TIDMBLOC
RNS Number : 1818U
Blockchain Worldwide PLC
27 March 2019
27(th) March 2019
BLOCKCHAIN WORLDWIDE PLC
("Blockchain" or "the Company")
Interim Report for the period ended 31 December 2018
Blockchain (ticker: BLOC) announces its unaudited interim
financial results for the six months ended 31 December 2018.
Period events
-- On 7 November 2018, the Company announced the proposed
acquisition of Chorum Group Limited ('Chorum'), subject to due
diligence and a successful fundraise. The Company's shares were
suspended pending the outcome of this process.
Post period events
-- On 8 February 2019, the Company announced it had withdrawn
from the proposed acquisition of Chorum due to greatly reduced
levels of activity in London's equity markets.
-- The Company's investment criteria was extended to include
high growth opportunities within the wider technology sector,
including the blockchain industry.
-- The shares were re-listed on 13 February 2019.
Jon Hale, Chairman of Blockchain said: "A great deal of work
went into the proposed Chorum acquisition, but institutional demand
was not sufficient to fund the transaction at the time.
Having preserved as much cash as possible, we are now
considering other deals in the technology space and are more
determined than ever to deliver value for shareholders this
year."
For information please contact:
Blockchain Worldwide www.bloc-worldwide.com
plc
Rodger Sargent via Walbrook PR
Walbrook PR Ltd Tel: 020 7933 8780 or blockchainworldwide@walbrookpr.com
Paul Cornelius Mob: 07866 384 707
Sam Allen Mob: 07884 664 686
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the unaudited interim results for the
six months ended 31 December 2018.
During this interim period, Blockchain recorded a loss of
GBP170,780, the vast majority of this being costs of the aborted
Chorum acquisition. Cash assets at period end were GBP1.2
million.
On 7 November 2018, the Company announced the proposed
acquisition of Chorum Group Limited ('Chorum'), subject to due
diligence and a successful fundraise. The Company's shares were
suspended pending the outcome of this process.
On 8 February 2019, the Company announced it had withdrawn from
the proposed acquisition of Chorum due to greatly reduced levels of
activity in London's equity markets. The Company's investment
criteria was extended to include high growth opportunities with the
wider technology sector, including the blockchain industry. The
shares were re-listed on 13 February 2019.
Outlook
Having preserved as much cash as possible, we are now
considering other deals in the technology space and are more
determined than ever to deliver value for shareholders this
year
Jon Hale
Chairman
27(th) March 2019
INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED
31 DECEMBER 2018
Unaudited period Unaudited period
to 31 December to 31 December
2018 2017
Notes GBP GBP
Revenue 2 - -
------------------- -------------------
Gross profit - -
General & administrative expenses (175,723) (7,501)
------------------- -------------------
Loss from operations before
interest (175,723) (7,501)
Interest income 4,943 -
-------------------- --------------------
Loss before tax (170,780) (7,501)
Tax - -
--------------------- ---------------------
Retained Loss after tax for
the period (170,780) (7,501)
============= =============
Retained loss attributable to:
Owners of the company (170,780) (7,501)
------------------- -------------------
Loss for period (170,780) (7,501)
============= =============
Total comprehensive loss attributable
to:
Owners of the company (170,780) (7,501)
--------------------- ---------------------
Total comprehensive loss for
the period (170,780) (7,501)
============= =============
Loss per share
Basic and diluted 3 (0.468p) (0.0573p)
============= =============
INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
2018
Unaudited as Audited as at
at 31 December 30 June 2018
2018
Notes GBP GBP
ASSETS
Current assets
Cash and cash equivalents 1,207,093 1,412,288
----------------------- -----------------------
TOTAL ASSETS 1,207,093 1,412,288
============ ============
EQUITY
Share capital 4 365,000 365,000
Share premium reserve 1,089,130 1,089,130
Retained loss (253,031) (82,251)
------------------------ ------------------------
TOTAL EQUITY 1,201,099 1,371,879
============ ============
CURRENT LIABILITIES
Trade and other payables 5,994 40,409
---------------------- ----------------------
TOTAL EQUITY AND LIABILITIES 1,207,093 1,412,288
============ ============
INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 31 DECEMBER
2018
Share
Share premium Retained Total
capital account loss equity
GBP GBP GBP GBP
As at 1 July 2018 365,000 1,089,130 (82,251) 1,371,879
Loss for the period - - (170,780) (170,780)
Balance at 31 December 2018 365,000 1,089,130 (253,031) 1,201,099
======== ========== ========== ==========
FOR THE SIX MONTHS TO 31 DECEMBER
2017
Share
Share premium Retained Total
capital account loss equity
GBP GBP GBP GBP
As at 15 February 2017 - - - -
Loss for the period - - (7,501) (7,501)
Total comprehensive loss for
the period - - (7,501) (7,501)
-------- ---------- ---------- ----------
Share Capital issued (net of
transaction costs) 365,000 1,088,265 - 1,453,265
Balance at 31 December 2017 365,000 1,088,265 (7,501) 1,445,764
======== ========== ========== ==========
INTERIM STATEMENT OF CASH FLOW FOR THE SIX MONTHS TO 31 DECEMBER
2018
Unaudited period Unaudited period
to 31 December to 31 December
2018 2017
GBP GBP
Cash flow from operating activities
Loss for the period (170,780) (7,501)
------------------------- -------------------------
Operating cash flows before movements
in working capital (170,780) (7,501)
Decrease in creditors (34,415) -
Interest income (4,943) -
---------------------- ----------------------
Net cash outflow from operating activities (210,138) (7,501)
Cash flow from investing activities
Interest income 4,943 -
------------------------ ------------------------
Net cash flow from investing activities 4,943 -
Cash flow from financing activities
Net proceeds from issue of share capital - 1,453,265
------------------------ ------------------------
Net cash flow from financing activities - 1,453,265
------------------------ ------------------------
Net cash (outflow) / inflow for the
period (205,195) 1,445,764
---------------------- ----------------------
Cash and cash equivalents at start of
period 1,412,288 -
----------------------- -----------------------
Cash and cash equivalents at end of
period 1,207,093 1,445,764
============ ============
NOTES TO THE UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED
31 DECEMBER 2018
1. BASIS OF PREPARATION
The interim financial statements have been prepared on a going
concern basis and in accordance with the recognition and
measurement principles of International Financial Reporting
Standards adopted for use in the European Union ("IFRS").
The interim financial statements for the six months ended 31
December 2018 have not been audited and do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act
2006.
This Interim Financial Report was approved by the Board of
Directors on 27(th) March 2019.
Statement of compliance
These condensed consolidated interim financial statements have
been prepared in accordance with International Accounting Standard
('IAS') 34 - Interim Financial Reporting as adopted by the European
Union. Accordingly the interim financial statements do not include
all of the information or disclosures required in the annual
financial statements. The accounting policies that the Company has
applied in the preparation of these interim financial statements
are consistent with the policies described in the Company's latest
annual financial statements, being the accounts for the period to
30 June 2018.
Going concern
The Company reported a loss for the 6 month period ended 31
December 2018 of GBP170,780 (period ended 31 December 2017:
GBP7,501). The Directors' have considered the appropriateness of
the going concern basis and note that as at the balance sheet date
the Company has significant cash balances of GBP1.2 million which
is sufficient to cover the anticipated on-going operating costs of
the Company for a period of at least 12 months from the date that
the interim financial statements will be approved. Accordingly, the
Directors' consider that the going concern basis of preparation
remains appropriate.
2. TURNOVER AND SEGMENTAL ANALYSIS
All of the Company's activity and income and expenses in the
period ended 31 December 2018 were incurred in the United Kingdom,
and relate to Blockchain's ongoing investment activities.
3. LOSS PER SHARE
The calculation of the basis and diluted earnings per share is
based on the following data:
Earnings
Earnings for the purposes of basic earnings per share
net loss for the period attributable to equity holders
of the company (170,780)
Number of shares
Weighted average number of ordinary shares in issue 36,500,000
The denominator for the purpose of calculating the basic
earnings per share has been adjusted to reflect all capital
raisings.
4. SHARE CAPITAL
Number of Nominal value Premium (net of
transaction costs
shares GBP GBP
a) Issued and Fully Paid:
As at 31 December 2018 36,500,000 365,000 1,100,103
============== ============ ============
The nominal value of the
shares is GBP0.01.
5. AVAILABILITY OF INTERIM RESULTS
Copies of the Interim Results for the period to 31 December 2018
are available from the Company's registered address and will be
available on the Company's website, later today.
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 rns@lseg.com or visit www.rns.com.
END
IR BGGDXIUDBGCR
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