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Alpha Returns Group plc (ARGP)

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Thursday 08 August, 2013

Alpha Returns Group plc

Alpha Returns Group plc : Half-yearly report

Alpha Returns Group plc : Half-yearly report

8th August 2013

Alpha Returns Group Plc
("Alpha Returns" or "the Company")
(Formerly Shidu Capital Plc)

Chairman's Statement
In the first six months of 2013, the board has concentrated on preparing for the launch of the investment business including creating new deal-flow, screening the investment proposals and negotiating with prospective investee companies.

As announced on 16 July 2013, this has resulted in an amendment to the investing policy to de-emphasize natural resources while continuing to focus on the geographical area. The main points of the revised investing policy are as follows:

With its Asia-centric focus, Alpha Returns Group Plc will actively seek to acquire and consolidate holdings in companies operating in high-growth Asian economies, with the intention to create and sustain long-term value. The Company may invest in any business sector within its targeted geographic focus.

The Company intends to be an active investor, and the Directors will seek representation on the board of the investee company where they feel that an investee company would benefit from their skills and expertise.

Investments may be made in all types of assets falling within the remit of the Investing Policy and there will be no sector-driven investment restrictions. Investments may be made in either quoted or unquoted companies and structured as a direct acquisition, joint venture or as a direct interest in a project.

The Company intends to deliver Shareholder returns principally through capital growth rather than capital distribution via dividends.

The Directors believe that their broad collective business and investing experience will assist them in the identification and evaluation of suitable opportunities and will enable the Company to achieve its investing objectives.

The full text of the Investing Policy can be found on the Company's website,

In line with this, the Company's name has been changed to Alpha Returns Group plc.

Results and Review of Business
The loss for the period was £86,768 (2012: Loss £1,378,153) representing a loss per share of 0.26p (2012: Loss 89p) note3. The Directors recognise the need to raise additional funds to support the Company's working capital requirements and investment plans, and more information will be sent when the plans are ready.

Over the next five months of the year the Board anticipates making the first investments and there is expected to be further news-flow as your Company develops.

I would like to thank all shareholders and my fellow directors for their continued support.

Angus Forrest - Chairman
09 August 2013

Unaudited Unauditednote4 Audited
Six months to Six months to Year ended
30 June 2013 30 June 2012 31 Dec 2012
£ £ £
TURNOVER - 578,906 -
COST OF SALES - (362,172) -
GROSS PROFIT - 216,734 -
EXCEPTIONAL ITEMS  - (155,000) 468,618
ADMINISTRATIVE EXPENSES (85,345) - (766,842)
OPERATING EXPENSES  - (1,327,836) -
FINANCE COSTS (628) (14,649) (7,711)
(LOSS) BEFORE TAX (86,769) (1,378,153) (363,573)
(LOSS) FOR THE PERIOD (86,769) (1,378,153) (834,614)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (86,769) (1,378,153) (834,614)

Unaudited Unaudited Audited
30 June 2013 30 June 2012 31 Dec 2012
£ £ £
Property, plant and equipment - 4,867 -
Goodwill - 223,389 -
Other intangible assets - 270,635   -  
Property, plant and equipment -   4,867 -  
Goodwill -   223,389 -  
Other intangible assets -   270,635 -  
Inventory -   4,125 -  
Trade and other receivables 42,757 122,368 38,664
Cash and cash equivalents 65,515 - 179,989
TOTAL CURRENT ASSETS 108,272 625,384 218,653
Trade and other payables (46,344) (1,058,152) (73,865)
Short-term borrowings -   (102,393) (41,124)
Bank overdraft -   (14,986) -
Deferred income, accruals and other provisions - (595,260) -
TOTAL CURRENT LIABILITIES (46,344) (1,770,791) (114,989)
NET CURRENT ASSETS / (LIABILITIES) 61,928 (1,145,407) 103,664
Long-term borrowings - (49,750) (125,663)
NET ASSETS/(LIABILITIES) 61,928 (1,195,157) (21,999)
Share Capital 1,290,305 1,165,521 1,285,679
Shares to be issued 200,836 - 200,836
Share Premium 3,052,150 2,406,455 2,748,904
Merger Reserve -   171,000 -
Loan Note Equity Reserve  - - 137,176
Profit and loss account (4,481,363) (4,938,133) (4,394,594)
SHAREHOLDERS FUNDS 61,928 (1,195,157) (21,999)

Condensed Consolidated Interim Statement of Changes in Equity (unaudited)

Share capitalShare premiumShares to be issued Loan note equity reserveMerger reserveProfit and loss reserveTotal equity
Balance at 1 Jan 2012 1,071,040 2,200,052 - - 171,000 (3,559,980) (117,888)
Shares issued 214,639 377,852 - - - - 592,491
Shares to be issued in settlement of CVA liabilities - - 200,836 - - - 200,836
Issue of convertible loan notes - - - 137,176 - - 137,176
Transfer on closure of subsidiaries undertakings - 171,000 - - (171,000) - -
Loss for the year and total comprehensive expenses - - - - - (834,614) (834,614)
Balance at 31 Dec 2012 1,285,679 2,748,904 200,836 137,176 - (4,394,594) (21,999)
Balance at 1 January 2013 1,285,679 2,748,904 200,836 137,176 - (4,394,594) (21,999)
Shares issued on conversion of loan stock and exercise of warrants 4,626 303,246 - (137,176) - - 170,696
Loss for the period and total comprehensive expenses - - - - - (86,769) (86,769)
Balance at 30 June 2013 1,290,305 3,052,150 200,836 - - (4,481,363) 61,928

Condensed consolidated interim statement of cash flow
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 2013 30 June 2012 30 Dec 2012
Cash flows from operating activities
(Loss)/ profit after taxation (86,769) (1,378,153) (834,614)
Adjustments for:
Depreciation and Amortisation - 97,402 49,256
Loss from discontinued operations - - 471,041
Extraordinary credit arising from CVA - - (468,618)
Loss on disposal of investment - - 57,638
Interest expense 628 14,649 7,711
Decrease / (increase) in trade and other receivables (4,093) 188,388 58,855
Decrease / (increase) in inventories - 3,750 -
Increase / (decrease) in trade and other payables and deferred income and other provisions (27,521) 672,882 16,867
Net cash (used in)/generated from operating activities (117,755) (401,082) (641,864)
Cash flows from investing activities
Purchase of property, plant and equipment -                         (6,019) -
Purchases of investments - - (198,000)
Disposal of investments - - 161,965
Cash balances held by discontinued business  - - (10,342)
Net cash used in investing activities - (6,019) (46,377)
Cash flows from financing activities
Net proceeds from issue of share capital 170,696 260,884 528,491
Proceeds from issue of convertible loan notes - - 300,000
Finance Cost (628) (14,649) (3,748)
Repayment of Borrowings (166,787) - -
Net cash generated from financing activities 3,281 246,235 824,743
Net (decrease) / increase in cash and cash equivalents (114,474) (160,866) 136,502
Cash and cash equivalents at beginning of period 179,989 43,487 43,487
Cash and cash equivalents at end of period 65,515 (117,379) 179,989

Notes to the condensed consolidated interim financial statements

1 General information

The financial information set out in this condensed interim report for the six months ended 30 June 2013 and the comparative figures for the six months ended 30 June 2012 are unaudited. The financial information for the six months ended 30 June 2013 does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2012, prepared under International Financial Reporting Standards (IFRS), received an unmodified audit report, did not contain statements under section 498(2) or section 498(3) of the Companies Act 2006 and have been filed with the Registrar of Companies.

2        Basis of preparation
These June 2013 condensed consolidated interim financial statements of Alpha Returns Group Plc are for the six months ended 30 June 2013. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group prepared under IFRS for the year ended 31 December 2012.

The comparative figures for the six months ended 30 June 2012 have been extracted from the accounting records of the Group and were prepared on a consistent basis with the results presented for the six months to 30 June 2013. The comparative figures for the six months ended 30 June 2012 have been neither reviewed nor audited by the Group's auditors.

The accounting policies applied are consistent with those of the financial statements for the year ended 31 December 2012, as described in those financial statements.

3        Earnings per share 

The calculation of basic loss per share is based on a loss before tax expense from continuing operations for the period of £ (86,768) (30 June 2012: Loss £(1,378,153), 31 December 2012: Loss £(363,573)), and on 34,096,257 shares (June 2012: 1,551,161, December 2012: 1,795,349) being the weighted average number of ordinary shares in issue during the period. The number of shares for June 2012 has been adjusted to reflect the 1 for 500 share consolidation in September 2012.

The (loss)/profit attributable to ordinary shareholders and the weighted average number of ordinary shares for the purpose of calculating the diluted (loss)/earnings per share are identical to those used for the basic (loss)/earnings per share.

4        Discontinued Operations 

During the previous year, the Group either disposed of or closed all its trading operations. The comparatives figures for the 6 months to 30 June 2012 have not been restated to reflect the contribution to the results of operations that have been discontinued in 2012.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Alpha Returns Group plc via Thomson Reuters ONE


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