Eurocann International Plc - Six Months Results to 31 May 2020 PR Newswire

EUROCANN INTERNATIONAL PLC

(“Eurocann” or “the Company”)

INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 MAY 2020

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.

FINANCIALS

The financial results for the period from 1 December 2019 to 31 May 2020 show a loss after taxation of £54,818 (2019: £41,792).

The interim results have no been reviewed by the Company’s auditor.

OUTLOOK

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.

Conrad Windham
Executive Director
28 August 2020

The Directors of the Company accept responsibility for the contents of this announcement.


ENQUIRIES:

Company
Eurocann International plc
Burns Singh Tennent-Bhohi / Conrad Windham
Telephone: 020 3778 1106

Corporate Adviser
Peterhouse Capital Limited
Guy Miller and Mark Anwyl
Telephone: 020 7220 9796


EUROCANN INTERNATIONAL PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS ENDED 31 MAY 2020

Unaudited
6 month period ended 31 May 2020
GBP
Audited
year ended
30 November 2019
GBP
Unaudited
6 month period ended 31 May
2019
GBP
Revenue - - 35,284
Cost of sales - - (35,732)
GROSS LOSS - - (448)
Administrative expenses (54,890) (452,275) (43,380)
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)
Attributable to:
Equity holder of the parent (54,818) (448,183) (36,420)
Non-controlling interest - - (5,372)
LOSS PER SHARE
Basic & diluted (0.002) (0.02) (0.005)


EUROCANN INTERNATIONAL PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2020

Unaudited
at 31 May
2020
GBP
Audited
At 30 November 2019
GBP
Unaudited
 At 31 May
2019
GBP
NON CURRENT ASSETS
Intangible assets - - 90,007
Property, plant and equipment - - 3,016
Investments 38,574 48,778 28,630
38,574 48,778 121,653
CURRENT ASSETS
Trade and other receivables
Investments
13,810
-
13,930
-
11,006
1,130
Cash and cash equivalents 55,028 101,448 4,251
68,838 115,378 16,387
TOTAL ASSETS 107,412 164,156 138,040
EQUITY PLUS NON-CONTROLLING INTEREST
ISSUED SHARE CAPITAL AND RESERVES
Share capital 1,210,810 1,210,810 1,208,059
Share premium
Other reserves
1,150,383
239,369
1,150,383
239,369
1,067,510
-
Retained profits (2,546,828) (2,492,010) (2,177,572)
SUBSCRIBED CAPITAL 53,734 108,552 97,997
Non-controlling interest - - (8,816)
TOTAL EQUITY 53,734 108,552 89,181
CURRENT LIABILITIES
Trade and other payables 53,678 55,604 48,859
TOTAL EQUITY AND LIABILITIES 107,412 164,516 138,040


 

Notes:

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 31 May 2019 and the balance sheet at 31 May 2019 are based on the consolidated financial statements at that time. During the year ended 30 November 2019, the Company disposed of its subsidiary undertakings such that it prepared entity only financial statements at 30 November 2019 in accordance with the Companies Act 2006.

4. The Directors of the issuer accept full responsibility for this announcement.