Pharma C Investments - Interim Results
RNS Number : 1379N
Pharma C Investments PLC
28 September 2021
 

28 September 2021

Pharma C Investments Plc

("Pharma C" or the "Company")

Interim Results

 

Pharma C Investments (AQSE: PCIL), an early-stage investor and venture builder in the medical cannabis industry with a particular focus on companies that provide ancillary products and services to the medicinal cannabis sectors, announces its interim results for the period ended 30 June 2021.

 

Highlights

 

•     Admitted to London's AQSE Growth Market ("Admission") in May 2021

•     £1 million fundraise at Admission

•     Appointed Toby Shillito to the Board as Chief Business Development Officer

•     Focusing on developing a proper process to funnel and assess a pipeline of fairly priced, promising companies engaged in the ancillary medical cannabis sector

 

Chair's Statement

 

I am honoured to be reporting our first set of results as a listed company on the AQSE Growth Market. This year has been a challenging one for many reasons, but I am proud of all the hard work that went in to ensuring Pharma C was able to achieve a successful fundraise and Admission in May this year.

 

Since going public, the Board has been focusing on shortlisting a number of deals in the ancillary space and sourcing the right investment. There is a pipeline and the management team are concentrating on delivering the right investment for our shareholders.

 

In order to facilitate this process, Pharma C welcomed Toby Shillito to the Board team as Chief Business Development Officer. Toby provides a wealth of experience across the medical cannabis industry and has been a key addition to the team in helping us identify relevant investment opportunities and evaluate them in line with our strict investment thesis.

 

As per our strategy, we are pursuing investment opportunities in the United Kingdom, Europe and Israel, the latter renowned as a global leader and innovator in cannabis and where the Board has significant expertise.

 

The ancillary sector offers an attractive opportunity, allowing investors to play a key role in a growing industry without infringing on any restrictive cannabis legislation. Ancillary businesses are generally viewed as more stable than those which are plant-touching.

 

Given the phenomenal uptake in this rapid growth sector, ancillary businesses who serve the medical cannabis community are well placed to capitalise on the need for advice around regulations, tools and ag-tech to grow consistent crop, innovation for synthetic cannabinoid products and facilitate the growth of the general marketplace of this industry. 

 

I would like to thank our shareholders for their continued support, and I look forward to providing the market with an update on our first investment in the near future.

 

 

Financial Results

 

UNAUDITED PROFIT AND LOSS ACCOUNT



 

for the six months ended 30 June 2021



 


6 months to 30 June 2021

6 months to 30 June 2020

 


(unaudited)

(unaudited)

 


£'000

£'000

 




 

Turnover

 -

 -

 




 

Administrative expenses

(247)

(9)

 




 

Loss on ordinary activities before taxation

(247)

(9)

 




 

Tax on loss on ordinary activities

 -

 -

 




 

Loss on ordinary activities after taxation

(247)

(9)

 




 




 

Retained loss for the period

(247)

(9)

 




 

Loss per ordinary share (pence)

(0.17p)

(0.00p)

 


UNAUDITED BALANCE SHEET



 

as at 30 June 2021



 


 30 June 2021

31 Dec 2020

 


(unaudited)

(audited)

 


£'000

£'000

 




 

Current Assets



 

Debtors and prepayments

5

7

 

Cash at Bank and in hand

759

8

 




 


764

15

 




 

Creditors: amounts falling due within one year

(23)

(37)

 




 

Net current assets

741

(22)

 




 

Total assets less current liabilities

741

(22)

 




 

Net assets

741

(22)

 




 




 

Capital and reserves



 




 

Called up share capital

674

247

 

Share Premium

583

 -

 

Profit and loss account

(516)

(269)

 




 

Equity shareholder funds

741

(22)

 

 

 

UNAUDITED STATEMENT OF CHANGES IN EQUITY




 

for the 6 months ended 30 June 2021





 


No of shares

Share

Share

Retained

Total

 



capital

premium

earnings


 



£'000

£'000

£'000

£'000

 







 

At 30 June 2020

99,000,001

247

0

(9)

238

 







 

Loss for 6 months




(260)

(260)

 







 

Issue of new shares

0

0

0


0

 







 

At 31 December 2020

99,000,001

247

0

(269)

(22)

 







 

Loss for 6 months




(247)

(247)

 







 

Issue of new shares

170,857,143

427

643


1070

 







 

Share issue costs



(60)


(60)

 







 

At 30 June 2021

269,857,144

674

583

(516)

741

 


UNAUDITED STATEMENT OF CASH FLOW



for the period ended 30 June 2021




Unaudited period ended

Unaudited period ended


30 June 21

30 June 20


£'000

£'000

Operating activities






Loss after tax

(247)

(9)




(Increase)/decrease in trade and other receivables

2

0




(Decrease)/increase in trade and other payables

(14)

0




Net cash (outflow)/inflow from operating activities

(259)

(9)




Finance activities






Proceeds from the issue of share capital

1,070

0




Share issue costs

(60)

0




Net cash inflow from financing activities

1,010

0




Net change in cash and cash equivalents

751

(9)




Cash and cash equivalents at beginning of period

8

44




Cash and cash equivalents at end of period

759

35

 

 

Notes to the interim results

1.    The interim results together with the related notes set out below have been approved by the board of directors of the Company.

 

2.    No interim results were published for the period ended 30 June 2020.

 

3.    These financial results are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 nor have they been reviewed by the auditors of the Company.

 

4.    The interim results have been prepared using the accounting policies set out in the statutory accounts for the year ended 31 December 2020.

 

5.    Loss per share - the earnings per share for the six months ended 30 June 2021 have been calculated on the basis of the loss after taxation for the period of £247,000 and the weighted average number of shares in issue during the period of 141,768,718.

 

 

- Ends -

 

For additional information please contact:

 

 

Pharma C Investments

Tel: +44 7897 834 092    



Chana Greenberg, CEO

chana@pharmacinvestments.com    




Novum Securities

(AQSE Corporate Adviser)

Tel: +44 207 399 9400



David Coffman / Lucy Bowden





Blytheweigh

(Financial PR/IR-London)

Tel: +44 207 138 3204



Tim Blythe 

tim.blythe@blytheweigh.com


Megan Ray

megan.ray@blytheweigh.com

 

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