Half Yearly Report
HERMES PACIFIC INVESTMENTS PLC
Unaudited interim results for the six months ended 30 September 2013
I am pleased to report the results of Hermes Pacific Investments Plc (“HPAC” or the “Company”) for the six month period ended 30 September 2013. During the period the Company had no revenues but it has received some investment income and does not have any operating business. The Company has carefully controlled costs during the period and has made a loss of GBP56,000 compared to a loss of GBP68,000 in the corresponding period last year. At the period end the Company had net assets of GBP4,341,000 of which cash was GBP4,199,000.
Review of the Company’s activities
The Company has made some investments in line with its investing policy in companies involved in trade finance for emerging countries and also other financial activities operating from the Far East region. These investments have performed well.
No further investments were made in the period. Following the share subscription described below, the Company is now in a much stronger position to be able to take advantage of any suitable investment opportunities as and when they arise. The Company continues to seek other suitable investment opportunities in emerging markets and expects to make further investments over the coming months.
On 18 July 2013, the Company announced that it completed a share subscription raising GBP4,160,000 before expenses through the issue of 416,000,000 new ordinary shares at a subscription price of 1p per new ordinary share. The new ordinary shares were placed with three existing shareholders and one new investor. The new ordinary shares were allotted by the Company under authorities granted by shareholders at the Annual General Meeting of the Company held on 25 October 2012. The proceeds of the placing will provide the Company with general working capital to enable it to further implement its investing policy.
At a general meeting held on 9 September 2013, shareholders approved a share consolidation pursuant to which every 200 existing ordinary shares were consolidated into one new ordinary share. The share consolidation became effective on 10 September 2013.
I would like to thank shareholders for their continued support.
16 December 2013
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For further information please contact:
Hermes Pacific Investments Plc www.hermespacificinvestments.com
Haresh Kanabar, Chairman Tel: +44 (0) 207 290 3340
WH Ireland Limited (Nominated Adviser & Broker) www.wh-ireland.co.uk
Mike Coe Tel: +44 (0) 117 945 3470
Note to Editors:
The Company’s investment policy was approved by shareholders at a general meeting of the Company held on 20 August 2012. The proposed investments to be made by the Company may be either quoted or unquoted; made by direct acquisition of an equity interest; may be in companies, partnerships, joint ventures; or direct interests in projects in South East Asia including, but not limited to, investments in the financial sector. The Company’s equity interest in a proposed investment may range from a minority position to 100 per cent. ownership.
The Company will identify and assess potential investment targets and where it believes further investigation is required and subject to assessment of potential risk, intends to appoint appropriately qualified advisers to assist.
The Company proposes to carry out a project review process in which all material aspects of any potential investment will be subject to due diligence, as considered appropriate by the Board. It is likely that the Company’s financial resources will be invested in a small number of projects or potentially in just one investment which may be deemed to be a reverse takeover under the AIM Rules.
Where this is the case, it is intended to mitigate risk by undertaking an appropriate due diligence process. Any transaction constituting a reverse takeover under the AIM Rules will require Shareholder approval. The possibility of building a broader portfolio of investment assets has not, however, been excluded.
The Company intends to deliver shareholder returns principally through capital growth rather than capital distribution via dividends. Given the nature of the Company’s Investment Policy, the Company does not intend to make regular periodic disclosures or calculations of net asset value.