Emblaze Ltd (LSE:BLZ)
("Emblaze" or "the Company")
Publication of annual report
Tel Aviv, Israel, 25 April, 2014
Publication of annual report
Further to the Company's announcement of 28 March, 2014 and associated
publication of the Financial Statements, yesterday the Company's board of
directors approved the annual report of the Company for the year ended 31
December 2013 (the "Annual Report").
In accordance with Listing Rule 14.3.6R, a copy of the Annual Report will be
available at the UKLA's National Storage Mechanism and will be available for
inspection at www.morningstar.co.uk/uk/NSM. In addition, the Annual Report will
be available from today on the Company's website, www.emblaze.com.
The following `Highlights' statement reflects those included in the Annual
Report and replaces the statements made in the Company's announcement on 28
March 2014.
Highlights
The following sections reflect the position of the Company as at 31 December
2013 as well as several updates relating to the period from 1 January 2013
until the date of this report.
* Primary assets as at 31 December 2013:
* a 95 per cent. interest in Emoze Ltd, a provider of mobile push messaging
and push content solutions for handset manufacturers, mobile operators and
enterprises; and
* cash and cash equivalents;
* Continued strong cash position with cash, short term deposits and financial
assets of US$159.6 million, which include:
* US$3 million in cash and short term bank deposits with an original maturity
of three months or less from date of acquisition; and
* US$156.6 million in short term bank deposits with an original maturity of
more than three months from date of acquisition (including an amount of
US$121.7 million which was deposited in trust by the Company for the
purposes of the previously proposed acquisition of a controlling stake in
IDB Holding Corporation Ltd and were subsequently repaid to the Company
following the abortion of said transaction).
In order to allow for the implementation of future acquisition opportunities,
the Company's main objective with respect to its cash portfolio was, and
remains, the preservation of cash value and liquidity, by maintaining a
conservative investment policy;
* Revenues for the year ending 31 December 2013 totalled US$1.9 million
(2012: US$2.1million) and loss from continued operations totalled US$(3.0)
million (2012: gain of US$0.9 million);
* In November 2013, the Company transferred its listing from the Premium
Segment to the Standard Segment of the Official List of the London Stock
Exchange.
* During 2013 the Company has purchased 841,782 of its own shares for an
aggregate amount of approximately US$687,000, net of related expenses. The
total issued share capital of the Company as at 31 December 2013 was
140,578,154 of which 109,990,252 ordinary shares are outstanding, and
30,587,902 shares are held in treasury.
* In March 2014, the Company announced that it signed an agreement to acquire
from Zwi Williger ("ZW") and Joseph Williger ("JW" and, together with ZW,
the "Sellers") a controlling stake in Willi-Food Investments Ltd ("WFI"), a
company listed on the Tel Aviv Stock Exchange, a company which in turn,
owns approximately 58 per cent. of G Willi-Food International Ltd ("WFINT"
and together with WFI, "Willifood"), a company listed on NASDAQ. The
acquisition of the controlling stake in Willi-Food Investments Ltd. is
deemed a reverse takeover under the Listing Rules and trading in the
Company's shares was accordingly suspended on 3 March 2014.
Further information about the Company
For more information about the Company, visit www.emblaze.com.
Enquiries:
Eyal Merdler, CFO: eyal.merdler@emblaze.com
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