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This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

VESTIN HOLDINGS LIMITED- UNAUDITED FINANCIAL RESULTS

Hamilton, Bermuda –December 22, 2016 – In a filing with the Bermuda Stock Exchange (“BSX”), VestIN Holdings Limited. (the “Company” or “VIN”; Ticker: VIN.BH) today announced unaudited results for the Quarter ended 30 September 2016.  The full filing stated:

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 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 Class 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 30 September 2016 of ZAR 695,165.

Dividends

No dividend has been declared for the period under review.

Basis of Preparation

The unaudited results for the quarter ended 30 September 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.

By order of the Board

22 December 2016

 

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

 

VESTIN HOLDINGS LTD

        
         

UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2016
         
   

As at

  

As at

30 September 2016

  

30 September 2015

 

  

R

  

R
         

ASSETS

        

Cash and cash equivalents                                                                     

 

 6,200,586

 

103,231,481

Other receivables

  

 155,156

 

 -

Other financial assets

  

 -

 

4,674,929,270

Total assets

  

 6,355,742

 

4,778,160,751
         

EQUITY AND LIABILITIES

        

EQUITY

  

 -

 

 -

Shareholders’ equity

  

 (1,847,664)

  

4,776,223,911

Total equity

  

 (1,847,664)

  

4,776,223,911
         
         

LIABILITIES

      

Loans at amortised costs

  

 -

 

 -

Trade and other payables

  

 8,203,406

 

                   1,936,840

Current income tax liabilities

  

 -

 

 -

Total liabilities

  

 8,203,406

 

1,936,840

Total equity and liabilities

  

 6,355,742

 

4,778,160,751
         

 

VESTIN HOLDINGS LTD

        
         

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 30 SEPTEMBER 2016

 

  

 

  

 
         
   

For the quarter ended 30 September 2016

  

For the quarter ended 30 September 2015

 

  

R

  

R
         

Interest income

  

                                 -

 

                           -

Loan fee income                                                       

 

                                 -

 

                           -

Direct distribution expenses

  

                                 -

 

                           -

Net portfolio income

  

                                 -

 

                           -

         

Other income

  

                            408

 

 3,486,518,416

Operating costs

  

 (695,573)

  

 (5,218,145)

Other (expenses)/income

  

 (695,165)

  

 3,481,300,271

 

 

 

 

 

Operating profit before taxation

  

 (695,165)

  

      3,481,300,271

Income tax expense

  

- 

  

 -

(Loss) / Profit for the period

  

 (695,165)

  

      3,481,300,271

         

Earnings per share (cents)

        

Basic and headline loss per share (cents)

  

 (1.11)

  

                    2,721

Diluted

  

 (1.11)

  

                    2,721

         

      

VESTIN HOLDINGS LTD

                        
                         

STATEMENTS OF CHANGES IN EQUITY FOR QUARTER ENDED 30 SEPTEMBER 2016

            

 

 

 1,000

 

 

 

 

  

 

  

 

  

 
                         
           

Retained

           
           

earnings /

            
   

Share

  

Share

  

(Accumulated

      

Non-controlling

    
   

capital

  

premium

  

loss)

  

Reserves

  

interests

  

Total
   

 R

 

 R

 

 R

 

 R

 

 R

 

 R

                         

Balance at 01 July 2016

  

 2,388

 

 -

 

 (38,043,844)

  

 36,888,957

 

 -

 

 (1,152,499)

Disposal of shares

  

 -

 

 -

 

 -

 

 -

 

 -

 

 -

Disposal of subsidiaries

  

 -

 

 -

 

 -

 

 -

 

 -

 

 -

Transfer from share premium

  

 -

 

 -

 

 -

 

 -

 

 -

 

 -

Loss for the period

  

 -

 

 -

 

 -

 

 -

 

 -

 

 -

Other comprehensive income for the period

  

 -

 

 -

 

 (695,165)

  

 -

 

 -

 

 (695,165)

Dividend payment

  

 -

 

 -

 

 -

 

 -

 

 -

 

 -

Balance at 30 September 2016

  

 2,388

 

 -

 

 (38,739,009)

  

 36,888,957

 

 -

 

 (1,847,664)
                         

Balance at 01 July 2015

  

 132,762

 

 1,328,532,183

 

 387,482,373

 

 (523,688)

  

 1,537,598

 

 1,717,161,228

Disposal of shares

  

 (130,374)

  

 (1,328,532,183)

  

 -

 

 -

 

 -

 

 (1,328,662,557)

Disposal of subsidiaries

  

 -

 

 -

 

 (421,112,635)

  

 -

 

 (1,537,598)

  

 (422,650,233)

Transfer from share premium

  

 -

 

 -

 

 -

 

 37,000,000

 

 -

 

 37,000,000

(Loss) / profit for the period

  

 -

 

 -

 

 (915,049)

  

 412,645

 

 -

 

 (502,404)

Other comprehensive income for the period

  

 -

 

 -

 

 3,481,300,271

 

 -

 

 -

 

 3,481,300,271

Dividend payment

  

 -

 

 -

 

 (3,484,798,804)

  

 -

 

 -

 

 (3,484,798,804)

Balance at 30 June 2016

  

 2,388

 

 -

 

 (38,043,844)

  

 36,888,957

 

 -

 

 (1,152,499)
                         

   

      

VESTIN HOLDINGS LTD

        
         

STATEMENTS OF CASH FLOWS FOR THE QUARTER ENDED 30 SEPTEMBER 2016

    

 

  

 

  

 
         
   

Unaudited for the 3 months ended as at 30 September 2016

  

Unaudited for the year ended as at 30 June 2016
     

 

  

 R

 

 R

         

Profit before taxation

  

 (695,165)

  

 3,480,385,223

Adjustments for:

        

Depreciation and Amortisation

  

 -

 

 -

Tax paid

  

 -

 

 -

Changes in working capital:

        

Trade and other payables

  

 27,170

 

 4,778,037

Trade and other receivables

  

 92,219

 

 4,675,212,022

Net cash (utilised in)/generated from operating activities

  

 (575,776)

  

 8,160,375,282

Net cash utilised in investing activities

  

 -

 

 (8,249,031,852)

Net cash generated from financing activities

  

 -

 

 -

Cash and cash equivalents at the beginning of the period

  

 6,776,362

 

 95,432,932

Net cash at the end of the period

  

 6,200,586

 

 6,776,362

 

 

VestIN Holdings Limited

(Incorporated in Bermuda)

(Registration number: 47305)

‘A’ Ordinary Share Code: VIN

ISIN: BMG934031060

(“the Company”)