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RNS Number : 2996Z
Primorus Investments PLC
16 May 2019
 

 

Primorus Investments plc

 

("Primorus" or the "Company")

 

Final results for year ended 31 December 2018

CHAIRMAN'S STATEMENT

 

I am pleased to present the Chairman's Statement and Strategic report for the year ended 31 December 2018.

 

Overview

 

Primorus Investments plc ("Primorus") has a strong balance sheet with total assets (including cash of £408,000) as at 31 December 2018 amounting to £5.276 million (2017: £5.047 million), and net assets of £5.158 million (2017: £4.950 million)

 

It has been a successful year for the Company with the addition of several new investments as detailed below. 2018 was dominated by portfolio acquisition, consolidation and rationalisation through the participation in further funding rounds; acquisition of an initial stake in Greatland Gold PLC ("Greatland"); funding of loan notes in Zuuse Pty Ltd ("Zuuse"); the sale of our 10% stake in Horse Hill Developments Limited ("HHDL")  and the strong growth seen at Engage Technology Partners Limited ("Engage") and Fresho.

 

Highlights for the period were as follows:

 

·      Disposal of our 10% stake HHDL stake for net gain of approximately £1.1m

 

·      Investment in Greatland of approximately £630,000 to date

 

·      A further investment during 2018 in Engage of £1,000,000

 

·      Funding of loan notes in Zuuse during 2018 of approximately £275,000

 

Significant progress has also been made elsewhere in our portfolio and we look forward to providing updates as key news develops at TruSpine, Sport80, Fresho, Zuuse, WeShop, Nomad Energy, SOA, and StreamTV.

 

We regularly meet the CEOs and management of companies which are seeking funds to further their businesses. It is notable the comments we receive on the perceived difficulty in securing funding outside the VC/VCT and private equity universe. Several companies pointed out to us that there is simply a dearth of investors able to participate directly in pre-IPO and private funding rounds and that VC/VCT funding terms are onerous to the point of being unattractive.

 

It is important for shareholders to understand that whilst we do everything possible to support our existing investments because it is in our interest to do so, we do not have a direct effect on the exact timing of any given IPO and or trade sale. We do however maintain regular dialogue with the companies in question and use the Board's extensive experience in public markets to make a value judgement on when and if a transaction may occur.

Summary

As the Chairman of Primorus I would like to begin by thanking shareholders for their continued support. We have achieved a lot in the year including the first of our significant exits, the construction of a better-balanced and growing portfolio of listed and private investments. We have also gone through the year without any need to raise further capital and therefore have issued no new shares. All of this in the face of several difficult macro-economic events and unprecedented political uncertainty in the UK. That being said, and despite significant efforts, I believe none of this has not been reflected in the price of our shares at the time of writing.

The Board and I are well aware of the challenges that face investment companies in terms of gaining recognition for the value of their portfolios. Discounts to net asset values are the norm for UK listed investment companies, however it is my firm belief that the discount to value equation for Primorus is unduly wide. I can reassure shareholders that through a combination of improving market awareness and concluding successful exits we will endeavour to make significant progress towards our goal of growing the balance sheet to £25m in the short to medium term.

 

What we have achieved in the past year however should not be understated as it puts us in a much stronger position going forward.

As reflected in the accounts accompanying this report, we managed to achieve a net gain of approximately £1.1m on disposal of our 10% interest in HHDL. This involved several structured deals involving cash and shares in other listed entities that we in turn sold to realise the return. Not only was this complex and multi-stage but the share sales were with hindsight well timed and priced.

As well as being an excellent return on overall investment,  the HHDL exit should help demonstrate the ability of the company to realise tangible cash returns on its private investment portfolio. So whilst many of our investments are geared towards an IPO/Post-IPO exit mechanism, as demonstrated by HHDL, there are other ways to realise value from our portfolio.

It is my firm belief that if we can demonstrate a few more successful exits in the coming year then, gains aside, there is a strong case for the overall discount to net asset value of the company to improve and thus by definition the shareprice. This is what we are working towards.

Where we are materially different compared to previous years is that we now have a significant weighting in publicly listed stock and some interest-bearing corporate debt.

We own 37 million shares in Greatland Gold PLC ("Greatland") which has recently announced it is soon to kick off exploration across their projects and this includes the much-anticipated Havieron which now forms part of a Farm-in Agreement with Newcrest Mining (NCZ.AX) ('Newcrest"). We believe Greatland to be an opportunity of the highest order and the flow-through effect of success and newsflow has the potential to be a catalyst for our share price.

 

We also now hold in Zuuse A$500,000 in loan notes due December 2019 at an attractive rolled up coupon of 12% as well as some options. Zuuse is an international construction payments and lifecycle software vendor with significant operations in the UK, United States and Australia.

 

Elsewhere as reported recently in our Q1 2019 Report to shareholders our oil and gas portfolio has begun to clear some key hurdles and with respect to SOA Energy we expect there to be news of a drilling campaign on the Ofek Licence in Israel soon.

 

In our core pre-IPO investment portfolio most of our investee companies continue to make significant progress despite a difficult funding environment for unlisted companies. Our largest overall investment, Engage, has begun sales of its pure SaaS, fully-self serve product range and whilst early days, the spike in sales and billable transactions is very impressive. Fresho has grown its platform substantially and is busy expanding into new markets. They have attracted significant funding and are well financed to execute their business plan over the next 12 months. We have been made an offer to sell our stock but we declined for now.

 

Other companies such as WeShop, TruSpine and Sport:80 have made excellent progress however there is no doubt the timing to exits have been affected by weak UK equity markets for IPOs and scarce funding for smaller private companies.

 

We are committed to building up distributable returns such that when appropriate we can either buy our own shares back in the market or pay dividends to shareholders.

So reflecting on the last year and looking forward I am confident that the overall balance of our investments should enhance the potential for profitable returns and with no debt and no foreseeable need to raise capital, we are in a good position to maximise any potential uplifts and exits in our portfolio for existing shareholders.



 

 

 

Financial Results

 

The operating loss for the year was £4,000 (2017: £703,000 loss). The net loss after tax was £4,000 (2017: £947,000 loss). The decrease in the net loss is mainly due to net gains on AFS investments of £913,000 (2017: £41,000).

 

Total assets including cash at 31 December 2018 amounted to £5.276 million (2017: £5.047 million).

 

Outlook

 

The Board remains confident that the private and pre-IPO markets remain significantly under-served and as such significant opportunities exist for the Company going forward. We look forward to 2019 being one in which we can further demonstrate our business model by exiting some more of our investment positions, thereby realising tangible value for all shareholders.

 

We will continue to seek out further investments in line with the Company's investing strategy.

 

The directors would like to take this opportunity to thank our shareholders, staff and consultants for their continued support.

 

 

Jeremy Taylor-Firth

Chairman

16 May 2019

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

For further information, please contact:

Primorus Investments plc:                                          

+44 (0) 20 7440 0640

Alastair Clayton




Nominated Adviser:

+44 (0) 20 7213 0880

Cairn Financial Advisers LLP


James Caithie / Sandy Jamieson




Broker:

+44 (0) 20 3621 4120

Turner Pope Investments


Andy Thacker


FINANCIAL STATEMENTS

 

STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2018

 



2018

2017


Notes

£000

£000





Revenue




Investment income

2

7

-

Realised gain on disposal of AFS investments

2

985

12

Unrealised gain on market value movement of AFS investments

2

(79)

29

Total gains on AFS investments


913

41





Impairment provision on AFS investments

8

(100)

-

Share based payments


(212)

(311)

Administrative costs


(605)

(433)





Operating (loss)

3

(4)

(703)





Share of (loss) of associate

7

-

(45)

Net (loss) on disposal of associate

7

-

(199)

(Loss) before tax


(4)

(947)





Taxation

5

-

-

(Loss) for the year attributable to equity holders of the company


(4)

(947)













(Loss) per Share




Basic and diluted (loss) per share (pence)

6

(0.0001)

(0.0543)





 

There are no other recognised gains or losses for the year.

 

The Accounting Policies and Notes form an integral part of these Financial Statements.

 

STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2018

 

 



2018

2018

2017

2017

ASSETS

Notes

£000

£000

£000

£000







Non-Current Assets






Investment in Associate

7

-


-


Available for Sale Investments

8

4,779


3,761





4,779


3,761

Current Assets






Trade and other receivables

9

89


725


Cash and cash equivalents

10

408


561





497


1,286







Total Assets



5,276


5,047

 

LIABILITIES












Current Liabilities






Trade and other payables

11

(118)


(97)


Total Liabilities



(118)


(97)







Net Assets



5,158


4,950







EQUITY












Equity Attributable to Equity Holders
of the Company












Share capital

13

15,391


15,391


Share premium account


35,296


35,296


Share based payment reserve


683


471


Retained earnings


(46,212)


(46,208)








Total Equity



5,158


4,950







These Financial Statements were approved by the Board of Directors and authorised for issue on 16 May 2019.

 

 

The Accounting Policies and Notes form an integral part of these Financial Statements.

 

STATEMENT OF CHANGES IN EQUITY
AT 31 DECEMBER 2018

 

 


Share

capital

Share

premium

Share based payment reserve

Retained

earnings

Total

attributable

to owners

of the Company


£000

£000

£000

£000

£000







Balance at 31 December 2016

15,223

32,205

160

(45,261)

2,327







Loss for the year

-

-

-

(947)

(947)

Total comprehensive income

 for the year

-

-

-

(947)

(947)

Shares issued

168

3,219

-

-

3,387

Share Issue costs

-

(128)

-

-

(128)

Share options issued

-

-

311

-

311

Transactions with owners of the company

168

3,091

311

-

3,570







Balance at 31 December 2017

15,391

35,296

471

(46,208)

4,950







Loss for the year

-

-

-

(4)

(4)

Total comprehensive income for the year

-

-

-

(4)

(4)







Share options issued

-

-

212

-

212

Transactions with owners of the company

-

-

212

-

212







Balance at 31 December 2018

15,391

35,296

683

(46,212)

5,158



STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2018

 

 


2018

2018

2017

2017


£000

£000

£000

£000

Cash Flows from Operating Activities










Operating Loss


(4)


(703)

Adjustments for:





Share based payment charge

212


311


Impairment provision

100


-


Change in trade and other receivables

(47)


(26)


Change in trade and other payables

21


59


Change in AFS Investments

(175)


(2,530)


Taxation (paid)

-


-




107


(2,186)

Net Cash used in Operating Activities


107


(2,889)






Cash Flows from Investing Activities





Loan advanced to associate

-


(5)


Loan advanced to related party

(260)


(25)


Net Cash used in Investing Activities


(260)


(30)






Cash Flows from Financing Activities





Proceeds from share issues

-


3,387


Share issue costs

-


(128)


Net Cash in generated from Financing Activities


-


3,259






Net Change in Cash and Cash Equivalents


(153)


340






Cash and Cash Equivalents at beginning of period


561


221






Cash and Cash Equivalents at end of period


408


561



 

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2018

 

1.   Accounting Policies

 

      Basis of Preparation

 

Primorus Investments Plc is a company incorporated in the United Kingdom. The Company's shares are listed on the AIM market of the London Stock Exchange, and on the NEX Exchange Growth Market as operated by NEX Exchange Limited ("NEX").

 

The Financial Statements are for the year ended 31 December 2018 and have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards as adopted by the EU ("adopted IFRS").  These Financial Statements (the "Financial Statements") have been prepared and approved by the Directors on 16 May 2019 and signed on their behalf by Donald Strang and Alastair Clayton.

 

The accounting policies have been applied consistently throughout the preparation of these Financial Statements, and the financial report is presented in Pound Sterling (£) and all values are rounded to the nearest thousand pounds (£'000) unless otherwise stated.

 

Investing Policy

The Company's investing policy is to acquire a diverse portfolio of direct and indirect interests in exploration and producing projects and assets in the natural resources sector in addition to acquisition(s) in the leisure, corporate services, consultancy and brand licensing sectors. The Company will consider possible opportunities anywhere in the world.

 

The Directors have considerable experience investing, both in structuring and executing deals and in raising funds. The Directors will use this experience to identify and investigate investment opportunities, and to negotiate acquisitions. Wherever necessary the Company will engage suitably qualified technical personnel to carry out specialist due diligence prior to making an acquisition or an investment.

 

The Company may invest by way of outright acquisition or by the acquisition of assets, including the intellectual property, of a relevant business, or by entering into partnerships or joint venture arrangements. Such investments may result in the Company acquiring the whole or part of a company or project (which in the case of an investment in a company may be private or listed on a stock exchange, and which may be pre-revenue), and such investments may constitute a minority stake in the company or project in question.

 

The Company may be both an active and a passive investor depending on the nature of the individual investments in its portfolio. Although the Company intends to be a long-term investor, the Directors will place no minimum or maximum limit on the length of time that any investment may be held.

 

The Directors may offer new Ordinary Shares by way of consideration as well as cash, thereby helping to preserve the Company's cash for working capital and as a reserve against unforeseen contingencies including by way of example, and without limitation, delays in collecting accounts receivable, unexpected changes in the economic environment and unforeseen operational problems. The Company may in appropriate circumstances issue debt securities or otherwise borrow money to complete an investment. The Directors do not intend to acquire any cross-holdings in other corporate entities that have an interest in the Ordinary Shares.

 

There are no restrictions in the type of investment that the Company might make nor on the type of opportunity that may be considered other than set out in this Investing policy.

 

In addition, the Directors may consider from time to time other means of facilitating returns to Shareholders including dividends, share repurchases, demergers, and schemes of arrangements or liquidation.

 

Going Concern

The Directors noted the losses that the Company has made for the Year Ended 31 December 2018.  The Directors have prepared cash flow forecasts for the period ending 31 May 2020 which take account of the current cost and operational structure of the Company.

 

The cost structure of the Company comprises a high proportion of discretionary spend and therefore in the event that cash flows become constrained, costs can be quickly reduced to enable the Company to operate within its available funding.

 

These forecasts demonstrate that the Company has sufficient cash funds available to allow it to continue in business for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

 

It is the prime responsibility of the Board to ensure the Company remains a going concern. At 31 December 2018 the Company had cash and cash equivalents of £408,000 and no borrowings. The Company has minimal contractual expenditure commitments and the Board considers the present funds sufficient to maintain the working capital of the Company for a period of at least 12 months from the date of signing the Annual Report and Financial Statements. For these reasons the Directors adopt the going concern basis in the preparation of the Financial Statements.

 

New standards, amendments and interpretations adopted by the Company

 

No new and/or revised Standards and Interpretations have been required to be adopted, and/or are applicable in the current year by/to the Company, as standards, amendments and interpretations which are effective for the financial year beginning on 1 January 2018 are not material to the Company.

 

New standards, amendments and interpretations not yet adopted

 

At the date of authorisation of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements, were in issue but not yet effective for the year presented:

 

- IFRS 16 in respect of Leases which will be effective for accounting periods beginning on or after 1 January 2019.

 

- IFRS 17 Insurance Contracts (effective date 1 January 2021).

 

There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company.

 

Sources of Estimation and Key Judgements

 

The preparation of the Financial Statements requires the Company to make estimates, judgements and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. The Directors base their estimates on historic experience and various other assumptions that they believe are reasonable under the circumstances, the results of which form the basis of making judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

Revenue

 

Revenue is measured by reference to the fair value of consideration received or receivable by the Company for services provided, excluding VAT and trade discounts.  Revenue is credited to the Income Statement in the period it is deemed to be earned.

 

Interest income from financial assets at FVPL is included in the net fair value gains/(losses) on these assets. Interest income on financial assets at amortised cost and financial assets at,  available-for-sale securities, held-to-maturity investments and loans and receivables is calculated using the effective interest method is recognised in the statement of profit or loss as part of investment or other income.

 

Finance Income and Costs

 

Finance income and costs are reported on an accruals basis.

 

Taxation

 

Current tax is the tax currently payable based on taxable profit for the year.

 

Deferred income taxes are calculated using the liability method on temporary differences.  Deferred tax is generally provided on the difference between the carrying amounts of assets and liabilities and their tax bases.  However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit.  Deferred tax on temporary differences associated with shares in subsidiaries and joint ventures is not provided if reversal of these temporary differences can be controlled by the Company and it is probable that reversal will not occur in the foreseeable future.  In addition, tax losses available to be carried forward as well as other income tax credits to the Company are assessed for recognition as deferred tax assets.

 

Deferred tax liabilities are provided in full, with no discounting.  Deferred tax assets are recognised to the extent that it is probable that the underlying deductible temporary differences will be able to be offset against future taxable income.  Current and deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date.

 

Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity in which case the related deferred tax is also charged or credited directly to equity.

 

Foreign Currencies

 

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Non-monetary items that are measured at historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Any exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were initially recorded are recognised in the profit or loss in the period in which they arise.  Exchange differences on non-monetary items are recognised in other comprehensive income to the extent that they relate to a gain or loss on that non-monetary item taken to other comprehensive income, otherwise such gains and losses are recognised in the income statement.

 

The Company's functional currency and presentational currency is Sterling.

 

Equity

 

Equity comprises the following:

·    "Share capital" representing the nominal value of equity shares.

·    "Share premium" representing the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue.

·    "Share based payment reserve" represents the value of equity benefits provided to employees and directors as part of their remuneration and provided to consultants and advisors hired by the Company from time to time as part of the consideration paid.

·    "Retained earnings" representing retained profits.

 



 

 

Financial Assets

 

Financial assets are divided into the following categories:  loans and receivables and available-for-sale financial assets.  Financial assets are assigned to the different categories by management on initial recognition, depending on the purpose for which they were acquired, and are recognised when the Company becomes party to contractual arrangements. Both loans and receivables and available for sale financial assets are initially recorded at fair value.

 

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.  Trade, most other receivables and cash and cash equivalents fall into this category of financial assets. Loans and receivables are measured subsequent to initial recognition at amortised cost using the effective interest method, less provision for impairment.  Any change in their value through impairment or reversal of impairment is recognised in the income statement.

 

Provision against trade receivables is made when there is objective evidence that the Company will not be able to collect all amounts due to it in accordance with the original terms of those receivables.  The amount of the write-down is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows.

 

A financial asset is derecognised only where the contractual rights to the cash flows from the asset expire or the financial asset is transferred and that transfer qualifies for derecognition.  A financial asset is transferred if the contractual rights to receive the cash flows of the asset have been transferred or the Company retains the contractual rights to receive the cash flows of the asset but assumes a contractual obligation to pay the cash flows to one or more recipients.  A financial asset that is transferred qualifies for derecognition if the Company transfers substantially all the risks and rewards of ownership of the asset, or if the Company neither retains nor transfers substantially all the risks and rewards of ownership but does transfer control of that asset.

 

Available-for-sale financial assets are non-derivative financial assets that are either designated to this category or do not qualify for inclusion in any of the other categories of financial assets. The Company's available-for-sale financial assets include listed and unlisted securities. These available-for-sale financial assets are measured at fair value. Gains and losses are recognised in the income statment and reported within revenue, except for impairment losses and foreign exchange differences, which are recognised separately within the income statement. When the asset is disposed of or is determined to be impaired, the cumulative gain or loss is recognised in the income statement.

 

Financial Liabilities

 

Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Company becomes a party to the contractual provisions of the instrument. 

 

All financial liabilities initially recognised at fair value less transaction costs and thereafter carried at amortised cost using the effective interest method, with interest-related charges recognised as an expense in finance cost in the income statement.  A financial liability is derecognised only when the obligation is extinguished, that is, when the obligation is discharged or cancelled or expires.

 



 

 

Cash and Cash Equivalents

 

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

 

Share-Based Payments

 

The Company operates a number of equity-settled, share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments (options) of the Company.  The fair value of the employee services received in exchange for the grant of the options is recognised as an expense.  The total amount to be expensed is determined by reference to the fair value of the options granted:

·    including any market performance conditions;

·    excluding the impact of any service and non-market performance vesting conditions (for example, profitability or sales growth targets, or remaining an employee of the entity over a specified time period; and

·    including the impact of any non-vesting conditions (for example, the requirement for employees to save).

 

Non-market vesting conditions are included in assumptions about the number of options that are expected to vest.  The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. 

 

In addition, in some circumstances, employees may provide services in advance of the grant date, and therefore the grant-date fair value is estimated for the purposes of recognising the expense during the period between service commencement period and grant date.

 

At the end of each reporting period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions.  It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

 

When the options are exercised, the Company issues new shares.  The proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium.



 

 

2.   Segment Reporting & Revenue

 

        The Company is now operating as a single UK based segment with a single primary activity to invest in businesses so as to generate a return for the shareholders.  The revenue from this segment, generated from sale of investments, was £985,000 (2017 - £12,000). The non-current assets of the segment is £4,779,000 (2017 - £3,761,000).


2018

2017


£000

£000

Revenue



Investment income - interest received on loan notes

7

-

Realised gain on disposal of AFS investments

985

12

Unrealised gain on market value movement of AFS investments

(79)

29


913

41




 

3.   Operating Activities and Auditor's Remuneration


2018

2017


£000

£000

Included within results from operating activities are the following:






Operating lease rentals - land and buildings

35

10

Auditor's remuneration:



  Audit services:



  - Company statutory audit

10

10

  Non-audit services:



  - Taxation compliance

-

-

 

4.   Information Regarding Directors and Employees

 


2018

2017


£000

£000

Employment costs, including Directors, during the year:






Wages and salaries

336

190

Share based payments

-

311


336

501




Average number of persons, including Directors employed

No.

No.




Administration

4

4


4

4




Directors' remuneration

£000

£000




Emoluments

320

489




The Company operates only the basic pension plan required under UK legislation, contributions thereto during the year amounted to £nil (2017: £15).






 

 

        Emoluments of the Individual Directors

 


Fees and

Share based



salaries

payments

Total



(non-cash)


2018

£000

£000

£000

A Clayton

200

106

306

J Taylor Firth

60

106

166

D Strang

60

-

60


320

212

532





2017

£000

£000

£000

A Clayton

112

156

268

J Taylor Firth

42

-

42

D Strang

24

155

179


178

311

489

 

        Directors' interest in share options is set out in Note 14.

 

        Key Management Personnel

 

        The key management personnel are considered to be the Directors.  Their remuneration is included in Note 4 above.

 

5.   Income Tax (Credit)/Expense

 

        The relationship between the expected tax (credit)/expense based on the effective tax rate of the Company at 19% (2017 - 19/20%) and the tax (credit)/expense actually recognised in the income statement can be reconciled as follows:

 


2018

2017


£000

£000




Loss for the year before tax

(4)

(947)

Tax rate

19%

19/20%

Expected tax credit

(1)

(182)




Expenses not deductible for tax purposes

41

68

Deferred tax asset not recognised

-

114

Set off against tax losses

(40)

-




Actual tax expense

-

-

 

        Deferred Tax

 

        The amount of approximate unused tax losses for which no deferred tax asset is recognised in the statement of financial position is £1,759,000 (2017 - £1,973,000).

 



 

 

6.   Loss per Share

 



Weighted average

No. of shares

Basic per share amount

2018

£000


(pence)





Loss after tax

(4)



Earnings attributable to ordinary shareholders

(4)







Weighted average number of shares


2,796,619,344






Total basic and diluted loss per share



(0.0001)





2017

£000


(pence)





Loss after tax

(947)



Earnings attributable to ordinary shareholders

(947)







Weighted average number of shares


1,743,253,998






Total basic and diluted loss per share



(0.0543)

 

7.   Investment in associate

 


2018

2017


£000

£000




Investment in associate

-

-





2018

2017


£'000

£'000




Carrying amount at 1 January

-

155

Share of associate loss

-

(45)

Value at disposal of associate

-

(110)

Carrying amount at 31 December

-

-

 

On 1 December 2017, the Company completed the sale of its entire 49% interest in Gold Mines of Wales Limited to Alba Mineral Resources PLC ("Alba") for a total consideration of 83,333,333 shares in Alba. Alba's closing share price on December 1 2017 was 0.38p, these shares had a market value of approximately £316,667 and representED 3.6% of the enlarged issued share capital of Alba at that date. These shares are subject to a six month orderly market agreement and were issued immediately upon completion of the sale.

 

Disposal of Associate

£'000





Sale Proceeds

316


Value of loan to associate satisfied on disposal

(405)


Value of associate at disposal

(110)


(Loss) on disposal of associate

(199)




 

 

8.   Available for Sale Investments

 



2018

2017


Investment in listed and unlisted securities

£000

£000


Valuation at beginning of the period

3,761

915


Additions at cost

3,621

3,052


Disposal proceeds

(4,332)

(247)


Investee loan "sold" included within equity sale

943

-


Gains on disposals

985

12


(Loss) / gain on Market value revaluation

(79)

29


Impairment in value of unlisted investment

(100)

-


Foreign exchange loss

(20)

-


Valuation at the end of the period

4,779

3,761






The available for sale investments splits are as below:




Non-current assets - listed

902

466


Non-current assets - unlisted

3,872

3,295



4,779

3,761






The Directors have reviewed the carrying value of the unlisted investments, and have considered an impairment of  £100,000 against the Company's investment in Farina Investments (UK) Limited is appropriate on the basis of Farina Investments (UK) Limited's current difficult trading position.

 

For the year ended 31 December 2017, an impairment of £nil against the Company's investment.

 


Available-for-sale investments comprise both listed and unlisted investments. The listed investments are traded on stock markets throughout the world, and are held by the Company as a mix of strategic and short term investments.

 

9.   Trade and Other Receivables

 

Current trade and other receivables

2018

2017


£000

£000




Trade receivables

-

-

Other receivables

30

24

Due from related party (see Note 16)

-

683

Prepayments and accrued income

59

18


89

725

 

        The directors consider that the carrying amount of trade and other receivables approximates to their fair value.



 

 

10. Cash at Bank and Cash Equivalents

 


2018

2017


£000

£000




Cash at Bank

408

561

 

11. Trade and Other Payables

 


2018

2017

Current trade other payables

£000

£000




Trade payables

19

44

Taxation and social security

15

13

Accruals and deferred income

84

40


118

97

 

        All amounts are short term and the carrying values are considered to be a reasonable approximation of fair value.

 

12. Risk Management Objectives and Policies

 

        Financial assets by category

 

        The categories of financial asset included in the balance sheet and the headings in which they are included are as follows:

 

Current assets

2018

2017


£000

£000




Loans and receivables

30

725

Cash

408

561


438

1,268

 

        Financial Liabilities by Category

 

        The categories of financial liability included in the balance sheet and the headings in which they are included are as follows:

 

Current liabilities






Financial liabilities measured at amortised cost

118

97

 

        The Company is exposed to market risk through its use of financial instruments and specifically to credit risk, and liquidity risk which result from both its operating and investing activities. The Company's risk management is coordinated at its headquarters, in close co-operation with the board of Directors, and focuses on actively securing the Company's short to medium term cash flows by minimising the exposure to financial markets. Long term financial investments are managed to generate lasting returns. The Company does not actively engage in the trading of financial assets for speculative purposes nor does it write options. The most significant financial risks to which the Company is exposed to are described below.



 

 

        Interest rate sensitivity

 

        The Company is not substantially exposed to interest rate sensitivity, other than in relation to interest bearing bank accounts.

 

        Credit risk analysis

 

        The Company's exposure to credit risk is limited to the carrying amount of trade receivables. The Company continuously monitors defaults of customers and other counterparties, identified either individually or by Company, and incorporates this information into its credit risk controls. Where available at reasonable cost, external credit ratings and/or reports on customers and other counterparties are obtained and used. Company's policy is to deal only with creditworthy counterparties. Company management considers that trade receivables that are not impaired for each of the reporting dates under review are of good credit quality, including those that are past due.

 

        None of the Company's financial assets are secured by collateral or other credit enhancements.

 

        The credit risk for liquid funds and other short-term financial assets is considered negligible, since the counterparties are reputable banks with high quality external credit ratings.

 

        Liquidity risk analysis

 

        The Company's continued future operations depend on the ability to raise sufficient working capital through the issue of equity share capital. The Directors are confident that adequate funding will be forthcoming with which to finance operations. Controls over expenditure are carefully managed.

 

        Capital Management Policies

 

        The Company's capital management objectives are:

 

·      to ensure the Company's ability to continue as a going concern; and

·      to provide a return to shareholders

 

        The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents.

 

13. Share Capital

 


2018

2017


£000

£000

Allotted, issued and fully paid






2,796,619,344 ordinary shares of 0.01p each

(2017 - 2,796,619,344 of 0.01p each)

279

279

28,976,581 deferred shares of 45p each (2017 - 28,976,581)

13,040

13,040

28,976,581 A deferred shares of 4p each (2017- 28,976,581)

1,159

1,159

92,230,985 B deferred shares of 0.99p each (2017- 92,230,985)

913

913


15,391

15,391

 

        The deferred shares and the A and B deferred shares do not carry voting rights.

 


Ordinary

Nominal


Shares

Value


Number

£'000

Ordinary shares of 0.01p each






As at 31 December 2016

1,110,549,167

111




2 March 2017 - Placing for cash at 0.15p per share

158,000,000

16

7 July 2017 - Placing for cash at 0.15p per share

333,333,334

33

2 August 2017 - Placing for cash at 0.15p per share

694,736,843

69

23 November 2017 - Placing for cash at 0.20p per share

500,000,000

50




As at 31 December 2017

2,796,619,344

279




No issue of shares during the period

-

-




As at 31 December 2018

2,796,619,344

279

 

        Details of the share options and warrants the Company has in issue are disclosed in Note 14.

 

 

14. Share-based payments

 

        Details of share options and warrants granted to Directors, employees & consultants, over the ordinary shares are as follows:

 




Exercised or






At

1 January

Issued

during

expired during

At

31 December

Exercise

price

Date from

which

 

Expiry


2018

the year

the year

2018


exercisable

date


No.

No.

No.

No.

£











Share options








D. Strang

10,000,000

-

-

10,000,000

0.004

14/11/2013

14/11/2023

D. Strang

12,000,000

-

-

12,000,000

0.003

30/11/2015

31/12/2020

A Clayton

12,000,000

-

-

12,000,000

0.003

30/11/2015

31/12/2020

J Taylor-Firth

12,000,000

-

-

12,000,000

0.003

30/11/2015

31/12/2020

Consultants

10,000,000

-

-

10,000,000

0.004

14/11/2013

14/11/2023

D Strang

75,000,000


-

75,000,000

0.003

03/08/2017

03/08/2022

A Clayton

75,000,000


-

75,000,000

0.003

03/08/2017

03/08/2022

A Clayton

-

75,000,000

-

75,000,000

0.003

09/01/2018

09/01/2025

J Taylor-Firth

-

75,000,000

-

75,000,000

0.003

09/01/2018

09/01/2025


206,000,000

150,000,000

-

356,000,000












Warrants








Various

4,075,000

-

4,075,000

-

0.004

29/10/2013

14/11/2018


4,075,000

-

4,075,000

-












 

        The share price range during the year was £0.0020 to £0.00095 (2017 - £0.00075 to £0.0036).

 

The weighted average values of options are as follows:

2018

2017




Weighted average exercise price of options granted

0.30p

0.30p

Weighted average exercise price of options exercisable at the

end of the year

0.30p

0.31p

Weighted average option life remaining

4.53 years

4.43 years

 

        For those options granted where IFRS 2 "Share-Based Payment" is applicable, the fair values were calculated using the Black-Scholes model.  The inputs into the model were as follows:


Risk free rate

Share price volatility

Expected life

Share price at date of grant

9 January 2018

1.10%

102.63%

7.00 years

£0.0018

 

        Expected volatility was determined by calculating the historical volatility of the Company's share price for 12 months prior to the date of grant.  The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.



 

 

        The Company recognised total expenses of £212,000 (2017: £311,000) relating to equity-settled share-based payment transactions during the year, and £nil was transferred via equity to retained earnings on the exercise of nil options (2017: nil options) during the year (2017: £nil).

 

During the year, 4.075m warrants expired (2017: nil).

 

15. Capital Commitments

 

        The directors have confirmed that there were no contingent liabilities or capital commitments which should be disclosed at 31 December 2018. No provision has been made in the financial statements for any amounts in relation to any capital expenditure requirements of the Company's associate or investments, and such costs are expected to be fulfilled in the normal course of the operations of the Company.

 

16. Related Party Transactions

 

        The Company had the following amounts outstanding from its investee companies (Note 9) at 31 December:

 


2018

£'000

2017

£'000

Horse Hill Development Ltd ("Horse Hill")

-

683

 

        The above loan outstanding was included within trade and other receivables, Note 9.  The loan to Horse Hill has been made in accordance with the terms of the investment agreement whereby it accrues interest daily at the Bank of England base rate and is repayable out of future cashflows. 

 

        During the year, the Company sold its full investment in Horse Hill, and included therin was the novation of the loan to the purchaser.  The Company received £150,001 in cash compensation for the loan balance of £943,000 at the date of novation. The effective loss on the transfer of the loan has been included within the net calculation of the realised gain on sale of the equity investment. 

 

        Key Management Personnel

 

        The key management personnel are considered to be the Directors.  There remuneration is included in Note 4 to the accounts. There is no other management compensation to be disclosed.

 

17. Events after the end of the reporting period

 

        There are no events after the end of the reporting period to disclose.

 

18. Ultimate Controlling Party

 

        There is not considered to be an ultimate controlling party of the company.

 

19. Posting of Accounts

 

        The Report and Accounts for the year ended 31 December 2018 will be posted to shareholders and uploaded to the Company's website in due course.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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