Phoenician Corporation V Limited Interim Report

PHOENICIAN CORPORATION V LIMITED
 
INTERIM FINANCIAL STATEMENTS
 FOR THE SIX MONTHS ENDED 28 FEBRUARY 2011

CHAIRMAN'S STATEMENT
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2011
 
Since admission to PLUS in January 2010, the Company has sought investment opportunities, if deemed commercially appropriate, not only in the Eastern and Central Asia regions but also Western Asia, which includes the Middle East.
 
As announced on 24 December 2011, the Company has entered into a share purchase agreement with the shareholders of Prime Investments Group ("Prime") for the purchase of Prime's entire issued share capital. .  The shareholders of the Company approved the transaction at a shareholders' meeting held on 31 January 2011.

The directors of the Company have been working with Prime management and PLUS to fully complete the supplementary requests which have been raised subsequent to submission of the admission application submitted on 24 December 2010. The current long stop date is 24 June 2011.
 
Admission cannot occur without PLUS approval.

Jason R. Futko
Chairman
31 May 2011

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