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VESTIN HOLDINGS LIMITED - UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31 MARCH 2017
Hamilton, Bermuda June 23, 2017 – 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 31 March 2017. The full filing stated:
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).
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UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2017 |
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Company as at |
Company as at |
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31 March 2017 |
31 March 2016 |
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R |
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R |
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ASSETS |
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Cash and cash equivalents |
5,298,556 |
7,072,686 |
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Other receivables |
62,451 |
131,704 |
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Total assets |
5,361,007 |
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7,204,390 |
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EQUITY AND LIABILITIES |
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EQUITY |
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Shareholders' equity |
(2,815,240) |
(954,017) |
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Total equity |
(2,815,240) |
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(954,017) |
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LIABILITIES |
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Trade and other payables |
8,176,247 |
8,158,407 |
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Total liabilities |
8,176,247 |
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8,158,407 |
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Total equity and liabilities |
5,361,007 |
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7,204,390 |
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UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 MARCH 2017 |
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Company for the quarter ended 31 March 2017 |
Company for the nine months ended 31 March 2017 |
Company for the quarter ended 31 March 2016 |
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R |
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R |
R |
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R |
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Net portfolio income |
- |
- |
- |
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Other income |
7,617 |
13,117 |
3 |
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Operating costs |
(390,572) |
(1,675,857) |
(355,853) |
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Other expenses |
(382,955) |
(1,662,740) |
(355,850) |
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Operating loss before taxation |
(382,955) |
(1,662,740) |
(355,850) |
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Income tax expense |
- |
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- |
- |
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Loss for the period |
(382,955) |
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(1,662,740) |
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(355,850) |
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Earnings per share (cents) |
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Basic and headline loss per share (cents) |
(0.61) |
(2.66) |
(0.57) |
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Diluted |
(0.61) |
(2.66) |
(0.57) |
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UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE |
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QUARTER ENDED 31 MARCH 2017 |
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Share |
Accumulated |
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capital |
loss |
Reserves |
Total |
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R |
R |
R |
R |
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Balance at 01 October 2016 |
2,388 |
(38,739,009) |
36,888,957 |
(1,847,664) |
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Loss for the period |
- |
(584,621) |
- |
(584,621) |
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Balance at 31 December 2016 |
2,388 |
(39,323,630) |
36,888,957 |
(2,432,285) |
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Balance at 01 January 2017 |
2,388 |
(39,323,630) |
36,888,957 |
(2,432,285) |
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Loss for the period |
- |
(382,955) |
- |
(382,955) |
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Balance at 31 March 2017 |
2,388 |
(39,706,585) |
36,888,957 |
(2,815,240) |
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UNAUDITED STATEMENT OF CASH FLOWS FOR THE QUARTER ENDED 31 MARCH 2017 |
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Unaudited for the quarter |
Unaudited for the quarter |
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ended 31 March 2017 |
ended 31 March 2016 |
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R |
R |
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Loss before taxation |
(382,955) |
(355,850) |
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Changes in working capital: |
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Loan and other receivables |
13,480 |
40,246 |
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Trade and other payables |
(137,980) |
78,899 |
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Net cash used in operating activities |
(507,455) |
(236,705) |
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Net decrease in cash and cash equivalents |
(507,455) |
(236,705) |
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Cash and cash equivalents at the beginning of the period |
5,806,011 |
7,309,391 |
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Net cash and cash equivalents at the end of the period |
5,298,556 |
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7,072,686 |
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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
VestIN Holdings Limited
(Incorporated in Bermuda)
(Registration number: 47305)
‘A’ Ordinary Share Code: VIN
ISIN: BMG934031060
(“the Company”)