Interim Report for the period ending 31 December 2012

28 March 2013

Concha PLC announces its interim results for the six months ended 31 December 2012.

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No investments were made during the period, and the results show a loss of £85,000 for the period, representing the excess of overheads over investment income.

The Company continued to review potential investments and, in December 2012, the Company amended its investing policy to provide greater flexibility to develop a portfolio of investments in the technology, media and entertainment sectors. Chris Akers was appointed executive chairman in December 2012, replacing Barney Battles who resigned in order to concentrate on other roles.

Investment in Moshen Limited, placing and share consolidation

On 12 March 2013, Concha announced the proposed acquisition of a 40% interest in Moshen Limited (“Moshen”) to be funded by a placing of new shares. The proposals are conditional, inter alia, on shareholder approval and a general meeting has been convened for 5 April 2013 for this purpose (full details are set out in the Circular sent to shareholders, copies of which are available from the Company’s website: www.conchaplc.com). Moshen is a leading developer and distributor of digital Apps focusing on the sports, games and entertainment sectors. Concha has agreed to a pay consideration of £250,000 in cash and to provide a further £250,000 in the form of a term loan to Moshen for working capital purposes, to be funded by a placing of new shares raising up to £850,000 with existing and new investors. Moshen is experiencing significant revenue growth and has developed a strong existing client base and future pipeline.

The proposals also include a share consolidation of 1 New Consolidation Share for every 10 existing Ordinary Shares in the Company. Again further details can be found in the Circular.

Outlook

The Board of Concha looks forward to completing the acquisition of Moshen, and intends that this will be the first of a number of investments. The shares continue to be suspended from trading on AIM, and the Board is working hard to secure sufficient investments to meet the criteria to restore the shares to trading on AIM and looks forward to updating the market on such further investments in due course.

Enquiries:

Concha plc
Chris Akers
chris.akers@srgplc.com
   
Strand Hanson Limited (Nominated Adviser and Joint Broker)
James Harris
Andrew Emmott
Tel: 020 7409 3494
   
PeterHouse Corporate Finance (Joint Broker)
Jon Levinson
Lucy Williams
Tel: 020 7926 0935

 

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