NBNK Investments : Annual Financial Report

NBNK Investments plc

('NBNK' or 'the Company')

Audited results for the period ending 31 December 2015

NBNK Investments plc (AIM: NBNK) announces its audited results for the period ending 31 December 2015.

The following is an extract from the Company's financial statements which will be posted to shareholders on or around 18 May 2016.

Chairman's review

We have continued to maintain the Company at low cost while appropriate opportunities have been sought to make an acquisition in accordance with the Company's investment policy. During the fourth quarter of 2015, we were in continuing discussions with certain businesses that we felt might make suitable acquisition targets. As a result, on 7 January 2016 we informed shareholders that the board had resolved to extend until 11 April 2016 the point at which the directors would consider if it was appropriate to return unused funds to shareholders and/or to wind up the Company. On that date, we confirmed that the further negotiations with potential targets had not produced an acquisition proposition capable of being recommended to shareholders for approval. As a consequence, the directors resolved that it was appropriate to return unused funds to shareholders and/or to wind up the Company. Detailed consideration has begun into the most cost effective and timely way to achieve this.

Consequently, the annual report and financial statements for the period to 31 December 2015 have been prepared on a wind-up basis.

On behalf of the board, I would like to thank shareholders for their support. Some shareholders have been with the Company since inception, others joined more recently, but all have been very supportive of the mission that NBNK set out to achieve. The board and I are disappointed that we were unable to deliver an acquisition that would have fulfilled the Company's investing policy and given value to shareholders.

Stephen L. Johnson

Chairman

Business review

The Company was incorporated on 2 July 2010 as De Facto 9999 Plc. On 2 August 2010, it changed its name to NBNK Investments plc. The directors of the Company are:

Stephen L. Johnson;

Lord Brennan of Bibury, QC.

The Company's objective has been to try and make a significant acquisition in the European financial services sector. It raised a significant sum from shareholders for this purpose and the directors were engaged throughout 2015 in seeking acquisition opportunities to meet its objective. The reported remit was that, if this objective was not met by 11 January 2016, then the directors would consider whether it was appropriate to return unused funds to shareholders. Although a brief extension to that timetable was agreed and announced by the directors, discussions with remaining potential acquisition targets did not progress satisfactorily and accordingly, on 11 April 2016, the Company announced that, there being no reasonable prospect for a successful acquisition, in line with the Company's investing policy the directors had resolved to return unused funds to shareholders.

A further announcement on the manner in which this will be achieved will be made in due course.

Financial results

Income statement

for the year ended 31 December 2015

		Year ended 31 December 2015 £000	Year ended 31 December 2014 £000
Interest income		49	50
Administrative expenses		(320)	(251)
Operating loss		(271)	(201)
Decrease in fair value of derivative financial liabilities		-	19
Loss before taxation		(271)	(182)
Taxation		-	-
Loss for the year		(271)	(182)
Earnings per share (pence) basic		(0.005)	(0.004)

Statement of financial position

as at 31 December

		2015 £000	2014 £000
Current assets
Accrued income and prepaid expenses		8	9
Cash and cash equivalents		19,744	20,013
Total current assets		19,752	20,022
Total assets		19,752	20,022
Current liabilities
Trade and other payables		48	47
Derivative financial liabilities		-	-
Total current liabilities		48	47
Total net assets		19,704	19,975
Equity
Called up share capital		5,377	5,377
Share premium		43,129	43,129
Capital redemption		45	45
Retained losses		(28,847)	(28,576)
Total equity		19,704	19,975

Statement of cash flows

for the year ended 31 December 2015

		Year ended 31 December 2015 £000	Year ended 31 December 2014 £000
Operating activities
Operating loss before taxation		(271)	(182)
Decrease in fair value of derivative financial liabilities		-	(19)
Decrease in receivables		1	2
Increase in payables		1	5
Cash flow from operating activities		(269)	(194)
Net decrease in cash and cash equivalents		(269)	(194)
Cash and cash equivalents at 1 January		20,013	20,207
Cash and cash equivalents at 31 December		19,744	20,013

Statement of changes in equity

for the year ended 31 December 2015

	Share capital £000	Share premium £000	Capital redemption £000	Accumulated losses £000	Total £000
Total equity as at 1 January 2015	5,377	43,129	45	(28,576)	19,975
Net loss and total comprehensive loss for the year	-	-	-	(271)	(271)
Total equity as at 31 December 2015	5,377	43,129	45	(28,847)	19,704

Annual General Meeting

The Annual General Meeting of the Company will be held on Tuesday 21 June 2016 at 2.00 p.m. at Fifth Floor, 100 Wood Street, London, EC2V 7EX.

Status of the information contained in this announcement

The financial information set out above does not constitute the Company's statutory accounts for 2015. Statutory accounts for the period ended 31 December 2015 and 31 December 2014 have been reported on by the Independent Auditors.

The Independent Auditors' Report on the Annual Report and Financial Statements for 2015 was unqualified, and included the following emphasis of matter:

Without modifying our opinion on the financial statements we draw your attention to the disclosures made in the financial statements concerning the company's decision to wind up the company and the basis on which the financial statements have been prepared. As it is the directors' intention to wind up the company, the financial statements have not been prepared on a going concern basis.

The Independent Auditors' Report on the Annual Report and Financial Statements for 2014 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

The statutory accounts for the period ended 31 December 2015 will be circulated to shareholders on or around 18 May 2015 and will be published on the Company's website. They will be delivered to the Registrar in due course.

The financial information in this announcement has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs). The accounting policies adopted in this announcement have been consistently applied and are consistent with the policies used in the preparation of the statutory accounts for the period ended 31 December 2014, save that the statutory accounts for the period ended 31 December 2015 have not been prepared on a going concern basis.

- Ends -

For further information contact:

Cenkos Securities plc (Nominated adviser and broker) Ian Soanes Ivonne Cantu	[phone]
Law Debenture Corporate Services Limited (Company Secretary) Ian Bowden	[phone]