First Sentinel plc
(the “Company” or “First Sentinel”; NEX:FSEN”)
Final results for the period ended 31 December 2017
29 May 2018
First Sentinel is pleased to announce its audited accounts for the fifteen months ended 31 December 2017 (the “Accounts”). A copy of the full Report and Accounts is being sent to Shareholders and a copy is available on the Company’s website, www.first-sentinel.com. The Company is also posting a Notice of Annual General Meeting (“AGM”) to Shareholders, a copy of which is also available on the Company’s website. The AGM will be held at 55 Park Lane, London, W1K 1NA on Wednesday, 20 June 2018. Extracts of the Accounts are set out below:
First Sentinel PLC is a listed investment vehicle on the NEX Exchange.
Chairman’s statement
The Company has raised £1.5m during the period and has completed a major acquisition of 80% of Perennial Enterprise Pty Limited in Australia. The Company also raised another £1.5m shortly after the period end through the issue of a bond listed on the NEX Exchange. The proceeds of the £1.5m placing has been used to assist the Company in the implementation of its investment strategy where the Company provides growth capital (equity, mezzanine debt and senior debt) for public and private company investments across a number of different market sectors. The loss of £192,000 for the period includes the professional costs of listing the Company on the NEX Exchange.
The appointment of additional board members has been made to assist us in our investment strategy and we remain focused on creating long-term sustainable value for our shareholders.
Investments
The Company made eight investments during the period and exited fully and profitably on three, with five remaining in the portfolio.
Outlook
The fifteen months to 31 December 2017 has been a very successful period for First Sentinel. The success of the fund raising, the acquisition of an 80% interest in Perennial Enterprise PTY Ltd, the investments made by the Company, and the appointment of new, experienced directors have positioned First Sentinel Plc very well for the next stage of its development. Our short-term strategy remains at increasing value by providing growth capital for public and private company investments. Whilst the Company still needs to increase its scale, with the acquisition of Perennial and the successful issue of the First Sentinel Plc NEX Exchange listed bond, I am very optimistic about the Company’s growth potential and we look to the future with significant confidence.
Brian Stockbridge
Chairman
31 May 2018
END
For further corporate information, please contact:
Mr. Kris Kottmeier
VP Corporate Development
UK/Euro Tel: +44 (0) 20 3637 6522
North America Tel: +1 (604) 506-2502
Email: Kris@first-sentinel.com
Mr. Brian Stockbridge
CEO
First Sentinel Plc
Tel: + 44 (0) 7876 888 011
NEX Corporate Advisor
Beaumont Cornish Limited
James Biddle / Roland Cornish
Tel: +44(0)20 7628 3396
________________
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2017
| Period ended 31 December
2017 |
Period ended 30 September
2016 |
||||
| £’000 | £’000 | ||||
| Revenue | 156 | – | |||
| Cost of sales | (22) | – | |||
| ─────── | ─────── | ||||
| Gross profit | 134 | – | |||
| Administrative expenses | (237) | (12) | |||
| Other losses | (9) | – | |||
| ─────── | ─────── | ||||
| Operating loss | (112) | (12) | |||
| Finance costs | (5) | – | |||
| Admission expenses | (65) | – | |||
| ─────── | ─────── | ||||
| Loss before tax | (182) | (12) | |||
| Tax | (10) | – | |||
| ─────── | ─────── | ||||
| Loss for the period | (192) | (12) | |||
| Other comprehensive income | – | – | |||
| ─────── | ─────── | ||||
| Total comprehensive loss for the period | (192) | (12) | |||
| ═══════ | ═══════ | ||||
| Loss and total comprehensive loss attributable to: | |||||
| – Owners of the company | (199) | (12) | |||
| – Non-controlling interests | 7 | – | |||
| ─────── | ─────── | ||||
| (192) | (12) | ||||
| ═══════ | ═══════ | ||||
| Loss per share attributable to the owners of the company: | |||||
| Basic & Diluted loss per share – pence | (2.75)p | (120)p | |||
| ═══════ | ═══════ | ||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017
| As at31 December 2017 | As at30 September 2016 | ||
| ASSETS | £’000 | £’000 | |
| Non-current assets | |||
| Intangibles | 145 | – | |
| Property, plant & equipment | 27 | – | |
| ─────── | ─────── | ||
| 172 | – | ||
| ─────── | ─────── | ||
| CURRENT ASSETS | |||
| Trade and other receivables | 784 | 3 | |
| Other financial assets | 1,119 | – | |
| Cash and cash equivalents | 297 | 3 | |
| ─────── | ─────── | ||
| 2,200 | 6 | ||
| ─────── | ─────── | ||
| TOTAL ASSETS | 2,372 | 6 | |
| ═══════ | ═══════ | ||
| EQUITY | |||
| Shareholders’ Equity | |||
| Called up share capital | 142 | – | |
| Share premium | 1,310 | – | |
| Share based payment reserve | 13 | – | |
| Accumulated deficit | (211) | (12) | |
| Non-controlling interest | 10 | – | |
| ─────── | ─────── | ||
| Total Equity | 1,264 | (12) | |
| ─────── | ─────── | ||
| LIABILITIES | |||
| Current liabilities | |||
| Trade and other payables | 393 | 18 | |
| Financial liabilities | 558 | – | |
| ─────── | ─────── | ||
| 951 | 18 | ||
| ─────── | ─────── | ||
| Non – current liabilities | |||
| Financial liabilities | 157 | – | |
| ─────── | ─────── | ||
| TOTAL LIABILITIES | 1,108 | 18 | |
| ─────── | ─────── | ||
| TOTAL EQUITY AND LIABILITIES | 2,372 | 6 | |
| ═══════ | ═══════ |
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2017
| Period ended31 December 2017 | Period ended30 September 2016 | |||
| £’000 | £’000 | |||
| Cash flows from operating activities | ||||
| Cash (utilised) / generated by operations | (177) | 3 | ||
| Interest paid | (5) | – | ||
| ────── | ────── | |||
| Net cash outflow from operating activities | (182) | 3 | ||
| Cash flows from investing activities | ||||
| Purchases of financial assets | (1,119) | – | ||
| Acquisition of subsidiary | (122) | – | ||
| Cash acquired on acquisition of subsidiary | 275 | |||
| ────── | ────── | |||
| Net cash outflow from investing activities | (966) | – | ||
| ────── | ────── | |||
| Cash flows from financing activities | ||||
| Share issues | 1,451 | – | ||
| Repayment of loans | (9) | |||
| ────── | ────── | |||
| Net cash inflow from financing activities | 1,442 | – | ||
| ────── | ────── | |||
| Increase/(decrease) in cash and equivalents | 294 | 3 | ||
| Cash and cash equivalents at beginning of period | 3 | – | ||
| ────── | ────── | |||
| Cash and cash equivalents at end of period | 297 | 3 | ||
| ══════ | ══════ | |||
NOTES TO THE PRELIMINARY RESULTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017
- The financial information set out here does not constitute statutory accounts for the purpose of Section 434 of the Companies Act 2006. The financial information has been extracted from the statutory accounts of First Sentinel Plc and is presented using the same accounting policies, which have not yet been filed with the Registrar of companies, but on which the auditors gave an unqualified report on 29 May 2018. The Accounts have been prepared under International Accounting Standards.
The announcement of the results for the period ended 31 December 2017 was approved by the board of directors on 29 May 2018.
- Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable shareholders by the weighted average number of ordinary shares outstanding during the period.
Reconciliations are set out below:
| Earnings | Weighted average | Loss per-share | |
| £’000 | Number of shares | Pence | |
| 2017 | |||
| Basic and diluted EPS | |||
| Earnings attributable to ordinary shareholders | (192) | 7,007,478 | 2.75 |
| ══════ | ════════ | ══════ | |
| 2016 | |||
| Basic and diluted EPS | |||
| Earnings attributable to ordinary shareholders | (12) | 100 | 120 |
| ══════ | ════════ | ══════ |
Basic and diluted earnings per share are different, since where a loss is incurred the effect of outstanding share options and warrants is considered anti-dilutive and is ignored for the purpose of the loss per share calculation. As at 31 December 2017 there were 12,157,662 (2016: nil) outstanding share warrants, which are potentially dilutive.
Notice of AGM
Notice has today been posted to Shareholders convening the Company’s Annual General Meeting to be held at 3pm on Wednesday 20 June, 2018 at the offices of the Company at Suite 12A, 55 Park Lane, London, W1K 1NA. The resolutions put forward are to receive the annual report and accounts for the period ended 31 December 2017, to approve the Directors’ remuneration report as set out in the annual report and accounts, to re-appoint each of the Directors and to re-appoint and set the auditors remuneration.
