Half-yearly report for the six months ended 30 June 2019
01 October 2019
The Company is pleased to announce its unaudited condensed interim financial statements for the six months ended 30 June 2019.
Electronic copies of the report will be available at the Company's website http://www.mena-land.com
The full results are available to
MENA Land PLC
+971 (0)50 454 2608 / [email protected]
I am pleased to report the condensed interim financial statements of MENA Land PLC (the "Company") for the six months ended 30 June 2019.
The Company was formed for the purpose of making acquisitions in the real estate sector in the United Arab Emirates, and our long-term strategy remains steadfast, which we aim to achieve by:
- acquiring high-quality income generating assets ensuring flexibility to cope with technological advances and environmental sustainability;
- building a real estate practice aimed at delivering diversification and superior risk-adjusted returns by identifying attractive opportunities on a highly selective basis; and
- maintaining capital discipline to create value, with a strong and healthy balance sheet and extensive reach to access capital markets.
In the six months ended 30 June 2019:
- On 11 April 2019 the Company completed its initial public offering with admission to the Standard Listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange.
- On 24 June 2019 the Company entered into an agreement with Blue Rock Investments LLC ("Blue Rock") for a £100,000 loan facility ("the Facility") for a period of five years with an interest coupon of 5% per annum.
- Total loss for the period was £120,665.
- Net assets at 30 June 2019 were £665,673.
The Company continues to make steady progress with efforts towards identifying suitable assets for acquisition and is well positioned to move quickly once these quality assets are identified. At 30 June 2019 the Company had net assets of £665,673 (as a result of gross proceeds from the issue of equity in April 2019) to be put towards costs to be incurred in connection with seeking to identify and effect an acquisition(s). The costs of such acquisition(s) will likely comprise legal, financial and tax due diligence.
Cautionary statement about forward looking statements
All statements other than historical facts are forward-looking statements and the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
There are a number of potential risks and uncertainties which may have material impact on the Company's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The directors do not consider that there are any changes to the principal risks and uncertainties since the publication of the prospectus in connection with admission to the Standard Listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities, which contained a detailed explanation of the risks relevant to the Company, and which is available on the Company's website at www.mena-land.com.
The Directors are responsible for preparing the Condensed Interim Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting (IAS 34).
The directors confirm that, to the best of their knowledge, this condensed consolidated interim financial statements have been prepared in accordance with IAS 34, as adopted by the European Union. The interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
- an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
- material related-party transactions in the first six months and any material changes in the related party transactions described in the Admission document.
30 September 2019
Condensed Interim Statement of Comprehensive Income
|Six months ended
30 June 2018
|Cost of sales||-|
|Loss before tax||120,665|
|Loss after tax||120,665|
|Total comprehensive loss for the period attributable to equity holders||120,665|
|Earnings per share|
|Basic and diluted loss per share (£)||4||0.845|
Condensed Interim Statement of Financial Position
|At 30 June
|At 31 December
|Cash and cash equivalents||772,218||100|
|Trade and other receivables||6,738||-|
|Trade and other payables||113,283||-|
|Net current assets/(liabilities)||665,673||-|
|Equity attributable to owners|
Condensed Interim Statement of Changes in Equity
|Stated capital||Accumulated loss||Total|
|On incorporation (3 August 2018)||100||-||100|
|Result for the period||-||-||-|
|Total comprehensive loss||-||-||-|
|Balance at 31 December 2018||100||-||100|
|Loss for the year||-||(120,665)||(120,665)|
|Total comprehensive loss||-||(120,665)||(120,665)|
|Transactions with owners|
|Shares issued on IPO (note 3)||999,900||-||999.900|
|IPO listing costs (note 3)||(213,662)||-||(213,662)|
|Balance at 30 June 2019 (unaudited)||786,338||(120,665)||665,673|
The above condensed interim financial statements should be read in conjunction with the accompanying notes below.
As the Company was incorporated on 3 August 2018 no comparative figures are available.
The notes to the financial statement are available in the PDF download.