TIDMSIV
RNS Number : 0443N
Sivota PLC
27 September 2021
27 September 2021
SIVOTA PLC
("Sivota," or "the Company")
Unaudited results for the period ended 30 June 2021
Sivota, an investment vehicle focused on later-stage, reputable
Israeli technology-related sectors, announces its unaudited results
for the period ended 30 June 2021.
Tim Weller, Non-Executive Chairman of Sivota, commented:
"Through my several years working with Israeli technology
entrepreneurs, I have experienced first-hand the success that can
be generated when UK business is combined with Israeli-related
technologies, and significant opportunity continues to exist in
bridging this gap. Sivota brings a unique business proposition to
the London market and a team with the requisite expertise to
execute on our exciting plan.
We have created a strong pipeline of exciting opportunities
which our team continues to evaluate. Our London listing provides
an ideal backdrop to capitalise the strong technology pedigree that
Israel continues to exploit and in Sivota, we have established a
highly scalable and potentially disruptive financial vehicle to
generate meaningful growth and returns.
The board continues to be buoyed by the future trading prospects
of the Group."
Enquiries:
Sivota PLC via Vigo Consulting
Tim Weller, Non-Executive Chairman
Ziv Ben-Barouch, Chief Executive Officer
Canaccord Genuity Limited + 44 (0) 20 7523
Alex Aylen - Head of Equities 8000
Vigo Consulting
Jeremy Garcia / Antonia Pollock + 44 (0)20 7390 0230
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Financial Review
Cash Flow and Net Debt
The company's cash balance as at 30 June 2021 was GBP87,752 and
it had no debt at 30 June 2021. In July 2021, the Company raised
GBP 1,035,000 through a subscription and completed admission to the
London Stock Exchange Main Market ("LSE").
Current Trading and Outlook
Sivota was established in order to acquire controlling stakes
and then act as a holding company for various target businesses
operating or founded in Israel, predominantly in the technology
sector. Whilst the acquisition of a controlling stake is Sivota's
expected strategy, it may elect to acquire full control or less
than a controlling holding. In addition, it may elect to do so in
connection with a target which is not operating or founded in
Israel.
Risk and uncertainties
Difficulties in acquiring suitable targets
The Company's strategy and future success is dependent to a
significant extent on its ability to identify sufficient suitable
acquisition opportunities and to execute these transactions on
terms consistent with the Company's strategy. If the Company cannot
identify suitable acquisitions, or successfully execute any such
transactions, this will have an adverse effect on its financial and
operational performance.
On-going COVID-19 outbreak
Governments and health organizations around the world are
working to contain the outbreak of the coronavirus (COVID-19).
COVID-19 may present a wide range of potential issues or
complications for the Company, most of which are unascertainable as
at the date of this Document, in particular as the impact of
COVID-19 in different jurisdictions and commercial sectors
continues to develop and/or may not be known for some time. The
following are considered potential risks arising from COVID-19
relating to the disruption of the Company's business:
-- due diligence processes on potential targets taking longer to
complete due to travel restrictions, in particular if site visits
cannot take place;
-- valuations placed on potential targets by sellers being
driven by pre-COVID-19 performance which do not reflect actual
performance since the start of the COVID-19 pandemic and the
associated issues with reliance on historical financial data;
-- potential targets becoming more expensive because of
increased demand for their products as a result of COVID-19;
-- disruptions to business operations resulting from quarantines
of employees and/or third-party service providers;
-- disruptions to business operations resulting from travel restrictions; and
-- general economic uncertainty around the duration and severity of the impact of COVID-19.
Statement of directors' responsibilities in respect of the
interim results
The Directors; being Tim Weller (Chairman); Ziv Ben Barouch
(CEO) and Neil Jones (Non-Executive) confirm that the set of
interim financial statements has been prepared in accordance with
international Accounting Standard 34 "interim financial reporting",
as adopted by the European Union and that interim report includes a
fair review of the information required by DTR 4.2.7R and DTR
4.2.8R, namely an indication of important events that have occurred
during the six months period starting on 1 October, 2020 to 31
March 2021 and the three month period starting on 1 April 2021 to
30 June 2021; and material related party transactions in the six
months period starting on 1 October, 2020 to 31 March 2021 and the
three month period starting on 1 April 2021 to 30 June 2021 and any
material changes in the related party transactions described in the
prospectus published on July 15, 2021.
Sivota PLC
Condensed Interim Statements of Financial Position
As at 30 June 2021 (Unaudited), 31 March (Unaudited) & 30
September 2020 (Audited)
Unaudited Unaudited Audited
As at As at As at
30 June 31 March 30 September
ASSETS Note 2021 2021 2020
GBP GBP GBP
------ --------- --------- -------------
Current assets
Other receivables 6 109,818 133,800 62,000
Cash and cash equivalents 87,752 854,763 -
--------- --------- -------------
Total current assets 197,570 988,563 62,000
========= ========= =============
EQUITY AND LIABILITIES
Equity attributable to owners
Share capital 50,000 50,000 50,000
Accumulated Losses (47,605) (550) -
--------- --------- -------------
Total equity attributable
to Shareholders 2,395 49,450 50,000
Current liabilities
Trade payables 7 70,175 55,450 12,000
Other payables 7 125,000 883,663 -
--------- --------- -------------
Total current liabilities 195,175 939,113 12,000
Total equity and liabilities 197,570 988,563 62,000
========= ========= =============
Condensed Interim Statements of Comprehensive Income
(Unaudited)
For the Three Month Period starting 1 April 2021 to 30 June 2021
& the Six Month Period starting 1 October 2020 to 31 March
2021
Unaudited Unaudited
Three Month Six Month
Period ended Period ended
30 June 31 March
2021 2021
Note GBP GBP
------ ------------- -------------
Revenue - -
Administrative expenses (47,107) -
------------- -------------
Operating result (47,107) -
Finance income (expense) 52 (550)
------------- -------------
Loss before taxation (47,055) (550)
Income tax - -
------------- -------------
Loss for the period and total comprehensive
loss for the period (47,055) (550)
============= =============
L oss per share 8 (0.94) (0.01)
============= =============
Condensed Interim Statements of Changes in Equity
(Unaudited)
For the Three Month Period starting 1 April 2021 to 30 June 2021
& the Six Month Period starting 1 October 2020 to 31 March
2021
Ordinary Accumulated Total equity
Share capital losses
GBP GBP GBP
---------------- -------------- ---------------
As at 30 September 2020 50,000 - 50,000
Loss for the six months period - (550) (550)
---------------- -------------- ---------------
Total comprehensive loss for
the period - (550) (550)
As at 31 March 2021 50,000 (550) 49,450
Loss for the three month period - (47,055) (47,055)
---------------- -------------- ---------------
Total comprehensive loss for
the period - (47,055) (47,055)
Transactions with owners - - -
Total transactions with owners - - -
As at 30 June 2021 50,000 (47,605) 2,395
================ ============== ===============
Condensed Interim Statements of Cash Flow (Unaudited)
For the Three Month Period starting 1 April 2021 to 30 June 2021
& the Six Month Period starting 1 October 2020 to 31 March
2021
Unaudited Unaudited
Three month Period ended Six month Period ended
30 June 31 March
2021 2021
GBP GBP
-------------------------- ------------------------
Cash generated (used in) operating activities
Loss for the period (47,055) (550)
Working capital adjustments:
Decrease (Increase) in other receivables 23,982 (121,800)
Increase in trade payables 14,725 43,450
Increase (Decrease) in other payables (758,663) 883,663
-------------------------- ------------------------
Net cash generated (used in) operating activities (767,011) 804,763
Cash flows from financing activities
Proceeds from the issue of Ordinary Shares - 50,000
Net cash flow from financing activities - 50,000
Net increase (decrease) in cash and cash equivalents (767,011) 854,763
Cash and cash equivalents at beginning of period 854,763 -
-------------------------- ------------------------
Cash and cash equivalents at end of period 87,752 854,763
========================== ========================
Notes to the Condensed Interim Financial Statements
For the Period ended at 30 June 2021
1. General information
The Company is a public limited company incorporated and
registered in England and Wales on 22 September 2020 with
registered company number 12897590 and its registered office
situated in England and Wales with its registered office at New
London House, 172 Drury Lane, London WC2B 5QR.
During the period the company changed its year end to 31
December 2021, therefore the interim reporting date going forward
is the 30 June 2021 and the statement of comprehensive income
presents a six months period starting 1 October 2020 and ending 31
March 2021 and a three months period starting 1 April 2021 and
ending 30 June 2021. The statement of financial position, statement
of cashflows and statement of changes in equity have also been
presented for as at these period ends.
The Company was incorporated on 22 September 2020. An audited
Statement of Financial Position has been presented as at 30
September 2020, which was extracted from the Company's prospectus.
The Company had no comprehensive income transactions or cashflows
in the period from 22 September 2020 to 30 September 2020.
These Interim Financial Statements do not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. The company has not yet prepared any statutory financial
statements.
The Company did not trade during the period under review.
On July 22,2021 the company completed a placing and listed on
the Main Market (Standard Segment) of the LSE (see note 13
below).
2. Basis of preparation
The principal accounting policies applied in the preparation of
the Company Financial Information are set out below. These policies
have been consistently applied throughout the period presented,
unless otherwise stated.
The company financial information has been prepared in
accordance with International Accounting Standards in conformity
with the requirements of the UK Companies Act 2006, International
Financial Reporting Standards ("IFRS") adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European Union
and IFRS as issued by the International Accounting Standards Board
(IASB).
The Company Financial Information of the Company is presented in
Great British Pounds Sterling ("GBP"); also the Company's
functional currency.
Standards and interpretations issued but not yet applied
At the date of authorisation of the Company Financial
Information, the Directors have reviewed the standards in issue by
the International Accounting Standards Board and the International
Financial Reporting Interpretations Committee, which are effective
for the accounting periods ending on or after the stated effective
date. In their view, none of these standards would have a material
impact on the financial reporting of the Company.
Going concern
The Company Financial Information has been prepared on a going
concern basis.
3. Accounting policies
Cash and cash equivalents
The Directors consider any cash on short-term deposits and other
short-term investments to be cash equivalents.
Financial assets and liabilities
Financial assets and financial liabilities are recognised when
the Company becomes a party to the contractual provisions of a
financial instrument. Financial assets and financial liabilities
are offset if there is a legally enforceable right to set off the
recognised amounts and interests and it is intended to settle on a
net basis.
4. Use of assumptions and estimates
In preparing the Company Financial Information, the Directors
have to make judgments on how to apply the Company's accounting
policies and make estimates about the future. The Directors do not
consider there to be any critical judgments that have been made in
arriving at the amounts recognised in the Company Financial
Information.
5. Directors' emoluments
No amount was paid or become payable to any of the Directors.
Also, there were no staff costs on the basis that no staff were
employed by the Company during the period ended 30 June 2021.
6. Other receivables
Unaudited Unaudited Audited
As at As at As at
30 June 31 March 30 September
2021 2021 2020
GBP GBP GBP
--------- --------- -------------
Vat receivables 7,000 7,000 -
Other receivables (*) - - 50,000
Prepayments (**) 102,818 126,800 12,000
--------- --------- -------------
109,818 133,800 62,000
========= ========= =============
(*) A mount payable for the Ordinary Shares was held in trust by
the ultimate Shareholder until paid in full in December 2020.
(**) Amounts paid and incurred during the period with respect to
the placing and listing on the Main Market (Standard Segment) of
the LSE (see notes 1 above and 13 below).
7. Current Liabilities
Unaudited Unaudited Audited
As at As at As at
30 June 31 March 30 September
2021 2021 2020
GBP GBP GBP
--------- --------- -------------
Trade payables related to
admission fees 70,175 55,450 12,000
Other payables (*) 125,000 883,663 -
--------- --------- -------------
195,175 939,113 12,000
========= ========= =============
(*) cash received from related parties, in advance of the issue
of Ordinary Shares and cash advances (see notes 11 and 13
below).
8. Earnings per share
On incorporation, 5,000,000 Ordinary Shares were issued to the
original subscriber at par value. On 18 December 2020, 4,950,000
Ordinary Shares were redesignated as deferred shares. The weighted
average number of shares in issue during the period was 50,000
being the number of ordinary GBP0.01 shares outstanding following
the redesignation. Diluted earnings per share has not been
disclosed on the basis the company was loss making and therefore
the impact of any potentially dilutive ordinary shares would be
anti-dilutive. In addition, the company does not have in issue any
potentially dilutive ordinary shares.
9. Capital management policy
The Directors' objectives when managing the Company's capital
are to safeguard the Company's ability to continue as a going
concern in order to provide returns for Shareholders and benefits
for other stakeholders and to maintain an optimal capital structure
to reduce the cost of capital. The capital structure of the Company
consists of equity attributable to equity holders of the Company,
comprising issued share capital and reserves.
10. Financial instruments
The Company's principal financial instruments comprise other
payables. The Company's accounting policies and method adopted,
including the criteria for recognition, the basis on which income
and expenses are recognised in respect of each class of financial
asset and equity instrument are set out in Note 3 "Accounting
policies" to the Company Financial Information. The Company does
not use financial instruments for speculative purposes.
Financial risk management
The Directors use a limited number of financial instruments,
comprising cash and other receivables, which arise directly from
the Company's initial operations. The Company does not trade in
financial instruments.
Financial risk factors
The Company's activities expose it to a variety of financial
risks, being currency risk, credit risk, liquidity risk and cash
flow interest rate risk. The Directors' overall risk management
programme focuses on the unpredictability of financial markets and
seeks to minimise potential adverse effects on the Company's
financial performance.
Currency risk
The Company does not currently operate internationally and its
exposure to foreign exchange risk is limited to transactions and
balances that are denominated in currencies other than GBP.
Credit risk
Credit risk is the risk of financial loss to the Company if a
counterparty to a financial instrument fails to meet its
contractual obligations. This arises from the Company's receivables
in relation to amounts due from the sole shareholder in respect of
shares issued and cash held with banks. The Directors have
considered the credit risk as part of their going concern
assessment.
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient
cash and available funding through an adequate amount of committed
credit facilities. The Directors ensure that the Company has
adequate resource to discharge all its liabilities. The Directors
have considered the liquidity risk as part of their going concern
assessment.
Cash flow interest rate risk
The Company has no significant interest-bearing liabilities and
assets.
Fair values
The Directors assessed that the fair values of cash, other
receivables and trade payables approximate their carrying
amounts.
11. Related Party Transactions
On 8 December 2020 the sole shareholder, Mr. Hagai Tal,
transferred GBP50,000 to the bank account at the value of 100% of
the share capital on incorporation.
In January 2021, the Company received $1,010,000 from Mr. Hagai
Tal and GBP125,000 cash from Mr. Tim Weller, in advance of the
issue of Ordinary Shares. As at 31 March 2021, GBP758,663 was owed
to Mr. Hagai Tal and GBP125,000 was owed to Mr. Tim Weller. On 9
April 2021, all amounts owed to Mr. Hagai Tal were repaid in
full.
In the period ended 31 March 2021, Mr. Hagai Tal incurred
administrative expenses related to the placing and listing on the
main market (Standard Segment) of the LSE and made an overpayment
related to the initial issuance of Share capital totalling
GBP23,797. These amounts were outstanding at 31 March 2021 and are
included in the amount disclosed above.
As at 30 June 2021, other than funds received in advance of the
issue of Ordinary Shares to the amount of GBP125,000, (see note 7
above and note 13 below), there were no outstanding balances with
related parties.
12. Ultimate controlling party
As at 30 June 2021, the ultimate controlling party of the
Company was Mr. Hagai Tal. On July 22, Mr. Hagai Tal ceased being
the ultimate controlling party due to the company listing and
placing on the Main Market (Standard Segment) of the LSE see note 1
above and note 13 below.
13. Post balance sheet events
In July 2021, the company issued 1,035,000 shares with a par
value of GBP0.01 per share at a subscription price of GBP1 per
share , which raised GBP1,035,000, out of which GBP100,000 was paid
in advance by Mr. Tim Weller and GBP935,000 was received from the
Subscribers as part of the placing and listing on the Main Market
(Standard Segment) of the LSE.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR FZGZLNNNGMZG
(END) Dow Jones Newswires
September 27, 2021 03:39 ET (07:39 GMT)
Sivota (LSE:SIV)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Sivota (LSE:SIV)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
