Vestpa PLC - Interim Results

RNS Number:4608H

Vestpa PLC

12 November 2007

12 November 2007

Vestpa Plc

('the Company')

Interim Results for the eight months to 30 September 2007

Executive Director's Statement

I am pleased to be able to report on the Company's first trading period from

incorporation on 1 February 2007 to 30 September 2007. On incorporation, the

Company allotted and issued two subscriber shares at 0.1 pence each at par, and

on 29 March 2007 the Company allotted and issued 50,000,000 ordinary shares of

0.1 pence each at par for a total cash consideration of #50,000.

On 12 June 2007, the Company successfully placed a further 320,000,000 ordinary

shares raising #3.02 million after issue expenses and was admitted to trading on

AIM.

Trading

As stated in the AIM admission document dated 6 June 2007, the Company has been

established in order to acquire a controlling interest in a company, partnership

or joint venture that is located in Europe, North America or Asia.

In this first period since incorporation, the Company has made a small loss

after taxation of #18,009, which equates to a loss of 0.01 pence per share, and

at 30 September 2007 holds cash balances of #3.07 million.

Investment Strategy and Progress to Date

Since admission in June, I am pleased to report that the Company has identified

a prospective business, Full Fortune Holdings Pte. Limited, which the Company

has agreed conditionally to acquire for an aggregate consideration of #26.17

million to be satisfied in cash and shares. As the size and nature of the

transaction constitutes a reverse takeover under the AIM Rules, the Company is

convening a General Meeting to be held on 5 December 2007 to seek shareholders'

approval for the acquisition. Further details of the proposed acquisition and

related proposals, including a #5m subscription to satisfy the cash

consideration payable, are set out in a separate announcement released today and

in an admission document being posted to shareholders today. In brief, the

Company is proposing to acquire the entire issued share capital of a Chinese

food manufacturing business, which has achieved a growth in turnover from

approximately #8.98 million in 2004 to #19.27 million in 2006, with a

commensurate increase in post tax profits from approximately #1.97 million in

2004 to #4.44 million in 2006.

John McLean

Executive Director

12 November 2007

Unaudited condensed income statement for the 8 month period ended 30 September

2007

Unaudited

Eight month period

to

30 September

2007

#'000

Income -

Administrative expenses (60)

Operating loss (60)

Interest receivable 42

Loss on ordinary activities (18)

before taxation

Taxation -

Loss attributable to equity

Shareholders of Vestpa Plc (18)

Loss per ordinary share (pence)

- Basic (0.01)

- Diluted (0.01)

Unaudited condensed balance sheet as at 30 September 2007

Note Unaudited

Eight month period

to

30 September

2007

#'000

ASSETS

Current assets

Trade and other receivables 5

Cash and cash equivalents 3,067

Total assets 3,072

LIABILITIES

Current liabilities 24

Trade and other payables

Total liabilities 24

EQUITY

Called up share capital 4 370

Share premium 2,696

Retained earnings (18)

Parent company's shareholders' equity 3,048

Total equity and liabilities 3,072

Unaudited condensed statement of changes in shareholders equity for the 8 month

period ended 30 September 2007

Share Share Retained Total

capital premium Losses

#'000 #'000 #'000 #'000

Loss for the period - - (18) (18)

Issue of share capital net of expenses 370 2,696 - 3,066

At 30 September 2007 370 2,696 (18) 3,048

Unaudited condensed cash flow statement for the 8 month period ended 30

September 2007

Unaudited

Eight month

period to

30 September

2007

#'000

Net cash used in operating activities (41)

Investing activities

Interest received 42

Net cash from investing activities 42

Financing activities

Proceeds from issue of ordinary share capital 3,250

Expenses of share issues (184)

Net cash from financing activities 3,066

Net increase in cash and cash equivalents 3,067

Cash and cash equivalents at beginning of period -

Cash and cash equivalents at end of period 3,067

Notes to the interim report for the 8 month period ended 30 September 2007

1. Basis of preparation

The interim financial report for the eight months ended 30 September 2007 has

been prepared using accounting policies consistent with International Financial

Reporting Standards and in accordance with International Accounting Standard

(IAS) 34 Interim Financial Reporting.

2. Significant accounting policies

The interim financial report has been prepared under the historical cost

convention. The principal accounting policies adopted are set out below.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and balances with banks and

other financial institutions and investments in money market instruments.

Financial instruments

Initial recognition and measurement

Financial instruments are recognised when the Company becomes party to the

transaction. Initial measurement is at cost, which includes transaction cost, or

fair value. Subsequent to initial recognition, these instruments are measured as

follows:

Trade and other receivables

Trade and other receivables are measured at amortised cost using the effective

interest rate method.

Trade and other payables

Trade and other payables are recognised at fair value, which is the agreed

market price at the time the goods and services are provided. The Company

accrues for all goods and services consumed but as yet unbilled at amounts

representing management's best estimate of fair value.

Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received,

net of direct issue costs.

3. Loss per share

The calculation of the loss per ordinary share is based on the loss on ordinary

activities after taxation and on the weighted average number of ordinary shares

in issue during the period.

A reconciliation of the loss and weighted average number of shares used in the

calculation are set out in the table below.

8 months ended 30 September 2007

Weighted Loss

Average per share

Loss Number of (pence)

# Shares

Basic loss per ordinary share (18,009) 184,439,836 (0.01)

There were no dilutive instruments in issue over the eight month period ended 30

September 2007.

4. Share capital

The Company was incorporated on 1 February 2007 with an authorised share capital

of #500,000 comprising 500,000,000 ordinary shares of 0.1p each.

On incorporation, the Company allotted and issued two subscriber shares of 0.1p

each at par.

On 29 March 2007, the Company allotted and issued 50,000,000 ordinary shares of

0.1p each for a total cash consideration of #50,000.

On 12 June 2007, the Company allotted and issued 320,000,000 ordinary shares of

0.1p each for a total cash consideration after expenses of #3,066,000.

5. Ultimate Parent Undertaking

The Company's ultimate parent undertaking is Albany Capital Plc, a company

incorporated in the United Kingdom. Albany Capital Plc owns 59.16 per cent. of

the Company's issued ordinary share capital.

6. Other information

The interim financial report for the eight months ended 30 September 2007 does

not constitute statutory accounts, and has not been audited by the Company's

auditors.

The interim financial statements were approved by the Directors on 9 November

2007.

A copy of the interim financial statements will not be posted to shareholders

but will be made available to the public at the Company's registered office, 17

Hanover Square, London W1S 1HU.

Independent review report to Vestpa Plc

Introduction

We have been engaged by the company to review the condensed set of financial

statements in the interim report for the eight months ended 30 September 2007

which comprises an income statement, balance sheet, changes in equity, cash flow

statement and related explanatory notes. We have read the other information

contained in the interim report and considered whether it contains any apparent

misstatements or material inconsistencies with the information in the condensed

set of financial statements.

Directors' Responsibilities

The interim report is the responsibility of, and has been approved by, the

directors. As disclosed in note 1, the annual financial statements of the

company are prepared in accordance with IFRS as adopted by the European Union.

The condensed set of financial statements included in this interim report has

been prepared in accordance with International Accounting Standard 34, 'Interim

Financial Reporting' as adopted by the European Union.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed

set of financial statements in the interim report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review

Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information

Performed by the Independent Firm of the Entity' issued by the Auditing

Practices Board for use in the United Kingdom. A review of interim financial

information consists of making enquiries, primarily of persons responsible for

financial and accounting matters, and applying analytical and other review

procedures. A review is substantially less in scope than an audit conducted in

accordance with International Standards on Auditing (UK and Ireland) and

consequently does not enable us to obtain assurance that we would become aware

of all significant matters that might be identified in an audit. Accordingly, we

do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe

that the condensed set of financial statements in the interim report for the

eight months ended 30 September 2007 is not prepared, in all material respects,

in accordance with International Accounting Standard 34 as adopted by the

European Union.

Chantrey Vellacott DFK LLP

9 November 2007

Enquiries:

Vestpa Plc John McLean (Executive Director) 0203 178 4506

Strand Partners Limited James Harris/Matthew Chandler 0207 409 3494

Hansard Group Adam Reynolds 0207 245 1100

This information is provided by RNS

The company news service from the London Stock Exchange

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