to exercise caution when dealing in their GoGlobal shares.

GoGlobal has a primary listing on the BSX and a secondary listing on the AltX.”

-ends-

The full text of the release can be found at http://www.goglobalproperties.net or Contact the BSX Listing Sponsor:

Global Custody and Clearing Limited. Bermuda

Tel: (441) 292-5000

JSE Listing Sponsor is Java Capital