TIDMVLOX
RNS Number : 6238A
Velox3 PLC
30 September 2015
30 September 2015
VELOX3 PLC
("Velox3" or "the Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE
2015
Velox3, the AIM quoted investment company focused on the online
trading services sector, is pleased to announce its unaudited
interim consolidated results for the six months ended 30 June
2015.
Commenting on the results, Mr. David Mathewson, Executive
Chairman, said:
The Directors have continued to restructure the Company in such
a way that the operational costs are limited. The Directors have
agreed with an existing shareholder to continue to fund the
operations until a suitable acquisition target is identified and
its acquisition completes successfully.
As a result of the restructuring and the discontinuation of its
operating activities, the Company has transitioned to an 'investing
company' under the AIM Rules. Consequently, the Company has
published an investing policy and obtained shareholder consent for
that policy during the Extraordinary Shareholders' Meeting of 9
March 2015.
The Directors are reviewing acquisition opportunities, which
will be aligned with the investing policy.
For further information please contact:
Velox3 +31 (0)20 775 0910
David Mathewson, Chairman
Westhouse Securities
Antonio Bossi +44 (0)20 7601 6100
EXECUTIVE CHAIRMAN'S STATEMENT
I am pleased to present the Interim Report for the six months
ended 30 June 2015.
Business review
Current Trading
Over the last few months, the Company has been evaluating a
number of acquisition opportunities.
In June 2015 a shareholder confirmed in writing their intention
to provide the Company with funding capped at EUR150,000. The total
amount received on this basis amounts to EUR119,716 as of the date
of this report. The Company is pleased to announce that it has
agreed that this funding will be convertible into ordinary shares.
The conversion price will be at a discount of 10% to the price
achieved in the next funding round, plus 1 warrant for every 5
shares deriving from the conversion. The warrant will be
exercisable at a price per share equal to the price achieved in the
next funding round, for a period of 4 years. A credit due from a
third party is used as collateral for this loan. The Company has
agreed a loan repayment schedule to collect this receivable and all
money thus received will be offset against the convertible
loan.
Furthermore, on 30 June 2015 the Directors converted unpaid fees
amounting to EUR159,428 into ordinary shares. This included fees
owed to them for the period to 28 February 2015. These fees were
converted at a premium to the market share price. The resulting
gain on conversion is recognised in financing income.
Whilst the directors believe they will continue to receive
support of existing creditors and funding from shareholders, there
is no guarantee that the Group will have sufficient operational
cash flow and/or funding to sustain operations or implement any
future business plan. However the Directors are confident of the
Group's ability to attract new finance and find opportunities to
implement its investment policy.
Shareholders should note that there is no guarantee that a
transaction will be completed. In the event that no acquisition of
an operational business completes and also in order to fund the
work required to carry out such a transaction, it is likely that
further funds will need to be raised to meet the Company's ongoing
working capital requirements.
It should also be noted that, as announced on 16 February 2015,
the Company has until 4 December 2015 to implement its investing
policy, failing which, the Company's shares would then be suspended
from trading on AIM.
In the event the Company's ordinary shares are so suspended, the
admission to trading on AIM of the ordinary shares would be
cancelled six months from the date of suspension and the Board
would intend to convene a general meeting of the Company to
consider whether to continue seeking investment opportunities or to
wind up the Company.
Outlook
We continue to focus on the implementation of the Company's
investment policy and will be updating shareholders in due
course.
David Mathewson
Executive Chairman
30 September 2015
CONSOLIDATED INCOME STATEMENTS
Unaudited Unaudited Audited
6 months 6 months
ended ended Year ended
30 June 30 June 31 December
2015 2014 2014
Restated
EUR EUR EUR
CONTINUING OPERATIONS
Revenues - - -
Cost of goods and services - - -
Gross Profit/(Loss) - - -
----------- ------------- -------------
Salary expense (115,750) (69,791) (320,526)
General administrative expense (133,159) (202,026) (662,721)
----------- ------------- -------------
Total administrative expenses (248,909) (271,817) (983,247)
----------- ------------- -------------
Operating loss (248,909) (271,817) (983,247)
----------- ------------- -------------
Financial income/(expense) 89,629 (21,942) (12,281)
Loss before tax (159,280) (293,759) (995,528)
----------- ------------- -------------
Taxation - - -
Loss for the financial period
from continuing operations (159,280) (293,759) (995,528)
----------- ------------- -------------
DISCONTINUED OPERATIONS
Loss for the financial period
from discontinued operations - (1,587,076) (3,366,816)
TOTAL COMPREHENSIVE LOSS
FOR THE FINANCIAL PERIOD (159,280) (1,880,835) (4,362,344)
----------- ------------- -------------
Loss per share (in EUR cents)
- Basic and diluted loss
per share from continuing
operations (0.08) (0.18) (0.58)
- Basic and diluted loss
per share from total operations (0.08) (1.17) (2.54)
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
EUR EUR EUR
Non-current assets
Property, plant and
equipment - 54,324 -
Intangible assets - - -
Deferred tax asset - 405,302 -
Total non-current
assets - 459,626 -
-------------- ------------- --------------
Current assets
Cash and cash equivalents 204 153,384 1,836
Trade and other receivables 116,087 205,762 130,010
Total current assets 116,291 359,146 131,846
-------------- ------------- --------------
Total assets 116,291 818,772 131,846
-------------- ------------- --------------
Equity and liabilities
Share Capital - - -
Additional paid-in
capital 6,005,136 4,827,761 5,859,702
Combination reserve 2,999,953 2,999,953 2,999,953
Shares to be issued 124,008 683,593 168,423
Retained earnings (11,128,392) (8,487,603) (10,969,112)
Total shareholders'
equity (1,999,295) 23,704 (1,941,034)
-------------- ------------- --------------
Current Liabilities
Trade and other payables 1,867,112 703,790 2,032,880
Borrowings 248,474 91,278 40,000
Total current liabilities 2,115,586 795,068 2,072,880
-------------- ------------- --------------
Total equity and liabilities 116,291 818,772 131,846
-------------- ------------- --------------
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:01 ET (06:01 GMT)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
Additional
paid Shares
Share in Combination to Retained
capital capital reserve be issued earnings Total
EUR EUR EUR EUR EUR EUR
Balance as
at 1 January
2014 - 4,032,774 2,999,953 1,226 (6,606,768) 427,185
---------- ----------- ------------ ---------- -------------- -------------
Issue of share
capital - 794,987 - 649,247 - 1,444,234
Share based
payment - - - 33,120 - 33,120
Loss for the
financial period - - - - (1,880,835) (1,880,835)
Balance as
at 30 June
2014 - 4,827,761 2,999,953 683,593 (8,487,603) 23,704
---------- ----------- ------------ ---------- -------------- -------------
Balance as
at 1 January
2014 - 4,032,774 2,999,953 1,226 (6,606,768) 427,185
---------- ----------- ------------ ---------- -------------- -------------
Issue of share
capital - 1,826,928 - 69,260 - 1,896,188
Loss for the
financial period - - - - (4,362,344) (4,362,344)
Share based
payments - - - 97,937 - 97,937
Balance as
at 1 January
2015 - 5,859,702 2,999,953 168,423 (10,969,112) (1,941,034)
---------- ----------- ------------ ---------- -------------- -------------
Issue of share
capital - 145,434 - (69,260) - 76,174
Loss for the
financial period - - - - (159,280) (159,280)
Share based
payments - - - 24,845 - 24,845
Balance as
at 30 June
2015 - 6,005,136 2,999,953 124,008 (11,128,392) (1,999,295)
---------- ----------- ------------ ---------- -------------- -------------
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
Restated
EUR EUR EUR
Cash flows from operating activities
Loss from operating activities (248,909) (293,759) (983,247)
Share based payment 24,845 20,620 85,656
Other Income 84,187 - -
Add: Amortisation and depreciation
charges - - -
----------- ----------- -------------
Loss before working capital
change (139,877) (273,139) (897,591)
(Increase) / Decrease in receivables (18,356) (4,053) 7,523
Increase / (Decrease) in payables 17,241 73,302 790,166
----------- ----------- -------------
Cash flow from operations (140,992) (203,890) (99,902)
Interest received 2,721 - -
Cash flow from continuing operating
activities (138,271) (203,890) (99,902)
----------- ----------- -------------
Cash flow from discontinued
operating activities - (633,542) (1,246,517)
----------- ----------- -------------
Cash flow from operating activities (138,271) (837,432) (1,346,419)
----------- ----------- -------------
Cash flow from investing activities
Outgoing loans - - (120,000)
Receipts in respect of loans
receivable 35,000 - -
Net cash outflow from continued
investing activities 35,000 - (120,000)
----------- ----------- -------------
Net cash outflow from discontinued
investing activities - (64,826) (64,826)
----------- ----------- -------------
Net cash outflow from investing
activities 35,000 (64,826) (184,826)
----------- ----------- -------------
Cash flow from financing activities
Proceeds of issue of new shares - 1,058,485 1,490,424
Loans received 101,639 - 40,000
Net cash inflow from continued
financing activities 101,639 1,058,485 1,530,424
----------- ----------- -------------
Net cash inflow from discontinued
financing activities - (5,500) -
----------- ----------- -------------
Net cash inflow from financing
activities 101,639 1,052,985 1,530,424
----------- ----------- -------------
Net (decrease)/increase in
cash and cash equivalents (1,632) 150,727 (821)
Cash and cash equivalents at
start of period 1,836 2,657 2,657
----------- ----------- -------------
Cash and cash equivalents at
end of period 204 153,384 1,836
----------- ----------- -------------
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2015
1 Basis of preparation
The interim consolidated financial statements incorporate the
results of Velox3 Plc (the "Company") and entities controlled by
the Company (its subsidiaries) (collectively the "Group").
The interim consolidated financial statements are unaudited, do
not constitute statutory accounts and were approved by the Board of
directors on 29 September 2015.
The preparation of interim consolidated financial statements
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing the interim consolidated financial statements, the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were the same as those that applied to the consolidated financial
statements as at and for the year ended 31 December 2014.
The interim financial information in this report has been
prepared using accounting policies consistent with IFRS as adopted
by the European Union. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board
(IASB) and the IFRS Interpretations Committee and there is an
ongoing process of review and endorsement by the European
Commission. These policies are consistent with those to be adopted
in the Group's consolidated financial statements for the year ended
31 December 2015. The accounting policies applied by the Group in
this interim report are the same as those applied by the Group in
the consolidated financial statements for the year ended 31
December 2014.
The Group ceased gaming and publishing operations in December
2014. The results of the gaming and publishing operations are
presented as discontinued operations within the Consolidated Income
Statement. Cash flows pertaining to the gaming and publishing
operations are presented separately in the Consolidated Cash Flow
Statement. The results of operations and cash flows reported for
the period ended 30 June 2014 have been restated for these
discontinued operations.
The principal risks and uncertainties of the Group have not
changed since the last annual financial statements where a detailed
explanation of such risks and uncertainties can be found.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:01 ET (06:01 GMT)
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