TIDMGCAP
Globe Capital Limited
AQSE: GCAP
("Globe Capital" or the "Company")
Audited Annual Results for the year ended 31 December 2021
Globe Capital Limited (AQSE: GCAP) is pleased to announce its audited annual
results for year ended 31 December 2021. A copy for which will be uploaded to
the company's website shortly - https://globecapitalltd.com
Chairman's statement
I am pleased to report the final audited results for the year ended 31 December
2021 of Globe Capital Limited (the "Company", together with its subsidiaries,
the "Group").
Financial performance
The turnover for the year was £Nil (2020: £10,000) and the loss was £13,039
(2020: £136,998). The loss per share was 0.005 pence (2020: 0.05 pence). In the
past year, the Directors have kept operational costs at a minimum, where
possible.
Review of operations
The Group's investment strategy is to seek medium-to-long term investments in
businesses that exhibit growth potential. The Group continues to be an active
investor in situations where the Group can make a clear contribution to the
growth and development of the investment.
During the year the Company continued with its office in the Business Bay,
Dubai and operation through the subsidiary Vogel Marketing Services FSZ in
Ajman, United Arab Emirates which promotes companies from the UK and EU within
the Gulf Region, however the results from this region have been frustrated by
the continued delays due to Brexit and now Covid-19 and as a result the company
ceased all operations in Dubai in early 2022.
The Company's full annual report, includes a going concern note in relation to
the preparation of the financial statements, which confirms that whilst the
Company's current liabilities exceeded its current assets as at 31 December
2021 by £35,795, continued support is currently being provided by the company's
directors and shareholders Glenpani Group and Simon Grant Rennick. The Auditors
have indicated a material uncertainty which may cast significant doubt about
the Group's ability to continue as a going concern, but have not qualified
their opinion.
The Company is still well placed to take advantage of any opportunities as they
arise through 2022 onwards and will continue to look for further fund raising
opportunities and investments.
Simon Grant Rennick
Chairman
30th June 2022
Globe Capital Limited
AQSE: GCAP
("Globe Capital" or the "Company")
Audited Annual Results for the year ended 31 December 2021
REVIEW OF BUSINESS
The principal activity of the company to the year end was to focus on restoring
and reinstating direction to Globe with the company's share capital being
suspended for most of the period due to issues arising with the company's
depositary interest agreement and late filing associated with the financial
statements for the year ending 2020.
I am pleased to report that on the 15 November 2021 after a period of review,
Globe completed a restructure and recapitalisation exercise concurrent with the
reconstitution of the Board of Directors, contemporaneous to these decisions
and upon concluding positive discussions with the AQSE Growth Market Exchange
the company's shares were subsequently restored to trading.
Restructure & Recapitalisation of the company November 2021 included:
Board Reconstitution
On 15 November 2021, the company welcomed Mr Burns Singh Tennent-Bhohi & Mr
Simon Grant-Rennick to the Board of Directors concurrent with their
recapitalisation and restructure strategy.
Burns Singh Tennent-Bhohi (Executive Director)
Burns is the founder & CEO of The Glenpani Group, an international private
venture capital business based in London/U.K. Glenpani's focus is the
evaluation and augmentation of distressed-asset opportunities and
private-transaction/investment origination.
Glenpani Group cornerstone-invest, originate transactions and provide corporate
consultancy to international companies both private and public. Glenpani Group
maintains a deep international network that includes corporate brokers/
financiers, investment bankers, merchant banks, UHNWIs, project-level
financiers, asset banks and technical teams.
Burns assumes a number of International Directorships on both private and
public companies having raised in excess of $50,000,000 in debt and equity
financing, completed over $40,000,000 in corporate transactions with Tier 1
mining companies
and has most recently completed an investment transaction that from seed has
generated a return on capital invested in excess of 15,000% in the
Nickel-Space.
Mr Simon Grant-Rennick (Executive Director)
Simon graduated from the Camborne School of Mines (Bsc Mining Engineering
[hons], ACSM) and has been actively involved in the mining and metal trading
industry for over 30-years. During this time Simon has served Board &
Management roles for both private and public (LSE, ASX, AQSE) entities
globally.
Simon has extensive experiences in the industrial and non-ferrous metal
industry which includes a successfully operating Falconbridge Internationals
non-ferrous trading arm.
Simon maintains a number of Board & Management Roles across industries
including; agriculture, property, technology & the mining sector, including;
All Active Asset Capital Ltd (AIM: AAA), U.K. Spac plc (AIM: SPC), Evrima plc
(AQSE: EVA) and was most recently the Executive Chairman of Quetzal Capital plc
(AQSE: QTZ).
The retiring Director
In conjunction with these Board and restructuring initiatives, Mr David Barnett
retired his role as Director. Mr Barnett has been a supportive and active
Director of the company from his appointment and the Board of Globe wishes to
thank him for his services to the company and wish him well in his future
endeavours.
Convertible Loan Note Financing
In order to begin rationalising the balance sheet, the two incoming Directors
entered a £100,000 Convertible Loan Note ("CLN") Financing Agreement.
The terms of the agreement allows for £100,000 of capital to be injected as
unsecured, non-interest bearing CLNs maturing on the three year anniversary for
which they were issued. The CLNs have a conversion price of £0.00004 and at the
election of the lender if converted, the lender shall be issued one warrant for
every one conversion share issued. The warrants shall have a strike price of, £
0.00008 and a life to expiry of 5-years from date of grant.
POST YEAR REVIEW
The company continues to rationalise the balance sheet, engage with
shareholders of the company and is actively working to finalise details
regarding the commercial direction of the business that since admission has
been focused on the property and general investment sector.
The Board have received interest in the business since commencing the
restructure and recapitalisation process and whilst the conditions of current
global financial markets present challenges, the Directors are confident in
progressing a revitalised strategy to generate value for the shareholders of
the company.
As at year end, the company still maintains a number of creditors with relation
to legacy corporate activity and general working capital, the Board are working
diligently to achieve a debt-free capital structure for the business to enhance
the corporate profile of the company moving forward. Ongoing discussions with
creditors to date have been positive and the company will look to make
announcements upon conclusion.
In April 2022, the company changed the auditor the company and appointed Edward
Veeders UK Limited . The Company would like to thank PKF LLP, the outgoing
Auditor.
OUTLOOK
With the bulk of the corporate restructure complete, Globe now has a restored
purpose as an investment issuer on the AQSE Growth Market Exchange. The company
is now focused on rationalising the balance of legacy creditors and determining
the corporate direction of the company for which the Board will present to the
shareholders at the upcoming, Annual General Meeting.
Burns Singh Tennent-Bhohi
Director
30th June 2022
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 31 DECEMBER 2021
Audited Audited
Year ended Year ended
31 December 31 December
2021 2020
GBP GBP
Revenue - 10,000
Gross Profit - 10,000
Other Income - 3,907
Administrative Expenses (7,039)
(144,905)
Finance costs (6,000) (6.000)
(Loss) Before Income Tax (13,039) (136,998)
Income Tax - -
Profit / (Loss) for the period attributable (13,039) (136.998)
to equity holders
(Loss) per share (0.005p) (0.05p)
Basic (pence)
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 DECEMBER 2021
Audited Audited
Year ended Year ended
31 December 31 December
2021 2020
GBP GBP
Non-current Assets
Goodwill - -
Financial assets at fair value through profit 8,238 1,120
or loss
8,238 1,120
Current assets
Other receivables and Prepayments 8,844 7,443
Loans Receivables - -
Cash and cash equivalents 26,893 17,264
35,737 24,707
Current Liabilities
Other Payables 71,532 103,115
Amount due to a related company - 5,800
71,532 108,915
Net Current (Liabilities)/Assets (35,795) (84,208)
Total Assets (less)/Above Current Liabilities (27,557) (83,088)
Non-current liabilities
Other payables 124,000 118,000
Amount due to a related company 32,500 -
Amounts due to directors 54,235 24,165
210,735 142,165
Net (Liabilities) (238,292) (225,253)
Shareholders' Equity
Called Up Share Capital 645,094 645,094
Share premium account 940,226 940,226
Retained Earnings
(1,823,612) (1,810,573)
Total Equity (238,292) (225,253)
GLOBE CAPITAL LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
As at 31 DECEMBER 2021
Audited Audited
Year ended Year ended
31 December 31 December
2021 2020
GBP GBP
Non-current Assets
Investment in Subsidiary 1,250 1,250
Goodwill - -
Loans receivable - 15,000
Financial assets at fair value through profit 8,238 1,120
or loss
9,488 17,370
Current assets
Other receivables and Prepayments 8,744 10,506
Loans Receivables 17,133 25,000
Cash and cash equivalents - 3,580
25,877 24,707
Current Liabilities
Other Payables 71,532 88,116
Amount due to a related company - 5,800
71,532 93,916
Net Current (Liabilities)/Assets (45,655) (54,830)
Total Assets (less)/Above Current Liabilities (36,167) (37,460)
Non-current liabilities
Other payables 124,000 118,000
Amount due to a related company 32,500 -
Amounts due to directors 54,235 24,165
210,735 142,165
Net (Liabilities) (246,902) (179,625)
Shareholders' Equity
Called Up Share Capital 645,094 645,094
Share premium account 940,226 940,226
Reserves (1,764,945)
(1,832,222)
Total Equity (246,902) (179,625)
The loss of the parent company for the year ended 31st December 2021 was £
67,277 (2020 - £136,088)
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 DECEMBER 2021
Audited Audited
Year ended Year ended
31 December 31 December
2021 2020
GBP GBP
Profit/(Loss) before tax (13,039) (136,998)
Adjustment:
Depreciation - 3,500
Loan receivables written off - 55,263
Loss on disposal of property, plant and - 5,590
equipment
Increase in value of financial assets (7,118) -
Other receivables written off - 6,839
Interest expenses 6,000 6,000
Non cash transactions written off (29,538) -
Interest income - (3,907)
Operating loss before working capital changes (43,695) (63,713)
Changes in working capital:
Other receivables and prepayments (1,401) 9,390
Creditors (Decrease)/Increase (27,875) 28,407
Cash utilised in operations (72,971) (25,916)
Cash flows from investing activities
Other loan repayments (18,000) -
Increase in loans receivables 20,000 28,732
Increase in loans from related parties 32,500 1,400
Increase in directors loan 48,100 7,735
Interest received 290 290
Net cash from investing activities 82,600 38,157
Net increase/(decrease) in cash and cash 9,629 12,241
equivalents
Cash and cash equivalents at the beginning of 17,264 5,023
the year
Cash and cash equivalents at end of year 26,893 17,264
Analysis of cash and cash equivalents
Cash and bank balances 26,893 17,264
The directors of Globe Capital Limited accept responsibility for this
announcement.
For further information
Globe Capital Limited
Darren Edmonston
Tel: +44 (0) 1279 635511
CORPORATE ADVISER AND CONTACT DETAILS:
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information. Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now considered to be
in the public domain.
END
(END) Dow Jones Newswires
June 30, 2022 13:30 ET (17:30 GMT)
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