("
UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED
· Successful launch of Corporate Bond of up to
· Bond sales of
· Acquisition of
· Group sales of
·
Chairman's Interim Report
I am very pleased to report on the Company's Interim results for the six months to
Since I last reported to you in May of this year, the Company has made significant progress in obtaining working capital and broadening its investment base. These are more fully explained in note 9 to the financial results below and in our RNS announcements; however, to summarise:
The Company launched a bond of up to
The Company has acquired, for
During the period under review, the Company also invested, by way of an acquisition of a 70% interest, in
The results for the period were a consolidated loss before tax of
The Company is analysing its next investment on which it expects to update shareholders in the coming months.
In conclusion, the Company is well-funded and it has broadened its investment base which has, for the first time, recorded profitable revenues. These are all positive indicators.
Chairman
The directors of the Company take responsibility for this announcement.
For further information, please contact:
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+44 20 3808 0029 |
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NEX Exchange Growth Market Corporate Adviser |
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+44 (0) 20 7213 0880 |
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Financial PR |
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Damson PR |
+44 (0)20 7812 0645 |
Abigail Stewart-Menteth |
Eight Capital Partners plc
Consolidated Statement of total comprehensive income
for the six months ended 30 June 2019
|
Note |
Six months ended Unaudited £'000 |
Six months ended Unaudited £'000 |
Year ended Audited £'000 |
Income |
|
|
|
|
Revenue |
2 |
282 |
- |
- |
Interest income |
|
4 |
- |
3 |
Net change in unrealised gains on investments at fair value through profit and loss |
|
- |
- |
148 |
Total income |
|
286 |
- |
151 |
|
|
|
|
|
Cost of sales |
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(120) |
- |
- |
Net change in unrealised losses on investments at fair value through profit and loss |
|
(215) |
- |
- |
Loss on disposal of investments |
|
(2) |
- |
- |
Administrative expenses |
|
(253) |
(190) |
(434) |
Loss from operations |
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(304) |
(190) |
(7) |
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|
|
|
|
Finance expense |
|
(2) |
- |
- |
|
|
|
|
|
Loss before tax |
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(306) |
(190) |
(7) |
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|
|
|
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Tax expense |
3 |
(12) |
- |
- |
|
|
|
|
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Loss for the period |
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(318) |
(190) |
(7) |
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|
|
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Total comprehensive loss attributable to: Equity holders of the parent company |
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(333) |
(190) |
(7) |
Non-controlling interests |
|
15 |
- |
- |
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(318) |
(190) |
(7) |
Loss per share attributable to the equity holders of the parent |
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|
|
|
|
|
|
|
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Basic and diluted (pence): |
4 |
(0.060) |
(0.038) |
(0.001) |
Eight Capital Partners Plc
Consolidated Statement of financial position at 30 June 2019
|
Note |
As at £'000 |
As at £'000 |
As at Audited £'000 |
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Current assets |
|
|
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Trade and other receivables |
|
232 |
9 |
16 |
Investments |
6 |
425 |
- |
582 |
Cash and cash equivalents |
|
18 |
773 |
91 |
Total current assets |
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675 |
782 |
689 |
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Total assets |
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675 |
782 |
689 |
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Current liabilities |
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Trade and other payables |
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261 |
43 |
18 |
Total current liabilities |
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261 |
43 |
18 |
Provisions |
|
12 |
- |
3 |
Total liabilities |
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273 |
43 |
21 |
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|
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Net assets |
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402 |
739 |
668 |
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Equity |
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|
|
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Share Capital |
7 |
1,360 |
1,383 |
1,350 |
Share premium account |
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1,894 |
1,891 |
1,891 |
Convertible loan notes |
8 |
85 |
- |
48 |
Share option and warrant reserve |
|
8 |
276 |
8 |
Retained earnings |
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(2,962) |
(2,811) |
(2,629) |
Non-controlling interests |
|
17 |
- |
- |
Total equity |
|
402 |
739 |
668 |
Eight Capital Partners Plc
Notes to the Interim Consolidated Financial Statements
For the six months ended 30 June 2019
1. Accounting policies
Basis of preparation
These interim consolidated financial statements have been prepared in accordance with the principles of applicable
They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2018 annual report. The statutory financial statements for the year ended
The interim financial information is unaudited and does not constitute statutory accounts as defined in the Companies Act 2006.
The interim financial information was approved and authorised for issue by the board of directors on
Going concern
As an investment business, the Company has limited operating cash flow and is dependent on the performance of its investments and convertible bond facilities for its working capital requirements. Annualised normal running costs of the Company, excluding commissions on capital-raising, are currently circa
The Directors are therefore of the opinion that the Company has adequate financial resources to enable it to continue in operation for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.
Basis of consolidation
The consolidated financial information incorporates the financial statements of the Company and its subsidiary,
2. Revenue
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|
Six months ended £'000 |
Six months ended £'000 |
Year ended £'000 |
|
|
|
|
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Product sales |
|
246 |
- |
- |
Commission income |
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10 |
- |
- |
Services income |
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26 |
- |
- |
Total revenue |
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282 |
- |
- |
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3. Income tax
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Six months ended £'000 |
Six months ended £'000 |
Year ended £'000 |
Current tax expense |
|
|
|
|
|
|
12 |
- |
- |
Total tax expense |
|
12 |
- |
- |
|
|
|
|
|
4. Earnings per share
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Six months ended £'000 |
Six months ended £'000 |
Year ended £'000 |
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|
|
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Loss for the year attributable to owners of the Company |
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(333) |
(190) |
- |
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Weighted average number of shares: |
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Basic and diluted (number) |
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553,024,641 |
495,166,760 |
522,413,335 |
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Earnings per share (pence) |
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(0.060) |
(0.038) |
(0.001) |
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|
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|
The basic and diluted earnings per share were determined by dividing the loss attributable to the equity holders of the Company by the weighted average number of shares outstanding during the periods. Dilutive instruments are ignored when the overall result is a loss.
5. Subsidiary investment
On
The activities of Epsion have been consolidated with effect from the date of acquisition of the interest.
Epsion contributed
6. Investments
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Fair value at
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Purchases
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Conversion of Convertible Loan Notes
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Realised gains / (losses)
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Net change in unrealised gains/ (losses)
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Fair value at 30 June 2019
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|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Quoted equity securities: |
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Abal Group plc |
233 |
- |
165 |
(2) |
(207) |
189 |
Sport Capital Group plc |
82 |
60 |
- |
- |
(8) |
134 |
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315 |
60 |
165 |
(2) |
(215) |
323 |
Quoted debt securities: |
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|
|
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Finance Partners Group: S.p.A. corporate bonds |
102 |
- |
- |
- |
- |
102 |
Abal Group plc: Convertible loan notes |
165 |
- |
(165) |
- |
- |
- |
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267 |
- |
(165) |
- |
- |
102 |
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Total investments |
582 |
60 |
- |
(2) |
(215) |
425 |
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Abal Group plc:
The Investment in Abal Group plc (AIM: ABAL) comprises 22,256,725 ordinary shares of 0.002p representing approximately 22.0 per cent of the company's share capital.
Conversion of
In
On
The Company's investment has not been treated as an associated company as it does not participate in the policy-making process, including participation in decisions about dividends or other distributions
Sport Capital Group plc:
Sport Capital Group plc (NEX: SCG) is an investment vehicle focused on sports and leisure sectors, including associated intellectual property and media, and infrastructure, such as real estate. The investment comprises 29,833,333 ordinary shares of
In
The Company's investment has not been treated as an associated company as it does not participate in the policy-making process, including participation in decisions about dividends or other distributions
Finance Partners Group S.p.A.:
The investment in Finance Partners Group S.p.A. ("
7. Share capital
Movements in Ordinary share capital during the period are summarised below:
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Number of Ordinary Shares of 0.01p |
Nominal value £'000 |
As at |
540,166,760 |
54 |
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Issued during the period |
93,091,058 |
10 |
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As at |
633,257,818 |
64 |
In
Movements in Deferred share capital are summarised below:
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Number of Deferred Shares of 0.24p |
Nominal value £'000 |
As at |
- |
- |
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Sub-division of Ordinary Shares |
540,166,760 |
1,296 |
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As at |
540,166,760 |
1,296 |
8. Convertible Loan Notes
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Convertible bonds £'000 |
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As at |
- |
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Issued in the year |
48 |
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As at |
48 |
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Issued in the period |
50 |
||||
Converted in the period |
(13) |
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As at |
85 |
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On
The issued Bonds bear interest at the rate of 5% per annum, although the Company may, subject to certain conditions, elect to convert any interest due to the Investor into ordinary shares of
Cosmos SICAV plc
9. Subsequent events
Issue of bonds
In
The principal terms of the bond are as follows:
- Issue price and redemption at par;
- Interest of 7% per annum paid semi-annually in arrears;
- Issue date of
- Admission to trading on the Vienna MTF as "
The Bond was arranged by the Company's 70 per cent owned subsidiary
As described below, the acquisition of a
The Company has thus placed a total of
Acquisition of
On
Finance Partners Group SPA ("FPG") is an Italian financial services company that, among other things, takes minority stakes in private companies seeking future listings on public markets. Its main holding is
FPG owns a minority interest in TAG and
Settlement of the
IWEP is a company connected to the Company's Chairman
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
This information is provided by RNS, the news service of the