TIDMFHP
RNS Number : 6340A
Fandango Holdings PLC
30 May 2019
Fandango Holdings plc / Index: LSE / Epic: FHP / Sector:
Investment
30 May 2019
Fandango Holdings Plc ("Fandango" or the "Company")
Interim Report
for the Period Ended 28 February 2019
Chairman's Report
Fandango Holdings Plc is an investment company incorporated on
25 August 2016, with the original primary objective of undertaking
a single acquisition of a target company, business or asset in the
industrial or service sector.
As reported in the accounts for the year ended 31 August 2018
dated 24 April 2019, the Company had announced in December 2018
that it had signed a non-binding Heads of Terms agreement to
acquire the entire issued share of Konnect Mobile Communications
Inc. Fandango is no longer in discussions with Konnect following
the failure to raise the required initial funding for the
Acquisition. The Company has incurred nominal costs during the due
diligence process.
Fandango continues to review other acquisition opportunities and
will look to provide the market with updates in due course.
Results for the period
For the period from 1 September 2018 to 28 February 2019, the
Company's results included the ongoing running costs of the Company
including listing fees on the London Stock Exchange and other
advisory costs.
Risks and uncertainties
The Company is a relatively new entity, with only a brief
operating history, and therefore, investors have no basis on which
to evaluate the Company's ability to achieve its objective of
identifying, acquiring and operating one or more companies or
businesses.
Going Concern
As stated in Note 1 to the condensed financial statements, the
directors are satisfied that the Company has sufficient resources
to continue in operation for the foreseeable future, a period of
not less than 12 months from the date of this report. Accordingly,
they continue to adopt the going concern basis in preparing the
condensed financial statements.
Responsibility Statement
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements has been prepared
in accordance with IAS 34 'Interim Financial Reporting';
(b) the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year; and
(c) the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
Cautionary statement
This Interim Management Report (IMR) has been prepared solely to
provide additional information to shareholders to assess the
Company's strategies and the potential for those strategies to
succeed. The IMR should not be relied on by any other party or for
any other purpose.
Charles Tatnall
Chairman
30 May 2019
FANDANGO HOLDINGS PLC
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
6 months ended 6 months ended Year ended
28 February 28 February 31 August
2018
2019 2018 GBP ('000)
GBP ('000) GBP ('000) (audited)
Notes (unaudited) (unaudited)
Investment income 36 - 39
Administrative expenses (111) (153) (278)
Listing costs (24) - (51)
Loss before taxation (99) (153) (290)
Taxation - - -
Loss for the period (99) (153) (290)
Basic loss per share
(pence) 2 (0.07p) (0.11p) (0.22p)
Diluted loss per
share (pence) (0.06p) (0.09p) (0.19p)
FANDANGO HOLDINGS PLC
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY
Share Share Retained Total
Capital premium earnings Equity
GBP ('000) GBP ('000) GBP ('000) GBP ('000)
Equity at 31 August
2017 134 579 (200) 513
Loss for the Period - - (153) (153)
------------ ------------ ------------ ------------
Equity at 28 February
2018 134 579 (353) 360
Loss for the Period - - (137) (137)
------------ ------------ ------------ ------------
Equity at 31 August
2018 134 579 (490) 223
Loss for the Period - - (99) (99)
------------ ------------ ------------ ------------
Equity at 28 February
2019 134 579 (589) 124
FANDANGO HOLDINGS PLC
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
Notes As at As at As at
28 February 28 February 31 August
2019 2018 2018
GBP ('000) GBP ('000) GBP ('000)
(unaudited) (unaudited) (audited)
Assets
Current assets
Prepayments & other
receivables 200 71 204
Cash and cash equivalents 8 323 53
-------------- -------------- --------------
Total Assets 208 394 257
Equity and Liabilities
Share capital 3 134 134 134
Share premium 579 579 579
Retained earnings (589) (353) (490)
-------------- -------------- --------------
Total Equity 124 360 223
Current Liabilities
Trade and other payables 84 34 34
-------------- -------------- --------------
Total Liabilities 84 34 34
-------------- -------------- --------------
Total Equity and Liabilities 208 394 257
FANDANGO HOLDINGS PLC
INTERIM CONDENSED CASH FLOW STATEMENT
6 months ended 6 months ended Year ended
28 February 28 February 31 August
2019 2018 2018
GBP ('000) GBP ('000) GBP ('000)
(unaudited) (unaudited) (audited)
Cash flows from operating
activities
Operating loss (99) (153) (290)
Interest receivable (36) - (39)
Interest payable 2
(Increase)/decrease in
receivables 7 (18) 29
Increase/(decrease) in
payables 37 26 26
-------------- -------------- --------------
Net cash flows from operating
activities (89) (145) (274)
Cash flows from investing
activities
Amounts advanced to related
parties - - (141)
Amounts repaid from related 33 -
parties
-------------- -------------- --------------
Net cash flows from investing
activities 33 - (141)
Cash flows from financing
activities
Loan received from related 11 - -
parties
-------------- -------------- --------------
Net cash flows from financing 11 - -
activities
-------------- -------------- --------------
Net increase/(decrease)
in cash and cash equivalents (45) (145) (415)
Cash and cash equivalents
at the beginning of the
period 53 468 468
-------------- -------------- --------------
Cash and cash equivalents
at the end of the period 8 323 53
NOTES TO THE UNAUDITED INTERIM CONDENSED REPORT
1. General Information
Fandango Holdings Plc ('the company') is an investment company
incorporated in the United Kingdom. The address of the registered
office is 27-28 Eastcastle Street London W1E 8DN. The Company was
incorporated and registered in England on 25 August 2016 as a
private limited company and re-registered as a public limited
company on 10 May 2017.
Basis of preparation
This announcement was approved and authorised to issue by the
Board of directors on 30 May 2019.
The financial information in this interim report has been
prepared in accordance with the International Financial Reporting
Standards. IFRS comprises standards issued by the International
Accounting Standards Board (IASB) and the interpretations issued by
the International Financial Reporting Interpretations Committee
(IFRIC) as adopted by the European Union (EU).
There are no IFRS, or IFRIC interpretations that are effective
for the first time in this period that would be expected to have a
material impact on the company.
The financial information has been prepared under the historical
cost convention, as modified by the accounting standard for
financial instruments at fair value.
The Directors are of the opinion that the financial information
should be prepared on a going concern basis, in the light of the
Company's financial resources.
These condensed interim financial statements for the six months
ended 28 February 2019 and 28 February 2018 are unaudited and do
not constitute full accounts. The comparative figures for the
period ended 31 August 2018 are extracted from the 2018 audited
financial statements. The independent auditor's report on the 2018
financial statements was not qualified.
No taxation charge has arisen for the period and the Directors
have not declared an interim dividend.
Copies of the February 2019 interim report can be found on the
Company's website at www.fandangoholdingsplc.com.
Going concern
The directors are satisfied that the Company has sufficient
resources to continue in operation for the foreseeable future, a
period of not less than 12 months from the date of this report.
Accordingly, they continue to adopt the going concern basis in
preparing the condensed financial statements.
2. Loss per share
Basic loss per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
For diluted loss per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares.
The calculation of basic and diluted earnings per share is based
on the following figures:-
Period ended Period ended Year ended
28 February 28 February 31 August
2019 2018 2018
GBP GBP GBP
(unaudited) (unaudited) (audited)
Loss for the period (98,907) (153,108) (290,190)
Weighted average number
of
shares - basic 134,002,000 134,002,000 134,002,000
Weighted average number
of
shares - diluted 159,002,000 159,002,000 159,002,000
-------------- -------------- --------------
Basic loss per share
(pence) (0.07p) (0.11p) (0.22p)
Diluted loss per share
(pence) (0.06p) (0.09p) (0.19p)
-------------- -------------- --------------
The diluted loss per share relates to the issue of 25,000,000
warrants to the Directors which confers the right but not the
obligation to subscribe in cash for up to 25,000,000 GBP0.01p
Ordinary Shares at the subscription price.
3. Share Capital
As at As at As at
28 February 28 February 31 August
2019 2018 2018
GBP ('000) GBP ('000) GBP ('000)
(unaudited) (unaudited) (audited)
134,002,000 Ordinary shares
of GBP0.001 each 134 134 134
-------------- -------------- --------------
4. Reports
A copy of this announcement will be mailed to shareholders and
copies will be available for members of the public at the Company's
Registered Office 27-28 Eastcastle Street London W1E 8DN.
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 SDWFFSFUSEFI
(END) Dow Jones Newswires
May 30, 2019 09:00 ET (13:00 GMT)
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