TIDMBLU
RNS Number : 8046R
Blue Star Capital plc
05 March 2019
Blue Star Capital plc
("Blue Star" or the "Company")
Final Results for the year ended 30 September 2018
Blue Star Capital plc (AIM: BLU) is pleased to announce its
final results for the year ended 30 September 2018.
Highlights:
-- Net assets increased from GBP3,513,262 to GBP5,459,581, which
equates to a net asset value per share of approximately 0.29p
compared with 0.21p.
-- Profit for the period of GBP1,471,319 compared to a loss for
the previous year of GBP188,713.
-- The percentage shareholding in SatoshiPay ltd stood at 30.1% at the year end.
-- Cash position at 30 September 2018 of GBP31,416 (2017: GBP37,970).
The Annual Report and notice of Annual General Meeting ("AGM")
will be posted to shareholders shortly and will be available to
view on the Company's website http://www.bluestarcapital.co.uk.
Attention is drawn by the independent auditor to note 1 of the
financial statements (included below), which indicates that the
Company is reliant on future fund raisings to continue its
activities as budgeted. Since the financial year-end, the Company
has raised GBP200,000 before expenses through a further issue of
equity for working capital purposes.
The AGM will be held at the offices of Cairn Financial Advisers
LLP, Cheyne House, Crown Court, 62-63 Cheapside, London, EC2V 6AX
on 29 March 2019 at 12.00 p.m.
Tony Fabrizi Chief Executive Officer of Blue Star Capital plc,
commented:
"The last year has been one of significant activity for your
Company and while we were ultimately unsuccessful in our attempt to
acquire the entire issued share capital of SatoshiPay, the process
proved valuable and was critical in SatoshiPay raising almost
GBP1.7m in private funding in 2019. The valuation achieved by
SatoshiPay on these recent private raises is significantly above
your Company's acquisition cost and this has resulted in a strong
uplift in both net assets and profits over the year. The Board
remains confident that SatoshiPay has the potential to deliver
significant value for Blue Star shareholders and it looks forward
to continuing to work with SatoshiPay's management in unlocking
that value."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Blue Star Capital plc +44 (0) 777 178 2434
Tony Fabrizi
Cairn Financial Advisers
LLP +44 (0) 20 7213 0880
(Nominated Adviser)
Jo Turner / Liam Murray /
Richard Nash
Smaller Company Capital Limited +44 (0) 203 651 2911
(Broker)
Rupert Williams/Jeremy Woodgate
Chairman's Statement
2018 has been a year of significant activity for the Company. On
26 July 2018 it was announced that the Company had entered into an
exclusivity agreement with its investee company SatoshiPay. The
nature of the agreement resulted in the suspension of the Company's
shares from trading on AIM while it pursued a potential reverse
takeover ("RTO") of SatoshiPay. Unfortunately, market conditions
became difficult towards the end of 2018 and the decision was then
taken by the Company and SatoshiPay to terminate the exclusivity
agreement. The Company's shares therefore recommenced trading on
AIM on 24 January
2019. Despite this setback, the Company remains highly
supportive of SatoshiPay and its management and is pleased to have
seen the recent validation of this confidence through the raising
of approximately GBP1.68m by SatoshiPay in 2019 at a pre money
valuation of GBP15.0m, which has resulted in a significant uplift
in the value of the Company's holding, which now represents circa
27.9% of SatoshiPay's issued share capital. The recent fund raises,
together with the GBP500,000 raised in July 2018 have come from a
number of blockchain foundations and other specialist investment
groups that recognise the potential of SatoshiPay's offering.
Apart from the significant uplift in value of SatoshiPay, the
Company's GBP50,000 investment in Sthaler has also shown a further
uplift and now stands at a valuation at around GBP300,000 (based on
the valuation of its most recently completed fundraising
round).
Finally, the historic investment in Disruptive Tech Limited
which was acquired in 2007, well before the current Board were in
place, has been written down to its original cost of GBP300,000.
This has resulted in a write down in the year of approximately
GBP1.3m. The net effect of these changes on the Company's net asset
value per share has been an increase from 0.21p to 0.29p.
Financials
The Company reported a profit for the period of GBP1,471,319
compared to a loss of GBP188,713 in the corresponding period. This
reflects the net revaluation of the portfolio with the significant
gain on SatoshiPay being partially offset by the write down in
carrying value of DTL. The operating expenses of the Company also
increased during the year as a result of advisory fees incurred on
the attempted RTO.
Net assets have increased to GBP5,459,581 at 30 September 2018,
changing from GBP3,513,262 at 30 September 2017. Blue Star's cash
position at 30 September 2018 was GBP31,416 compared to a balance
of GBP37,970 at 30 September 2017. The Company raisedGBP200,000
before expenses through a further issue of equity in January
2019.
Portfolio Review
SatoshiPay
Company Description
SatoshiPay is a fintech company supplying micropayment
infrastructure based on blockchain technology to digital
industries. SatoshiPay's infrastructure provides a frictionless
online payment service, allowing digital content and service
providers to monetise their products both efficiently and at a low
cost across vendor platforms. The technology is offered both
through in-house built products and as an application programming
interface ("API") upon which third party developers may build their
own solutions.
The vision for the future of SatoshiPay is a fast, secure,
cross-platform and login free global peer-to-peer micropayment
system for the commercial internet which transforms the mainstream
payment market and facilitates transparent value exchange between
any internet-connected device.
SatoshiPay Technology
The SatoshiPay technology is designed to overcome existing
issues with online micropayments that have prevented them from
achieving mainstream adoption, primarily the high level of
transaction costs driven by existing bank infrastructures that make
such levels of payments commercially unfeasible.
The foundation of SatoshiPay's platform is dependent upon
blockchain technology. A blockchain is a decentralized database of
transactions that exists on multiple computers at the same time. It
is a record keeping technology that, in simple terms, is
conceptually similar to a spreadsheet that is duplicated thousands
of times across a network of computers and that is constantly
updated.
The advantages of blockchain are that it is, by its inherent set
up, independent, transparent and secure. Its security comes from
the fact that its data cannot be altered, it cannot be controlled
by any single entity and has no single point of failure that can be
exploited by hackers. Encryption technology allows individuals'
digital assets to be kept anonymous and protected. Further,
removing intermediaries from the process allows transactions on a
blockchain to be carried out faster and cheaper than traditional
methods.
SatoshiPay's micropayment system is based on the Stellar
blockchain protocol, a distributed ledger technology, and uses
Stellar lumens (XLM) as the underlying settlement token.
Micropayments and the SatoshiPay Solution Existing issues
relating to micropayments include financial costs (transaction
costs being high in relation to the level of payment) and usability
costs (cumbersome, multi-step online payment mechanisms for the end
user).
SatoshiPay's solution is able to overcome these issues by
offering a P2P payment method which does not require download,
installation or log in for the end user, and that is transferable
across vendor platforms and facilitates instant transactions of
very small amounts. This flexible, low cost solution allows for
pricing strategies at a more granular level, and the board of Blue
Star believe that it has many potential applications.
Potential Applications of SatoshiPay
The directors of SatoshiPay believe that its technology can be
employed in a range of sectors. Wherever instant, login-free,
granular payments open up the potential to improve existing revenue
streams or generate new ones for online publishers and content
providers, micropayments and the SatoshiPay technology have a
potential application. Examples include purchase of digital goods,
direct streaming of content, as a settlement mechanism for machine
to machine transactions (i.e. toll payments) and in-app/game
closed-loop systems.
Blue Star's holding in SatoshiPay
As at 30 September 2018, Blue Star had invested GBP1.7m in
SatoshiPay representing, at the time, approximately 30.1 per cent.
of SatoshiPay's share capital. As at the year end, Blue Star also
held EUR200,000 of convertible loan notes ("CLNs") issued by
SatoshiPay, which were subsequently converted into equity on 6
February 2019 at a 15 per cent. discount to the valuation applied
by SatoshiPay on its most recent fund raises. Following this
conversion and the recent fund raises undertaken by SatoshiPay, the
Company's shareholding equated to 27.9 per cent and has a carrying
value of GBP4.7m.
Sthaler Limited ("Sthaler")
Company Description
In June 2015 the Company invested GBP50,000 in Sthaler Limited,
an early stage identity and payments technology business which
enables a consumer to identify themselves and pay using just their
finger at retail points of sale.
Sthaler jointly developed Fingopay in conjunction with Hitachi,
using VeinID technology. Infrared light maps the unique vein
pattern in a customer's finger. This biometric signature is matched
to a template held in the cloud and verifies the payment in
seconds. It is considered more secure than other biometrics such as
fingerprint.
Over the last 18 months, Sthaler have been piloting Fingopay in
different retail environments including convenience stores,
restaurants, coffee shops and bars. Now thousands of students at
Copenhagen Business School can use Fingopay in canteens and coffee
shops across the campus. This world first biometric self-service
restaurant is an excellent example of how the technology can be
used. Sthaler worked with Denmark's national debit card operators
Nets to deliver the technology on behalf of the nineteen banks
behind the Dankort scheme.
Nets / Dankort are working with Sthaler to look beyond mobile to
biometrics as the future of payment to engage younger consumers
across Denmark. The technology is being showcased to Scandinavian
banks and businesses, with a view to wider adoption across the
region.
Sthaler's Copenhagen launch follows a successful retail first at
Brunel University, London. Students used Fingopay to buy groceries
at the Costcutter convenience store, on campus. Sthaler installed
Fingopay readers at points of sale and helped Brunel move towards
the goal of a cashless campus. Worldpay processed the transactions
enabling students to travel around campus without wallet or phone
and pay securely using only their finger. The Brunel launch gained
worldwide attention. Sthaler featured prominently on Fox Business,
CNBC and ITN, with scores of articles in leading national
newspapers.
Sthaler's pioneering work with a major high street retailer
proved the value of Fingopay in a new sector and lays the
groundwork for a nationwide rollout. It significantly broadened the
appeal of Fingopay by moving it from hospitality into the retail
space.
The hospitality sector remains a strong vertical for Sthaler's
development of Fingopay. Sthaler has already proved its value, by
showing it in action in a live bar environment. The London bar and
music venue Proud Camden introduced Fingopay to its customers. It
allowed Sthaler to introduce fast lanes for Fingopay users, instant
e-receipts and an in-built loyalty scheme to reward repeat
customers.
Sthaler has new launches in the pipeline scheduled for later in
2019.
Blue Star's Shareholding in Sthaler
The Company's shareholding in Sthaler is 0.9 per cent at 30
September 2018 and is valued on the basis of the last fund raise at
around GBP300,000.
Disruptive Tech Limited ("DTL")
Company Description
DTL is a Gibraltar-based investing company that has three active
investments, which are:
-- 8% shareholding in Nektan plc, which is an international B2B mobile gaming company;
-- 10% shareholding in Freeformers, which helps companies fulfil
the employee aspects of their digital strategies; and
-- 1.8% shareholding in Bookingbug, which has developed a
market-leading software platform to manage online bookings and
appointments.
DTL's board intends to exit all the existing positions as and
when opportunities arise, with the disbursement of proceeds being
made either through a distribution of shares (if a company is
listed on a public market), or cash from the sale of DTL's
position. The DTL board cannot put a timeframe estimate on when all
its positions will have been exited.
Blue Star's holding in DTL
Blue Star's GBP300,000 investment in DTL was made in 2007. Since
its original investment, DTL has raised money at significantly
higher valuations and as a result its carrying value had risen to
GBP1.6m at 30 September 2017. Given the ongoing delays in realising
the investments and having consulted in depth with DTL and the
Company's advisors, the Directors have decided it now prudent to
write down in the carrying value of its investment in DTL to
cost.
Outlook
The Board believes the Company's portfolio has the potential to
create significant value for shareholders. Our investments in
SatoshiPay and Sthaler are showing strong gains and while the RTO
process was ultimately disappointing, it has strengthened
SatoshiPay and the recent progress in the business has been
impressive. Although the costs of the attempted RTO have led to an
increase in operating costs this year, our overall running costs
have remained low and are kept under strict control. The
appointment of Sean King to the Board in January brings valuable
knowledge of the media and tech sectors and we are delighted by his
contribution to date. Overall, the Directors believe the Company
remains in a strong position to examine opportunities to enhance
shareholder value and the Board views the future outlook with
confidence.
William Henbrey
Chairman
5 March 2019#
Strategic Report
Review of Business and Analysis Using Key Performance
Indicators
The full year's pre-tax profit was GBP1,471,319 compared to a
pre-tax loss of GBP188,713 for the year ended 30 September
2017.
The significant profit is due to the fair value gain adjustment
in the Company's investment in Satoshipay Limited and Sthaler
Limited, offset by the write down in DTL as disclosed in the
Chairman's Statement.
Net assets have increased to GBP5,459,581 at 30 September 2018,
changing from GBP3,513,262 at 30 September 2017, primarily due to
the increase in value of the Company's investment in SatoshiPay
Limited.
The cash position at the end of the year decreased to GBP31,416
from GBP37,970 as at 30 September 2017.
Key Performance Indicators
The Board monitors the activities and performance of the Company
on a regular basis. The indicators set out below have been used by
the Board to assess performance over the year to 30 September 2018.
The main KPIs for the Company are listed as follows:
2018 2017
Valuation of investments GBP5,288,943 GBP3,496,864
------------- -------------
Cash and cash equivalents GBP31,416 GBP37,970
------------- -------------
Net current assets GBP170,638 GBP16,398
------------- -------------
Profit/(loss) before GBP1,471,319 (GBP188,713)
tax
------------- -------------
Investing Policy
The Company can invest in assets or companies in the following
sectors:
-- Technology;
-- Gaming; and
-- Media.
The Company's geographical range is mainly UK companies but
considers opportunities in the mainland EU and will actively
co-invest in larger deals.
The Company can take positions in investee companies by way of
equity, debt or convertible or hybrid securities.
The Company's investments are passive in nature but may be
actively managed. The Company may be represented on, or observe,
the boards of its investee companies.
The Company's investments are likely to be illiquid and
consequently are to be held for the medium to long term.
The Company does not have any maximum exposure limits, limits on
cross-holdings or other investing restrictions. Under normal
circumstances, it is the Directors intention not to invest more
than 10% of the Company's gross assets in any individual company
(calculated at the time of investment). The Company has accumulated
a 29.4% stake in SatoshiPay, which the Board believes represents a
rare opportunity to generate significant shareholder value.
The Directors may exercise the powers of the Company to borrow
money and to give security over its assets. The Company may also be
indirectly exposed to the effects of gearing to the extent that
investee companies have outstanding borrowings.
It is anticipated that returns from the Company's investment
portfolio will arise upon realisation or sale of its investee
companies, rather than from dividends received. Whilst it is not
possible to determine the timing of exits, the Board will seek to
return capital to shareholders when appropriate.
The Company has an indefinite life dependent on obtaining
sufficient funding.
Future Developments
The Company is continuing to develop an investment portfolio
with the capacity for substantial growth and increases in
value.
Principal Risks and Uncertainties
The Company seeks investments in late stage venture capital and
early stage private equity opportunities, which by their very
nature allow a diverse portfolio of investments within different
sectors and geographic locations.
The Company's primary risk is loss or impairment of investments.
This is mitigated by careful management of the investment and in
particular, only continuing to support those investments which
demonstrate potential to achieve a positive exit and decisively
determining those which do not. Portfolio and capital management
techniques are fully applied according to industry standard
practice.
It will be necessary to raise additional funds in the future by
a further issue of new Ordinary shares or by other means. However,
the ability to fund future investments and overheads in Blue Star
Capital Plc as well as the ability of investments to return
suitable profit cannot be guaranteed, particularly in the current
economic climate.
The Company may not be able to identify suitable investment
opportunities and there is no guarantee that investment
opportunities will be available, and the Company may incur costs in
conducting due diligence into potential investment opportunities
that may not result in an investment being made.
The value of companies similar to those in Blue Star Capital's
portfolio and in particular those at an early stage of development,
can be highly volatile. The price at which investments are made,
and the price which the Company may realise for its investment,
will be influenced by a large number of factors, some specific to
the Company and its operations and some which may affect the
sector.
William Henbrey
Chairman
Directors' Report
Results and dividends
The Directors present their report together with the audited
financial statements for the year ended 30 September 2018.
The trading results for the year ended 30 September 2018 and the
Company's financial position at that date are shown in the attached
financial statements.
The Directors do not recommend the payment of a dividend for the
year (2017: GBPnil).
Principal activities and review of the business
The principal activity of the Company is to invest in the media,
technology and gaming sectors. A review of the business is included
within the Chairman's Statement and Strategic Report.
Directors serving during the year
Anthony Fabrizi
William Henbrey
On 29 January 2019, Sean King was appointed as a director of the
Company.
Directors' Interests
The Directors at the date of these financial statements who
served and their interest in the ordinary shares of the Company are
as follows:
Number of Ordinary Warrants
Shares
Anthony Fabrizi 30,000,000 25,000,000
------------------- -----------
William Henbrey 6,136,364 -
------------------- -----------
Sean King 6,250,000 -
------------------- -----------
Significant shareholders
As at 22 February 2019, so far as the Directors are aware, the
parties (other than the interests held by Directors) who are
directly or indirectly interested in 3% or more of the nominal
value of the Company's share capital is as follows:
Number of Ordinary Percentage of issued
Shares share capital
Nicolas Slater 211,512,398 10.61%
------------------- ---------------------
Smaller Company Capital
Limited 84,567,657 4.24%
------------------- ---------------------
Highland Fund Management
Limited 64,000,000 3.21%
------------------- ---------------------
Related party transactions
The Company has entered into certain related party transactions
and these are disclosed in note 16.
Events after the reporting date
On 20 December 2018 the redemption date for the EUR200,000
convertible loan notes issued by SatoshiPay Limited to the Company
in the year was extended to become redeemable on or after 31
January 2019.
On 24 January 2019, the Company's shares resumed trading on AIM
following the Company's decision not to proceed with the proposed
acquisition of the entire issued share capital of SatoshiPay
Limited by the Company.
On 24 January 2019 the Company placed 111,111,111 new Ordinary
shares at a price of 0.18 pence per share.
On 6 February 2019, the Company announced that it has elected to
convert the convertible loan notes into a further 249 shares in
SatoshiPay Limited.
Political Donations
There were no political donations during the current or prior
year.
Provision of information to Auditor
In so far as each of the Directors are aware:
-- there is no relevant audit information of which the Company's auditor is unaware; and
-- the Directors have taken all steps that they ought to have
taken to make themselves aware of any relevant audit information
and to establish that the auditor is aware of that information.
Auditor
Adler Shine LLP have expressed their willingness to continue as
auditor and a resolution to re appoint Adler Shine LLP will be
proposed at the Annual General Meeting.
On behalf of the board of Directors:
William Henbrey
Chairman
5 March 2019
Statement of Comprehensive Income
2018 2017
Notes GBP GBP
================================================= =========== ================ ===============
Revenue - -
Fair valuation movements in financial
instruments designated at fair value
through profit or loss 10 1,817,983 118,300
================================================= =========== ================ ===============
1,817,983 118,300
Administrative expenses (352,408) (307,021)
================================================= =========== ================ ===============
Operating profit/(loss) 3 1,465,575 (188,721)
Finance income 4 5,744 8
================================================= =========== ================ ===============
Profit/(loss) before and after taxation
and total comprehensive loss for the
year 1,471,319 (188,713)
================================================= =========== ================ ===============
Profit/(loss) per ordinary share:
Basic earnings/(loss) per share on profit/(loss)
for the year 9 0.08p (0.02p)
Diluted earnings/(loss) per share on
profit/(loss) for the year 9 0.07p (0.02p)
================================================= =========== ================ ===============
Statement of Financial Position
2018 2017
Notes GBP GBP
========================================= =================== ================ =================
Non-current assets
Financial assets at fair value through
profit or loss 10 5,288,943 3,496,864
========================================= =================== ================ =================
Current assets
Trade and other receivables 11 276,146 11,766
Cash and cash equivalents 12 31,416 37,970
========================================= =================== ================ =================
Total current assets 307,562 49,736
========================================= =================== ================ =================
Total assets 5,596,505 3,546,600
========================================= =================== ================ =================
Current liabilities
Trade and other payables 13 136,924 33,338
========================================= =================== ================ =================
Total liabilities 136,924 33,338
========================================= =================== ================ =================
Net assets 5,459,581 3,513,262
========================================= =================== ================ =================
Shareholders' equity
Share capital 14 1,881,473 1,702,901
Share premium account 8,679,075 8,382,647
Other reserves 64,190 64,190
Retained earnings (5,165,157) (6,636,476)
========================================= =================== ================ =================
Total shareholders' equity 5,459,581 3,513,262
========================================= =================== ================ =================
Statement of Changes in Equity
Share Share premium Other Retained
capital GBP reserves earnings Total
GBP GBP GBP GBP
====================== ====================== ===================== =============== ============== ==============
Year ended 30
September
2017
At 1 October 2016 500,163 7,704,766 36,327 (6,484,090) 1,757,166
Loss for the year and
total comprehensive
income - - - (188,713) (188,713)
Shares issued in year 1,202,738 772,381 - - 1,975,119
Share issue costs - (94,500) - - (94,500)
Lapsed warrants - - (36,327) 36,327 -
Share based payments - - 64,190 - 64,190
====================== ====================== ===================== =============== ============== ==============
At 30 September 2017 1,702,901 8,382,647 64,190 (6,636,476) 3,513,262
====================== ====================== ===================== =============== ============== ==============
Year ended 30
September
2018
At 1 October 2017 1,702,901 8,382,647 64,190 (6,636,476) 3,513,262
Profit for the year
and
total comprehensive
income - - - 1,471,319 1,471,319
Shares issued in year 178,572 321,428 - - 500,000
Share issue costs - (25,000) - - (25,000)
====================== ====================== ===================== =============== ============== ==============
At 30 September 2018 1,881,473 8,679,075 64,190 (5,165,157) 5,459,581
====================== ====================== ===================== =============== ============== ==============
Share capital
Share capital represents the nominal value on the issue of the
Company's equity share capital, comprising GBP0.001 ordinary
shares.
Share premium
Share premium represents the amount subscribed for the Company's
equity share capital in excess of nominal value.
Other reserves
Other reserves represent the cumulative cost of share based
payments.
Retained earnings
Retained earnings represent the cumulative net income and losses
of the Company recognised through the statement of comprehensive
income.
Cashflow Statement
2018 2017
Notes GBP GBP
========================================== ================ =================== =================
Operating activities
Profit/(loss) for the year 1,471,319 (188,713)
Adjustments:
Finance income (5,744) (8)
Fair value gains (1,817,983) (118,300)
Share based payments - 22,887
Working capital adjustments
(Increase)/decrease in trade and other
receivables (54,314) 19,159
Increase in trade and other payables 103,586 2,158
========================================== ================ =================== =================
Net cash used in operating activities (303,136) (262,817)
========================================== ================ =================== =================
Investing activities
Purchase of investments - (1,205,905)
Loan issued (178,508) -
Interest received 90 8
========================================== ================ =================== =================
Net cash used by investing activities (178,418) (1,205,897)
========================================== ================ =================== =================
Financing activities
Proceeds from issue of equity 500,000 1,550,000
Share issue costs (25,000) (94,500)
========================================== ================ =================== =================
Net cash generated from financing
activities 475,000 1,455,500
========================================== ================ =================== =================
Net decrease in cash and cash equivalents (6,554) (13,214)
Cash and cash equivalents at start
of the year 12 37,970 51,184
========================================== ================ =================== =================
Cash and cash equivalents at end of
the year 12 31,416 37,970
========================================== ================ =================== =================
Notes to the Financial Statements
1. Accounting Policies
Blue Star Capital Plc (the Company) invests principally in the
media, technology and gaming sectors.
The Company is a public limited company incorporated and
domiciled in the United Kingdom. The address of its registered
office is Griffin House, 135 High Street, Crawley RH10 1DQ.
The Company is listed on the AIM market of the London Stock
Exchange plc.
Basis of preparation
The principal accounting policies adopted in the preparation of
the financial statements are set out below. The policies have been
consistently applied to all the years presented, unless otherwise
stated.
These financial statements have been prepared in accordance with
International Financial Reporting Standards, International
Accounting Standards and Interpretations (collectively IFRS) issued
by the International Accounting Standards Board (IASB) as adopted
by the European Union ("adopted IFRSs") and with those parts of the
Companies Act 2006 applicable to companies reporting under
IFRS.
The historical cost convention has been applied as modified by
the revaluation of assets and liabilities held at fair value.
Associates are those entities in which the Company has
significant influence, but no control, over the financial and
operating policies. Investments that are held as part of the
Company's investment portfolio are carried in the statement of
financial position at fair value even though the Company may have
significant influence over those companies. This treatment is
permitted by IAS 28 Investment in Associates, which requires
investments held by venture capital organisations to be excluded
from its scope where those investments are designated, upon initial
recognition, as at fair value through profit or loss and accounted
for in accordance with IAS 39, with changes in fair value
recognised in the statement of comprehensive income in the period
of the change. The Company has no interests in associates through
which it carries on its business.
Going concern
The company has reported a loss for the year excluding fair
value gains on the valuation of investments of GBP346,664.
The company carries out regular fund raising exercises in order
that it can provide the necessary working capital to continue its
activities.
The board expects to continue to raise additional funding as and
when required to cover the company's activities, primarily from the
issue of further shares. Since the year end, the company has raised
GBP200,000, before expenses.
Although the Directors have a reasonable expectation that the
company has adequate resources to continue its operational
existence for the foreseeable future the successful completion of
future fund raisings constitutes a material uncertainty that may
cast doubt over the company's ability to continue as a going
concern. The financial statements do not contain the adjustments
that would result if the company was unable to continue as a going
concern.
Financial assets
The Company classifies its financial assets into one of the
categories discussed below, depending on the purpose for which the
asset was acquired. The Company has not classified any of its
financial assets as held to maturity or available for sale.
The Company's accounting policy for each category is as
follows:
Fair value through profit or loss
Financial assets at fair value through profit or loss are
financial assets designated upon initial recognition as at fair
value through profit or loss.
Financial assets designated at fair value through the profit or
loss are those that have been designated by management upon initial
recognition. Management designated the financial assets, comprising
equity shares and warrants, at fair value through profit or loss
upon initial recognition due to these assets being part of the
Company's financial assets, which are managed and their performance
evaluated on a fair value basis.
Financial assets at fair value through the profit or loss are
recorded in the statement of financial position at fair value.
Changes in fair value are recorded in "Fair valuation movements in
financial assets designated at fair value through profit or
loss".
Financial assets, comprising equity shares and warrants, are
valued in accordance with the International Private Equity and
Venture Capital ("IPEVC") guidelines on the following basis:
(a) Early stage investments: these are investments in immature
companies, including seed, start-up and early stage investments.
Such investments are valued at cost less an provision considered
necessary, until no longer viewed as an early stage or unless
significant transactions involving an independent third party arm's
length, values the investment at a materially different value:
(b) Development stage investments: such investments are in
mature companies having a maintainable trend of sustainable revenue
and from which an exit, by way of floatation or trade sale, can be
reasonably foreseen. An investment of this stage is periodically
re-valued by reference to open market value. Valuation will usually
be by one of five methods as indicated below:
-- At cost for at least one period unless such basis is unsustainable;
-- On a third party basis based on the price at which a
subsequent significant investment is made involving a new
investor;
-- On an earnings basis, but not until at least a period since
the investment was made, by applying a discounted price/earnings
ratio to the profit after tax, either before or after interest;
or
-- On a net asset basis, again applying a discount to reflect
the illiquidity of the investment.
-- In a comparable valuation by reference to similar businesses
that have objective data representing their equity value.
(c) Quoted investments: such investments are valued using the
quoted market price, discounted if the shares are subject to any
particular restrictions or are significant in relation to the
issued share capital of a small quoted company.
At each balance sheet date, a review of impairment in value is
undertaken by reference to funding, investment or offers in
progress after the balance sheet date and provisions is made
accordingly where the impairment in value is recognised.
The Company uses the following hierarchy for determining and
disclosing the fair value of financial instruments by valuation
technique:
Level 1: quoted (unadjusted) prices in active markets for
identical assets or liabilities.
Level 2: other techniques for which all inputs which have a
significant effect on the recorded fair value are observable,
either directly or indirectly.
Level 3: techniques which use inputs which have a significant
effect on the recorded fair value that are not based on observable
market data.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held
at call with banks, other short term highly liquid investments with
original maturities of three months or less.
For the purpose of the cash flow statement, cash and cash
equivalents consist of cash and cash equivalents as defined above,
net of outstanding bank overdrafts.
Financial liabilities
The Company classifies its financial liabilities in the category
of financial liabilities measured at amortised cost. The Company
does not have any financial liabilities at fair value through
profit or loss.
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost include:
Trade payables and other short-term monetary liabilities, which
are initially recognised at fair value and subsequently carried at
amortised cost using the effective interest rate method.
Finance income
Finance income relates to interest income arising on cash and
cash equivalents held on deposit and interest accrued on loans
receivable. Finance income is accrued on a time basis, by reference
to the principal outstanding and at the effective interest rate
applicable.
Operating loss
Operating loss is stated after crediting all items of operating
income and charging all items of operating expense.
Deferred taxation
Deferred tax assets and liabilities are recognised where the
carrying amount of an asset or liability in the balance sheet
differs from its tax base.
Recognition of deferred tax assets is restricted to those
instances where it is probable that taxable profit will be
available against which the difference can be utilised.
The amount of the asset or liability is determined using tax
rates that have been enacted or substantively enacted by the
balance sheet date and are expected to apply when the deferred tax
liabilities/(assets) are settled/(recovered).
Provisions
Provisions are recognised when the Company has a present
obligation (legal or constructive) as a result of a past event, it
is probable that the Company will be required to settle the
obligation, and a reliable estimate can be made of the amount of
the obligation.
The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at the end
of the reporting period, taking into account the risks and
uncertainties surrounding the obligation. When a provision is
measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of the cash
flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a
provision are expected to be recovered from a third party, a
receivable is recognised as an asset if it is virtually certain
that reimbursement will be received and the amount of the
receivable can be measured reliably.
Present obligations under onerous leases are recognised and
measured as provisions. An onerous contract is considered to exist
where the Company has a contract under which the unavoidable costs
of meeting the obligations under the contract exceed the economic
benefits expected to be received from the contract.
Standards, Amendments and Interpretations in issue not yet
effective
The Company has not applied the following new and revised IFRSs
that have been issued but are not yet effective:
Effective date for accounting
period beginning on or after:
IFRS 2 Amendments to clarify the classification 1 January
and measurement of share-based payment 2018
transactions
IFRS 3, IFRS Amendments resulting from Annual Improvements 1 January
11 2015-2017 2019
Cycle (remeasurement of previously held
interest)
IFRS 9 Finalised version, incorporating requirements 1 January
for classification and measurement, impairment, 2018
general hedge accounting
and derecognition
IFRS 9 Amendments regarding prepayment features 1 January
with negative compensation and modifications 2019
of financial liabilities
IFRS 15 Clarification of IFRS 15 1 January
2018
IFRS 16 Leases 1 January
2019
IAS 12 Amendments resulting from Annual Improvements 1 January
2015-2017 2019
Cycle (income tax consequences of dividends)
IAS 19 Amendments regarding plan amendments, 1 January
curtailments or settlements 2019
IAS 23 Amendments resulting from Annual Improvements 1 January
2015-2017 2019
Cycle (intended use or sale)
IAS 28 Amendments resulting from Annual Improvements 1 January
2014-2016 2018
Cycle (clarifying certain fair value
measurements)
IAS 28 Amendments regarding long-term interests 1 January
in associates and joint ventures 2019
IAS 40 Amendments to clarify transfers or property 1 January
to, or from, investment property 2018
============ ================================================= ===========
The Directors anticipate that the adoption of these standards
and interpretations in future periods will have no material impact
on the financial statements other than in terms of presentation and
additional disclosure requirements for "investment entities".
Share-based payments
All services received in exchange for the grant of any share
based remuneration are measured at their fair values. These are
indirectly determined by reference to the fair value of the share
options/warrants awarded. Their value is appraised at the grant
date and excludes the impact of any non-market vesting conditions
(for example, profitability and sales growth targets).
Share based payments are ultimately recognised as an expense in
the Statement of Comprehensive Income with a corresponding credit
to other reserves in equity, net of deferred tax where applicable.
If vesting periods or other vesting conditions apply, the expense
is allocated over the vesting period, based on the best available
estimate of the number of share options/warrants expected to vest.
Non-market vesting conditions are included in assumptions about the
number of options/warrants that are expected to become exercisable.
Estimates are subsequently revised, if there is any indication that
the number of share options/warrants expected to vest differs from
previous estimates. No adjustment is made to the expense or share
issue cost recognised in prior periods if fewer share options
ultimately are exercised than originally estimated.
Upon exercise of share options, the proceeds received net of any
directly attributable transaction costs up to the nominal value of
the shares issued are allocated to share capital with any excess
being recorded as share premium.
Where share options are cancelled, this is treated as an
acceleration of the vesting period of the options. The amount that
otherwise would have been recognised for services received over the
remainder of the vesting period is recognised immediately within
the Statement of Comprehensive Income.
2. Critical accounting estimates and judgements
The Company makes certain estimates and assumptions regarding
the future. Estimates and judgements are continually evaluated
based on historical experience and other factors, including
expectations of future events that are believed to be reasonable
under the circumstances. In the future, actual experience may
differ from these estimates and assumptions. The estimates and
assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next financial year are those in relation to:
Fair value of financial instruments
The Company holds investments that have been designated at fair
value through profit or loss on initial recognition. The Company
determines the fair value of these financial instruments that are
not quoted, using valuation techniques, contained in the IPEVC
guidelines. These techniques are significantly affected by certain
key assumptions. Other valuation methodologies such as discounted
cash flow analysis assess estimates of future cash flows and it is
important to recognise that in that regard, the derived fair value
estimates cannot always be substantiated by comparison with
independent markets and, in many cases, may not be capable of being
realised immediately.
In certain circumstances, where fair value cannot be readily
established, the Company is required to make judgements over
carrying value impairment, and evaluate the size of any impairment
required.
The methods and assumptions applied, and the valuation
techniques used, are disclosed in note 10.
2018 2017
3. Operating profit/loss GBP GBP
=========================================== =========================== =============
This is stated after charging:
Auditor's remuneration - statutory audit
fees 15,050 11,679
Fair valuation movements in financial
instruments (1,817,983) (118,300)
================================================= =========================== =============
2018 2017
4. Finance income GBP GBP
=========================================== =========================== =============
Interest received on short term deposits 90 8
Interest receivable on convertible loan
note 5,654 -
================================================= =========================== =============
5,744 8
================================================= =========================== =============
5. Share based payments
Warrants
2018 2017
============================= ======================= ========================
Weighted Number Weighted Number
average average
exercise exercise
price (p) price (p)
Outstanding at the beginning
of the year 0.6 110,000,000 1.24 33,000,000
Lapsed during year - - (1.24) (33,000,000)
Issued during year - - 0.6 110,000,000
----------------------------- ---------- ----------- ---------- ------------
Outstanding at the end of
the year 0.6 110,000,000 0.6 110,000,000
The contracted average remaining life of warrants at the
year-end was 1.8 years (2017: 2.92 years).
At 30 September 2018, the Company had the following warrants in
issue.
Date of grant 4 July 2017 4 July 2017 4 July 2017
========================== =========== =========== ===========
Number granted 25,000,000 42,500,000 42,500,000
Contractual life 3 years 3 years 3 years
Exercise price (in pence) 0.25p 0.6p 0.8p
Estimated fair value per
warrant
0.09p 0.05p 0.04p
========================== =========== =========== ===========
The fair value of warrants is determined using the Black-Scholes
valuation model. The charge to the profit and loss account was
GBPnil (2017: GBP22,887). The charge to the cost of investment in
Satoshipay was GBPnil (2017: GBP41,303).
The Black-Scholes valuation technique was adopted because, in
the opinion of the Directors, the market based vesting conditions
were not materially sensitive to the valuation.
2018 2017
6. Staff costs, including directors GBP GBP
================================= ==================================== ==============
Wages and salaries 50,000 61,111
Social security costs 4,494 6,453
===================================== ==================================== ==============
54,494 67,564
===================================== ==================================== ==============
During the year the Company had an average of 2 employees who
were management (2017: 2). The employees were both Directors and
key management personnel of the Company.
2018 2017
7. Directors' key management personnel Total Total
and
================ =================================== =========================== ================
Director
Anthony Fabrizi Emoluments 30,000 35,000
Warrants - 22,887
Graham Parr Fees - 9,862
William Henbrey Emoluments 20,000 16,250
50,000 83,999
========================================================== =========================== ================
Emoluments above are paid in full at the end of both financial
years.
8. Taxation
The tax assessed on loss before tax for the year differs to the
applicable rate of corporation tax in the UK for small companies of
19% (2017: 19.5%). The differences are explained below:
2018 2017
GBP GBP
============================================ ======================== ================
Profit/(loss) before tax 1,471,319 (188,713)
============================================ ======================== ================
Profit/(loss) before tax multiplied by
effective rate of
corporation tax of 19% (2017 - standard
rate of 19.5%) 279,551 (36,799)
Effect of:
(Profit)/loss on disposal of investments - (79)
Capital losses / (unrealised gains) carried
forward (345,417) (23,068)
Capital gains - -
Capital allowances (370) (463)
Expenses not deductible for tax purposes 29,412 9,271
Losses carried forward 36,824 51,138
============================================ ======================== ================
Tax charge in the income statement - -
============================================ ======================== ================
The Company has incurred tax losses for the year and a
corporation tax expense is not anticipated. The amount of the
unutilised tax losses has not been recognised in the financial
statements as the recovery of this benefit is dependent on future
profitability, the timing of which cannot be reasonably foreseen.
The unrecognised and revised deferred tax asset at
30 September 2018 is GBP609,392 (2017: GBP574,857).
9. Earnings/(loss) per ordinary share
2018 2017
---------------------------------------- -------------- --------------
Basic:
Profit/(loss) for the financial period GBP1,471,319 GBP(188,713)
Weighted average number of shares 1,870,219,296 1,082,876,693
Earnings/(loss) per share (pence) 0.08 (0.02)
---------------------------------------- -------------- --------------
Fully Diluted:
Profit/(loss) for the financial period GBP1,471,319 GBP(188,713)
Weighted average number of shares 1,978,016,511 1,082,876,693
Earnings/(loss) per share (pence) 0.07 (0.02)
---------------------------------------- -------------- --------------
As at the end of the financial period ended 30 September 2017
there were 110,000,000 share warrants in issue, which had an
anti-dilutive effect on the weighted average number of shares.
Note 2018 2017
10. Financial assets held at fair value GBP GBP
through profit of loss
======================================= ===== =============== ==============
FV movements in investments 10 1,792,079 118,300
FV movements in convertible loan notes 11 25,904 0
============================================== ===== =============== ==============
Fair valuation movements in financial
assets designated
at fair value through profit or loss 1,817,983 118,300
============================================== ===== =============== ==============
Investments 2018 2017
GBP GBP
======================================= ===== =============== ==============
At start of year 3,496,864 1,706,237
Additions - 1,672,327
Disposals - -
Net fair value gain for the year 1,792,079 118,300
============================================== ===== =============== ==============
At end of year 5,288,943 3,496,864
============================================== ===== =============== ==============
The fair value gain during the year relates to the change in
value of GBP3,089,616 in respect of the Company's two investments
Satoshipay Limited and Sthaler Limited (2017: GBP118,300 fair value
gain in respect of Sthaler Limited). During the year, the directors
wrote down the investment in Disruptive Tech. Limited by
GBP1,297,537 (2017: GBPnil) to GBP300,000.
Book value and fair value
Unquoted investments Class of shares/investment GBP
========================= ====================================== ===========================
Satoshipay Limited Ordinary 1c 4,693,351
Disruptive Tech. Limited Ordinary 1p 300,000
Sthaler Limited Ordinary 0.1p 295,592
========================= ====================================== ===========================
5,288,943
================================================================ ===========================
All of the above investments are incorporated in the United
Kingdom with the exception of Disruptive Tech. Limited which is
based in Gibraltar. The methods used to value these unquoted
investments are described below.
Fair value
The fair value of unquoted investments is established using
valuation techniques. These include the use of recent arm's length
transactions, the Black-Scholes option pricing model and discounted
cash flow analysis. Where a fair value cannot be estimated reliably
the investment is reported at the carrying value at the previous
reporting date in accordance with International Private Equity and
Venture Capital ("IPEVC") guidelines.
The Company assesses at each balance sheet date whether there is
any objective evidence that the unquoted investments are impaired.
The unquoted investments are deemed to be impaired,
if and only if, there is objective evidence of impairment as a
result of one or more events that have occurred after the initial
recognition of the asset (an incurred 'loss event') and that loss
event (or events) has an impact on the estimated future fair value
of the investments that can be reliably measured.
11. Trade and other receivables
2018 2017
GBP GBP
----------------------------- -------- -------
Convertible loan notes 210,067 -
Prepayments 4,276 783
Social security other taxes 6,259 10,983
Other debtors 55,544 -
----------------------------- -------- -------
276,146 11,766
On 1 December 2017, the Company subscribed for EUR200,000 of
convertible loan notes issued by SatoshiPay Limited. Interest of 4%
per annum is payable on the loan and the redemption date has been
extended to 31 January 2019. The convertible loan note was
converted into shares after the year end as disclosed in note
19.
The Directors consider that the carrying value of trade and
other receivables approximates to the fair value.
2018 2017
12. Cash and cash equivalents GBP GBP
========================== ======================================= ==============
Cash at bank and in hand 31,416 37,970
=============================== ======================================= ==============
31,416 37,970
=============================== ======================================= ==============
Cash and cash equivalents comprise cash at bank and other
short-term highly liquid investments with an original maturity of
three months or less. The Directors consider that the carrying
value of cash and cash equivalents approximates to their fair
value.
2018 2017
13. Trade and other payables GBP GBP
=========================== ======================================== ============
Trade payables 4,301 12,233
Accruals 132,618 21,100
Other payables 5 5
================================== ======================================== ============
136,924 33,338
================================== ======================================== ============
All trade and other payables fall due for payment within one
year. The Directors consider that the carrying value of trade and
other payables approximates to their fair value.
Issued and fully paid
2018 2018 2017 2017
14. Share capital Number GBP Number GBP
======================== ================= ==================== ==============
At 1 October 1,702,900,313 1,702,901 500,162,623 500,163
Shares issued in the
year 178,571,429 178,572 1,202,737,690 1,202,738
======================== ================= ==================== ==============
At 30 September 1,881,471,742 1,881,473 1,702,900,313 1,702,901
======================== ================= ==================== ==============
During the year ended 30 September 2018 the following shares
were issued:
Number GBP Issue price
per shares
----------------- ------------ -------- ------------
24 October 2017 178,571,429 500,000 0.28p
During the year ended 30 September 2017 the following shares
were issued:
Number GBP Issue price
per shares
----------------- -------------- ---------- ------------
19 January 2017 466,666,667 466,667 0.15p
4 April 2017 268,213,880 268,214 0.1585p
31 May 2017 142,857,143 142,857 0.14p
21 July 2017 325,000,000 325,000 0.2p
1,202,737,690 1,202,738
15. Financial instruments
The following tables set out the categories of financial
instruments held by the Company:
Financial instruments Loans and receivables
2018 2017
============================
Notes GBP GBP
============================ ============================ =================== ==============
Trade and other receivables 11 271,870 10,983
Cash and cash equivalents 12 31,416 37,970
============================ ============================ =================== ==============
303,286 48,953
============================ ============================ =================== ==============
Designated upon initial recognition
Fair value
Held for through profit
trading or loss Total
Notes GBP GBP GBP
======================= ====================== ======= ============== ==============
At 30 September 2018
Investments 10 - 5,288,943 5,288,943
Convertible loan notes 11 210,067 210,067
======================= ====================== ======= ============== ==============
Total financial assets 5,499,010 5,499,010
======================= ====================== ======= ============== ==============
At 30 September 2017
Investments 3,496,864 3,496,864
======================= ====================== ======= ============== ==============
Total financial assets 3,496,864 3,496,864
======================= ====================== ======= ============== ==============
Fair value measurement
Level 1 Level 2 Level 3
Notes GBP GBP GBP
======================= ====================== ======= ============== ==============
At 30 September 2018
Investments 10 - 5,288,943 5,288,943
Convertible loan notes 11 210,067 210,067
======================= ====================== ======= ============== ==============
Total financial assets 5,499,010 5,499,010
======================= ====================== ======= ============== ==============
At 30 September 2017
Investments 3,496,864 3,496,864
======================= ====================== ======= ============== ==============
Total financial assets 3,496,864 3,496,864
======================= ====================== ======= ============== ==============
Financial liabilities measured at amortised cost
2018 2017
Financial liabilities Notes GBP GBP
====================== ===== ================= ==============
Trade payables 13 4,301 12,233
Other payables 13 5 5
====================== ===== ================= ==============
4,306 12,238
====================== ===== ================= ==============
The Company's financial instruments comprise investments held
for trading, cash and cash equivalents, convertible loan note,
other receivables and trade payables that arise directly from the
Company's operations. The main purpose of these instruments is to
invest in portfolio companies. Investments held for trading and
other investments have been held at fair value through profit and
loss. The main risks arising from holding these financial
instruments is market risk and credit risk.
Interest rate risk
The Company's exposure to changes in interest rates relate
primarily to cash and cash equivalents. Cash and cash equivalents
is held either on current or on short term deposits at floating
rates of interest determined by the relevant bank's prevailing base
rate. The Company seeks to obtain a favourable interest rate on its
cash balances through the use of bank treasury deposits. Any
reasonable change in interest rate would not have a material impact
on finance income that the Company could receive in the course of a
year, based on the current level of cash and cash equivalents
either held in current accounts or short term deposits.
Market risk
All trading instruments are subject to market risk, the
potential that future changes in market conditions may make an
instrument less valuable, due to fluctuations in security prices,
as well as interest and foreign exchange rates. Market risk is
directly impacted by the volatility and liquidity in the markets in
which the related underlying assets are traded.
Sensitivity analysis
The following table looks at the impact on net result and net
assets based on a given movement in the fair value of all the
investments;
10% movement either way will result in GBP528,894 profit or
(loss) (2017: GBP349,686 profit or (loss))
20% movement either way will result in GBP1,057,789 profit or
(loss) (2017: GBP699,373 profit or (loss))
30% movement either way will result in GBP1,586,683 profit or
(loss) (2017: GBP1,049,059 profit or (loss))
Borrowing facilities
The operations to date have been financed through the placing of
shares and investor loans. It is
Board policy to keep borrowing to a minimum, where possible.
Liquidity risks
The Company seeks to manage liquidity risk by ensuring
sufficient liquid assets are available to meet foreseeable needs
and to invest liquid funds safely and profitably. All cash balances
are immediately accessible and the Company holds no trades payable
that mature in greater than
3 months, hence a contractual maturity analysis of financial
liabilities has not been presented. Since these financial
liabilities all mature within 3 months, the Directors believe that
their carrying value reasonably equates to fair value.
Credit risk
The Company's credit risk is attributable to cash held on
deposit at financial institutions.
Cash is deposited with reputable financial institutions with a
high credit rating. The maximum credit risk relating to cash and
cash equivalents and trade and other receivables is equal to their
carrying value of GBP307,562 (2017: GBP49,736).
Capital Disclosure
As in previous years, the Company defines capital as issued
capital, reserves and retained earnings as disclosed in statement
of changes in equity. The Company manages its capital to ensure
that the Company will be able to continue to pursue strategic
investments and continue as a going concern. The Company does not
have any externally imposed financial requirements.
16. Related party transactions
On 24 October 2017 the CEO Anthony Fabrizi subscribed to
5,000,000 Placing shares at a price of 0.28 pence per share.
17. Operating lease commitments
At the balance sheet date, the Company had no outstanding
commitments under operating leases.
18. Ultimate Controlling Party
The Company considers that there is no ultimate controlling
party.
19. Post Balance Sheet Events
On 24 January 2019 the Company placed 111,111,111 new Ordinary
shares at a price of
0.18 pence per share raising gross proceeds of GBP200,000.
During the year the Company subscribed for EUR200,000
convertible loan note issued by Satoshipay Limited. The loan notes
are redeemable in cash on 31 December 2018 together with interest
accrued at 4% per annum. On 20 December 2018 the redemption date
was extended to become redeemable on or after 31 January 2019. All
other terms of the loan notes remain
the same.
On 6 February 2019, the Company announced that it has elected to
convert the convertible loan notes into a further 249 shares in
SatoshiPay Limited. Following the conversion of the
convertible loan notes, and following the completion of the
Fundraise, the Company now holds a total of 5,739 shares in
SatoshiPay Limited.
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.
END
FR JIMRTMBAMBIL
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