Limitless Earth Regulatory News (LME)

Limitless Earth Plc - Half-year Report

PR Newswire

London, October 30

31 October 2016

LIMITLESS EARTH PLC

("Limitless" or the "Company")

UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2016

The Company is pleased to announce its half-yearly result for the six months to 31 July 2016.

CHIEF EXECUTIVE’S STATEMENT

Limitless is a proactive investing company that focuses on making investments in and assisting companies that show the potential to generate returns through capital appreciation. The directors look to make investments into small companies which have clear routes to value appreciation and which operate in sectors with long term growth prospects that are driven by demographic change. Examples of such sectors include Cleantech, Life Sciences and Technology. 

During the reporting period, the Company invested US$300,000, approximately £200,000, by way of 8 per cent. convertible senior notes, in Exogenesis Corporation, a private nanotechnology company which has developed nanoscale surface modification technology to, inter alia, improve the safety and efficacy of implantable medical devices and which is being used to develop next generation microscopy tools for DNA analysis.

The all other current investments are progressing in line with management expectations. For example, Chronix Biomedical is expected to start the listing process onto a regulated exchange in the coming months and Limitless’s participation in the initial funding should provide a good return to the shareholders of the Company.

The Board understands that cost control is important at all times and on behalf of the shareholders, the directors carefully keep operating costs to a minimum to preserve shareholder value.

For the period, Limitless made a net loss on operations of £65,477 and the unaudited balance sheet reflects the cash and cash equivalents at the reporting date of £1,242,626 and Investments held for trading totalling £1,296,443.

For further information, please contact:

There are no items of other comprehesive income.

NOTES TO THE FINANCIAL STATEMENTS

Limitless Earth plc is a company incorporated and domiciled in England and Wales. The Company’s ordinary shares are traded on AIM of the London Stock Exchange. The address of the registered office is 30 Percy Street, London W1T 2DB.

The principal activity of the Company is that of an investment company pursuing a strategy

2. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the period covered by these financial statements.

Basis of preparation

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.

The financial statements have been prepared under the historical cost convention.

The interim financial information for the six months ended 31 July 2016 has not been reviewed or audited. The interim financial report has been approved by the Board on 26 October 2015.

3. Loss per share

The basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the same weighted average number of shares during the period adjusted for the dilutive effect of share warrants and convertible loans outstanding during the period.

IAS 33 requires presentation of diluted earnings per share when a company could be called upon to issue shares that would decrease earnings per share or increase net loss per share. For a loss making company with outstanding share options and warrants, net loss per share would only be increased by the exercise of out-of-the money options and warrants. Since it seems inappropriate that option holders would act irrationally, no adjustment has been made to diluted earnings per share for out-of-the money options and warrants in the comparatives. There are no other diluting share issues.

4. Cash absorbed by operations

5. Copies of Interim Accounts

Copies of the interim results are available at the Group´s web site at

www.limitlessearthplc.com.