TORONTO and HONG KONG, May 01, 2018 (GLOBE NEWSWIRE) -- Spackman Equities Group Inc. (the “Company” or “SEGI”) (TSXV:SQG) today reported its audited financial results for the year ended December 31, 2017.
Investment loss for the year ended December 31, 2017 was $13,354,000 compared to a gain of $5,645,000 for the same period one year ago.
Net loss for the year was $11,928,000 or $0.08 per share compared with a net gain of $4,472,000 or $0.03 per share for fiscal 2016.
The investment loss and net loss for 2017 reflects the decrease in value of the Company’s 21.5% stake in Spackman Entertainment Group Limited (“SEGL”) which is listed on the Catalist of the Singapore Exchange.
The Company’s financial statements for the year ended December 31, 2017 reflect that it is not an investment entity under IFRS 10 Consolidated Financial Statements and provide disclosures as required by IFRS 12 Disclosures of Interests of Other Entities including comparative summarized financial disclosure and other disclosures required under paragraph 21 of IFRS 12. These changes were made by the Company following a continuous disclosure review by the Ontario Securities Commission.
At December 31, 2017, SEGI had $14,321,000, or $0.10 per share in cash or cash equivalents, and investments in shares of a public company and privately-held companies.
The Company owns 21.5% of SEGL, and based on the most recent closing price of SEGL’s shares of SGD $0.08, the market value of the Company’s stake in SEGL is SGD $11.9 million (CAD $11.6 million) or CAD $0.08 per SEGI share.
The audited financial statements for the year ended December 31, 2017 and Management’s Discussion and Analysis of the results are posted on SEDAR at www.sedar.com.
About Spackman Equities Group Inc.
SEGI is an investment company that selectively invests into growth companies that possess proprietary know-how or technology, primarily in Asia. Its objective is to originate opportunities to invest into businesses at attractive valuations, build a compelling portfolio of holdings, and deliver the collective value of our investments to our shareholders.
The current holdings of SEGI consist of investments in public equities as well as privately-held companies. SEGI's holdings include:
- 21.51% ownership of Spackman Entertainment Group Limited, which is listed on the Catalist of the Singapore Exchange (ticker: 40E) and is a leading Korean film and entertainment company. Visit www.spackmanentertainment.com for further information.
- 0.43% of Spackman Media Group Limited, a Hong Kong incorporated company which is 33.76% owned by SEGL, and which, together with its subsidiaries, is collectively one of the largest entertainment talent agencies in Korea.
Visit www.spackmanequities.com for further information.
Forward-Looking Statements
Included in this news release may be matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) has in any way approved or disapproved of the contents of this press release.
For further information:
Richard Lee
Spackman Equities Group Inc.
info@spackmanequities.com
+852 8191 3370