(“Eurocann” or “the Company”)
INTERIM RESULTS FOR THE 6 MONTHS ENDED
Since the final results released last month, Eurocann has continued to consider opportunities within the medicinal cannabis sector, whilst prudently working to strengthen its balance sheet through making select investments in listed companies. I am pleased to advise that all investments made are performing well.
After much consideration, and in light of the global economic backdrop, the board has decided that the Company and its shareholders will be best served going forward through broadening the investment strategy to also include the natural resource sector, as well as special situations that the board believes will build shareholder value. To this end we will be publishing a circular in the coming days with a view to obtaining shareholder approval for the amended investment strategy, as well as changing the name of the Company to better reflect a more generic investment strategy.
Ultimately our objective as directors is to work toward maximising value for shareholders through the best course of action possible, and we believe that broadening the investment strategy will improve our chances of fulfilling such an objective.
The financial results for the period from
The interim results have no been reviewed by the Company’s auditor.
We believe we can further build on the investment performance through broadening the investment strategy to include the natural resource sector, as well as special situations that the board believes will deliver shareholder value through capital appreciation. We look forward to publishing the Circular setting out this intention for shareholders to vote on at the Company’s forthcoming AGM, and we continue to view the future for the Company with optimism.
The Directors of the Company accept responsibility for the contents of this announcement.
Burns Singh Tennent-Bhohi /
Telephone: 020 3778 1106
Telephone: 020 7220 9796
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS ENDED
6 month period ended
6 month period ended 31 May
|Cost of sales||-||-||(35,732)|
|Other non-operating income||72||4,092||2,036|
|LOSS BEFORE TAX||(54,818)||(448,183)||(41,792)|
|Income tax expense||-||-||-|
|LOSS FOR THE PERIOD/YEAR||(54,818)||(448,183)||(41,792)|
|Equity holder of the parent||(54,818)||(448,183)||(36,420)|
|LOSS PER SHARE|
|Basic & diluted||(0.002)||(0.02)||(0.005)|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 May
At 31 May
|NON CURRENT ASSETS|
|Property, plant and equipment||-||-||3,016|
|Trade and other receivables
|Cash and cash equivalents||55,028||101,448||4,251|
|EQUITY PLUS NON-CONTROLLING INTEREST|
|ISSUED SHARE CAPITAL AND RESERVES|
|Trade and other payables||53,678||55,604||48,859|
|TOTAL EQUITY AND LIABILITIES||107,412||164,516||138,040|
1. The financial information contained in the interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
2. Basic loss per share has been calculated using the weighted average number of shares of 35,556,549 (30.11.19: 20,260,458 ; 31.5.19: 8,053,724). Given the loss per share, there are no dilutive instruments in issue.
3. The results for the 6 month period ended
4. The Directors of the issuer accept full responsibility for this announcement.