Teathers, the AIM quoted Investing Company with an Investing Policy to invest in AIM quoted companies either on flotation, through secondary offerings or by purchasing shares in the market and unquoted companies, joint ventures or projects which the Board believes will be seeking a quotation on AIM within 12 to 18 months of such investment, has told DirectorsTalk this morning that it made the following investment on 1 July 2015 in accordance with its Investing Policy:
Investment of £50,000 in cash in MySQUAR Limited (“MySQUAR”)
As announced this morning MySQUAR was admitted to trading on AIM. Teathers has purchased 500,000 ordinary shares of no par value in the issued share capital of MySQUAR via a broker which has participated in the placing being conducted by MySQUAR in conjunction with Admission (representing approximately 0.27 per cent. of the issued share capital of MySQUAR on Admission) at a price of 10p per share.
The principal activity of the MySQUAR group is to design, develop and commercialise Myanmar- focused internet-based and mobile services, mobile messaging applications, including social networks, digital content, mobile games and to extend functionality to include in-app advertising, news aggregation, transaction-based monetisation and ecommerce.
For the period 5 June 2013 to 30 June 2014 the MySQUAR group made an audited loss before tax from ordinary activities of USD 870,553 on zero revenues. For the six month period ended 31 December 2014 the MySQUAR group made an unaudited loss before tax on ordinary activities of USD 822,771 (unaudited period from 5 June 2013 to 31 December 2013: loss before tax on ordinary activities USD 415,887) on zero revenues (unaudited period from 5 June 2013 to 31 December 2013: zero). Unaudited net liabilities as at 31 December 2014 were USD 20,949.
