For immediate release21 July 2020
(“AfriAg Global”, or the “Company”)
Unaudited Interim Results for the six months to
Like many public companies around the world, the COVID-19 pandemic has unfortunately slowed down the Company’s efforts with respect to completing the Apollon
Medical Cannabis Investments:
The Company currently owns 4.64 million shares (representing 2.68%) of the share capital of
The Company is currently working with Apollon
Apollon
Apollon Jamaica holds the following licenses:
1. Licence to cultivate cannabis for the sole purposes of undertaking research, including clinical research as approved by the Ministry of Health; 2. License to process and manufacture any cannabis-based products that have been approved by the Ministry of Health for medical, therapeutic and scientific purposes (Processing Licence 170209113513) at designated premises of Apollon Jamaica; and 3. License to provide therapeutic services using cannabis (Retail (Therapeutic Services) Licence 170209153635).
Financial Results:
The operating loss for the period was £60,000 (6 months ended
The unaudited interim results to
Outlook
We have a very unique ability, being one of the few companies listed in
Having recently completed our initial investment in Apollon
The Board would like to take this opportunity to thank our shareholders, staff and consultants for their continued support and I look forward to reporting further significant progress over the next period and beyond.
The directors of the Company accept responsibility for the contents of this announcement.
Executive Chairman
For further information, please contact:
Corporate Adviser and Broker:
Peterhouse Capital Limited +44 (0) 20 7469 0930
Condensed Statement of Comprehensive Income (unaudited)
for the 6 months ended
6 months to 6 months to Year ended 30 June 30 June 31 December 2020 2019 2019 Unaudited Unaudited Audited Note £’000 £’000 £’000 Revenue - - - Cost of sales - - - Gross Profit - - - Administration expenses (60) (88) (206) Operating (loss) (60) (88) (206) Loans advanced to subsidiaries - - (1,953) written-off Investment income (2) - (23) (Loss) before tax (62) (88) (2,182) Tax - - - Retained (loss) for the period (62) (88) (2,182) Other comprehensive income Other comprehensive income for the - - - period net of taxation - - - Total comprehensive income Total comprehensive (loss) for the (62) (88) (2,182) period attributable to equity holders of the parent (Loss) per share (pence) 2 Basic (0.19) (0.47) (8.58) Diluted (0.19) (0.47) (8.58)
All of the revenues and loss above derived from continuing operations.
Condensed Statement of Financial Position (unaudited)
At
30 June 2020 30 June 2019 31 December 2019 Unaudited Unaudited Audited £’000 £’000 £’000 Non-current assets Trade and other receivables - 1,836 - Total non-current assets - 1,836 - Current assets Trade and other receivables 18 628 16 Available for sale assets 1,160 1,030 1,167 Cash and cash equivalents 76 472 98 Total current assets 1,254 2,130 1,281 Total assets 1,254 3,966 1,281 Current liabilities Trade and other payables (561) (1,246) (525) Total current liabilities (561) (1,246) (525) Net current assets 693 767 756 Net assets 693 2,720 756 Equity Share capital 3,171 3,011 3,171 Share premium account 8,534 8,566 8,535 Share based payment reserve 128 146 128 Retained earnings (11,140) (9,003) (11,078) Total equity 693 2,720 756
Condensed Statement of Changes in Equity (unaudited)
for the 6 months ended
Share capital Share premium Share based Retained Total payment reserve earnings £’000 £’000 £’000 £’000 £’000 At 31 December 1,761 8,630 279 (9,047) 1,623 2018 (Loss) for the - - - (2,182) (2,182) period Total - - - (2,182) (2,182) Comprehensive Income Shares issued 1,410 - - - 1,410 Share issue - (95) - - (95) costs Transfer with - - (151) 151 - equity Total 1,410 (95) (151) 151 1,315 contributions by and distributions to owners of the Company At 31 December 3,171 8,535 128 (11,078) 756 2019 (Loss) for the - - - (62) (62) period Total - - - (62) (62) Comprehensive Income Shares issue - (1) - - (1) costs Total - (1) - - (1) contributions by and distributions to owners of the Company At 30 June 2020 3,171 8,534 128 (11,140) 693
Condensed Statement of Cash Flows (unaudited)
for the 6 months ended
6 months to 6 months to Year ended 30 June 2020 30 June 2019 31 December 2019 Unaudited Unaudited Audited £’000 £’000 £’000 Cash flows from operations Operating (loss) (60) (88) (206) (Increase)/decrease in trade & other (2) (494) 1 receivables Increase/(decrease) in trade & other 36 788 67 payables Net cash used in operating activities (26) 206 (138) Investing activities Receipts on sale of AFS investments 5 - - Payments on purchase of AFS - (1,000) (1,160) investment Net cash from investing activities 5 (1,000) (1,160) Financing activities Issue of share capital - 1,250 1,410 Issue costs (1) (65) (95) Net cash from financing activities (1) 1,185 1,315 Net increase/(decrease) in cash and (22) 391 17 cash equivalents Cash and cash equivalents at the 98 81 81 beginning of period Cash and cash equivalents at the end 76 472 98 of period
Notes to the Condensed Interim Financial Information (unaudited)
1.General information
The condensed interim financial information for the period ended
The condensed interim financial information contained in this document does not constitute statutory accounts. In the opinion of the directors the financial information for this period fairly presents the financial position, result of operations and cash flows for this period.
The Condensed Interim Financial Information was approved by the Board of Directors on
Statement of compliance
These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the
2.(Loss) per share
The calculation of the (loss) per share is based on the (loss) attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.
6 months to 6 months to Year 30 June 30 June 31 December 2020 2019 2019 Unaudited Unaudited Audited £’000 £’000 £’000 (Loss) attributable to equity holders of the (62) (88) (2,182) Group Weighted average number of ordinary shares 31.71 18.36 25.41 (millions) (Loss) per share – basic (0.19) (0.47) (8.658) (Loss) per share – diluted (0.19) (0.47) (8.58)
3.Events after the end of the reporting period
There are no events after the end of the reporting date to disclose.
4.A copy of this interim financial statement is available on the Company’s website: www.afriagglobal.com.
