Interim Results

JADE ROAD INVESTMENTS LIMITED

INTERIM CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2024

Jade Road Investments Limited (AIM: JADE), the London quoted company focused on seeking the best risk-adjusted returns globally, is pleased to announce its interim results for the six months ended 30 June 2024.

Financial Highlights:

·   Total interest income decreased to US$0.01 million (H1 2023: US$0.59 million).

·   Net loss of $0.4 million (H1 2023: US$1.4 million loss).

·   Consolidated basic / diluted loss per share of US$ 0.11 cents (H1 2023: loss per share US$ 0.75 cents).

·   Consolidated NAV at 30 June 2024 decreased to a deficit of US$ (0.35) million/GBP (0.28) million (31 December 2023: US$0.05 million/GBP 0.04 million).

·   NAV per share at 30 June 2024 (0.10) cents ((0.08) pence) (31 December 2023: 0.02 cents / 0.01 pence).

·   Period end cash position of US$ 0.06 million (31 December 2023 : US$ 0.08 million).

·   Post period issue of Convertible loan note raising £80,000

FOR FURTHER INFORMATION, PLEASE CONTACT:

About Jade Road Investments

Jade Road Investments Limited is quoted on the AIM Market of the London Stock Exchange and is committed to providing shareholders with attractive uncorrelated, risk-adjusted long-term returns from a combination of realising sustainable capital growth and delivering dividend income.

Chairman's Statement

The Company's Results for the period to 30 June 2024 fully reflect the status of the Company following the disposal of its legacy assets described in our 2023 Annual Report. At this juncture the Company effectively became a shell company seeking an acquisition via a Reverse Take Over (RTO) and/or strategic partnerships to deliver future growth.

Since the end of this period the Company announced a strategic partnership with MBM Ltd. It is envisaged that the partnership will deliver investment opportunities for Jade in conjunction with its Investment Manager Heirloom Investment Management LLC. The partnership was announced on 16 August 2024 which can be viewed via the link below:

https://www.londonstockexchange.com/news-article/JADE/strategic-partnership-with-mbm-limited/16623422

As part of the agreement, MBM Ltd. will provide up to £300,000 in new capital to Jade via a Convertible Loan Note (CLN). The first tranche of £80,000 under the CLN has been received by the Company.

The Company's working capital remains constrained, however  management is managing creditors and seeking further finance to deliver its strategy.

Whilst the relationship with MBM Ltd. is embryonic, I am encouraged by the cooperation and support experienced to date and expect to be able to announce more details in the coming months.

The principal assets as of 30 June 2024 are detailed below:

John Croft

Chairman

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

The results above relate to continuing operations.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE FINANCIAL INFORMATION

1.        CORPORATE INFORMATION

The Company is a limited company incorporated in the British Virgin Islands ("BVI") under the BVI Business Companies Act 2004 on 18 January 2008. The address of the registered office is Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands VG 1110 and its principal place of business is 19/F., CMA Building, 64 Connaught Road Central, Central, Hong Kong.

The Company is quoted on the AIM Market of the London Stock Exchange (code: JADE) and the Quotation Board of the Open Market of the Frankfurt Stock Exchange (code: 1CP1).

The principal activity of the Company is investment holding. The Company is principally engaged in investing primarily in unlisted assets in the areas of mining, power generation, health technology, telecommunications, media and technology ("TMT"), and financial services or listed assets driven by corporate events such as mergers and acquisitions, pre-IPO, or re-structuring of state-owned assets.

The condensed consolidated interim financial information was approved for issue on 29 September 2023.

2.        BASIS OF PREPARATION

The condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting" and is presented in US Dollars.

3.        PRINCIPAL ACCOUNTING POLICIES

The condensed consolidated interim financial information has been prepared on the historical cost convention, as modified by the revaluation of certain financial assets and financial liabilities at fair value through the statement of comprehensive income.

The accounting policies and methods of computation used in the condensed consolidated financial information for the six months ended 30 June 2024 are the same as those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2023 and are those the Group expects to apply into financial statements for the year ending 31 December 2024. There was no impact on the Company's accounting policies as a result of any new or amended standards which became applicable for the current accounting period.

The seasonality or cyclicality of operations does not impact the interim financial information.

4.        SEGMENT INFORMATION

The operating segment has been determined and reviewed by the Board to be used to make strategic decisions. The Board considers there to be a single business segment, being that of investing activity.

The reportable operating segment derives its revenue primarily from debt investment in several companies and unquoted investments.

The Board assesses the performance of the operating segments based on a measure of adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation ("EBITDA"). This measurement basis excludes the effects of non-recurring expenditure from the operating segments such as restructuring costs. The measure also excludes the effects of equity-settled share-based payments and unrealised gains/losses on financial instruments.

The segment information provided to the Board for the reportable segment for the periods are as follows:

On 1 May 2024 the transfer of the 'Legacy Assets' consisting of the holdings in DocDoc Pte Limited, Future Metal Holdings Limited, Meize Energy Industrial Holdings Limited, Infinity Capital Group Infinity TNP, Project Nicklaus and Fook Lam Moon Holdings was approved by the shareholders at the annual general meeting. The corporate bond issued by the Group was also transferred. All assets and liabilities have been transferred to an independent third-party company which is not owned or controlled by the Group. The Group received no consideration in return for the transfer. These assets had been included as held for sale in the financial statements dated 31 December 2023.

The impact of fair value changes on the investments in the portfolio are as follows:

5.         ADMINISTRATIVE EXPENSES

6.         TAXATION

The Company is incorporated in the BVI and Hong Kong. The Company is not subject to any income tax in the BVI. The Company does not engage in any business activities or generate income in Hong Kong; therefore it is not subject to taxation in Hong Kong.

7.        DIVIDEND

The Board does not recommend the payment of an interim dividend in respect of the six months ended 30 June 2024 (30 June 2023: Nil).

8.        LOSS PER SHARE

The calculation of the basic and diluted earnings per share attributable to owners of the Group is based on the following:

Warrants issued to the Investment Manager were anti-dilutive and therefore there is no impact on the weighted average shares in issue. No warrants were issued during the current period ending 30 June 2024 (2023: 1,002,333).

9.        UNQUOTED FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

10.       LOANS AND OTHER RECEIVABLES AT FAIR VALUE THROUGH PROFIT OR LOSS