Valereum PLC - Interim Results for the six months to 30 June 2022
RNS Number : 4033B
Valereum PLC
30 September 2022
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR")

 

Logo Description automatically generated

30 September 2022

Valereum Plc

("Valereum" or the "Company")

 

Interim results for the six months to 30 June 2022

 

Valereum announces its interim results for the period ended 30 June 2022. Shareholders are reminded that these results are unaudited and based on the Company's management accounts.

 

The first half of 2022 has been an exciting period for the Company, as it continues the transformation announced last year. This included in January 2022, the change of the Company name from Valereum Blockchain Plc to Valereum Plc, reflecting the Company's broader portfolio of interests.

 

Valereum's entire management team is focused on completing the Gibraltar Stock Exchange ("GSX") acquisition and looks forward to announcing its future plans and executing them in the near future.

 

Interim Operational Highlights

 

1)   On 23 February, Valereum's option over the shares in the Gibraltar Stock Exchange increased from 80% to 90%. Valereum paid a total of £2.9m in consideration for 50% of GSX's shares, which are held by the Company under a fixed charge structure.

2)   Throughout the period the management team have been working closely with Hassans, the Company's Gibraltar lawyers, to move through the regulatory change of control of the GSX with the Gibraltar Financial Services Commission ("GFSC").

3)   On 16 June 2022, the Company announced plans to launch a new global marketplace platform for Non-Fungible Tokens ("NFTs"); the platform being developed will create a new investment opportunity for investors which the board believes will bring significant revenue to the Company. This platform is regulated independently from the GSX and outside Gibraltar although the technology will be shared across all the Company's platforms.

4)   On 13 June, Z/Yen Group Ltd was appointed as the Company's strategic adviser and was engaged to provide a commercial review of the Company's business plans for the GSX, as a prelude to seeking an additional listing on a larger European market.

 

Interim Financial Highlights

 

1)   During the first half of 2022, the Company drew down £2.3m ($3m) from the $10m drawdown facility announced in January 2022.

2)   The Company has also issued 499,796 new ordinary shares of 0.1 pence each following the receipt of conversion notice for $250,000 in March 2022.

3)   The Company cash balance on 30th June 2022 was £656,405 (31st December 2021: £1,432,377). In additional to the cash balance in the bank, the Company has overdraft/bridge loan facilities of £6m available to cover the requirements of any capital expenditure and operation cost.

 

Commenting on the results, Richard Poulden, Chairman of Valereum, said: "We remain focused on establishing the Gibraltar Stock Exchange not only as one of the world's first fully regulated exchanges crossing the digital divide, but also linking into markets not touched by other European exchanges. Combined with our plans for an NFT platform and listing on another European market, we believe we have the technology and experience to execute our plan and deliver value for shareholders."

 

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

END

Enquiries:

 

Valereum Plc

Richard Poulden, Chairman

Tel: +971 4584 6284

 

AQSE Corporate Adviser

Peterhouse Capital Limited

Heena Karani

Tel: +44 (0) 207 469 0930

 

Investor Relations

J&H Communications Limited

James Henderson

Tel: +44 (0)7774 444163

james@j-hcommunications.com

 

George Hudson

Tel: +44 (0)7803 603130

george@j-hcommunications.com

 

For more information, please visit the Company's website at valereum.gi




Valereum Plc

 



 

Statement of Total Comprehensive Income

 



 

for the six months ended 30 June 2022

 



 





 





 


 6 Months Ended

 6 Months Ended

 12 Months Ended

 

 

30 June 2022

30 June 2021

31 December 2021

 

 

 £

 £

 £

 

 




 

Revenue

                          -  

                   11,210

                            -  

 





 

Cost of sales

                          -  

                          -  

                            -  

 





 

Gross profit

                          -  

                   11,210

                            -  

 





 

Administration expenses

       (1,031,309)

                 (519,532)

(1,860,478)

 





 

Operating loss

        (1,031,309)

                 (508,322)

                 (1,860,478)

 





 

Foreign exchange gain/(loss)

              (2,608)

                     6,844

(1,676)

 

Interest expense

                          -  

                          -  

(5,000)

 

Interest income

                          -  

                          -  

29,331

 





 

Loss on ordinary activities before taxation

        (1,033,917)

           (501,478)

       (1,837,823)

 





 

Tax on loss on ordinary activities

                          -  

                          -  

                            -  

 





 

Loss for the financial period

        (1,033,917)

                 (501,478)

                 (1,837,823)

 





 

Loss for the year from discontinued operations

                          -  

                          -  

                            -  

 





 

Retained loss for the financial period

        (1,033,917)

                 (501,478)

                 (1,837,823)

 





 

Change in foreign currency

                          -  

                          -  

                            -  

 





 

Other comprehensive income

 



 

Items that may not be reclassified subsequently to profit or loss:



Unrealised gain on crypto assets

               43,532

                          -  

85,957

 

Other comprehensive income for the year/period

              43,532

                          -  

85,957

 





 

Total comprehensive loss for the financial period

      (990,385)

(501,478)

         (1,751,866)

 











 

Valereum Plc

 



Statement of Financial Position

 



as at 30 June 2022

 








6 Months Ended

6 Months Ended

12 Months Ended

 

30 June 2022

30 June 2021

31 December 2021

 

£

£

£

 




Current assets

 



Trade and other receivables

                  332,331

                   20,000

332,331

Cash and cash equivalents

                  656,405

               1,051,702

1,432,377

Bank Overdraft and Available Loan

               6,000,000

                          -  

                            -  


               6,988,736

               1,071,702

                  1,764,708





Non-current assets

 



Property, plant and equipment

                   84,626

                  137,278

108,243

Intangible assets

                  129,488

                          -  

85,957

Investments

               2,964,501

                          -  

777,001


               3,178,615

                  137,278

                    971,201





Total assets

             10,167,351

               1,208,980

                  2,735,909





Current liabilities

               8,462,751

                   21,131

224,948





Capital and reserves

 



Share capital

               4,126,094

               4,118,394

4,125,594

Share premium

             22,250,459

             19,876,633

22,066,933

Revaluation reserve

                   85,957

                          -  

85,957

Translation reserve

                  257,478

                          -  

257,478

Foreign exchange reserve

                          -  

                          -  

                            -  

Share based payment reserve

                  153,500

                          -  

153,500

Retained earnings

           (25,168,887)

            (22,807,178)

(24,178,501)


               1,704,601

               1,187,849

                  2,510,961





Total equity and liabilities

             10,167,351

               1,208,980

                  2,735,909




 

Valereum Plc

 



Statement of Cash Flows

 



for the six months ended 30 June 2022

 








 6 Months Ended

 Six Months Ended

12 Months Ended

 

30 June 2022

30 June 2021

31 December 2021

 

£

£

£

Cash flows from operating activities

 



Loss before tax

                 (990,385)

                 (501,478)

                 (1,751,866)

Reconciliation to cash generated from operations:




Foreign exchange (gain)/loss

                          -  

                    (6,844)

                            -  

Purchase of Equipment

                          -  

                 (137,278)

                            -  

Operating cash flow before changes in working capital

                 (990,385)

                 (645,600)

                 (1,751,866)

Unrealised gain on crypto

                  (43,532)

                          -  

                     (85,957)

Share-based payments expense

                          -  

                          -  

                    376,000

Depreciation

                   23,617

                          -  

                      33,457

Decrease/(increase) in receivables

                          -  

                    (3,299)

                   (318,881)

Increase/(decrease) in payables

               8,237,802

                  (57,242)

                    146,574

Cash outflow from operations

               7,227,502

                 (706,141)

                 (1,600,673)





Cash flows from financing activities

 



Issue of shares for cash

                  184,026

               1,751,000

                  3,948,500





Net cash flow from financing activities

                  184,026

               1,751,000

                  3,948,500





Cash flows from investing activities

 



Payment for acquisition of property, plant and equipment

                          -  

                          -  

                   (141,700)

Payment for acquisition of investments

              (2,187,500)

                          -  

                   (777,001)





Net cash flow from investing activities

              (2,187,500)

                          -  

                   (918,701)





Net increase/(decrease) in cash

               5,224,028

               1,044,859

                  1,429,126

Effects of exchange rates on cash and cash equivalents

                          -  

                     6,843

                            -  


               5,224,028

               1,051,702

                  1,429,126

Cash at bank at beginning of period

               1,432,377

                          -  

                        3,251

Cash at bank at period end

               6,656,405

               1,051,702

                  1,432,377

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXBKKBQNBKDCCN ]]>