well13 Dec 2020 08:53
CIC Group Companies Operational Report
Our team delivers a high level of transaction advisory expertise based on multi-jurisdictional business experience over many years, integrated with long-term strategic outcomes paid in the majority, in equity in client companies based on success.
Directors:
Robert Rhodes - Australia (Chairman)
Terrance Larkan - Australia
David Toyoda - Canada
Inge Leutscher - Geneva
Li Honnguang - China
Stuart J. Bromley - UK (CEO)
4 to 1 indépendant directors
Summery of Operations
CIC CIC Capital started providing its services from February 2019 to client corporations not related to the company or its Directors. The net income in the fiscal year was CAD$2,372,013 which was allocated to client costs, loans. Cash received from clients was held in trust until performance obligations under contracts had been completed. Tax payable in that year was CAD$99,000. In the 2020 fiscal year, the company started to take on client referrals with a focus on larger scale corporations with increasing contract value.
The company earned both tradable shares and significant client shares that when admitted to a stock exchange will see significant value recorded as share-based revenue. With this rapid revenue growth requires in future all contracts through a new subsidiary currently being established - CIC Capital S.A. (Luxembourg) where revenue is taxed at 17%, shares issued as a dividend in specie at 0% tax. The company was very careful to establish its subsidiary in a jurisdiction which would ensure that we remain eligible for trading on a regulated market in Europe, in the event of a possible future secondary listing.
The clients we service are mainly referral’s from past clients and we are seeing the most growth from the E.U. and U.S. In this current fiscal year, the company filed a prospectus for a regulated public listing. This application is a first for a corporate services advisor on the exchange. The pace of the approval process is being managed by the Board as we fully understand that the future trading price will be measured by the cash in the bank and the value of the tradable securities earned from the client company. Although the regulator review is largely complete, but the company is holding back the final application to the stock exchange as the rapid growth of revenue, and potential values in client company shares become real.
This fiscal year also saw the company successfully re-admit a U.K. client on an E.U. exchange. CEO Stuart J. Bromley relocated to the U.K. to better service clients in the E.U. and U.S. whilst still maintaining the Asian office and clients. The company is self-supporting and does not require any capital by subscription. The Board sees significant value in the medium term and before any possible public listing will seek to acquire owner common share