TIDMGLOK
RNS Number : 9745O
Global Lock Safety (Intl) Grp CoLtd
26 September 2013
Company: Global Lock Safety (International) Group Co.,
Limited
Global Lock Safety (International) Group Co., Limited
("Global Lock" or "Company")
Interim results for the six months ended 30 June 2013
Global Lock, the provider of security solutions to retailers and
other organisations in China, is pleased to announce its unaudited
interim results for the six months ended 30 June 2013.
The exchange rate on 26 September 2013 was GBP1 to RMB 9.79.
Financial Highlights
-- Revenue for the period up 71% to RMB 42.07m (H1 2012: RMB 24.64m)
-- Profit for period of RMB 1.75m (H1 2012: loss RMB 10.14m)
(excluding non-controlling interests)
-- Net assets (including non-controlling interest) of RMB 48.35m (H1 2012: RMB 34.5m)
-- Loss per share RMB 0.004 (H1 2012: loss per share RMB 0.005)
(including non-controlling interests)
Mr. Moxiang Li, Group CEO, commented:
"I am pleased to report that the Group has achieved significant
revenue growth in the half year on the back of strengthening its
branch network. Although the total number of branches did not
increase during the period, the greater operational efficiency and
improved management information and control of the individual
branches is beginning to show in the Group's results. The Group is
intent on building on these results and is seeking to improve all
aspects of the Group's performance, including a strengthening of
the Group's management. As part of this process, the Group has
appointed Mr. Jonathan Fu as acting CEO of the Group's operating
arm in China, Shenzhen Global Lock Security System Engineering Co.,
Ltd. Although Mr. Fu will not be appointed to the board of the
Company at present, it is anticipated that he will be in the
future.
"The Directors are confident that the Group's strategy is well
conceived and will deliver returns in the near term as well as
taking the Company towards its goal of becoming China's leading
provider of security solutions."
Further Enquiries:
Global Lock Safety (International) Group
Mr. Moxiang LI, Chief Executive Officer Tel:+86 755 86556800
Mr. Andrew Gee, Non-Executive Director Tel:+44 777 565 3564
Allenby Capital Limited Tel: +44 203 328 5656
Mr. Nick Naylor
Mr. Alex Price
Address 19(th) Floor, Cadre Headquarters Center Mansion, No. 168
Tongsha Road, Xili, Nanshan, Shenzhen, China
Tel No.: +(86) 755 83660755, 86556800
CEO'S STATEMENT
Global Lock achieved significant revenue growth in the first
half of 2013 on the back of strengthening the management and
controls in its branch network. As at 30 June 2013 the Company's
revenues had grown to RMB 42.07 million, an increase of 70.1% over
2012's half year revenues of RMB 24.64 million. As at June 30 2013,
Global Lock had 72 branches, 26,833 customers and 1,191 employees.
These compare with the first half year of 2012 as shown in the
following table:
June 2013 June 2012 % increase
----------------------- ---------- ---------- -----------
No. of branches 72 72 0
----------------------- ---------- ---------- -----------
No. of customers 26,833 21,056 27%
----------------------- ---------- ---------- -----------
No. of employees 1,191 1,213 -1.8%
----------------------- ---------- ---------- -----------
Revenues(RMB million) 42.03 24.64 70%
----------------------- ---------- ---------- -----------
Background to improved performance
The Group has established a branch management system which
focuses each branch on revenues and profits as their key benchmark.
With each branch being directly accountable for its own performance
and the tightening of Group-wide budgetary controls, Global Lock
has seen improved management performance and a greater focus on
controlling costs and expenses.
Building on the progress made in 2012, the Group has further
expanded into the mid-and low level market segment by developing
additional sales channels and increasing the number of its
customers. In addition, Global Lock has developed a capacity for
supervising the networking of urban safety and security projects,
and has undertaken two government funded security system projects
(Liyuan and Shijing) in Hunan Province.
Additional initiatives undertaken during the first half of 2013
have included further development the Group's Enterprise Resource
Planning (ERP) system (launched on 1 March 2013) to
optimisestaffing levels and foster greater working efficiencies,
particularly at branch level, and strengthening the Finance
Department's treasury and capital management functions with a view
to better managing the allocation and management of capital.
Future developments and plans
The Group is targeting the acquisition of a number of the
company's competitors in order to increase the size of the Group's
operations and benefit from the economies of scale that these
acquisitions will generate. The Board considers that the Group's
future success lies in achieving efficiencies throughoperational
scale and will look to growthe business as rapidly as its resources
permit.
The board considers that a key component of the Group's current
and future success is the continual improvement and upgrading of
its alarm system technology and networking capability. Current
efforts are directed towards developing the new Grade-I alarm
operations centre, entirely controlled through a network
architecture. This has the twin benefits of offering enhanced
technical capabilities, thereby providing an enhanced customer
experience, and at the same time reducing labour costs
substantially.
The Group is planning to improve the marketing knowledge and
effectiveness of the employees who make up the branch network by
holding a "Marketing Development and Knowledge Contest" in Q4 2013.
As well as improving the skill set of the Global Lock workforce,
this event is also intended to provide a big motivational push in
order to increase the Group's revenues.
Milestones and Achievements during 2013
The Group's regular Annual Review and Planning Meeting was held
in Changsha from 9 January to 11 January 2013 to analyse the work
and results of 2012 and to determine the Group's overall operating
target for 2013. Attendees included the Group Chairman, senior
management and managers and accountants from 63 branches. Branches
that had delivered outstanding performances for profitability,
safety and customer service were given awards.
In addition, the Group's main operational meeting was held in
Changsha from 21 to 22 March 2013.This meeting determined revenue
and profit targets for the branches. The old system of a 13th month
salary payment was replaced by a targeted bonus system, aiming to
reward branches and individuals achieving the set targets.
The first Global Lock Alliance was held on 25 April 2013 in
Shenzhen andwas attended by more than 100 security companies from
all over China as well as representatives of local authorities and
more than 20 other organisations, including, China Legal Daily,
Shenzhen Security Bureau, Shenzhen Securities Association, Shenzhen
Video Alarming Association and China Pacific Insurance Group.
As announced on 31 May 2013, on 27 February 2013 the Group
transferred itsholding of 15.789% shares in Shenzhen Zhong An Fang
Investment Holdings, and recovered its RMB 1.0m investment. Also
the Group purchased the remaining 50% shares of Yuxi City Global
Lock Security Engineering Co., Ltd in order to achieve 100%
ownership of the Branch, further details of which were announced on
21 March 2013.
On 1 June 2013, the Group entered an agreement with Changsha
Shenying Security Co., Limited to acquire its entire customer
database together with certain other tangible assets and equipment
for a total cash consideration of RMB 488,000 to be paid in three
installments of RMB 100,000 and RMB 300,000. The retention balance
of RMB 88,000 will be payable after one year.
Recent developments and trading update
Global Lock is extremely pleased to welcome Mr. Jonathan Fu as
acting CEO of the Group's operating arm in China, Shenzhen Global
Lock Security System Engineering Co., Ltd. Although Mr. Fu will not
be appointed to the board of the Company at present, it is
anticipated that he will be in the future. Mr. Fu has more than 20
years of experience in finance, marketing and project management.
Mr. Fu is General Partner and Board member for two Private Equity
Funds in China, Cento Investment Fund Management Ltd. (Hong Kong)
and HWCF Capital (Shanghai).
As at 30 August 2013, Global Lock had a total of 27,710
customers, an increase of 877 on the 30 June 2013 number.
Global Lock has recently invested RMB 1.53 million to form an
additionalnew subsidiary Hebei Global Lock Security System
Engineering Co., Ltd. on 12 July 2013 and holds 51% shares in Hebei
Global Lock Co., Ltd. As at 31 August the Group had 74 branches and
subsidiaries.
On 22 August 2013, Global Lock entered into a strategic
cooperation agreement with Shenzhen SDG Property Management Co.
Ltd. a ("SDG"), a large-scale state-owned property company with
Grade I qualification under which Global Lock will introduce SDG
prospective property projects for SDG to provide property
management services in return for which Global Lock will be given a
right of priority to provided prospective security services to
clients recommended by SDG.
On 22 August 2013, 506 clients were acquired by Global Lock from
Qiandong Nanzhou Yuanxiang Security Co., Ltd. for a total cash
consideration of RMB783,000 to be paid in installments with the
initial ones being MB160,000 and RMB544,700. The retention balance
of RMB78,300 will be payable after one year.
A further strategic cooperation agreement was signed by Global
Lock and Shenzhen Infinova Technology Co. Ltd. on 28 August 2013.
Shenzhen Infinova Technology Co. Ltd. ("Infinova") is a high-tech
international company engaged in the research, production and sale
of security and optical equipment.Under this agreement, Global Lock
will provide resources in relation to system projects to Infinova
which undertakes construction and operation of such projects. In
return, Global Lock will receive a proportion of the projected
profits from these projects generated by Infinova.
MR. MOXIANG LI, CHIEF EXECUTIVE OFFICER
Condensed consolidated statement of comprehensive income
Note 6 months 6 months 12 months
ended 30 ended 30 ended
June 2013 June 2012 31 Dec
2012
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
Revenue
Fees income 5 42,066 24,635 89,355
Sales business tax (2,063) (1,505) (3,599)
------------ ------------ -----------
40,003 23,130 85,756
Cost of sales (6,441) (5,189) (21,863)
------------ ------------ -----------
Gross profit 33,562 17,941 63,893
Selling and distribution costs (27,538) (22,653) (49,664)
Administrative expenses (3,575) (5,070) (12,032)
(Loss)/profit from operations 2,449 (9,782) 2,197
Other income 17 18 535
Finance income - 3 -
Finance cost (649) (212) (974)
(Loss)/profit on ordinary
activities before taxation 1,817 (9,973) 1,758
Taxation 7 (67) (169) (300)
------------ ------------ -----------
Loss/(profit) for the year 1,750 (10,142) 1,458
Other comprehensive income - - -
------------ ------------ -----------
Total comprehensive loss for
the year 1,750 (10,142) 1,458
============ ============ ===========
(Loss)/profit attributable
to:
Owners of the parent (1,016) (1,407) (1,114)
Non-controlling interests 2,766 (8,735) 2,572
------------ ------------ -----------
1,750 (10,142) 1,458
============ ============ ===========
Total comprehensive (loss)/profit
attributable to:
Owners of the parent (1,016) (1,407) (1,114)
Non-controlling interests 2,766 (8,735) 2,572
------------ ------------ -----------
1,750 (10,142) 1,458
Earnings per share 8
Basic (0.004) (0.005) (0.45)
Diluted (0.004) (0.005) (0.45)
All operations are continuing.
Condensed consolidated statement of financial position
Note 30 June 2013 30 June 2012 31 Dec 2012
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
Non-current assets
Intangible assets 10 37,169 37,836 36,260
Property, plant and
equipment 9 22,220 23,021 22,696
Investments 11 3,000 3,500 3,000
Total non-current assets 62,389 64,357 61,956
------------- ------------- ------------
Current assets
Inventories 3,674 1,059 2,472
Due from customers
for construction contracts 10,176 - 15,110
Trade and other receivables 53,555 33,304 36,196
Cash and cash equivalents 5,475 4,519 5,388
------------- ------------- ------------
Total current assets 72,880 38,882 59,166
------------- ------------- ------------
Total assets 135,269 103,239 121,122
============= ============= ============
Equity and reserves
Share capital 12 20,324 20,324 20,324
Other Reserves 1,029 963 1,029
Retained earnings (8,867) (7,562) (7,335)
------------- ------------- ------------
Total equity and reserves 12,486 13,725 14,018
Non-controlling interest 35,865 21,776 33,083
------------- ------------- ------------
Total equity 48,351 35,501 47,101
------------- ------------- ------------
Non-current liabilities
Borrowings 1,809 6,021 2,868
------------- ------------- ------------
Total non-current liabilities 1,809 6,021 2,868
------------- ------------- ------------
Current liabilities
Borrowings 2,169 650 2,169
Trade and other payables 82,940 60,510 68,352
Taxation - 557 632
------------- ------------- ------------
85,109 61,717 71,153
------------- ------------- ------------
Total liabilities 86,918 67,738 74,021
------------- ------------- ------------
Total equity and liabilities 135,269 103,239 121,122
============= ============= ============
Condensed consolidated statement of cash flows
6 months 6 months 12 months
ended 30 ended 30 ended 31
June 2012 June 2012 Dec 2012
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
Cash flows from operating activities
(Loss)/profit before interest
and tax 1,817 (9,973) 1,758
Adjustments for:
Amortization of intangible assets 1,614 1,153 3,368
Depreciation of property, plant
and equipment 3,026 2,668 5,389
Loss on disposal - - (500)
Financial income - (3) -
Financial costs 649 212 974
Impairment of property, plant
and equipment - - 622
----------- ----------- ----------
Operating (loss)/profit before
changes in working capital 7,106 (5,943) 11,611
Increase in inventories (1,202) (242) (1,171)
(Increase)/decrease in trade and
other receivables (12,425) 19,895 (23,066)
Increase in trade and other payables 2,179 (13,559) 5,006
----------- ----------- ----------
Cash from/(used in) operations (4,342) 151 (7,620)
Income taxes paid (67) 170 (174)
----------- ----------- ----------
Net cash from/(used in) operating
activities (4,409) 321 (7,794)
----------- ----------- ----------
Cash flows from investing activities
Purchase of property, plant and
equipment (3,560) (2,885) (5,976)
Expenditure on intangibles (2,187) (479) (765)
Proceed from disposal of property,
plant and equipment - 21 -
Interest received - 3 -
Net cash used in investing activities (5,747) (3,340) (6,741)
----------- ----------- ----------
Cash flows from financing activities
Loan from directors 11,951 - 13,839
Interest paid (649) (212) (974)
Borrowings - 4,493 5,037
Loan repayment (1,059) - (1,236)
Net cash from financing activities 10,243 4,281 16,666
----------- ----------- ----------
Net change in cash and cash equivalents 87 1,262 2,131
Cash and cash equivalents at beginning
of the period 5,388 3,257 3,257
----------- ----------- ----------
Cash and cash equivalents at end
of the period 5,475 4,519 5,388
=========== =========== ==========
Condensed consolidated statement of changes in equity
Shares Non-controlling
Share to be Other Retained interest Total
capital issued reserve earnings Total equity
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Balance at 1 January
2013 20,324 - 1,029 (7,335) 14,018 33,083 47,101
Total comprehensive
loss for the year - - - (1,016) (1,016) 2,766 1,750
Acquisition of
non-controlling
interest without
a change in control - - - (516) (516) 16 (500)
--------- -------- --------- ---------- -------- ------------------- ---------
Balance at 30 June
2013 20,324 - 1,029 (8,867) 12,486 35,865 48,351
========= ======== ========= ========== ======== =================== =========
Balance at 1 January
2012 20,324 4,000 963 (6,155) 19,132 30,511 49,643
Total comprehensive
income for the
period - - - (1,407) (1,407) (8,735) (10,142)
Deferred share
consideration withdrawn - (4,000) - - (4,000) - (4,000)
--------- -------- --------- ---------- -------- ------------------- ---------
Balance at 30 June
2012 20,324 - 963 (7,562) 13,725 21,776 35,501
========= ======== ========= ========== ======== =================== =========
Balance at 1 January
2012 20,324 4,000 963 (6,155) 19,132 30,511 49,643
Total comprehensive
income/(loss) for
the period - - - (1,114) (1,114) 2,572 1,458
Deferred share
consideration withdrawn - (4,000) - - (4,000) - (4,000)
Transfer of statutory
reserve - - 66 (66) - - -
--------- -------- --------- ---------- -------- ------------------- ---------
Balance at 31 December
2012 20,324 - 1,029 (7,335) 14,018 33,083 47,101
========= ======== ========= ========== ======== =================== =========
Notes to the condensed consolidated financial statements
1. General information
Global Lock Safety (International) Group Co., Limited ("Global
Lock") is a company incorporated in British Virgin Islands ("BVI")
under the BVI Companies Act, 2004. The address of the registered
office is Akara Building, 24 De Castro Street, Wickhams Cay 1, Road
Town, Tortola, BVI. Global Lock is an investment company.
The nature of the Global Lock Group's operation and its
principal activity is the provision of security solutions to retail
stores across the People's Republic of China ("PRC"). The principal
place of business of the Global Lock Group's operation is at 19(th)
Floor, Cadre Headquarters Center Mansion, 168 Tongsha Road, Xili,
Nanshan, 518055 Shenzhen , PRC.
The group carries out its trading business through Shenzhen
Global Lock Security System Engineering Co., Ltd (Shenzhen GLOK), a
company incorporated in PRC. Global Lock Safety (Shenzhen) Limited
("Global Lock WFOE"), a wholly owned subsidiary of Global Lock has
entered into certain long term contractual agreements with Shenzhen
GLOK that all profits generated by Shenzhen GLOK are to be paid to
Global Lock WFOE.
These condensed financial statements present information about
the group and are set out in Renminbi ("RMB") of the PRC, which is
the functional currency of the group.
These condensed financial statements are presented in the
nearest thousands.
2. Basis of preparation
These condensed financial statements have been prepared in
accordance with International Accounting Standard 34 Interim
Financial Reporting.
The interim report is unaudited and does not constitute the
company's statutory accounts for the six months ended 30 June
2013.
The results of Shenzhen GLOK were fully consolidated in these
financial statements under IAS 27 through the contractual
agreements where full managerial, operational and financial control
of Shenzhen GLOK has been granted to Global Lock WFOE.
As announced on 17 May 2013, Global Lock WFOE and Shenzhen GLOK
have agreed to vary the exclusive Technology Support Agreement with
effect from 1 January 2012 so that instead of the service fee being
calculated by reference to the operating revenue of Shenzhen GLOK
in any profitable quarter it will be 25 per cent. of Shenzhen
GLOK's profit before tax for the financial year in question.
3. Significant accounting policies
The condensed financial statements have been prepared under the
historical cost convention.
The same accounting policies, presentation and methods of
computation have been followed in these condensed financial
statements as were applied in the preparation of the group's
financial statements for the year ended 31 December 2012.
4. Seasonality of interim operations
The revenue of the group has increased significantly compared to
the first six months of last year. This is mainly due to
accountability management in the branch level and sales teams and
collaboration with China Legal Daily (an official newspaper
distributed to all Chinese government department and law
enforcement agencies). As a result of this, the number of customers
has increased from 21,056 to 26,833.
5. Segment information
The group's revenue and profit before taxation were all derived
from only one segment which is its principal activity. All revenue
originates in the PRC and assets are mainly held in the PRC. As a
result of this, management considered that no segment reporting is
required.
6. Share-based payment charge
On 17 October 2010, Global Lock granted Allenby Capital, its
NOMAD "warrants to subscribe for ordinary share" which is equal to
1% of the fully diluted equity (the equity share capital of GLOK
from time to time plus all equity share capital which would arise
on exercise in full of all rights to subscribe for or convert into
equity share capital).
Judgements and estimates are required in determining the share
based payment charge as an expense in the income statement. The
directors have used Black-Scholes model which has been widely used
in valuing the share based payment charge. The directors are in the
opinion that the model used has been adjusted to their best
estimate in arriving at the charge.
7. Taxation
A company is deemed to be resident in PRC if it is established
in PRC or its effective management is in PRC. Residents are taxed
on their worldwide income. Non-residents are taxed on PRC source
income and income effectively connected with their establishments
in PRC.
Global Lock is regarded as resident for the tax purposes in BVI.
There are no applicable taxes in the BVI for the company.
GLOK Shenzhen and Shenzhen GLOK are regarded as residents for
the tax purposes in PRC and subject to national income tax rate at
25%. Due to its high technology enterprise status, the company is
entitled to a reduction in tax rate at 15%.
Interim income tax is accrued based on 15% tax rate.
8. Earnings per share
Basic loss per share
Basic loss per share is calculated by dividing the loss
attributable to equity shareholders of the company by the weighted
average number of ordinary shares in issue during the year.
30 June
2013
RMB'000
Loss attributable to equity holders of the company (1,016)
========
Weighted average number of shares in issue (thousands) 250,000
========
Diluted earnings per share
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. The dilutive
potential ordinary shares in the company are share options. A
calculation is done to determine the number of shares that could
have been acquired at fair value (determined as the average annual
market share price of the company's shares) based on the monetary
rights attached to outstanding share options. The number of shares
calculated above is compared with the number of shares that would
have issued assuming the exercise of the share options.
Weighted average number of ordinary shares (diluted):
30 June
2013
(thousands)
At beginning of the period 250,000
Effect of conversion of share options -
------------
At end of period 250,000
============
9. Property, plant and equipment
During the period, the group made additions of approximate RMB
3.56 million to property, plant and equipment.
10. Intangible assets
During the period, the group has acquired approximate RMB 2.18
million of customer relationship from the local business
operators.
11. Investments
On 27 February 2013, the Group disposed its entire shareholding
of Shenzhen China Security Investment Holding Co., Limited
("Shenzhen CSI") to 3rd party at the consideration of RMB 9 million
of which RMB 8 million will be payable to the Shenzhen CSI as
capital investment and the remaining RMB 1 million will be payable
to the Shenzhen Global Lock.
As announced on 21 March 2013, the Group entered the share
purchase agreement with other shareholders of Yuxi City Global Lock
Security System Engineering Co., Limited ("Yuxi"), to pursuant the
acquisition of the 50% of the entire share capital of the company
for the cash consideration of RMB 500,000, increasing its ownership
to 100%, a wholly owned subsidiary. The Group recognized an
increase in non-controlling interests of GBP16,000 and a decrease
in retained earnings of GBP516,000.
12. Share capital
The issued share capital of the company as at 30 June 2013 is
RMB 20,323,800 fully paid. There were no movements in the issued
share capital of the company in the current interim reporting
periods.
The holders of ordinary shares are entitled to receive dividends
as declared from time to time and are entitled to one vote per
share at meetings of the company. All shares rank equally with
regard to the company's residual assets.
At 30 June 2013, the company had the following outstanding share
options:
Date of grant: 17 Oct 2010
Number of option: 1% of the fully diluted equity
Option price: 16 pence (the lowest closing bid price of the
ordinary shares for the one week period following Admission on 21
October 2010)
Exercise period: 21.10.2010 - 20.10.2015
13. Acquisitions
On 1 June 2013, the Group entered an agreement with Changsha
Shenying Security Co., Limited to acquire its entire customer
database together with certain other tangible assets and equipment
for a total cash consideration of RMB 488,000 to be paid in three
installments, the first two of which are RMB 100,000 and RMB
300,000. The retention balance of RMB 88,000 will be payable after
one year.
14. Related party transactions
As at balance sheet date, the amount due to Mr Mo Xiang Li is
RMB 30,251,362 (H1 2012: RMB 14,051,090). The loan amounts are
interest free and repayable on demand.
Further details of the loan to Mr Mo Xiang Li are contained in
the company's announcement dated 24 June 2012.
Xinhua Xianghui Electronic Technology Co., Limited (formerly
known as Hunan Xiang Long Electronics Development Co., Ltd)
Xinhua Xianghui, the key supplier of the Group's equipment, is
owned by some of the directors. Details of transactions with Xinhua
Xianghui are presented below:
6 months ended 6 months ended
30 June 2013 30 June 2012
RMB RMB
Purchase of equipment 3,560,000 4,643,567
Balance payable 2,673,257 460,383
Prepayment for machinery equipment 1,715,279 1,818,936
Family Fortune International Co., Ltd
The Group has a non-trade balance receivable from a shareholder
of the Company, Family Fortune International Co., Ltd, of RMB
49,650 (H1 2012: RMB 111,752).
Shenzhen Family Fortune Investment Co., Ltd
The Group has non-trade balance receivable to Shenzhen Family
Fortune Investment Co., Ltd, a company with some common directors,
of RMB 1,323,450 (H1 2012: RMB 1,323,450).
Shenzhen Lin En Energy Investment Co., Ltd
The Group has non-trade balance receivable to Shenzhen Lin En
Energy Investment Co., Ltd, a company with some common directors,
of RMB 198,418 (H1 2012: RMB 198,418).
Shenzhen Family Fortune Security System Engineering Co., Ltd
The Group has non-trade balance receivable to Shenzhen Family
Fortune Security System Engineering Co., Ltd, a company with some
common directors, of RMB 198,418 (H1 2012: RMB NIL).
14. Related party transactions - continued
Global Lock International Investment Ltd
The Group has non-trade balance receivable to Global Lock
International Investment Ltd, a company with some common directors,
of RMB 7,235 (H1 2012: RMB NIL).
15. Events after the year end date
On 22 August 2013, 506 clients were acquired by Global Lock from
Qiandong Nanzhou Yuanxiang Security Co., Ltd. for a total cash
consideration of RMB783,000 to be paid in installments with the
initial ones being MB160,000 and RMB544,700. The retention balance
of RMB78,300 will be payable after one year.
End
This information is provided by RNS
The company news service from the London Stock Exchange
END
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