TORONTO, ONTARIO and HONG KONG, CHINA–(Marketwired – May 2, 2017) – Spackman Equities Group Inc. (the “Company” or “SEGI“) (TSX VENTURE:SQG) today reported its audited financial results for the year ended December 31, 2016.
Investment income for the year ended December 31, 2016 was $5,645,000 compared to a loss of $9,215,000 for the same period one year ago.
Net income and comprehensive income for the year was $4,472,000 or $0.04 per share compared with a net loss and comprehensive loss of $9,198,000 or $0.06 per share for fiscal 2015.
The investment income and net income for 2016 reflects the increase in value of the Company’s holdings in Spackman Entertainment Group Limited (“SEGL”) which is listed on the Catalist of the Singapore Exchange.
At December 31, 2016, SEGI had $27,676,000, or $0.19 per share in cash or cash equivalents, marketable securities and investment in shares of a public company.
The Company owns 32.85% of SEGL, and based on the most recent closing price of SEGL’s shares of SGD $0.146, the market value of the Company’s stake in SEGL is SGD $22.2 million (CAD $19.4 million) or CAD $0.128 per SEGI share.
The audited financial statements for the year ended December 31, 2016 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:
- 32.85% 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.
- 100% of SEGI Investments Limited, an investment company that invests into public equities; and
- marketable securities.
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.
