LifeStar Holding plc - Interim Directors’ Statement

On 15 May, GlobalCapital plc published its Interim Directors’ Statement to update the market on its performance during the first quarter of 2014.

During the first three months of the year, GlobalCapital plc incurred a further loss largely due to the adverse impact on the Group’s investments portfolio following the 7% drop in the local equity market. Furthermore, the Directors noted that the Company’s revenue was below target and below the comparable figure for the first quarter of 2013 while costs were relatively unchanged.

In conclusion, the Directors explained that active steps are being taken to strengthen the insurance business segment in line with the Company’s approved strategy which also includes the implementation of an aggressive transformation plan aimed at achieving stable growth, cost reduction and sustainable long-term profitability going forward in its core insurance business.