5 November 2009
Tai Zi Capital Ltd (¡°Tai Zi¡±, or the ¡°Company¡±)
Unaudited Interim Results for the six months ended 30 June 2009
Highlights
A copy of the interim results is available on the Company¡¯s website
For further information, please contact:
Lawrence Man Kwan NG
+852 3719 7399
Tai Zi Capital Ltd
Dominique Doussot/Jonathan Evans
+44 (0) 20 7060 1760
ZAI Corporate Fianance Ltd
Chairman¡¯s Statement
I am pleased to present the unaudited interim accounts for the period ended June 30, 2009 of Tai Zi Capital Limited (¡°the Company¡±). The Company is an investment company focused on the acquisition of interests in property in Taiwan and more generally throughout Far East Asia. To date, the Company has not made any investments or any property acquisitions or otherwise carried out any trading activities.
Our interim results reflect merely the operating costs of maintaining the Company. As has been previously announced, at the request of the directors, the shares of the Company were suspended from trading on AIM on 4 June 2009, and they currently remain suspended; The suspension followed the detention of Mr. Jen-Ching Chen ("Mr. Chen"), the executive chairman of the Company, on2 June 2009 by Taiwan prosecutors in relation with an alleged fraud involving Prince Housing and Development Corp ("Prince Housing"), a property development company quoted on the Taiwan Stock Exchange. On 17 June 2009 Mr. Jen-Ching Chen ("Mr. Chen"), tendered his resignation as a director and the executive chairman of the Company.
Subsequent to these events, the board is aware that Prince Housing is seeking to dispose of its interest in the company so remove any impediment for the Company to continue with its investing strategy and return the company to trading on AIM. The board will keep shareholders informed of any significant developments. As of October 11, 2009, the current cash balance is US$ 5,249,358.
Lawrence Man Kwan Ng
Executive Director
TAI ZI CAPITAL LTD
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
|
Unaudited 6 months to 30.6.2009 |
Unaudited 6 months to 30.6.2008 |
Unaudited 6 months to 31.12.2008 |
|
USD |
USD |
USD |
|
|
|
|
Revenue |
0 |
0 |
0 |
Cost of sales |
0 |
0 |
0 |
|
|
|
|
Gross profit |
0 |
0 |
0 |
|
|
|
|
Administrative expenses |
(106,118) |
(289,303) |
(690,857) |
Other operating loss |
0 |
0 |
0 |
|
|
|
|
Loss from operations |
(106,118) |
(289,303) |
(690,857) |
|
|
|
|
Finance income |
2,655 |
0 |
43,792 |
Finance costs |
(1) |
0 |
(51) |
|
|
|
|
Loss before taxation |
(103,464) |
(289,303) |
(647,116) |
|
|
|
|
Income tax |
0 |
0 |
0 |
|
|
|
|
Loss for the period |
(103,464) |
(289,303) |
(647,116) |
|
|
|
|
Attributable to£º |
|
|
|
Equity shareholders of the company |
(103,464) |
(289,303) |
(647,116) |
|
|
|
|
|
|
|
|
|
|
|
|
TAI ZI CAPITAL LTD
CONDENSED CONSOLIDATED BALANCE SHEET
FOR THE SIX MONTHS ENDED 30 JUNE 2009
|
Unaudited 6 months to 30.6.2009 |
Unaudited 6 months to 30.6.2008 |
Unaudited 6 months to 31.12.2008 |
|
USD |
USD |
USD |
ASSETS |
|
|
|
Non-current assets |
0 |
0 |
0 |
|
|
|
|
Current assets |
|
|
|
Trade and other receivables |
|
500,000 |
6,536 |
Cash and cash equivalents |
5,247,907 |
|
5,361,181 |
Prepayment |
1,513 |
2,183 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
5,249,420 |
502,183 |
5,367,717 |
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
Share capital |
6,000,000 |
500,000 |
6,000,000 |
Accumulated losses |
(750,580) |
(289,303) |
(647,116) |
|
|
|
|
Total equity |
5,249,420 |
210,697 |
5,352,884 |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
0 |
291,486 |
11,436 |
Borrowings |
|
|
3,397 |
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
5,249,420 |
502,183 |
5,367,717 |
|
|
|
|
TAI ZI CAPITAL LTD
CONDENSED CONSOLIDATED SHEET OF CHARGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2009
|
Share |
Accumulated |
|
|
Capital |
Losses |
TOTAL |
|
USD |
USD |
USD |
At 1 January 2009 |
6,000,000 |
(647,116) |
5,352,884 |
Profit for the period |
|
(103,464) |
(103,464) |
|
|
|
|
At 30 June 2009 |
6,000,000 |
(750,580) |
(5249,420) |
|
|
|
|
FOR THE SIX MONTHS ENDED 30 JUNE 2008
|
Share |
Accumulated |
|
|
Capital |
Losses |
TOTAL |
|
USD |
USD |
USD |
At 1 January 2008 |
500,000 |
|
500,000 |
Profit for the period |
|
(289,303) |
(289,303) |
|
|
|
|
At 30 June 2008 |
500,000 |
(289,303) |
(210,697) |
|
|
|
|
FOR THE SIX MONTHS ENDED 30 JUNE 2008
|
Share |
Accumulated |
|
|
Capital |
Losses |
TOTAL |
|
USD |
USD |
USD |
At 1 January 2008 |
500,000 |
|
500,000 |
Issue of shares |
5,500,000 |
|
5,500,000 |
Profit for the period |
|
(647,116) |
(647,116) |
|
|
|
|
At 31 December 2008 |
6,000,000 |
(647,116) |
(5,352,884) |
|
|
|
|
TAI ZI CAPITAL LTD
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
|
Unaudited 6 months to 30.6.2009 |
Unaudited 6 months to 30.6.2008 |
Unaudited 6 months to 31.12.2008 |
|
|
|
|
Cash flows from operating activities |
(112,532) |
0 |
(686,008) |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
0 |
|
Interest received |
2,655 |
0 |
47,792 |
|
|
|
|
Net cash used in investing activities |
2,655 |
0 |
43,792 |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
Proceeds from issue of ordinary shares |
0 |
0 |
6,000,000 |
|
|
|
|
Net cash generated from financing activities |
|
0 |
6,000,000 |
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
0 |
5,357,784 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at Beginning of the period |
5,357,784 |
0 |
0 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of the period |
5,247,907 |
0 |
5,357,784 |
|
|
|
|