TIDMNWIG
RNS Number : 7307E
Northwest Investment Group Ltd
14 April 2014
Northwest Investment Group Limited
("NWIG" or the "Company")
Final Results for the year ended 31 December 2013
11 April 2014
CHAIRMAN'S STATEMENT
On 9 June 2010, Northwest Investment Group Ltd. ("NWIG" or "the
Company") raised 3 million pounds from investors and was
successfully admitted to trading on the AIM market of the London
Stock Exchange. Since then we have been engaging ourselves in
selecting the high-value investment targets in the hydropower
market in Western China in accordance with the investing policy of
the Company.
Since admission to AIM, we have dedicated ourselves to making a
sizeable acquisition and have engaged with numerous people and
organizations in order to acquire or invest in hydropower projects.
However, we have not as yet concluded a transaction due to the
current financial environment. We will update shareholders as and
when anything is announceable. Since the Company has not
substantially implemented its investing policy within 18 months of
Admission then, in accordance with the AIM Rules, the Company's
investing policy is subject to the approval of shareholders at the
annual general meeting.
The year 2013 saw a global economic recovery which we hope will
facilitate completion of a transaction in 2014. We continue our
search to acquire high-quality hydropower assets in the western
area of China.
As the business develops, we will recruit more talented
personnel so that we can realise our strategic objectives. I would
like to extend my sincere thanks to my staff and board for their
zeal, vision and dedication.
Kaifeng Li
Chairman
A copy of the Annual Report and Notice of AGM are today being
posted to shareholders and will shortly be made available on the
Company's website http://www.northwestinv.com/
Contact details:
Northwest Investment Group Ltd. +86-(0)10 8724 6052
Kaifeng Li, Chairman
ZAI Corporate Finance Ltd +44-(0)20 7060 2220
Nomad and Broker
Ray Zimmerman/Wei Wang
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2013
Note Year ended Year ended
31 December 31 December
2013 2012
GBP'000 GBP'000
Revenue - -
Cost of sales - -
- -
Administrative expenses 3 (302) (336)
Operating loss (302) (336)
Bank interest received - -
Finance costs - -
------------- -------------
Loss before income tax (302) (336)
Income tax expense 5 - -
Loss for the year (302) (336)
============= =============
Earnings per share 6 Pence Pence
Basic and diluted earnings
per share (0.23) (0.25)
All amounts are derived from continuing operations.
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2013
Note As at As at
31 31
December December
2013 2012
GBP'000 GBP'000
Current assets
Trade and other receivables - -
Cash and cash equivalents 7 1,888 2,177
---------- ----------
1,888 2,177
---------- ----------
Total assets 1,888 2,177
========== ==========
Current liabilities
Trade and other payables 8 190 178
----------
190 178
---------- ----------
Total liabilities 190 178
========== ==========
Equity attributable to owners
of the parent
Share capital 9 670 670
Share premium 9 2,422 2,422
Retained earnings (1,394) (1,093)
---------- ----------
Total equity 1,698 1,999
========== ==========
Total liabilities and equity 1,888 2,177
========== ==========
The financial statements were approved by the Board of Directors
and authorised for issue on 11 April 2014.
Zheng Kang
Director
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2013
Share Share premium Retained Total
capital earnings
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December
2011 670 2,422 (757) 2,335
========= ============== ========== ========
Comprehensive income
Profit or loss - - (336) (336)
--------- -------------- ---------- --------
Total comprehensive
income - - (336) (336)
--------- -------------- ---------- --------
Balance at 31 December
2012 670 2,422 (1,093) 1,999
========= ============== ========== ========
Comprehensive income
Profit or loss - - (302) (302)
Total comprehensive
income - - (302) (302)
Balance at 31 December
2013 670 2,422 (1,394) 1,698
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2013
Note Year Year
ended ended
31 December 31 December
2013 2012
GBP'000 GBP'000
Net cash used in operating activities 10 (289) (204)
------------- -------------
Investing activities
Sincerity fund for potential
acquisition
Sincerity fund refunded
Net cash used in investing activities - -
------------- -------------
Net cash from financing activities - -
Net decrease in cash and cash
equivalents (289) (204)
Cash and cash equivalents at
beginning of the year 2,177 2,381
-------------
Cash and cash equivalents at
end of year 7 1,888 2,177
============= =============
About NWIG
The Company's objective is to generate an attractive rate of
return for Shareholders by taking advantage of opportunities to
invest in the hydropower market in Western China. The Directors
believe that Western China is relatively underdeveloped and
therefore offers an attractive potential opportunity to invest in
hydropower energy. The Directors also believe that it is likely
that there will be continued governmental support for investment in
hydropower projects in this region. The Company is seeking to make
a sizeable acquisition before the next annual general meeting in
2014, which most likely would be deemed a Reverse Takeover and
therefore would require shareholders' approval. It does not intend
to make any other smaller acquisitions or investments before then.
The Company will ultimately aim to acquire/invest in up to 2
power-generation projects with a capacity of approximately 200
megawatts. The Directors intend that the construction of these
projects would be completed before the next annual general meeting
in 2014. Before making an acquisition the Board or an independent
third party will carry out a feasibility study report to check the
environmental impact and to carry out a relevant profitability
analysis for each potential project. The Board will only complete
an acquisition if the project is considered environmentally
friendly and economically profitable.
The Company will be a value and growth oriented investor,
targeting opportunities with the ability for the Company to add
value either through its access to capital, its network of contacts
or by recruiting high quality personnel. The Company intends to be
an "active" investor rather than a "passive" investor.
The Company does not have a fixed life but the Directors
undertake to propose a resolution for the winding-up of the Company
if no investments are made within four years of Admission. If such
resolution is not passed, the Company will continue its operations
and a similar resolution will be put to Shareholders each year
thereafter if no investments have been made. In addition, pursuant
to the AIM Rules for Companies, if the Company has not
substantially implemented its investment policy before the next
annual general meeting in 2014, the investment policy will be
subject to approval by Shareholders at the next annual general
meeting and annually thereafter.
As the Company's Investment Policy is, in the first instance, to
seek an acquisition which would be deemed a Reverse Takeover and
therefore result in the Company ceasing to be an "investing
company" for the purposes of the AIM Rules and becoming a holding
company of an operating business, it will not be relevant for the
Company to undertake periodic reporting of its net asset valuation
before such an acquisition is made. Full year and half yearly
financial reporting will be undertaken in accordance with the AIM
Rules.
The Company has been advised that there are no specific
licences, consents or approvals required to carry on the Company's
current activities in the BVI. The Company has also been advised
that it does not require any specific licences in relation to its
current activities in the PRC and that it has reasonable grounds to
believe that it can obtain all necessary licences and permits at
the relevant time in order to make the proposed acquisition
detailed above.
It should be noted that the nature of the Company's activities
is speculative and, being dependent on specific investment
opportunities, uncertain, accordingly, an investment in the
Ordinary Shares is designed only for investors who understand such
risks and uncertainties and who can afford to bear the loss of
their individual investment.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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