Global Connectivity - Interim Results to 30 June 2025

Statement of Comprehensive Income

Balance Sheet

The financial statements were approved and authorised for issue by the Board of Directors on 25 September 2025 and signed on its behalf by:

Keith Harris                                           Selwyn Lewis

Director                                                  Director

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Statement of Changes in Equity

Cash Flow Statement

Notes to the Financial Statements

1              General Information

These interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements of the Company as at and for the year ended 31 December 2024 which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the UK.

The interim financial statements for the six months ended 30 June 2025 are unaudited and have not been reviewed by the Company's auditors MAH, Chartered Accountants. The comparative interim figures for the six months ended 30 June 2024 are also unaudited.

2              Basis of preparation

The accounting policies applied by the Company in the preparation of these condensed interim financial statements are the same as those applied by the Company in its financial statements for the year ended 31 December 2024.

3              Other administration fees and expenses

Included within other administration fees and expenses are the following:

Directors' remuneration

The maximum amount of basic remuneration payable by the Company by way of fees to the Non-executive Directors permitted under the Articles of Association is £200,000 per annum. All Directors are each entitled to receive reimbursement of any expenses incurred in relation to their appointment. Mr Langoulant and Mr Lewis are entitled to receive an annual fee of £10,000 (2024: £10,000).

Executive Directors' fees

The Chairman is entitled to an annual fee of £105,000 (2024: £100,000).

All directors' remuneration and fees

Total fees and basic remuneration (including VAT where applicable) paid to the Directors for the period ended 30 June 2025 amounted to £63,997 (30 June 2024: £60,448) and was split as below. Directors' insurance cover amounted to £7,220 (30 June 2024: £7,489).

4              Taxation

The Company is resident in the Isle of Man for taxation purposes. The Isle of Man has a 0% rate of corporate income tax (2024: 0%) to which the Company is subject.

5              Basic and diluted profit/(loss) per share

(a)           Basic

Basic profit/(loss) per share is calculated by dividing the profit/(loss) attributable to equity holders of the Company by the weighted average number of shares in issue during the period.

(b)           Diluted

Diluted profit/(loss) per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has two categories of dilutive potential ordinary shares: warrants and share options.

Although the Company is reporting a profit from continuing operations for the period the exercise price of the warrants or performance criteria for the share options have not been met and therefore exercise cannot take place yet. The basic and diluted profit per share as presented on the face of the Income Statement are therefore identical.

6              Other financial assets

The infrastructure funding deal with Tiger Infrastructure Partners Fund III LP ("Tiger") completed on 25 October 2022. As a result, the Company transferred ownership of its two previously wholly owned subsidiaries, Secure Web Services Limited and Cadence Networks to a new intermediate holding company, Rural Broadband Solutions Holdings Limited, of which the Company now owns 2.82% (31 December 2024: 9.51%).

In the period the Company invested a further £75,000 investment in PLUG Group Limited ("PLUG") increasing its holding to 7 per cent of the PLUG shares (31 December 2024: 4%). The cost approximates its fair value at 30 June 2025.

The Company has estimated the fair value of its investment in Rural Broadband Solutions Holdings Limited, an unquoted equity instrument, and recognised the movement in fair value based on the information provided by the investee company.

7              Amounts due from related parties

This balance is unsecured and interest free. £32,760 (31 December 2024: £32,760) relates to management services recharges which are repayable on demand.

8              Trade and other receivables

The fair value of trade and other receivables approximates their carrying value.

9              Trade and other payables

The fair value of trade and other payables approximates their carrying value.

10            Post Balance Sheet Events

On 21 July 2025 Dr Keith Harris was appointed as the Non-Executive Chairman of PLUG.

On 12 August 2025 the Company received a judgement in its favour which enables it to move forward in the legal process to reclaim in full the debt owed by Mr Hersh of £375,000, in addition accrued interest as well as the cost of the hearings.