Globe Capital Limited - Final Results

30 June 2023

Globe Capital Limited

("Globe Capital" or the "Company")

Audited Annual Results for the year ended 31 December 2022

Globe Capital Limited (AQSE: GCAP) is pleased to announce its audited annual results for year ended 31 December 2022.

The full audited annual report is available on the Company’s website https://globecapitalltd.com.

The audit report contains the following statement regarding going concern:

“We draw attention to the consolidated financial statements which indicates that the Group incurred a net loss of £94,111 for the year ended 31^st December 2022 and as that date, the Group’s current liabilities exceeded its current assets by £171,108 and its total liabilities exceeded its total assets by £332,403 respectively these conditions together with other matters as set forth in the notes to the consolidated financial statements, indicate a material uncertainty which make cast a significant doubt about the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Chairman’s statement

I am pleased to report the final audited results for the year ended 31 December 2022 of Globe Capital Limited (the “Company”, together with its subsidiaries, the “Group”).

Financial performance

The turnover for the year was £Nil (2021: £Nil) and the loss was £94,111 (2021: £13,039). The loss per share was 0.04 pence (2021: 0.005 pence). In the past year, the Directors have kept operational costs at a minimum, where possible.

Review of operations

The Company’s investment strategy is to seek and evaluate appropriate investment opportunities in businesses that offer capital growth.

The Company’s full annual report includes a going concern note in relation to the preparation of the financial statements, which confirms that whilst the Company’s current liabilities exceeded its current assets as at 31 December 2022 by £171,108, continued support is currently being provided by the Company’s Directors and shareholders Burns Singh Tennent-Bhohi (Glenpani Group & Eastport Ventures Inc.) and Simon Grant-Rennick. The Auditors have indicated a material uncertainty which may cast significant doubt about the Group’s ability to continue as a going concern, but have not qualified their opinion.

The Company is still well placed to take advantage of any opportunities as they arise through 2023 onwards and will continue to look for further fund raising opportunities and investments.

Simon Grant Rennick

Chairman

30th June 2023

REVIEW OF BUSINESS

Due to extremely challenging market conditions the Company has been unable to pursue any material investment transactions and much like the prior year, the principal activity has been to reduce administrative costs and to retire legacy creditors associated with prior management whilst the Board consider the most suitable investment strategy supported by a more positive environment within the capital markets community.

In addition to the Directors that have extended finance to the Company, the Company’s other material legacy lender, a £100,000 6% convertible redeemable loan note was purchased by a new party, Brustir Pte Ltd. Brustir have been incredibly supportive and understanding of the Company’s objectives and discussions to the Year End were positive in seeking solution to retire this note.

The Company, supported by its Board and shareholders remain committed to evaluating suitable investment transactions and opportunities and will continue to maintain a disciplined cost base whilst preparing for a more positive market.

POST YEAR END REVIEW

With the economic backdrop providing an environment that favours asset classes that carry less risk in financial markets, the Board believe that this could represent a landscape to evaluate deeply discounted assets with the markets current pricing of risk.

Consistent with the Company’s activity to the Year End 2022, the Board have not materially progressed any investment transactions as at date of this report.

The key considerations that the Board see as vital to the Company’s future success include considering its present investment policy, evaluating distressed operating assets, retiring, its final creditor, Brustir Pte Limited (outside of the Directors of the business that are committed to sourcing a value accretive strategy) that has been an extremely supportive lender to the business when acquiring a legacy convertible loan note last year. Discussions are ongoing with Brustir with respect potential solutions to redeem the outstanding balance and associated interest outstanding.

OUTLOOK

The Board are committed to deliver value to the shareholders of the Company and whilst presented with current market challenges remain optimistic of identifying investment opportunities that present attractive growth profiles.

Burns Singh Tennent-Bhohi

Director

30th June 2023

GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 DECEMBER 2022

GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 DECEMBER 2022

GLOBE CAPITAL LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

As at 31 DECEMBER 2022

The loss of the parent company for the year ended 31st December 2022 was £84,352 (2021 - £67,277)

GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 DECEMBER 2022

The directors of Globe Capital Limited accept responsibility for this announcement.

For further information

Globe Capital Limited

Darren Edmonston

Tel: +44 (0) 1279 635511

CORPORATE ADVISER AND CONTACT DETAILS:

Peterhouse Capital Limited

Guy Miller/ Narisha Ragoonanthun

Tel: +44 (0) 207 469 0930