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RegulatoryStory
Gotomarkent ew section
TopCreationInvestmentsLimited
Released11:2924-Nov-2014
T-OPC
UnauditedInterimResults
RNSNumbe8:r123X
ToCreatioInvestmentLs imited
2N4 ovembe2r014
TopCreationInvestmentLsimited
("TCIL"o"rtheCompany"o"rtheGroup") Unauditedinterimresultfsotrhesix monthperiodended30Septembe2r 014
TheBoardoTf CILips leasedtoannoun ceitus nauditedinterimfigurefsotrhe sixmonthperiodto30thSeptembe2r 014.
Chairman'Ss tatement.
Reviewoof perationfsotrhesixmo nthperiodended30thSeptembe2r 014
SALEOFLOT129(.THEMELAKAPROJECT)
Onthe26thFebruary2014weannouncedthesaleofour Melakaproject(Lot129)for acashconsiderationofRM
15,379,362(approximately£2.8m)M. orerecentlyo, nthe4thNove mbewr egaveanupdatetothemarkeatrsegardtsothe paymenottfhesaleps roceeds.
Onthe19thNovembetrhepurchaser'slawyeirnrespecot f Lo1t 29presentedtheMemorandumoTf ransfear ndTitleto theLandOfficeandthebalanceofthepurchasepriceamountingofRM7,007,700isnowpayablewithin14daysof submissionotfherelevandt ocuments(thadt atebeing2 ndDecembe2r 014o) or nthetransfeor tfitlew, hicheveirsearlier. Thedevelopmenct ostsoRf M7,679,362.65a, renowpayableno latetrhanthreemonthasf tetrhe1sOt ctobebr eingthe dateonwhichtheagreemenbt eca meunconditionalt,hadt atebeingthe31Dstecemb2e0r 14.
BRILLIANTVALLEYJOINTVENTURE(FIVEBUNGALOWUNITS).
Athetimeomf yChairman'sReporwt eannouncedouirntentio ntosubmiatrevisionotfhelandboundariestoCityHall whichwouldnecessarilydelaythecompletionotfheprojectT. hisrevisionwasnecessarybecauseorfoadwideningwork requiredbyCityHalalndtheconsequentiarleduct ioninthelandarearemainingfocronstruction.
On29thOctoberourLandSurveyorsubmittedthepre-co mputationplansdelineatingtherevisedboundariesfor endorsementbyCityHall.AccordinglyuponapprovalbyCityHall,thelandsurveyorisrequiredtosubmitthe
pre-computationplantsotheLandOfficefoarpprovalT. hiws hol eprocesislsikelytotakeat leasafturtheer ighmt onths.
CHANGEOFNOMINATEDADVISER
DanieSl tewar&tCompanyPlchavetenderedtheiresignation asounr ominatedadvisear ndfurthetroouur pdatetothe
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markegt ivenonthe4thoNf ovembert,heywilcleasetoacftoor uCr ompanyasotfhe30thNovember. ItfheCompany hanoat ppointedanothenr ominatedadvisebr ythisdatethentradingonAIMintheCompany'sharewilbl e suspended.Ifanothernominatedadviserisnotappointedby30 thDecemberthentradingonAIMinthe Company'sharews ilbl ecancelled. Iitos uirntentiontourgentlyseekareplacemenftoDr anieSl tewart.
FUTUREPROSPECTS.
Theprospecottfhereleaseof theadditionaflundfsromthesaleoLfo1t 29 wilgl ivetheCompanyconsiderablescopeto pursuefurtheirnvestmentisnth expectationoef nablingutsoenhancevaluetoousrhareholders.
MadameZhangLi Chairman Malaysia
24Novembe2r 014
FinanciaOl verview
Thefinanciailnformationcontainedwithinthisinterimrepo rtisbasedupontheGroup'sunauditedresultsforthesix monthes nded30Septembe2r 014.
TheconsolidatedStatemenotCf omprehensiveIncomeshows aconsolidatedneltosfsotrh ep e r i o do£f 156,000T. heloss waswithintheexpectationotfheCompanyT. CILisinanet cashpositionasa3t 0Septembe2r 014withacashsurplusof
£59,000T. heCompanywilsleekinvestmentstoacquireinterests inothesruitableprojectswhichwilal llowustowidenour investmentportfolioarisingfromthesaleofLot129projec tI.fandwhenappropriatet,heCompanymayseektoraise additionaflundtsomakefurtheirnvestments.
Welookforwardtothefuturewithoptimismandinthebelief thawt ewilbl eabletodeliveer nhancedshareholdevralue.
ZhangLi Chairman Malaysia,
24Novembe2r 014
Fofrurtheirnformationk,indlyvisiwt ww. http://www.topcltd.comocrontact:
TopCreationInvestmentLsimited Wo | ngYuSun FinanceDirector | +601 2778972 |
DanieSl tewar&tCompanyPlc (NominatedAdviser) | AntonyLegge | +4420777 6550 |
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3 of7 11124/2014 7 59 PM
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ConsolidatedStatemenotCf omprehensivIencome
Note
Sixmonths ende3d0
September
2014
Sixmonths ende30
September
2013
Yeaernded
31-Mar
2014
(unaudited) | (unaudited) | (audited) |
£'000 | £'000 | £,000 |
Revenue - - - Otheirncome - - - Administrativexpenses (38) (41) (126) Capitarlaisinexpenses - - -
Directofrees (11) (15) (24)
t
Aas3t0
September
2014
Aas3t0
September
2013
Aas3tM1 arch
2014
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-currenatssets
Propertyp,lanatndequipment 7 10 9
Interesitnjoinvtenture 515 - 358
Currenatssets
Inventories - 2,918 - DepositasnReceivables 21 373 27
Casancdasequivalents 59 2 3
Assehtelfdosrale 2,827 - 2,827
2,907 3,293 2,857
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Currenltiabilities
Otheprayables 427 265 455
Totalliabilities 427 265 455Neatssets 3,002 3,038 2,769
Sharceapital 970 550 550
Sharperemiumaccount 3,665 3,696 3,696
Translationreserve (528) (173) (512) Accumulateldosses (1,105) (1035) (965)
Share
Capital
Share Premium Account
Translation
Reserve
Accumulated
Losses Total
£'000 £'000 £'000 £'000 £'000
Shariessued 420 (31) - - 389
Losfsotrhpeeriod - - - (140) (140)
Exchangdeifferencaerisinotnhe translatiootfhfeinanciasltatements
offoreigoperations - - (16) - (16) Totaclomprehensivleosfsotrhpeeriod - - (16) (140) (156)
Losfsotrhpeeriod - - - (145) (145)
Exchangdeifferencaerisinotnhe translatiootfhfeinanciasltatements
offoreigoperations - - (173) - (173) Totaclomprehensivleosfsotrhyeear - - (173) (145) (318) A3tS0eptembe2r013 550 3,696 (199) (785) 3,262
Shareisssued - - - - - Losfsotrhpeeriod - - - (325) (325)
Exchangdeifferencaerisinotnhe translatiootfhfeinanciasltatements
offoreigoperations - - (486) - (486)
Totaclomprehensivleosfsotrhyeear - - (486) (325) (811)
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A3tM1 arch2014 550 3,696 (512) (965) 2,769 ConsolidatedStatemenotCf ashFlowsSixmonths ende30
September
2014
Sixmonths ende30
September
2013
Yeaernded
3March
2014
(unaudited) | (unaudited) | (audited) |
£ | £ | £ |
Totaclomprehensivleosfsotrhpeeriod/year (156) (318) (325) Adjustmentfsor:
Depreciation 2 2 4
Operatinlosbseforcehangeiswn orkincgapital (154) (316) (321) Decreas(/eIncreasei)innventories - 347 (9)
Decreas(/eIncreasei)dneposits 6 (310) 54
Decreasieontheprayables (28) 51 241
Nectasuhseidonperatinagctivities (176) (228) (35)
CashflowfsrominvestingactivitiesInvestmenitnjointlycontrolleedntity (157) 415 - Nectasuhseidninvestingactivities (157) 415 -
CashflowfsromfinancingactivitiesNeptroceedfsromissuoesfhares 389 - - Nectasgheneratefdromfinancinagctivities 389 - -
Neitncreasiencashandcashequivalents 56 (187) (35) Cashandcashequivalentasbteginningof period/year 3 38 38
Effecotefxchangreatcehanges - 147 -
Cashandcashequivalentasetndopferiod/year 59 2 3
NoteTs To hCe onsolidatedFinanciaSltatements FoSriM onthEs nded30S eptembe2r014
Basiospfrep1a.rationThuenauditedinterimconsolidatedfinanciasltatement(sthe "interimfinanciasltatements"a)rfeosrixmonthesnded30
Septembe2r 014T. heyhavebeenpreparedinaccordancewithInternationaFl inanciaRl eportingStandard(s"IFRS"a)s adoptedbythEe uropeanUnion("EU"a)ndspecificallyinaccordancwe ithInternationaAl ccountingStandard(s"IAS")
34'InterimFinanciaRl eportingT'. heydonoitncludaeloltfhienformationrequiredfofrulalnnuaflinanciasltatements, andshouldbreeadinconjunctionwiththceonsolidatedfinanciasltatementostfhGe roupfotrhyeeaernded31March
2014.
Thienterimfinanciasltatementhsavbeeenpreparedundetrhheistoricaclosctonventionandarienaccordancwe iththe accountingpolicieasseotuotnpage1s 8to24intheGroup'csonsolidatedfinanciasltatementfsotrheyeaernded31
March2014.TheaccountingpolicieshavebeenappliedconsistentlythroughouttheGroupforthepurposeof preparatioontfhienterimfinanciasltatements.
Thuenauditeidnterimfinanciasltatementws ere approvebdtyhBe oaroDf irectoros2nN4 ovembe2r014.
Goincgonc2e.rnTheinterimfinanciasltatementsotfheGrouparepreparedonagoingconcernbasisI.ncommonwithmanysimilar companiest,heGroupraisesfinancefortheirinvestmenat ctivitiesonprojecat ndpropertydevelopmenmt ainlyin Malaysia.
ThDe irectorasroetfhoepiniothatthGe rouwilhlavseuff icienctashtofunditasctivitiebsasedonforecasctashflow informationfoarperiodinexcessotfwelvemonthsfromthedateoaf pprovaol tfheseinterimfinanciasltatements. Managemenct ontinuestomonitoar lwl orkingcapitacl ommitmentsandbalancesonaweeklybasisandbelievethat theyhavaeccestsoappropriatleevelosffinancingfotrhGe rouptocontinuteomeetthleiabilitieastsheyfaldlufeoart
leastthneexttwelvme onthsa,ntdhatthGe rouiptsradinaggasoinconcern.
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Incomteae3x.penseTherienstoacxhargfeotrhpeerioannddoeferretdahxabseeprovided.
Foreigncu4rr. enctyransactionsIncomaendexpenditurfeoorverseassubsidiarieasrteranslat edintosterlingbaseduponmonthlyaveragreatetsogivae
faiarpproximationtothetransactionrateB. alancesheeittem dateA. lolthedrifferenceasriencludewithithteranslatiorneserve.
asretranslatedatthexchangerateatthebalancesheet
Availabil5it.oyhfalyfearlyreportTheCompany'hs alyf earlyreporwt ilbl eavailableinsoft copyfromtheinvestorss'ectionotfheCompany'ws ebsite
(www.topcltd.com).
ThiisnformatioinpsrovidebdRy NS ThceompannyewsservicferomthLe ondoStocExchange
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