Gledhow Investments plc: Audited Results to 30 September 2020 and Notice of AGM
Gledhow Investments plc (GDH) Gledhow Investments plc: Audited Results to 30 September 2020 and Notice of AGM Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. 22 January 2021
Gledhow Investments plc ("Gledhow" or the "Company")
Final Audited Results for the Financial Year ended 30 September 2020
Notice of Annual General Meeting
I have pleasure in presenting your company's Annual Report and Financial Statements for the year ended 30 September 2020. Your directors continue to follow the same investment strategy, namely to invest in small to medium sized undervalued or fast growing companies, with the investment objective of achieving long term capital growth in excess of the FTSE All Share Index. We had cash of £382,396 at the year-end (2019: £124,840). The pre-tax profit was £507,686 (2019: pre-tax profit of £109,755). This is a record result for the Company. Despite the uncertain economic environment the Company is in a strong position thanks to its strong cash position and we look forward to being able to take opportunistic investments in small to medium sized undervalued companies as they arise. The Company was not impacted by the Covid-19 pandemic. Post the year end, the Company has continued to perform well, notably in October 2020, it exercised warrants, and sold 7,000,000 Remote Monitored Systems plc ("RMS") shares, that had a fair value of £14,000 at the year end date, for a net profit of approximately £112,000. The Company noted that on 19 October 2020, RMS announced the publication of a circular relating to the acquisition of a 100% interest in Pharm2Farm Limited ("P2F"), a business utilising a patented process for producing and functionalising nanoparticles for various applications including human, animal and crop health. Between 19 October 2020 and 3 November 2020, the price of RMS shares rose from approximately 0.7 pence per share to approximately 4.45 pence per share. The Company continues to build up positions in AIM, LSE and Aquis Exchange traded companies. The Notice of Annual General Meeting is set out at the back of the annual report and accounts. Shareholders will note that the Directors have included a new resolution 8 to approve a one-off bonus of £50,000 to be shared between the Directors and the Company Secretary. This is in recognition of the record results achieved this year and some reward for having kept the cost base to a minimum in previous years. We would be grateful for shareholders support of this resolution.
G R Miller Managing Director
21 January 2021
Statement of Comprehensive Income for the year ended 30 September 2020
The income statement has been prepared on the basis that all operations are continuing operations.
Statement of Financial Position as at 30 September 2020
The financial statements were approved by the Board and authorised for issue on 21 January 2021.
Statement of Changes in Equity for the year ended 30 September 2020
Statement of Cash Flows for the year ended 30 September 2020
Notice of Annual General Meeting
The notice convening the AGM is set out below. Given the current COVID-19 pandemic and the associated UK Government's restrictions on public gatherings and non-essential travel, which are in place at the time of issuing the Notice, the Company is adopting the following AGM arrangements in order to ensure that the health and wellbeing of our shareholders, Directors and other key stakeholders is protected:
Notice is hereby given that the Annual General Meeting of Gledhow Investments plc ("the Company") will be held at 10.00 am on 12 March 2021 at Peterhouse Capital Limited, 3rd Floor, 80 Cheapside, London, EC2V 6EE to consider the following resolutions of which numbers 1 to 5 will be proposed as ordinary resolutions and numbers 6 and 7 as special resolutions:
That the directors be generally and unconditionally authorised under section 551 of the Companies Act 2006 (the Act) to allot shares in the Company and to grant rights to subscribe for or to convert any security into shares in the Company on and subject to such terms as the directors may determine up to a total nominal amount of £510,000, such authority shall expire at the conclusion of the next annual general meeting of the Company after the date of the passing of this resolution unless renewed, varied or revoked by the Company in general meeting. The directors shall be entitled, under this authority, to make at any time prior to the expiry of this authority any offer or agreement which would or might require relevant securities to be allotted after the expiry of this authority. To consider and, if thought fit, pass the following resolutions as special resolutions:
proportionate (as nearly as may be) to the respective numbers of ordinary shares held by them, but subject to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to fractional entitlements or any legal or practical problems under the laws of any overseas territory or the requirements of any regulatory body or stock exchange; and
and shall expire on the date of the next annual general meeting of the Company, or if earlier, 15 months after the date of passing this resolution, save that the Company may before such expiry make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Board may allot equity securities under such offer or agreement as if the power conferred by this resolution had not expired.
By Order of the Board Registered Office: Brett Miller 3rd Floor Secretary 80 Cheapside London EC2V 6EE
Dated: 21 January 2021
Notes:
the AGM.
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ISIN: | GB0008842717 |
Category Code: | MSCM |
TIDM: | GDH |
Sequence No.: | 92011 |
EQS News ID: | 1162458 |
End of Announcement | EQS News Service |
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