REDCASTLE RESOURCES LIMITED — Interim / Quarterly Report 2014

Apr 29, 2014

GRP Corporation Limited

Suite 2, 16 Ord Street

West Perth WA 6005

ABN 57 096 781 716

PH: +61 (0)8 9429 2900

FX: +61 (0)8 9486 1011

EM: info@grpcorporation.com

ASX / MEDIA RELEASE

30 April 2014

The Company Announcements Platform ASX Limited Company Announcements Office SYDNEY NSW 2000

Company Update and Appendix 4C

Berkeley Investment Holdings Due Diligence

The board of GRP Corporation Ltd (ASX: GRP) has considered the proposal to acquire a Singapore Company Berkeley Investment Holdings Pte Ltd ("Berkeley").

Following an extensive due diligence, the board has declined this initiative and is investigate new proposals.

Debt Restructuring/ Funding Update

In the previous 31 December 2013 Quarterly report, the Company stated that it was concluding discussions with lenders to the Company and wanting to complete a restructuring of its debt.

Subject to the restructuring, the Company believed that it would be well positioned to complete a capital raising and complete the acquisition of a project and seek reinstatement to the ASX.

To that extent, the Company has announced (29 April 2014) that it has signed a binding agreement with Helpa Inc, agreeing to acquire 100% of the issued shares in Helpa Inc, and thereby acquiring the established global social media business, Spring.me

The completion of the restructuring and the acquisition of Helpa Inc will require regulatory and ASX approval, plus shareholder approval, which will be sorted at the earliest opportunity.

Appointment of new director

Mr Michael Thorley was appointed a Non-Executive Director effective 6 March 2014

Mr Thorley is an experienced Chartered Accountant, Company Executive and Director with more than forty years experience in financial management, project and corporate development, including engagements to the World Bank and Asian Development Bank.

Mark Rowbottam Non-Executive Chairman

Rule 4.7B

Appendix 4C

Quarterly report for entities admitted on the basis of commitments

Introduced 31/03/00 Amended 30/09/01, 24/10/05, 17/12/10

Name of entity

GRP Corporation Limited

ABN Quarter ended ("current quarter")

57096781716 31 March 2014

Consolidated statement of cash flows

	Cash flows related to operating activities	Current quarter$A'000	Year to date(9 months)$A'000
1.1	Receipts from customers	-
1.21.31.41.51.6	Payments for (a) staff costs(b) advertising and marketing(c) research and development(d) leased assets(e) other working capitalDividends receivedInterest and other items of a similar naturereceivedInterest and other costs of finance paidIncome taxes paid	(2)	(21)
1.7	Other (refund of listing fees)		(22)
	Net operating cash flows	(2)	(43)

+ See chapter 19 for defined terms.

		Current quarter	Year to date (6
		$A'000	months)
			$A'000
1.8	Net operating cash flows (carried forward)	(2))	(43
	Cash flows related to investing activities
1.9	Payment for acquisition of:
	(a) businesses (item 5)
	(b) equity investments
	(c) intellectual property(d) physical non-current assets		(10)
	(e) other non-current assets
1.10	Proceeds from disposal of:
	(a) businesses (item 5)
	(b) equity investments
	(c) intellectual property
	(d) physical non-current assets
	(e) other non-current assets
1.11	Loans to other entities
1.12	Loans repaid by other entities
1.13	Other (unsuccessful share capital )
	Net investing cash flows	-	(10)
1.14	Total operating and investing cash flows	(2)	(51)
	Cash flows related to financing activities
1.15	Proceeds from issues of shares, options, etc.	-
1.16	Proceeds from sale of forfeited shares	-
1.17	Proceeds from borrowings	2	53
1.18	Repayment of borrowings
1.19	Dividends paid
1.20	Other (Refund share subscriptions)
	Net financing cash flows	2	53
	Net increase (decrease) in cash held	0	0
1.21	Cash at beginning of quarter/year to date	1	1
1.22	Exchange rate adjustments to item 1.20		-
1.23	Cash at end of quarter	1	1

+ See chapter 19 for defined terms.

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter$A'000
1.24	Aggregate amount of payments to the parties included in item 1.2
1.25	Aggregate amount of loans to the parties included in item 1.11

1.26 Explanation necessary for an understanding of the transactions

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
• 2.2 Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available$A'000	Amount used$A'000
3.1	Loan facilities
3.2	Credit standby arrangements

+ See chapter 19 for defined terms.

Estimated cash outflows for next quarter

		$A'000
4.1	Exploration and evaluation (includes R and D )
4.2	Development
4.3	Production
4.4	Administration
	Total

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows)to the related items in the accounts is as follows.		Current quarter$A'000	Previous quarter$A'000
5.1	Cash on hand and at bank	1	1
5.2	Deposits at call	-	-
5.3	Bank overdraft	-	-
5.4	Other (provide details)	-	-
	Total: cash at end of quarter (item 1.23)	1	1

Acquisitions and disposals of business entities

			Acquisitions	Disposals
			(Item 1.9(a))	(Item 1.10(a))
6.1	Name of entity		Not Applicable
6.2	Place	of
	incorporation	or
	registration
6.3	Consideration for
	acquisition	or
	disposal
6.4	Total net assets
6.5	Nature of business

+ See chapter 19 for defined terms.

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.
• 2 This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

Sign here:	Director	Date: 30/04/2014
Print name:	Mark Rowbottam

Notes

• 1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• 1. The definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report except for any additional disclosure requirements requested by AASB 107 that are not already itemised in this report.
• 1. Accounting Standards. ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

+ See chapter 19 for defined terms.