TIDMWCH
RNS Number : 7927H
Wilmcote Holdings PLC
27 March 2020
LEI number: 2138004EUUU11OVHZW75
Wilmcote Holdings plc
("Wilmcote" or the "Company")
Interim Report for the six months ended 31 December 2019
27 March 2020
Wilmcote announces its interim results for the six months ended
31 December 2019.
The Interim Report is also available on the 'Shareholder
Documents' page of the Company's website at www.wilmcoteplc.com
.
Enquiries:
Wilmcote
Tel: +44(0)207 004 2700
Mark Brangstrup Watts
James Corsellis
Numis Securities Limited
Tel: +44(0)207 260 1000
Kevin Cruickshank
Jamie Loughborough
WILMCOTE HOLDINGS PLC
Unaudited Interim
Condensed Consolidated Financial Statements
for the six months ended 31 December 2019
MANAGEMENT REPORT
I present to shareholders the unaudited interim condensed
consolidated financial statements of Wilmcote Holdings plc (the
"Company") for the six months ended 31 December 2019 (the
"Consolidated Interim Financial Statements"), consolidating the
results of Wilmcote Holdings plc, WHJ Limited, Wilmcote Group
Limited, WCH Group Limited, Arrow US Holdings Inc and Arrow
Canadian Holdings Limited (collectively, the "Group" or "Wilmcote")
.
Strategy
Wilmcote was established and admitted to trading on AIM with the
objective of creating value for its shareholders through the
acquisition and subsequent development of target businesses,
initially considering opportunities in the downstream and specialty
chemicals sector.
Since listing on AIM in 2017, we have reviewed and engaged with
a substantial number of potential acquisition opportunities in the
specialty chemicals sector, including businesses with links to the
construction, building products and broader industrial sectors.
During this period, we progressed two potential acquisitions, under
exclusivity, to within days of a successful completion. The
financial consequences of these aborted transactions have been
significant, and these have accounted for the vast majority of the
Group's expenditure.
During the period of due diligence and negotiation with these
two potential acquisitions in particular, we had significant
ongoing dialogue with existing and potential investors (in both
cases with more than 50 investors wall-crossed for material periods
of time). While we were not able to subsequently conclude either of
these acquisitions, each of them, remain in our view, high quality
businesses in specialist segments.
While we recognise that there remains a risk of future losses
arising from the pursuit of future transactions, a key priority for
us will be to manage the Company's exposure to the financial costs
of progressing and securing a successful acquisition. Alongside the
existing risk procedures, we will further mitigate these risks
by:
-- reducing the target size of potential acquisitions to
consider taking one or more controlling or non-controlling stakes,
in businesses with an enterprise value generally expected to be up
to GBP500 million;
-- seeking appropriate risk-sharing measures with professional
service providers and, to the extent possible, with vendors;
-- continuing the model of early stage market sounding and
consultation with potential investors throughout the transaction
process; and
-- maintaining a flexible attitude to which international
capital markets/exchanges would provide the optimal environment for
initial and future capital raising.
In December 2019, we secured additional equity funding of GBP6.5
million through an open offer to existing shareholders. This
included support both from our cornerstone investor, Marwyn, as
well as from other existing shareholders. These funds have secured
a platform from which to respond quickly to opportunistic
investment prospects which we continue to see in the specialty
chemicals sector, as well as in the market in general, while also
providing a listed vehicle to attract a new sector-leading
management team in advance of an acquisition.
At the December 2019 AGM, shareholders also approved expanding
the Company's investment policy to consider opportunities in
adjacent sectors, reflecting the breadth of deal flow seen and a
broader range of potential investment structures.
Revised Investment Policy
It is anticipated that the Company will acquire controlling or
non-controlling stakes in one or more businesses or companies
(quoted or private) on a long-term basis. The investments made may
be in the form of equity or other types of capital investment.
Subject to the structure of the transaction, the Company may need
to raise additional funds for the acquisition in the form of equity
and/or debt. Depending on the composition of the Company's share
register at that time, it is possible that any equity fundraising
for those purposes will, subject to the necessary shareholder
approval, be carried out on a non-pre-emptive basis to allow for
the diversification of the Company's shareholder register and to
obtain sufficient equity funding.
The Company intends to focus on the industrials, manufacturing,
engineering, construction, building products and support services
sectors. We believe that opportunities exist to create value for
shareholders through a properly executed, acquisition-led strategy
in one of these sectors. We may either seek to recruit
sector-leading executive management in advance of an acquisition,
or alternatively may consider identifying acquisition opportunities
with impressive incumbent management teams that require a catalyst
to unlock growth.
Following the completion of an acquisition, the Directors intend
to use their multiple years of experience alongside an executive ma
nagement team to deliver value through the application of a
strategy to achieve attractive, compounding returns for
shareholders.
Since listing on AIM in August 2017, the Group has pursued its
stated strategy to identify and analyse potential acquisition
targets and consequently the Group has no reported revenue.
Although the Company has not completed an acquisition to date, we
are confident that the Company will be able to implement the
revised investment policy in the medium term, with the proceeds
from the open offer used to fund future operating expenses and due
diligence to continue to pursue acquisition opportunities.
Results
The Group's loss after taxation for the six months to 31
December 2019 was GBP1,721,000 (six months to 31 December 2018:
loss of GBP1,681,000). The Group held a cash balance at the period
end of GBP6,450,000 (As at 30 June 2019: GBP7,525,000).
Dividend Policy
The Company has not yet acquired a trading operation and it is
therefore inappropriate to make a forecast of the likelihood of any
future dividends. The Directors intend to determine the Company's
dividend policy following completion of a platform acquisition and,
in any event, will only commence the payment of dividends when it
becomes commercially prudent to do so.
Corporate Governance
In line with the London Stock Exchange's AIM Rules for Companies
requiring all AIM-quoted companies to adopt a recognised corporate
governance code, explain how the company complies with that code's
requirements and identify and explain areas of non-compliance, the
Board has adopted the Quoted Companies Alliance Corporate
Governance Code (the "QCA Code"). There have been no significant
changes to the Corporate Governance Report presented in the Group's
Annual Report and Consolidated Financial Statements for the period
ended 30 June 2019, which is available on the Company's website,
www.wilmcoteplc.com . Additional information in respect of the
Company's compliance with the QCA Code can also be found on the
Company's website.
The Company intends to re-evaluate its corporate governance code
framework upon the earlier of the completion of a platform
acquisition, or on appointment of an executive management team.
Risks
The Directors have carried out a robust assessment of the
principal risks facing the Group including those that would
threaten its business model, future performance, solvency or
liquidity. There have been no significant changes to the principal
risks described on pages 47-53 of the Group's Annual Report and
Consolidated Financial Statements for the period ended 30 June
2019. The Directors are of the opinion that the risks are
applicable to the six month period to 31 December 2019, as well as
the remaining six months of the current financial year.
Outlook
In the period since the recapitalisation, the Company has
continued to receive inbound leads with regards to potential
platform acquisitions as well as introductions to sector-leading
management teams looking to deploy a buy-and-build strategy
utilising a listed vehicle. While there is no certainty these
discussions will lead to a new executive team being appointed, or a
platform acquisition being completed, we look forward to updating
shareholders with our progress in due course.
The directors believe that the recent market disruption, due
primarily to the Coronavirus pandemic, will provide opportunities
to deploy capital at more reasonable valuations, where the Company
is able to provide an innovative solution to public or private
businesses, unlocking growth potential and delivering exceptional
shareholder value through a buy-and-build strategy.
RESPONSIBILITY STATEMENT
Each of the Directors confirms that, to the best of their
knowledge:
(a) these Consolidated Interim Financial Statements, which have
been prepared in accordance with IAS 34 "Interim Financial
Reporting" as adopted by the European Union, give a true and fair
view of the assets, liabilities, financial position and profit or
loss of Wilmcote; and
(b) these Consolidated Interim Financial Statements comply with
the requirements of Rule 18 of the AIM Rules for Companies and
Article 106 of the Companies (Jersey) Law 1991.
Neither the Company nor the Directors accept any liability to
any person in relation to the interim financial report except to
the extent that such liability could arise under applicable
law.
Details on the Company's Board of Directors can be found on the
Company website at www.wilmcoteplc.com .
James Corsellis
Chairman
26 March 2020
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months Six months
ended ended
31 December 31 December
2019 2018
Note Unaudited Unaudited
GBP'000 GBP'000
Administrative expenses 7 (1,721) (1,695)
------------ ------------
Total operating loss (1,721) (1,695)
Finance income 5 - 14
Income tax 8 - -
------------ ------------
Loss for the period (1,721) (1,681)
------------ ------------
Total other comprehensive - -
income
------------ ------------
Total comprehensive loss
for the period attributable
to owners of the parent (1,721) (1,681)
============ ============
Loss per ordinary share
Basic and diluted (GBP) 9 (0.020) (0.081)
The Group's activities derive from continuing operations.
The Notes on pages 10 to 17 form an integral part of these
Consolidated Interim Financial Statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at
31 December 30 June
2019 2019
Note Unaudited Audited
GBP'000 GBP'000
Assets
Non-current assets
Property, plant & equipment - 2
------------ --------
Total non-current assets - 2
Current assets
Trade and other receivables 11 147 285
Cash and cash equivalents 12 6,450 7,525
Total current assets 6,597 7,810
Total assets 6,597 7,812
============ ========
Equity and liabilities
Equity
Stated capital 14 30,870 24,370
Share-based payment reserve 205 288
Accumulated losses (24,652) (23,362)
------------ --------
Total equity 6,423 1,296
Current liabilities
Trade and other payables 13 174 6,516
------------ --------
Total liabilities 174 6,516
Total equity and liabilities 6,597 7,812
============ ========
The Notes on pages 10 to 17 form an integral part of these
Consolidated Interim Financial Statements.
The financial statements were approved by the Board of Directors
on 26 March 2020 and were signed on its behalf by:
James Corsellis Mark Brangstrup Watts
Chairman Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share based
Stated payment Accumulated Total
capital reserve losses equity
---------- ------------ ---------------- -------------------------------
GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1 July
2019 24,370 288 (23,362) 1,296
Issue of shares 6,500 - - 6,500
Loss and total comprehensive
loss for the period - - (1,721) (1,721)
Share-based payment
expense - 348 - 348
Cancellation of shares - (431) 431 -
---------- ------------ ---------------- -------------------------------
Balance as at 31
December 2019 30,870 205 (24,652) 6,423
========== ============ ================ ===============================
Share based Accumulated Total
Stated payment losses equity
capital reserve
----------------- ------------ ---------------- -------------------------------
GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1 July
2018 24,370 285 (13,196) 11,459
Loss and total
comprehensive
loss for the period - - (1,681) (1,681)
Share-based payment
expense - 35 - 35
----------------- ------------ ---------------- -------------------------------
Balance as at 31
December 2018 24,370 320 (14,877) 9,813
================= ============ ================ ===============================
The Notes on pages 10 to 17 form an integral part of these
Consolidated Interim Financial Statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
For six months For six months
ended ended
31 December 31 December
2019 2018
Note Unaudited Unaudited
----- --------------- ---------------
GBP'000 GBP'000
Operating activities
Loss for the period (1,721) (1,681)
Adjustments to reconcile total
operating loss to net cash flows:
Deduct finance income - (14)
Add back depreciation expense 2 1
Add back share based payment
expense 348 35
Working capital adjustments:
Decrease in trade and other
receivables and
prepayments 83 305
Decrease in trade and other
payables (6,251) (7,891)
Interest received - 14
--------------- ---------------
Net cash flows used in operating
activities (7,539) (9,231)
--------------- ---------------
Financing activities
Proceeds from issue of ordinary
share capital 14 6,500 -
Payment on cancellation of WHJ
Limited A Shares (36) -
Net cash flows from financing
activities 6,464 -
--------------- ---------------
Net (decrease)/increase in cash
and cash equivalents (1,075) (9,231)
Cash and cash equivalents at
the beginning of the period 7,525 19,473
--------------- ---------------
Cash and cash equivalents at
the end of the period 12 6,450 10,242
=============== ===============
The Notes on pages 10 to 17 form an integral part of these
Consolidated Interim Financial Statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Wilmcote Holdings plc (the "Company"), an "investing company"
for the purposes of the AIM Rules for Companies ("AIM Rules"), is
incorporated in Jersey (company number 123424) and domiciled in the
United Kingdom. It is a public limited company with registered
office at One Waverley Place, Union Street, St Helier, Jersey, JE1
1AX and a UK Establishment (BR019423) address of 11 Buckingham
Street, London, WC2N 6DF. The Company is the holding company of a
number of subsidiaries (together with the Company, collectively
"Wilmcote" or the "Group"), as detailed in Note 10.
2. ACCOUNTING POLICIES
(a) Basis of preparation
The Consolidated Interim Financial Statements have been prepared
in accordance with the IAS 34 Interim Financial Reporting and are
presented on a condensed basis. The Consolidated Interim Financial
Statements do not constitute statutory accounts within the meaning
of Article 105 of the Companies (Jersey) Law 1991. All values are
rounded to the nearest thousand (GBP000) except where otherwise
indicated.
The Consolidated Interim Financial Statements do not include all
the information and disclosures required in the annual financial
statements, and should be read in conjunction with the Group's
Annual Report and Consolidated Financial Statements for the year
ended 30 June 2019, which is available on the Company's website,
www.wilmcoteplc.com .
(b) Going concern
The Consolidated Interim Financial Statements have been prepared
on a going concern basis, which assumes that the Group will
continue to be able to meet its liabilities as they fall due within
the next 12 months.
(c) New standards and amendments to International Financial Reporting Standards
Standards, amendments and interpretation effective and adopted
by the Group
The accounting policies adopted in the preparation of these
Consolidated Interim Financial Statements are consistent with those
followed in the preparation of the Group's audited consolidated
financial statements for the period ended 30 June 2019, which were
prepared in accordance with the International Financial Reporting
Standards ("IFRS"), as adopted by the European Union, updated to
adopt those standards which became effective for periods starting
on or before 1 January 2019. None of the new standards have had a
material impact on the Group.
Standards issued but not yet effective
The following standards are issued but not yet effective. The
Group intends to adopt these standards, if applicable, when they
become effective. It is not expected that these standards will have
a material impact on the Group .
Standard Effective date
Amendments to IFRS 9, IAS 39 and IFRS 7: Interest 1 January 2020
Rate Benchmark Reform
Amendments to IAS 1 and IAS 8: Definition of Material 1 January 2020
Amendments to References of the Conceptual Framework 1 January 2020
in IFRS Standards
IFRS 14 Regulatory Deferral Accounts To be confirmed*
Amendments to IFRS 3 Business Combinations To be confirmed**
Amendments to IAS 1 Presentation of Financial Statements: To be confirmed**
Classification of Liabilities as Current or Non-current
IFRS 17 Insurance Contracts To be confirmed**
* the EU has decided not to endorse the interim standard and to
wait for the final standard
** subject to EU endorsement
3. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES
The preparation of the Consolidated Interim Financial Statements
under IFRS requires the Directors to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities. Estimates and
judgements are continually evaluated and are based on historical
experience and other factors including expectations of future
events that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates.
For the period and at the period end, the Directors do not
consider that they have made any significant estimates, judgements
or assumptions which would affect the balances and results reported
in these financial statements.
4. SEGMENT INFORMATION
The Board of Directors is the Group's chief operating
decision-maker. As the Group has not yet commenced trading, the
Board of Directors considers the Group as a whole for the purposes
of assessing performance and allocating resources, and therefore
the Group has one reportable operating segment.
5. FINANCE INCOME
For six months For six months
ended 31 December ended 31 December
2019 2018
GBP'000 GBP'000
Interest on bank deposits - 14
------------------ ------------------
- 14
================== ==================
6. EMPLOYEES AND DIRECTORS
(a) Staff costs for the Group during the period:
For six months For six months
ended 31 December ended 31 December
2019 2018
GBP'000 GBP'000
Wages and salaries 604 383
Social security costs 83 51
Short term employment benefits 3 4
Other employment related costs - 50
------------------ ------------------
Total employment cost expense 690 488
================== ==================
(b) Key management compensation
The Board considers the Directors of the Company, along with
certain senior employees, to be the key management personnel of the
Group.
The following table details the aggregate compensation due to
key management personnel over the period.
For six months For six months
ended 31 December ended 31 December
2019 2018
GBP'000 GBP'000
Salaries, bonus, termination payments
and short term employee benefits 594 307
------------------ ------------------
594 307
================== ==================
7. EXPENSES BY NATURE
For six months For six months
ended 31 ended 31 December
December 2019 2018
GBP'000 GBP'000
Group expenses by nature
Employment costs 690 488
Non-recurring project, professional
and diligence costs 96 326
Travel and entertaining 11 30
Office costs 29 34
Professional support 540 760
Share based payment expense 348 35
Other expenses 7 22
--------------- -------------------
1,721 1,695
=============== ===================
8. INCOME TAX EXPENSE
For six months For six months
ended 31 December ended 31 December
2019 2018
GBP'000 GBP'000
Analysis of tax in period
Current tax on profits for the period - -
------------------- -------------------
Total current tax - -
=================== ===================
Reconciliation of effective rate and tax charge:
For six months For six months
ended 31 December ended 31 December
2019 2018
GBP'000 GBP'000
Loss on ordinary activities before
tax (1,721) (1,681)
------------------- -------------------
Loss on ordinary activities multiplied
by the rate of corporation tax in
the UK of 19% (2018: 19%) (327) (319)
Effects of:
Losses carried forward for which
no deferred tax recognised 327 319
Total taxation charge - -
=================== ===================
As at 31 December 2019, cumulative tax losses available to carry
forward against future trading profits were GBP24,652,000 subject
to agreement with HM Revenue & Customs. Prior to a Platform
Acquisition, there is no certainty as to future profits and no
deferred tax asset is recognised in relation to these carried
forward losses.
9. LOSS PER ORDINARY SHARE
Basic EPS is calculated by dividing the profit attributable to
equity holders of a company by the weighted average number of
ordinary shares in issue during the year. Diluted EPS is calculated
by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary
shares. The weighted average number of shares has not been adjusted
in calculating diluted EPS as there are no instruments which have a
current dilutive effect.
Refer to Note 17 of the Group's Annual Report and Consolidated
Financial Statements for the period ended 30 June 2019 for
instruments that could potentially dilute basic EPS in the
future.
For six months For six months
ended 31 December ended 31
2019 December
2018
Loss attributable to owners of the
parent (GBP'000) (1,721) (1,681)
Weighted average number of ordinary
shares in issue 87,952,901 20,833,336
Weighted average number of ordinary
shares for diluted EPS 87,952,901 20,833,336
10. INVESTMENTS
Principal subsidiary undertakings of the Group
The Company owns, directly or indirectly, the whole of the
issued and fully paid ordinary share capital of its subsidiary
undertakings.
Principal subsidiary undertakings of the Group as at 31 December
2019 are presented below:
Proportion Proportion
of ordinary of ordinary
Nature of Country shares held shares held
Subsidiary business of incorporation by parent by the Group
------------------------- ----------------- ------------------- ------------- --------------
Incentive
WHJ Limited vehicle Jersey 100% 100%
WCH Group Limited Dormant company England 100% 100%
Wilmcote Group Limited Dormant company England 0% 100%
Arrow US Holdings Acquisition
Inc vehicle United States 0% 100%
Arrow Canadian Holdings
Limited Dormant company Canada 0% 100%
There are no restrictions on the Company's ability to access or
use the assets and settle the liabilities of the Company's
subsidiaries.
The registered office of WHJ Limited is One Waverley Place,
Union Street, St Helier, Jersey, JE1 1AX. The registered office of
Wilmcote Group Limited and WCH Group Limited is 11 Buckingham
Street, London, WC2N 6DF. The registered address for Arrow US
Holdings Limited is 1209 Orange Street, Wilmington, New Castle,
Delaware, 19801. The registered address for Arrow Canadian Holdings
Limited is 1055 West Hastings Street, Suite 1700, Vancouver, BC,
V6E 2E9.
11. TRADE AND OTHER RECEIVABLES
As at 31 December As at 30 June
2019 2019
GBP'000 GBP'000
Amounts receivable in one year:
Prepayments 26 45
Other receivables - 55
VAT receivable 121 185
------------------ --------------
147 285
================== ==============
Other receivables are all current.
There is no material difference between the book value and the
fair value of the receivables. Receivables are considered to be
past due once they have passed their contracted due date.
12. CASH AND CASH EQUIVALENTS
As at 31 December As at 30 June
2019 2019
GBP'000 GBP'000
Cash and cash equivalents
Cash at bank 6,450 7,525
------------------ --------------
6,450 7,525
================== ==============
Credit risk is managed on a group basis. Credit risk arises from
cash and cash equivalents and deposits with banks and financial
institutions. For banks and financial institutions, only
independently rated parties with a minimum short-term credit rating
of P-1, as issued by Moody's, are accepted. The utilisation of
credit limits is regularly monitored.
13. TRADE AND OTHER PAYABLES
As at 31 December As at 30 June
2019 2019
GBP'000 GBP'000
Amounts falling due within one year:
Trade payables 91 1,113
Accruals 83 5,312
A1 share liability - 91
174 6,516
================= =============
There is no material difference between the book value and the
fair value of the trade and other payables.
14. STATED CAPITAL
As at 31 December As at 30 June
2019 2019
Authorised
Unlimited ordinary shares of no par
value
Issued
Ordinary shares of no par value 670,833,336 20,833,336
Stated capital (GBP'000) 30,870 24,370
On 13 December 2019 a further 650,000,000 ordinary shares of no
par value were issued at GBP0.01 for an aggregate consideration of
GBP6,500,000.
The holders of ordinary shares are entitled to receive dividends
as declared and are entitled to one vote per share at meetings of
the Company.
15. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS
The Group has the following categories of financial instruments
at the period end:
As at 31 December As at 30 June
2019 2019
GBP'000 GBP'000
Financial assets measured at amortised
cost
Cash and cash equivalents 6,450 7,525
Other receivables - 55
------------------ --------------
6,450 7,580
------------------ --------------
Financial liabilities measured at
amortised cost
Trade and other payables 174 6,516
------------------ --------------
174 6,516
================== ==============
The fair value and book value of the financial assets and
liabilities are materially equivalent.
The Group's risk management policies are established to identify
and analyse the risks faced by the Group, to set appropriate risk
limits and controls, and to monitor risks and adherence limits.
Risk management policies and systems are reviewed regularly to
reflect changes in market conditions and the Group's
activities.
Treasury activities are managed on a Group basis under policies
and procedures approved and monitored by the Board. These are
designed to reduce the financial risks faced by the Group which
primarily relate to movements in interest rates.
As the Group's assets are predominantly cash and cash
equivalents, market risk and liquidity risk are not currently
considered to be material risks to the Group.
16. RELATED PARTY TRANSACTIONS
The AIM Rules define a related party as any (i) director of the
Company or its subsidiary, (ii) a substantial shareholder, being
any shareholders holding at least 10 per cent. of a share class or
(iii) an associate of those parties identified in (i) or (ii).
James Corsellis and Mark Brangstrup Watts are the managing
partners of the Marwyn Group. Funds managed by Marwyn Asset
Management Limited, of which James Corsellis and Mark Brangstrup
Watts are both non-executive directors and of which they are the
ultimate beneficial owners, hold 95.36% of the Company's issued
ordinary shares.
James Corsellis and Mark Brangstrup Watts have a beneficial
interest in the A2 Shares as described in note 17 of the Group's
Annual Report and Consolidated Financial Statements for the year
ended 30 June 2019 .
James Corsellis and Mark Brangstrup Watts are the managing
partners of Marwyn Capital LLP which provides corporate finance
advice and various office and finance support services to the
Company. During the period Marwyn Capital LLP charged GBP370,000
(excluding VAT) (2018: GBP390,000) in respect of services supplied,
GBP8,000 (excluding VAT) (2018: GBP7,000) for James Corsellis' and
Mark Brangstrup Watts' directors' fees and GBP1,000 (2018:
GBP3,000) in respect of expenses incurred on behalf of the Group.
Marwyn Capital LLP was owed an amount of GBP52,000 (30 June 2019:
GBP73,000) at the balance sheet date.
James Corsellis and Mark Brangstrup Watts are the ultimate
beneficial owners of Axio Capital Solutions Limited which provides
financial and accounting services, transactional support, company
secretarial and administrative services to the Group. During the
period Axio Capital Solutions Limited charged GBP253,000 (2018:
GBP270,000) in respect of services supplied and GBP3,000 (2018:
GBP2,000) in respect of expenses incurred on behalf of the Group.
Axio Capital Solutions Limited was owed an amount of GBP30,000 (30
June 2019: GBP27,000) at the balance sheet date.
James Corsellis and Mark Brangstrup Watts are the ultimate
beneficial owners of Marwyn Partners Limited and Marwyn Investment
Management LLP which both incurred costs on behalf of the Group
which they recharged. During the period Marwyn Partners Limited
charged GBP6,000 (2018: GBP36,000) in respect of recharged costs
and Marwyn Investment Management LLP charged GBP39,000 (2018:
GBP27,000) in respect of recharged costs. Marwyn Investment
Management LLP was owed an amount of GBP9,000 (30 June 2019:
GBP19,000) at the balance sheet date and there was no outstanding
balance with Marwyn Partners Limited (30 June 2019: GBP17,000).
Key management personnel remuneration is disclosed in Note
6.
17. COMMITMENTS AND CONTINGENT LIABILITIES
There were no commitments or contingent liabilities outstanding
at 31 December 2019 that requires disclosure or adjustment in these
financial statements.
18. POST BALANCE SHEET EVENTS
There have been no material post balance sheet events that would
require disclosure or adjustment to these financial statements.
ADVISERS
Nominated Adviser and Broker Company Secretary and Administrator
Numis Securities Limited Axio Capital Solutions Limited
The London Stock Exchange Building One Waverley Place
10 Paternoster Square Union Street
London, EC4M 7LT St Helier, Jersey, JE1 1AX
Registrar Solicitors to the Company
Link Registrars (Jersey) Limited (as to English law)
12 Castle Street Covington & Burling LLP
St Helier, Jersey, JE2 3RT 265 Strand
London, WC2R 1BH
Principal Bankers Solicitors to the Company
Barclays Bank plc (as to Jersey law)
39/41 Broad Street Ogier
St Helier Jersey, JE4 8PV 44 Esplanade
St Helier, Jersey, JE4 9WG
Auditor Corporate Finance Adviser
PricewaterhouseCoopers LLP Marwyn Capital LLP
1 Embankment Place 11 Buckingham Street
London, WC2N 6RH London, WC2N 6DF
This information is provided by RNS, the news service of the
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END
IR PPUCGWUPUPUQ
(END) Dow Jones Newswires
March 27, 2020 03:00 ET (07:00 GMT)
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Marwyn Acquisition (LSE:MACP)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024