Business
Interim Management Statement
Interim Management Statement.
About this update from Worldsec Limited
[{"type":"text","content":"\n \nRNS Number : 6758M Worldsec Ld 28 August 2013 \n \n\nWorldsec Limited\n \nInterim Report for the six months ended 30 June 2013\n \n \n \n \nThe board (the \"Board\") of directors of Worldsec Limited (the \"Company\") hereby submit the interim report on the Company and its subsidiaries (collectively known as the \"Group\") for the six months ended 30 June 2013.\n \nFor the six months ended 30 June 2013, the Group incurred a net loss of US$108,000. This compares with a net loss of US$94,000 for the corresponding period in the previous year. As at 30 June 2013, the Group's total equity stood at US$0.53 million as compared to US$0.63 million as at 31 December 2012.\n \nOn 2 August 2013, the Company announced a proposal to, inter alia, (i) raise new equity capital by way of (a) an open offer of 13,367,290 new shares at US$0.10 each to shareholders on the basis of one new share for every existing share held, and (b) a placing of up to 30,000,000 new shares at US$0.10 each, and (ii) adopt a new investment policy focusing primarily on investing in smaller unlisted businesses based mainly in the relatively fast growing economies of Greater China and South East Asia. Details of the proposal, which is subject to shareholders approval at the special general meeting to be held on 30 August 2013, are set out in the circular and the summary and securities note published by the Company on 2 August 2013. \n \nWith a view to strengthening the Board in anticipation of the proposed adoption of its new investment policy, the Company has appointed Mr. Ernest Chiu Shun She as an executive director and Mr. Martyn Stuart Wells as a non-executive director. Both Mr. She and Mr. Wells have substantial experience in relation to investments in Greater China and South East Asia. \n \nMeanwhile, to facilitate effective share transfer electronically, the Company has established a depositary interest facility, arranging for a depositary to issue dematerialised depositary interests (the \"Depositary Interests\") in respect of shares for shareholders preferring to hold such shares in uncertificated form. The Depositary Interests may then be held and transferred through the CREST electronic settlement system. Detailed information on the depositary interest arrangement can be found...