TIDMPRIM
RNS Number : 0793L
Primorus Investments PLC
03 September 2019
Primorus Investments plc
("Primorus" or the "Company")
Interim Results for the six months ended 30 June 2019
Primorus Investments plc announces its interim results for the
six months ended 30 June 2019.
Overview
Primorus Investments plc ("Primorus") has a strong balance sheet
with no debt and with total assets (including cash of GBP121,000)
as at 30 June 2019 amounting to GBP4.85 million. (30 June 2018:
GBP4.94 million).
2019 has been a successful period for the Company as detailed
below.
Highlights for the period were as follows:
- Fresho completed a heavily backed A$2.25 million capital raise
and attracted a A$1.5 million investment from high-profile,
technology and senior banking investors. Undertook widespread
external press coverage that "lifts the veil" on the business to
industry for the first time. Currently pressing ahead on global
expansion plans that may include the UK.
- Post-period end, topped up our investment in Engage Technology
Partners ("Engage") by GBP50,000 to GBP1.45 million. Recently
received an Engage update which highlights outstanding growth in
monthly recurring revenues and billable transactions on the back of
the first Self-Serve, truly scalable, SaaS products.
- Greatland Gold (GGP.L) signed a Farm-in Agreement with
Newcrest Mining (NCZ.AX) ("Newcrest") over the Havieron Project.
Newcrest has the right to acquire up to a 70% interest in 12 blocks
within E45/4701 that cover the Havieron target by spending up to
US$65 million (circa GBP50 million or AUD$90 million) and completed
a series of exploration and development milestones in a four-stage
farm-in over six years.
- WeShop completed an Amazon license agreement to pay WeShop for
user purchases facilitated by WeShop and to enable Amazon inventory
to be available on the WeShop platform. Instagram integration
license: functionality to enable WeShop users to import existing
content from Instagram to post on WeShop. Apple iTunes (Apple
Services) partner agreement to pay WeShop for user purchases
facilitated by WeShop and to enable iTunes inventory of all music,
video, books and other media to be available on the WeShop
platform.
- SOA Energy ("SOA") executed a Farm-in Agreement with Delek
Drilling ("Delek"), one of Israel's largest Oil and Gas companies
with a market capitalisation of circa US$3.5 billion. According to
the agreement, Delek will invest up to US$8.3 million, in return
Delek will assume a 25%, non-operated stake in each of the Ofek and
Yahel licences, leaving SOA with a 45% stake in each permit. Drill
programme is estimated to commence in late 2019.
- Post-period end, Primorus agreed pricing on a sale of its
A$500,000 in Series B loan notes by a known third party. Expecting
final execution of sale documents to occur in next 8 weeks. If
completed as contemplated, this sale would result in a significant
return above investment earlier than previously contemplated.
Financial Results
The operating loss was GBP418,000 (30 June 2018: GBP48,000
loss). The net loss after tax was GBP418,000 (30 June 2018:
GBP48,000).
Total assets including cash at 30 June 2019 amounted to GBP4.85
million (30 June 2018: GBP4.94 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 the remainder of 2019 being a period 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
3 September 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
Alastair Clayton, Executive
Director +44 (0) 20 7440 0640
Nominated Advisor
Cairn Financial Advisers
LLP
James Caithie / Sandy Jamieson +44 (0) 20 7213 0880
Broker
Turner Pope Investments
Limited
Andy Thacker +44 (0) 20 3621 4120
Unaudited Condensed Company Statement of Comprehensive
Income
for the six months ended 30 June 2019
6 months 6 months Year to
to to
30 June 2019 30 June 2018 31 December
2018
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Continuing operations
Revenue
Investment income - - 7
Realised gain on disposal of
AFS investments (136) 267 985
Unrealised (loss)/gain on market
value movement of AFS investments (18) (57) (79)
------------- ------------- ------------
Total gains on AFS investments (154) 210 913
------------- ------------- ------------
Impairment provision on AFS
investments - - (100)
Share based payments - - (212)
Administrative costs (264) (258) (605)
------------- ------------- ------------
Operating (loss) (418) (48) (4)
------------- ------------- ------------
Provision on associate loan - - -
Share of (loss) of associate - - -
Net (loss) on disposal of associate - - -
------------- ------------- ------------
(Loss) before tax (418) (48) (4)
Taxation - - -
------------- ------------- ------------
(Loss) for the period (418) (48) (4)
------------- ------------- ------------
Other comprehensive income
Transfer to income statement - - -
of available for sale reserve
Total Comprehensive Income for
the year attributable to the
owners of the parent company (418) (48) (4)
------------- ------------- ------------
(Loss) per share:
Basic and diluted (loss) per
share (pence) 2 (0.015) (0.002) (0.0001)
Unaudited Condensed Company Statement of Financial Position
as at 30 June 2019
30 June 2019 30 June 2018 31 December
2018
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Available for sale assets 4,674 4,023 4,779
------------- ------------- ------------
4,674 4,023 4,779
------------- ------------- ------------
Current assets
Trade and other receivables 57 642 89
Cash and cash equivalents 121 274 408
------------- ------------- ------------
178 916 497
Total assets 4,852 4,939 5,276
------------- ------------- ------------
EQUITY
Equity attributable to equity
holders of the parent
Share capital 15,391 15,391 15,391
Share premium account 35,296 35,296 35,296
Share based payment reserve 683 471 683
Retained earnings (46,630) (46,256) (46,212)
------------- ------------- ------------
Total equity 4,740 4,902 5,158
LIABILITIES
Current liabilities
Trade and other payables 112 37 118
------------- ------------- ------------
Total liabilities 112 37 118
Total equity and liabilities 4,852 4,939 5,276
------------- ------------- ------------
Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2019
Share Share Share based payment reserve Retained Total
capital premium earnings attributable
to owners
of parent
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December 2017 15,391 35,296 471 (46,208) 4,950
========= ========= ============================ ========== ==============
Loss for the period - - - (4) (4)
Total comprehensive income for the
period - - - (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
========= ========= ============================ ========== ==============
Loss for the period - - - (418) (418)
Total comprehensive income for the
period - - - (418) (418)
Shares issued - - - - -
Share Issue costs - - - - -
Share options issued - - - - -
Transactions with owners of the - - - - -
company
Balance at 30 June 2019 15,391 35,296 683 (46,630) 4,740
========= ========= ============================ ========== ==============
Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2019
6 months to 6 months to Year to
30-Jun-19 30-Jun-18 31-Dec-18
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Operating (loss) (418) (48) (4)
Adjustments for:
Share based payment charge - - 212
Impairment provision - - 100
Decrease/(increase) in trade and other receivables 32 83 (47)
Increase/(decrease) in trade and other payables (6) (60) 21
Decrease/(increase) in AFS Investments 147 (262) (175)
Taxation (paid) - - -
Net cash used in operating activities (245) (287) 107
Cash flows from investing activities
Purchase of available for sale assets (334) - -
Proceeds from sales of available for sale assets 292 - -
Loan advanced to related party - - (260)
Net cash (used in) investing activities (42) - (260)
Cash flows from financing activities
Proceeds from share issues - - -
Share issue costs - - -
Net cash from financing activities - - -
Net change in cash and cash equivalents (287) (287) (153)
------------ ------------ ----------
Cash and cash equivalents at beginning of period 408 561 561
Cash and cash equivalents at end of period 121 274 408
------------ ------------ ----------
Notes to the condensed interim financial statements
1. General Information
The condensed interim financial information for the 6 months to
30 June 2019 does not constitute statutory accounts for the
purposes of Section 434 of the Companies Act 2006 and has not been
audited or reviewed. No statutory accounts for the period have been
delivered to the Registrar of Companies.
The condensed interim financial information in respect of the
year ended 31 December 2018 has been produced using extracts from
the statutory accounts for that period. Consequently, this does not
constitute the statutory information (as defined in section 434 of
the Companies Act 2006) for the year ended 31 December 2018, which
was audited. The statutory accounts for this period have been filed
with the Registrar of Companies. The auditors' report was
unqualified and did not contain a statement under Sections 498 (2)
or 498 (3) of the Companies Act 2006.
The Report was approved by the Directors on 3 September 2019 and
is available on the Company's website at
www.primorusinvestments.com .
Basis of preparation and accounting
The financial information has been prepared on the historical
cost basis. The Company's business activities, together with the
factors likely to affect its future development, performance and
position are set out in the Chairman's Statement. This statement
also includes a summary of the Company's financial position and its
cash flows.
These condensed interim financial statements have been prepared
in accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union with the exception of
International Accounting Standard ('IAS') 34 - Interim Financial
Reporting. Accordingly the interim financial statements do not
include all of the information or disclosures required in the
annual financial statements and should be read in conjunction with
the Company's 2018 annual financial statements.
2. Earnings per share
The calculation of the basic earnings per share is based on the
earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the year. The
calculation of diluted earnings per share is based on the basic
earnings per share, adjusted to allow for the issue of shares and
the post-tax effect of dividends and/or interest, on the assumed
conversion of all dilutive options and other dilutive potential
ordinary shares.
Reconciliations of the earnings and weighted average number of
shares used are set out below.
Six months Six months Year ended
to to
30 June 2019 30 June 2018 31 December
2018
(Unaudited) (Unaudited) (Audited)
(GBP'000) (GBP'000) (GBP'000)
Net loss attributable to equity
holders of the company (418) (47) (4)
----------------------------------- -------------- -------------- --------------
Weighted average number of shares 2,796,619,344 2,796,619,344 2,796,619,344
Basic and diluted loss per share
(pence) (0.015) (0.002) (0.0001)
----------------------------------- -------------- -------------- --------------
3. Events after the reporting date
None
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END
IR BDGDCXBGBGCX
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September 03, 2019 08:17 ET (12:17 GMT)
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