Interim Report for the period ended 31 December 2014

31 March 2014

Concha PLC announces its interim results for the six months ended 31 December 2014.

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Introduction

We reported in October 2014 that the Board had been working on a plan to transform the Company into an investment vehicle focused on high impact global opportunities within the mobile, internet, sports, social media, digital and technology space. I am pleased to update shareholders that we are in discussions regarding a specific global opportunity within our investment scope that, if pursued to a successful conclusion, the Board believes will lead to a transformation of the Company. At present, there can be no guarantee that this investment will be successfully completed and the Board will update shareholders in due course about further developments regarding this specific global opportunity.

Interim Results

I am pleased to be able to present these results for a period in which the Company was able to further strengthen its balance sheet via the placing of 100m new shares for an aggregate consideration of £4m, formalise the appointment of Peter Read to the Board and in the period immediately following the period end, conclude the protracted settlement discussions with Concha's former legal advisors in connection with the former Moshen business. The combination of a further improved capital base and strengthening of the Board leaves us well placed to progress some of the exciting opportunities outlined above.

In October 2014, the Company completed the placing of 100m ordinary shares raising £4m from both new and existing shareholders. This, in combination with the exercise of 54,848,997 warrants raising a further £0.5m, has seen the Company bolster its cash reserves to £5.7m at the period end.

In September 2013, the Company instigated proceedings against its former legal advisors for losses suffered as a result of the failure to register a valid security interest in the assets of the Moshen business in respect of loan monies advanced.  I am delighted to report that we have now agreed a settlement, which will draw a line under this legacy matter. Under the terms of the agreement we are restricted from disclosing either the terms or the quantum of the settlement. However, having taken into consideration both the cost and resource necessary to progress this matter more formally, I am pleased that we have managed to recover value from the situation and cleanse the distraction going forward.

Outlook

As outlined in the introduction we are now engaged in discussions with a specific global opportunity within our aforementioned investment focus.  We will update the market further as soon as there are material developments to report.

 

Concha PLC

18 Buckingham Gate, London, SW1E 6LB

Enquiries:

Concha plc
Chris Akers, Chairman
chris.akers@srgplc.com
   
Spark Advisory Partners Limited (Nominated Adviser)
Sean Wyndham-Quin
Mark Brady
020 7409 3495
   
Buchanan
Mark Edwards
 
020 7466 5000

 

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