Half-year Report
RNS Number : 8013U
Greencare Capital PLC
31 July 2020
 

 

31 July 2020

Greencare Capital plc

 

("Greencare" or the "Company")

 

Interim report for the six months ended 30 April 2020

 

Greencare announces its unaudited interim report for the six months to 30 April 2020.

 

Strategic and financial review

The Company has made a positive start to its life as a quoted company.  The Company was admitted to AQSE Growth Market at the end of 2019 raising gross proceeds of around £515,000.  Since then, we have been focused on pursuing the various investment opportunities that we referred to in our Admission Document published at the time of our admission to AQSE Growth Market. 

 

During the period under review, the Covid-19 pandemic has, understandably, impacted the rate of progress the Company has been able to make with advancing its pipeline of investment opportunities. The Company, however, remains in discussion with its principal and other target investee companies and, as lockdown restrictions have been eased across Europe, it has been possible to resume substantive discussions with a view to making its first investment in the coming months.

 

In particular, the main focus in terms of investment opportunity continues to be a company that has a market leading exclusive position in the distribution of cannabis products in its home country, one of the largest European economies. The exclusive distribution capability is across more than 30,000 points of sale and the investee company is in discussion to expand these points of sale by approximately 15,000 more. As a result, the investee company would be the largest single entity distributing into its home market.

 

For the period to 30 April 2020, the Company reported a loss before taxation of £45,672 and, as at the period end, had net assets of £449,000.  There are no comparative figures. The loss was primarily as a result of general administration costs, including certain due diligence costs in connection with the review of possible investment opportunities.

 

Following the end of the period, on 30 June 2020, the Company announced that it had raised £1,367,500 by way of a placing of 2,735,000 new ordinary shares of 1p each at a price of 50p per share. The proceeds of the placing will be used to provide additional investment funds for the Company.  This fundraising took place at a price significantly higher than the placing price back in December 2019 and demonstrates the level of investor interest in this sector.

 

In summary, we believe that the Company is well placed to make attractive investments in the cannabis sector and I look forward to updating the market in the near future.

 

Fabio Carretta

 

Chief Executive Officer

 

Unaudited statement of comprehensive income
for the period ended 30 April 2020

 

 

Period ended

30 April 2020

 

 

 

 

Note

£

 

 

Continuing operations

 

 

 

 

Revenue

 

-

 

 

 

 

-

 

 

Administrative expenses

 

(45,672)

 

 

 

 

 

 

 

 

 

 

 

 

Loss before taxation

 

(45,672)

 

 

Taxation

 

-

 

 

Total comprehensive loss for the period

 

(45,672)

 

 

Loss per share

3

 

 

 

Basic

Fully diluted

 

 

(0.004)

(0.003)

 

 

 

 

 

Unaudited statement of changes in equity
for the period ended 30 April 2020

 

Share

Share

Retained

 

 

capital

premium

earnings

Total

 

£

£

£

£

Total owners' equity at 1 October 2019

-

-

-

-

Transactions with owners:

 

 

 

 

- Share capital issued by Company

120,574

374,215

-

494,789

    Total transactions with owners

 

 

 

 

- Comprehensive loss:

 

 

 

 

- Loss for the period

-

-

(45,672)

(45,672)

    Total comprehensive loss for the period

-

-

(45,672)

(45,672)

Total owners' equity at 30 April 2020

120,574

374,215

(45,672)

  449,117

 

 

Statement of financial position
as at 30 April 2020

 

 

30 Apr 2020

 

Notes

£

Assets

 

 

Current assets

 

 

Trade and other receivables

 

9,575

Cash and cash equivalents

 

522,049

 

 

531,624

Liabilities

 

 

Current liabilities

 

 

Trade and other payables

 

82,507

Total Liabilities

 

82,507

Net current assets

 

449,117

Net assets

 

449,117

 

 

Owners' equity

 

 

Ordinary Share Capital

2

120,574

Share premium

 

374,215

Retained earnings

 

(45,672)

Total owners' equity

 

449,117

 

Unaudited statement of Cash Flows
for the period ended 30 April 2020

 

 

Period ended

30 Apr 2020

 

 

£

Loss before taxation

 

(45,672)

 

 

 

Changes in working capital

 

 

(Increase) in trade and other receivables

 

(9,575)

Increase in payables

 

82,507

Net cash flow from operating activities

 

27,260

Cash flows from investing activities

 

 

Investment income

 

-

Net cash from investing activities

 

-

Cash flows from financing activities

 

 

Net proceeds from issue of Ordinary Shares

 

 494,789

Net cash from financing activities

 

494,789

Net increase in cash and cash equivalents

 

522,049

Cash and cash equivalents at beginning of period

 

-

Cash and cash equivalents at end of period

 

522,049

 

Notes to the interim accounts

for the period ended 30 April 2020

 

1. General information and accounting policies

 

Greencare Capital PLC is a company incorporated in the United Kingdom.

 

The Company was incorporated on 1 October 2019 and therefore there is no comparative statement of financial position.

 

The condensed interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.  The interim results have not been reviewed by the Company's auditors.

 

The financial information for the period ended 30 April 2020 is prepared in accordance with IFRS.

 

The condensed interim financial statements were authorised for issue on 30 July 2020.

 

2. Issued capital

 

Issued capital follows:

 

30 April 2020

Issued and fully paid

£

12,057,474 Ordinary shares of 0.01 pence each

120,574

 

The number of warrants outstanding as at the period end was 1,734,000.

 

 

3. Loss per Ordinary Share

 

The loss per share has been calculated based on the following results and weighted average number of shares:

 

 

30 April 2020

Loss attributable to Ordinary Shareholders

(£45,672)

Weighted average shares in issue

 

Weighted average number of shares for the purposes of basic earnings per share

11,645,899

Weighted average number of shares for the purposes of diluted earnings per share

13,379,899

Basic loss per share (pence)

(0.4p)

Fully diluted loss per share (pence)

(0.3p)

 

 

4. Distribution of interim report

 

Copies of the Interim Report for the period ended 30 April 2020 are available on the Company's website, www.greencare.capital

 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

 

The directors of the Company take responsibility for this announcement.

 

Enquiries:

 

Greencare Capital plc

Fabio Carretta

 

+39 345 23 59 968

Cairn Financial Advisers LLP

AQSE Corporate Adviser

Jo Turner / James Lewis

 

+44 20 7213 0885

 

 


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