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.
