TIDMALK
RNS Number : 4337Q
Alkemy Capital Investments PLC
27 October 2021
27 October 2021
Alkemy Capital Investments Plc
Interim Results for the Six Month Ended 31 July 2021
Alkemy Capital Investments plc ("Alkemy" or the "Company") is
pleased to present its unaudited financial statements for the 6
months ended 31 July 2021 ("Financial Statements") as extracted
from the Company's 2021 Half Year Report ("Report"). The Report is
now available on the Company's website at www.alkemycapital.co.uk
.
The Financial Statements are set out below and should be read in
conjunction with the Report which contains the notes to the
Financial Statements.
Further information
For further information, please visit the Company's website:
www.alkemycapital.co.uk.
-Ends-
Sam Quinn
Director - Alkemy Capital Investments Plc
Telephone: 0207 317 0636
Email: info@alkemycapital.co.uk
Forward Looking Statements
This news release contains forward--looking information. The
statements are based on reasonable assumptions and expectations of
management and Alkemy provides no assurance that actual events will
meet management's expectations. In certain cases, forward--looking
information may be identified by such terms as "anticipates",
"believes", "could", "estimates", "expects", "may", "shall",
"will", or "would". Although Alkemy believes the expectations
expressed in such forward--looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those projected. Mining exploration and development
is an inherently risky business. In addition, factors that could
cause actual events to differ materially from the forward-looking
information stated herein include any factors which affect
decisions to pursue mineral exploration on the relevant property
and the ultimate exercise of option rights, which may include
changes in market conditions, changes in metal prices, general
economic and political conditions, environmental risks, and
community and non-governmental actions. Such factors will also
affect whether Alkemy will ultimately receive the benefits
anticipated pursuant to relevant agreements. This list is not
exhaustive of the factors that may affect any of the
forward--looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on
forward-looking information.
CHAIRMAN'S STATEMENT
I am pleased to present the interim financial statements to
shareholders for the six months ended 31 July 2021, our first as a
public company.
Alkemy Capital Investments Plc ("Alkemy" or the "Company") was
incorporated on 21 January 2021 and raised GBP1,499,999.00 before
expenses in an initial public offering on the Main Market of the
London Stock Exchange on 27 September 2021 ("IPO").
The Company was formed to undertake an acquisition of a
controlling interest in a company or business (an "Acquisition").
The Company's efforts in identifying a target Acquisition are
currently focused on an asset or business in the mining and
technology metals sector, reflecting the experience of the
Company's board of directors and advisers. Any Acquisition is
expected to constitute a reverse takeover transaction and
consideration for the Acquisition may be in part or in whole in the
form of share-based consideration or funded from the Company's
existing cash resources or the raising of additional funds.
Following completion of an Acquisition, the objective of the
Company will be to add value to the acquired business or asset
through the deployment of capital with a view to generating value
for shareholders.
I was delighted by the strong support we received for our IPO
which was led by a number of leading natural resource investors,
and high net worth individuals.
In the short time since the IPO, the Company has seen a strong
flow of potential Acquisition opportunities which are consistent
with the acquisition criteria set out in our IPO prospectus.
The drive towards Net Zero is creating significant opportunities
in metals critical for decarbonisation as well as downstream metal
processing facilities. The Board of Directors, together with the
Company's advisers, are screening and evaluating these
opportunities to ensure that we secure and execute the right
transaction.
Whilst the IPO represented an important milestone in the
Company's life, it is just the first step for Alkemy and we are
eager to now deliver our strategy and make the most of the strong
platform that we have created so far.
I look forward to reporting our further progress to you over the
coming the months.
Paul Atherley
Non-Executive Chairman
STATEMENT OF COMPREHENSIVE INCOME
for the period ended 31 July 2021
For the
period
from incorporation
to
31 July
2021 (unaudited)
GBP
Note
Revenue -
Administrative expenses (38,600)
Operating profit (38,600)
----------------------------------- ----- --------------------
Finance costs (49)
--------------------
Profit before taxation (38,649)
Income tax -
----------------------------------- ----- --------------------
Total comprehensive
loss
for the year (38,649)
----------------------------------- ----- --------------------
Earnings per share
Basic and diluted ( GBP per
share) 8 (0.013)
-------------------------------------- ----- --------------------
The accompanying notes form an integral part of the financial
information.
STATEMENT OF FINANCIAL POSITION
As at 31 July 2021
Note At 31 July
2021 (unaudited)
GBP
ASSETS
Current assets
Cash and cash equivalents 729,904
Trade and other receivables -
------------------------------- ----- ------------------
Total assets 729,904
----------------------------------- ----- ------------------
EQUITY
Equity Attributable to Owners
of the company
Share capital 9 60,000
Retained earnings (38,649)
----------------------------------- ----- ------------------
Total equity 21,351
----------------------------------- ----- ------------------
LIABILITIES
Current liabilities
Trade and other payables 38,600
Borrowings 10 669,953
----------------------------------- ----- ------------------
Total current liabilities 708,553
----------------------------------- ----- ------------------
Total liabilities 708,553
----------------------------------- ----- ------------------
TOTAL EQUITY AND LIABILITIES 729,904
----------------------------------- ----- ------------------
The accompanying notes form an integral part of the financial
information.
This report was approved by the board and authorised for issue
on 27 October 2021 and signed on its behalf by:
Sam Quinn
Director
STATEMENT OF CHANGES IN EQUITY
for the period ended 31 July 2021
Share capital Retained Total
earnings equity
GBP GBP GBP
Balance at incorporation - - -
on 21 January 2021
Shares issued on incorporation 60,000 - 60,000
Total comprehensive loss
for the year - (38,649) (38,649)
------- --------- -------------
Balance at 31 July 2021
(unaudited) 60,000 (38,649) 21,351
-------------------------------- ------- --------- -------------
The accompanying notes form an integral part of the financial
information.
STATEMENT OF CASHFLOWS
for the period ended 31 July 2021
For the period
from incorporation
to
31 July 2021
(unaudited)
GBP
Loss before tax (38,649)
Adjusted for:
(Decrease)/Increase in
trade creditors 38,600
----------------------------------- -------------------------
Net cash used in operating
activities (49)
Financing activities
Cash from issue of Ordinary
shares 60,000
Proceeds from short term
borrowings 669,953
----------------------------------- -------------------------
Net cash from financing
activities 729,953
Net (decrease)/increase
in cash and cash equivalents 729,904
----------------------------------- -------------------------
Cash and cash equivalents
at beginning of the year -
Cash and cash equivalents
at end of the year 729,904
----------------------------------- -------------------------
The accompanying notes form an integral part of the financial
information.
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION
The Company was incorporated on 21 January 2021 in England and
Wales as a public company, limited by shares and with Registered
Number 13149164 under the Companies Act 2006. On incorporation, the
Company's name was Alkemy Capital Plc. On 4 February 2021, the
Company's name was changed to Alkemy Capital Investments Plc. The
Company's registered office address is: 1 King Street, Office 3.05,
London EC2V 8AU. The Company has not yet commenced business.
The Company's objective is to undertake an acquisition of a
target company or asset in the mining sector.
The Company does not have a defined life.
Other than the Directors, the Company did not have any
staff.
The Directors who served during the period were Sam Quinn and
Paul Atherley
2. ACCOUNTING POLICIES
Basis of preparation
The principal accounting policies adopted by the Company in the
preparation of the Company Financial Information are set out
below.
The Company Financial Information has been presented in GBP,
being the functional currency of the Company.
The Company Financial Information has been prepared in
accordance with IFRS, including interpretations made by the
International Financial Reporting Interpretations Committee issued
by the International Accounting Standards Board. The standards have
been applied consistently. The historical cost basis of preparation
has been used.
The preparation of the financial statements in conformity with
IFRS requires the use of certain critical accounting estimates. It
also requires the Directors to exercise their judgment in the
process of applying the Company's accounting policies.
In the opinion of the management, the interim unaudited
financial information includes all adjustments considered necessary
for fair and consistent presentation of this financial
information.
Standards and interpretations issued but not yet applied
A number of new standards and amendments to standards and
interpretations have been issued but are not yet effective and, in
some cases, have not yet been adopted by the UKEU. The Directors do
not expect that the adoption of these standards will have a
material impact on the Company Financial Information.
Going Concern
The Company Financial Information has been prepared on a going
concern basis. The Shareholders have undertaken to provide
continuing financial support to the Company up until its Placing
and Admission to the London Stock Exchange in order for it to meet
its liabilities when they fall due
Financial assets
Financial assets and financial liabilities are recognised when
the Company becomes a party to the contractual provisions of a
financial instrument. Financial assets and financial liabilities
are offset if there is a legally enforceable right to set off the
recognised amounts and interests and it is intended to settle on a
net basis. Cash comprises cash in hand and on demand deposits. Cash
equivalents are short-term, highly liquid investments that are
readily convertible to known amounts of cash and that are subject
to an insignificant risk of changes in value with maturities of
less than 90 days.
Financial liabilities
The Company does not currently have any financial liabilities
measured at fair value through profit or loss, therefore all
financial liabilities are initially measured at fair value, net of
transaction costs, and are subsequently measured at amortised cost.
The Company recognises an equity instrument on any contract that
evidences a residual interest in the assets of the Company. In this
period Ordinary Shares were the only equity instrument, recognised
at the point at which a call is made on the Shareholders.
Earnings per Ordinary Share
The Company presents basic and diluted earnings per share data
for its Ordinary Shares. Basic earnings per Ordinary Share is
calculated by dividing the profit or loss attributable to
Shareholders by the weighted average number of Ordinary Shares
outstanding during the period. Diluted earnings per Ordinary Share
is calculated by adjusting the earnings and number of Ordinary
Shares for the effects of dilutive potential Ordinary Shares.
3. USE OF ASSUMPTIONS AND ESTIMATES
In preparing the Company Financial Information, the Directors
have to make judgments on how to apply the Company's accounting
policies and make estimates about the future. The Directors do not
consider there to be any critical judgments that have been made in
arriving at the amounts recognised in the Company Financial
Information.
4. DIRECTORS' EMOLUMENTS
No amount was paid or become payable to any of the Directors of
the Company and there were no staff costs as no staff was employed
by the Company during the period ended 31 July 2021.
5. FINANCIAL RISK MANAGEMENT
The Company uses a limited number of financial instruments,
comprising cash and various items such as trade payables, which
arise directly from operations. The Company does not trade in
financial instruments.
Financial risk factors
The Company's activities expose it to a variety of financial
risks: credit risk and liquidity risk. The Company's overall risk
management programme focuses on the unpredictability of financial
markets and seeks to minimise potential adverse effects on the
Company's financial performance.
(a) Credit risk
The Company does not have any major concentrations of credit
risk related to any individual customer or counterparty.
(b) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient
cash, the Company ensures it has adequate resource to discharge all
its liabilities. The directors have considered the liquidity risk
as part of their going concern assessment.
Fair values
Management assessed that the fair values of other receivables
approximate their carrying amounts largely due to the short-term
maturities of these instruments.
6. CAPITAL MANAGEMENT POLICY
The Company's objectives when managing capital are to safeguard
the Company's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital. The capital structure of the Company consists
of equity attributable to equity holders of the Company, comprising
issued share capital and reserves.
7. FINANCIAL INSTRUMENTS
The Company's principal financial instruments comprise other
receivables. The Company's accounting policy and method adopted,
including the criteria for recognition, the basis on which income
and expenses are recognised in respect of this financial asset. The
Company does not use financial instruments for speculative
purposes.
There are no financial assets that are either past due or
impaired.
8. EARNINGS PER SHARE
The loss per share has been calculated using the loss for the
year and the weighted average number of ordinary shares entitled to
dividend rights which were outstanding during the year. There were
no potentially dilutive ordinary shares at the year end.
31 July
2021
GBP
Loss for the period attributable to equity holders of the Company (38,649)
Weighted average number of ordinary shares (number of shares) 3,000,000
------------------------------------------------------------------- ----------
Loss per share ( GBP per share) (0.013)
------------------------------------------------------------------- ----------
9. SHARE CAPITAL
Ordinary shares of GBP0.02 each
Number of Amount
shares GBP
Issued, called up and paid 3,000,000 60,000
3,000,000 60,000
---------- -------
On incorporation on 21 January 2021, the Company issued
3,000,000 Ordinary Shares of GBP0.02 nominal value. No further
issues of Ordinary Shares were made during the period.
10. BORROWINGS
As at 31 July 2021, the Company had received GBP669,953 in
relation to the proposed admission to the Standard Listing segment
of the Official List of the FCA and to trading on the London Stock
Exchange's Main Market for listed securities. The short-term
borrowings were received as an advance subscription to proposed
placing and would be due to the counterparty in the event that the
Company did not get admitted to the London Stock Exchange.
11. POST BALANCE SHEET EVENT
On 27 September 2021, the Company announced that its entire
issued ordinary share capital, consisting of 5,999,999 Ordinary
Shares, is expected to be admitted to the Standard Listing segment
of the Official List of the FCA and to trading on the London Stock
Exchange's Main Market for listed securities.
On Admission, a placing raising gross proceeds of
GBP1,499,999.50 less commissions and other estimated fees and
expenses in connection with the placing from the issue of 2,999,999
new Ordinary Shares at a placing price of GBP0.50 per new Ordinary
Share will complete. On Admission the Company had a market
capitalisation of GBP2,999,999.50.
12. ULTIMATE CONTROLLING PARTY
As at 31 July 2021, Paul Atherley was the ultimate controlling
party of the Company.
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END
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