Angelfish Investments Plc - Half-year Report PR Newswire

27 September 2018

Angelfish Investments Plc

(“Angelfish” or “the Company”)

Interim Results for the Half-Year to 30 June 2018

The Board of Angelfish Investments Plc (the "Board") today announces the Company’s unaudited results for the six months to 30 June 2018 (the “Period”).  The Company reports a profit before amortisation of Preference Shares for the Period of £401,386 (2017: £188,234 loss) and a profit before taxation for the Period of £176,239 (2017: £480,516 loss).

Statement by the Board

During the Period the Company continued with its revised investment strategy to invest in a range of early stage companies seeking seed or follow on funding, where the Directors perceive the opportunity for significant growth, in the service and technology sectors, including products related to social or life enhancement

In February 2018 the Company made an initial investment by way of a convertible loan into Yboo Limited (“YBOO”). YBOO owns and operates a UK mobile app which enables the customer to know which mobile network and deal is best for them, based on their current usage. The app is now live on both the Android and iOS platforms and is being further enhanced to improve the user experience. The loan was in the amount of £150,000 in six equal instalments and on payment of the final loan instalment on 1 July 2018 the loan converted into 15% of the ordinary share capital of YBOO.

The Company continues to hold its loan and investment in X Markets Group Limited (“XMG”) a fintech company, having provided the loan facility to XMG in July 2017. XMG continues to make good technical progress and we are optimistic that this venture will soon achieve commercial success. Rapid Nutrition plc, a natural healthcare company, continues to pursue its UK listing and we expect some positive news in this regard shortly. We continue to work with One Life Technologies Corp (“OneLife”), a company listed on the US OTC, which acquired One Media Enterprises Limited, to allow OneLife to pursue a substantial fund raising which would enable OneLife to continue its business development and result in a positive outcome for both OneLife and Angelfish.

Following the end of the period, in July 2018 Angelfish increased its stake in YBOO to 20% for additional consideration of £100,000 and we are currently negotiating to further increase this equity holding and to also provide a debt facility to allow YBOO to begin its UK and international rollout campaign and continue with an accelerated development of YBOO products. In addition, in August 2018 the Company made an investment into Wallet Ads Limited (“Wallet Ads”) via £150,000 0% fixed rate convertible loan notes drawn down as an initial £50,000 followed by five equal monthly instalments, convertible into ordinary shares equivalent to 20% of the enlarged share capital of Wallet Ads on payment of the final instalment. Wallet Ads owns and operates a mobile engagement platform to enable brands to deliver digital vouchers or passes direct to consumers' smartphones and although only at the early stages of this investment progress made to date by Wallet Ads is encouraging.

Angelfish is currently exploring existing and additional funding sources and investment opportunities which will give the Company the springboard to continue to pursue its investment strategy and thereby continue growing its investment portfolio.

No interim dividend on ordinary shares is to be paid in relation to the Period.  No interim dividend on ordinary shares was paid in relation to the six months to 30 June 2017.

On behalf of the Board
Andrew Flitcroft
Finance Director
Angelfish Investments Plc
27 September 2018

INTERIM INCOME STATEMENT (UNAUDITED)
For the period ended 30 June 2018


                                                                Angelfish
                                                             Investments plc

                                                           6 mths to  6 mths to

                                                             30 June    30 June

                                                                2018       2017

                                                               £ GBP      £ GBP

Revenue                                                            0          0

Cost of Sales                                                      0          0

Gross Profit/(Loss)                                                0          0

Other Operating Income                                        17,000      3,000

Administrative Expenses                                     (57,294)   (69,054)

Loss before Investment Activities                           (40,294)   (66,054)

Fair Value of Receivables through Profit and Loss            438,441          0

Costs of Aborted Transaction                                       0   (62,982)

Interest Income                                               83,265     20,828

Interest Payable at 7.1% on Preference Shares               (80,026)   (80,026)

Profit/(Loss) before Amortisation of Preference Shares       401,386  (188,234)

Amortisation of Preference Shares                          (225,147)  (292,282)

Profit/(Loss) before Taxation                                176,239  (480,516)

Taxation Expense                                                   0          0

Total Comprehensive Income attributable to Equity Holders    176,239  (480,516)
of the Company



STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
As at 30 June 2018


                                   Angelfish
                                Investments plc

                                  As at      As at

                                30 June    30 June

                                   2018       2017

                                  £ GBP      £ GBP

Assets

Non-current assets

Property, plant and equipment         0          0

Goodwill                              0          0

Other intangibles                     0          0

Investments                     565,097          0

                                565,097          0

Current assets

Trade and other receivables   1,481,868     44,152

Cash and cash equivalents       358,444  1,032,772

                              1,840,312  1,076,924

Total assets                  2,405,409  1,076,924

Equity and liabilities

Equity

Issued share capital             71,008     71,008

Share premium                         0          0

Retained earnings             1,209,349    294,783

                              1,280,357    365,791

Non current liabilities

Loans and borrowings          1,016,272    633,093

Current liabilities

Trade and other payables        108,780     78,040

Total liabilities             1,125,052    711,133

Total equity and liabilities  2,405,409  1,076,924



NOTES:

1. The above financial information was approved by the Board on 26 September 2018

2. The above financial information is unaudited and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.

3. There have not been any changes in accounting policies which affect the validity of the comparison of the financial information presented for the period to 30 June 2018 versus the comparative financial information presented for the period to 30 June 2017.

4. The information in this announcement has not been reviewed by the Company’s auditor.

This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.

THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT.

--ENDS—

Enquires:


Angelfish Investments Plc
Andrew Flitcroft               +44 (0)7769 591096
Finance Director

Cairn Financial Advisers LLP
NEX Exchange Corporate Adviser
David Coffman/Richard Nash     +44 (0)207 213 0880



About Angelfish Investments Plc

The Company’s Ordinary Shares and Preference Shares are admitted to trading on the NEX Exchange Growth Market in London. The Company has the trading symbol ANGP for its Ordinary Shares and the trading symbol ANGS for its Preferences Shares.