PCG Entertainment - Interim Results
RNS Number : 2176E
PCG Entertainment plc
26 February 2020
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").

 

26 February 2020

PCG Entertainment Plc
("PCGE" or the "Company")
PCG Entertainment Plc / NEX: PCGE

Financial results for the six months to 30 September 2019

PCG Entertainment Plc (NEX: PCGE) announces its financial results for the six months ending 30 September 2019.

Interim results' highlights

1.     Company cash balances at 30 September 2019 of US$23,594 (30 September 2018: US$912,844)

2.     The operational loss for the Company for the 6 months to 30 September 2019 was US$319,485 (30 September 2018: US$1,291,347) 

 

Director's Summary

During the period the Company surrendered its AIM listing and kept the NEX listing. Following the resignation of Allenby Capital as NOMAD and broker on 31st May 2019, we did not seek to find a replacement NOMAD and appointed First Sentinel Corporate Finance Limited as NEX Corporate Adviser.

For most of the period under review the Company focused on achieving a reverse merger with VOX Markets Ltd ("VOX") and Align Research Ltd ("Align").  Unfortunately this transaction did not proceed and we announced on 10th October that VOX had withdrawn from the transaction. In the event VOX proceeded with a round of private financing as an alternative.

Following this announcement on 10th October we moved the Company into care and maintenance mode. Accordingly on 14 October 2019, Professor Michael Mainelli resigned as a director and we agreed the resignation of First Sentinel as Corporate Adviser. Following the resignation of First Sentinel the Company's shares were automatically suspended from NEX.

On 15 October 2019, we agreed the resignation of Bob McDowall as a director.

The remaining directors are Richard Poulden and Alan Gravett who currently receive no remuneration for their services. We have remained in close contact with First Sentinel and with NEX and we hope to be able to announce a new strategy and new management for the Company in the coming weeks.

 

 

Richard Poulden                                                                                                Alan Gravett

Chairman                                                                                                             Director

 

 

For further information:

PCG Entertainment Plc

 

Christal Enriquez, Public Relations

Tel: +971 4 566 7423

 

info@pcge.com

 

 

PCG Entertainment Plc

 

 

 

Statement of Total Comprehensive Income

 

 

 

for the six months ended 30 September 2019

 

 

 

 

 

 

 

 

 

 

 

 

 Unaudited

 Unaudited

 Audited

 

 Six Months Ended

 Six Months Ended

 Year ended

 

30 September 2019

30 September 2018

31 March 2019

 

 US$

 US$

 US$

 

 

 

 

Cost of sales

 -  

 -  

 -  

 

 

 

 

Gross profit

 -  

 -  

 -  

 

 

 

 

Administration expenses

 (319,485)

 (673,009)

 (1,065,396)

Costs associated with termination of financing arrangements

 -  

 (542,160)

 -  

 

 

 

 

Operating loss

 (319,485)

 (1,215,169)

 (1,065,396)

 

 

 

 

Loss on equity sharing agreement

 -  

 -  

 (542,159)

Loss on disposal of subsidiary - net

 -  

 -  

 (25,000)

Foreign exchange gain/(loss)

 5,829

 (76,178)

 (82,966)

Interest payable

 -  

 -  

 (15,512)

 

 

 

 

Loss on ordinary activities before taxation

 (313,657)

 (1,291,347)

 (1,731,033)

 

 

 

 

Tax on loss on ordinary activities

 -  

 -  

 -  

 

 

 

 

Loss for the financial period

 (313,657)

 (1,291,347)

 (1,731,033)

 

 

 

 

Loss for the year from discontinued operations

 -  

 -  

 (166,478)

 

 

 

 

Retained loss for the financial period

 (313,657)

 (1,291,347)

 (1,897,511)

 

 

 

 

Change in foreign currency

 -  

 3,800

 -  

 

 

 

 

Total comprehensive loss for the financial period

 (313,657)

 (1,287,547)

 (1,897,511)

 

 

PCG Entertainment Plc

 

 

 

Statement of Financial Position

 

 

 

as at 30 September 2019

 

 

 

 

 Unaudited

 Unaudited

 Audited

 

 Six Months Ended

 Six Months Ended

 Year ended

 

30 September 2019

30 September 2018

31 March 2019

 

 US$

 US$

 US$

 

 

 

 

Current assets

 

 

 

Trade and other receivables

 32,201

 81,480

 370,477

Cash and cash equivalents

 23,594

 912,844

 14,390

 

 55,795

 994,324

 384,867

 

 

 

 

Non-current assets

 

 

 

Intangible assets

 -  

 25,000

 -  

Property, plant and equipment

 -  

 44

 -  

 

 -  

 25,044

 -  

 

 

 

 

Total assets

 55,795

 1,019,368

 384,867

 

 

 

 

Current liabilities

 127,478

 201,425

 144,417

 

 

 

 

Capital and reserves

 

 

 

Share capital

 5,642,408

 5,775,145

 5,642,408

Share premium

 25,088,706

 24,955,969

 25,088,705

Foreign exchange reserve

 -  

 91,636

 -  

Share based payment reserve

 309,408

 309,408

 309,408

Retained earnings

 (31,112,205)

 (30,314,215)

 (30,800,071)

 

 (71,683)

 817,943

 240,450

 

 

 

 

Total equity and liabilities

 55,795

 1,019,368

 384,867

 


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