Veni Vidi Vici Limited (VVV)
Final Results to 31 December 2018
31-May-2019 / 17:22 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
31 May 2019
Veni Vidi Vici Limited
(The "Company" or "VVV")
Audited Final Results to 31 December 2018
Strategic Report
****************
I am pleased to present the annual report and financial statements for the
period ended 31 December 2018.
On 2 August 2018, the Company completed its successful listing on the NEX
Exchange Growth market, having raised GBP600,000 through equity placings in
December 2017 and July 2018 for future acquisitions in accordance with its
investment policy of to identify investment opportunities and acquisitions in
companies in the Precious Metals and Base Metals sectors. The Company will
focus on identifying opportunities for acquisition, exploration and
development of Precious Metals and Base Metals in Australia, Western Europe
and North America.
On 10 December the Company completed its first investment, with the signing of
the sale and purchase agreement with Goldfields Consolidated Pty Ltd for a 51
% beneficial interest in the Shangri La gold, copper and silver project in
consideration for A$220,000.
The Shangri La Project is a gold-copper-silver project comprising a
polymetallic hydrothermal quartz vein type deposit covering an area of 10
hectares. The Shangri La Project is located 10 kilometres west of Kununurra,
the central town of the Northeast Kimberley region in Western Australia.
The consideration payable for the Tenement Interest was A$220,000 (the
"Purchase Price"), and was satisfied by A$20,000 be paid by the Company to
Goldfields in cash and the issuance of 190,000 ordinary fully paid shares in
the capital of the Company ("Consideration Shares").
Pursuant to the terms of the SPA, VVV and Goldfields have entered into a
lock-in agreement whereby Goldfields has agreed to restrict its ability to
sell the Consideration Shares for a period of three months.
The Company and Goldfields have also entered into a joint venture agreement
("JVA") under which VVV will be responsible for an initial expenditure fee of
A$300,000 over three years from the commencement of the JVA. Goldfields will
manage the joint venture ("JV") and be entitled to a 10% management fee of
expenses incurred by the JV.
FINANCE REVIEW
The l oss for the period to 31 December 2018 amounted to GBP103,000 which
included GBP25,000 share based payment charge and approximately and the
remainder relates to regulatory costs and other corporate overheads. The total
revenue for the period was nil. At 31 December 2018, the Company had cash
balances of GBP450,000.
The Company does not recommend the payment of a dividend.
Mahesh Pulandaran
Executive Chairman
31 May 2019
The Directors of the Company are responsible for the contents of this
announcement.
For further information, please contact:
The Company
Aaron Lucas + 44 (0) 7834 834 182
NEX Exchange Corporate Adviser:
Peterhouse Capital Limited
Guy Miller/Mark Anwyl +44 (0) 20 7469 0936
Statement of comprehensive income for the period from incorporation on 14
November 2017
to 31 December 2018
______________________________________________________________________________
____________
Period ended
31 December
2018
Note GBP'000
Revenue 4
Investment income -
Total revenue -
Administration expenses (78)
Share based payment charge (25)
Operating (loss) 5 (103)
Finance costs -
(Loss) before taxation (103)
Taxation 7 -
(Loss) for the period attributable to equity (103)
holders of the company
Other comprehensive income
Translation exchange (loss)/gain -
Other comprehensive income for the period -
net of taxation
Total comprehensive income for the period (103)
attributable to equity holders of the
company
Loss per share
Basic and diluted (pence) 8 (10.96)
The accompanying accounting policies and notes form part of these financial
statements.
Statement of financial position at 31 December 2018
______________________________________________________________________________
____________
31 December
2018
Note GBP'000
Non-current assets
Intangible assets 9 136
Current assets
Trade & other receivables 10 6
Cash and cash equivalents 450
456
Total assets 592
Current liabilities
Trade and other payables 11 (42)
(42)
Net current assets 414
Net assets 550
Equity
Share capital 12 -
Share premium account 628
Share based payment reserve 25
Retained earnings (103)
550
The financial statements of Veni Vidi Vici Ltd (registered number 196048) were
approved by the Board of Directors and authorised for issue on 31 May 2019 and
were signed on its behalf by:
Aaron Lucas Christopher Gordon
Director Director
The accompanying accounting policies and notes form part of these financial
statements.
Statement of changes in equity for the period from incorporation on 14
November 2017 to 31 December 2018
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____________
Share Share Share based Retained Total
payment reserve
capital premium earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
On incorporation - - - - -
of 14 November
2017
(Loss) for the - - - (103) (103)
period
Total - - - (103) (103)
Comprehensive
Income
Shares issued - 723 - - 723
Share issue costs - (95) - - (95)
Share options - - 25 - 25
issued
Total - 628 25 - 653
contributions by
and distributions
to owners of the
Company
At 31 December - 628 25 (78) 550
2018
The accompanying accounting policies and notes form part of these financial
statements.
Statement of cash flows for the period from incorporation of 14 November 2017
to 31 December 2018
______________________________________________________________________________
____________
Period ended
31 Dec 2018
GBP'000
Cash flows from operating activities
Operating (loss) (103)
Share based payment charge 25
(Increase) in trade & other receivables (6)
Increase in trade and other payables 42
Net cash outflow in operating activities (42)
Investing activities
Finance costs -
Investment in intangible asset (13)
Net cash outflow in investing activities (13)
Financing activities
Issue of share capital 600
Issue costs (95)
Net cash inflow from financing activities 505
Net increase in cash and cash equivalents 450
Cash and cash equivalents at beginning of period -
Cash and cash equivalents at end of period 450
The accompanying accounting policies and notes form part of these financial
statements.
Notes to the financial statements
______________________________________________________________________________
____________
1 General information
Veni Vidi Vici Ltd is a company incorporated on 14 November
2017 in the British Virgin Islands ("BVI") under the BVI
Business Companies Act 2004. The address of its registered
office is Vistra Corporate Services Centre, Wickhams Cay II,
Road Town, Tortola, VG1110, British Virgin Islands. The
Company's ordinary shares are traded on the NEX Exchange
Growth Market as operated by NEX Exchange Ltd ("NEX").
The financial statements of Veni Vidi Vici Ltd for the period
from incorporation of 14 November 2017 to 31 December 2018
were authorised for issue by the Board on 31 May 2019 and the
statements of financial position signed on the Board's behalf
by Aaron Lucas and Christopher Gordon.
Investing policy
The investment strategy of the Company is to provide
Shareholders with an attractive total return achieved
primarily through capital appreciation. The Directors believe
that there are numerous investment opportunities within both
private and public businesses in the Base Metals and Precious
Metals sector in North America and Australia.
The Board, through its extensive network of contacts, has
identified a number of potentially interesting investment
opportunities, although formal discussions in respect of any
of these opportunities have not yet commenced.
The Company is likely to be an active investor and acquire
control of certain target companies although it may also
consider acquiring non-controlling shareholdings. The proposed
investments to be made by the Company may be in either quoted
or unquoted securities and made by direct acquisition of an
interest in companies, partnerships or joint ventures, or
direct interests in projects and can be at any stage of
development. Accordingly, the Company's equity interest in a
proposed investment may range from a minority position to 100
per cent. ownership and a controlling interest.
If the Company takes a controlling stake, the acquisition
could trigger a Reverse Takeover under Rule 57 of the NEX
Exchange Rules.
The Directors intend to acquire one or more investments in
quoted or unquoted businesses or companies (in whole or in
part) thereby creating a platform for further investments. The
Company may need to raise additional funds for these purposes
and may use both debt and/or equity.
The Directors and the Technical Adviser believe that their
broad, collective experience, together with their extensive
network of contacts, will assist them in identifying,
evaluating and funding suitable investment opportunities.
External advisers and investment professionals, over and above
the Technical Adviser, will be engaged as necessary to assist
with sourcing and due diligence of prospective opportunities.
The Directors will also consider appointing additional
directors with relevant experience if the need arises.
It is anticipated that returns to Shareholders will be
delivered primarily through an appreciation in the price of
the Ordinary Shares rather than capital distribution via
regular dividends. In addition, there may be opportunities to
spin out businesses in the form of distributions to
Shareholders or make trade sales of business divisions and
therefore contemplate returns via special dividends. Given the
nature of the investment strategy, the Company does not intend
to make additional regular and periodic disclosures or
calculations of net asset value outside of the requirements
for a NEX Exchange Growth Market traded company. It is
anticipated that the Company will hold investments for the
medium to long term, although where opportunities exist for
shorter term investments, the Company may undertake such
investments.
Notes to the financial statements (continued)
______________________________________________________________________________
____________
Investing policy (continued)
In compliance with Rule 51 of the NEX Exchange Rules, if the
Company (as an Investment Vehicle) has not substantially
implemented its investing policy after the period of one year
following Admission, it will seek Shareholder approval in
respect of the subsequent year for the further pursuit of its
investment strategy.
Pursuant to Rule 52 of the NEX Exchange Rules, the Company (as
an Investment Vehicle), is required to substantially implement
its investment strategy within a period of two years following
Admission. In the event that the Company has not undertaken a
transaction constituting a Reverse Takeover under Rule 57 of
the NEX Exchange Rules, or if it has otherwise failed to
substantially implement its investment strategy within such
two year period, NEX Exchange will suspend trading of the
Company's Issued Share Capital in accordance with Rule 78 of
the NEX Exchange Rules. If suspension occurs, the Directors
will consider returning the Company's cash to Shareholders
after deducting all related expenses.
The Directors intend to review the investment strategy on an
annual basis and, subject to their review and in the absence
of unforeseen circumstances, the Directors intends to adhere
to the investment strategy. Changes to the investment strategy
may be prompted, inter alia, by changes in government policies
or economic conditions which alter or introduce additional
investment opportunities. It is the intention of the Directors
to invest the Company's cash resources, as far as practicable,
in accordance with the investment strategy. However, due to
market and other investment considerations, it may take some
time before the cash resources of the Company are fully
invested.
It is intended that the funds initially available to the
Company will be used to meet general working capital
requirements, to undertake due diligence on potential target
acquisitions and to make investments in accordance with the
investment guidelines described above.
Statement of compliance with IFRS
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted
by the European Union and as applied in accordance with the
provisions of the BVI Business Companies Act 2004. The
principal accounting policies adopted by the Company are set
out below.
Notes to the financial statements (continued)
______________________________________________________________________________
____________
New standards, amendments and interpretations adopted by the
Company
No new and/or revised Standards and Interpretations have been
required to be adopted, and/or are applicable in the current
period by/to the Company, as standards, amendments and
interpretations which are effective for the financial period
beginning on 14 November 2017 are not material to the
Company.
New standards, amendments and interpretations not yet adopted
At the date of authorisation of these financial statements,
the following Standards and Interpretations which have not
been applied in these financial statements, were in issue but
not yet effective for the period presented:
- IFRS 9 in respect of Financial Instruments which will be
effective for the accounting periods beginning on or after 1
January 2018.
- IFRS 15 in respect of Revenue from Contracts with Customers
which will be effective for accounting periods beginning on
or after 1 January 2018.
- IFRS 16 in respect of Leases which will be effective for
accounting periods beginning on or after 1 January 2019.
- IFRS 17 in respect of Insurance Contracts will be effective
for accounting periods beginning on or after 1 January 2021
There are no other IFRSs or IFRIC interpretations that are
not yet effective that would be expected to have a material
impact on the Company.
Going Concern
The Directors noted the losses that the Company has made for
the Period Ended 31 December 2018. The Directors have
prepared cash flow forecasts for the period ending 31 May
2020 which take account of the current cost and operational
structure of the Company.
The cost structure of the Company comprises a high proportion
of discretionary spend and therefore in the event that cash
flows become constrained, costs can be quickly reduced to
enable the Company to operate within its available funding.
These forecasts demonstrate that the Company has sufficient
cash funds available to allow it to continue in business for
a period of at least twelve months from the date of approval
of these financial statements. Accordingly, the financial
statements have been prepared on a going concern basis.
It is the prime responsibility of the Board to ensure the
Company remains as going concerns. At 31 December 2018, the
Company had cash and cash equivalents of GBP450,000 and
borrowings of GBPnil. The Company has minimal contractual
expenditure commitments and the Board considers the present
funds sufficient to maintain the working capital of the
Company for a period of at least 12 months from the date of
signing the Annual Report and Financial Statements. For these
reasons the Directors adopt the going concern basis in the
preparation of the Financial Statements.
Basis of preparation
The financial statements have been
prepared on the historical cost basis,
except for the measurement to fair value
of assets and financial instruments as
described in the accounting policies
below, and on a going concern basis.
The financial report is presented in Pound
Sterling (GBP) and all values are rounded to
the nearest thousand pounds (GBP'000) unless
otherwise stated.
Notes to the financial statements (continued)
______________________________________________________________________________
___________
2 Significant accounting policies
Revenue recognition
Revenue is measured at the fair value of
the consideration received or receivable
and represents amounts from the sales of
goods provided in the normal course of
business, net of value added tax and
discounts, and is recognised when the
significant risks and rewards of
ownership of the product have been
transferred to a third party. In the case
of sale or return transactions, revenue
is only recognised when, and only to the
level that, risks and rewards are
transferred.
Revenue is the invoiced value of goods
and services supplied and excludes VAT
and other sales-based taxes.
Finance costs / investment revenue
Borrowing costs are recognised as an
expense when incurred.
Investment revenue is recognised as the
Company becomes entitled to such revenue.
Dividends are accounted for on receipt
thereof.
Financial instruments
Financial assets and financial
liabilities are recognised on the
Company's statement of financial position
when the Company becomes a party to the
contractual provisions of the instrument.
The Company's activities give rise to
some exposure to the financial risks of
changes in interest rates and foreign
currency exchange rates. The Company has
no borrowings and is principally funded
by equity, maintaining all its funds in
bank accounts.
Financial assets
Financial assets are classified into the
following specified categories; financial
assets "at fair value through profit or
loss" (FVTPL), "held to maturity"
investments, investments in joint
ventures, and "loans and receivables".
The classification depends on the nature
and purpose of the financial assets and
is determined at the time of initial
recognition.
Investment in joint venture
A joint venture is a contractual
arrangement whereby the Company and other
parties undertake an economic activity
that is subject to joint control; that is
when the strategic financial and
operating policy decisions relating to
the activities require the unanimous
consent of the parties sharing control.
These financial statements include the
Company's share of the total recognised
gains and losses of joint ventures using
the equity method, from the date that
significant influence or joint control
commences to the date that it ceases,
based on present ownership interests and
excluding the possible exercise of
potential voting rights, less any
impairment losses. When the Company's
interest in a joint venture has been
reduced to nil because the Company's
share of losses exceeds its interest in
the joint venture, the Company only
provides for additional losses to the
extent that it has incurred legal or
constructive obligations to fund such
losses, or where the Company has made
payments on behalf of the joint venture.
Where the disposal of an investment in a
joint venture is considered to be highly
probable, the investment ceases to be
equity accounted and, instead, is
classified as held for sale and stated at
the lower of carrying amount and fair
value less costs to sell.
Reversals of impairment losses are
recognised in the income statement.
Notes to the financial statements (continued)
______________________________________________________________________________
____________
2 Significant accounting policies (continued)
Equity
Share capital is determined using the nominal value of shares
that have been issued.
The share premium account represents premiums received on the
initial issuing of the share capital. Any transaction costs
associated with the issuing of shares are deducted from share
premium, net of any related income tax benefits.
The share based payment reserve is used to record the value of
equity benefits provided to employees and Directors as part of
their remuneration and provided to consultants and advisers
hired by the Company from time to time as part of the
consideration paid.
Retained earnings include all current and prior period results
as disclosed in the income statement.
Intangible Assets - Licences
Licences are recognised as an intangible asset at historical
cost and are carried at cost less accumulated amortisation and
accumulated impairment losses. The licences have a finite life
and no residual value and are amortised over the life of the
licence.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held
at call with banks, and bank overdrafts. Bank overdrafts are
shown within current liabilities on the balance sheet.
Financial liabilities
Financial liabilities are obligations to pay cash or other
financial assets and are recognised when the Company becomes a
party to the contractual provisions of the instrument.
All financial liabilities initially recognised at fair value
less transaction costs and thereafter carried at amortised
cost using the effective interest method, with
interest-related charges recognised as an expense in finance
cost in the income statement. A financial liability is
derecognised only when the obligation is extinguished, that
is, when the obligation is discharged or cancelled or expires.
Trade payables
Trade payables are non-interest-bearing and are initially
measured at fair value and thereafter at amortised cost using
the effective interest rate.
Taxation
The tax expense represents the sum of the tax currently
payable and deferred tax.
The tax currently payable is based on taxable profit for the
period. Taxable profit differs from the net profit as reported
in the income statement because it excludes items of income or
expense that are taxable or deductible in other periods and it
further excludes items that are never taxable or deductible.
The Company's liability for current tax is calculated using
tax rates that have been enacted or substantively enacted by
the balance sheet date.
Notes to the financial statements (continued)
______________________________________________________________________________
____________
2 Significant accounting policies (continued)
Provisions
Provisions are recognised when the Company has a present
obligation as a result of a past event, it is probable that
the Company will be required to settle that 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 balance sheet date, taking into account the risks and
uncertainties surrounding the obligation
Share based payments
When the Company issues equity-settled share-based benefits to
employees, all equity-settled share-based payments are
ultimately recognised as an expense in profit or loss with a
corresponding credit to reserves.
If vesting periods or other non-market vesting conditions
apply, the expense is allocated over the vesting period, based
on the best available estimate of the number of share options
expected to vest. Estimates are subsequently revised if there
is any indication that the number of share options expected to
vest differs from previous estimates. Any cumulative
adjustment prior to vesting is recognised in the current
period. No adjustment is made to any expense recognised in
prior periods if share options ultimately exercised are
different to that estimated on vesting.
Upon exercise of any share options the proceeds received net
of attributable transaction costs are credited to share
capital, and where appropriate share premium.
3 Critical accounting judgements and key sources of estimation
uncertainty
In the process of applying the Company's accounting policies,
as described in note 2, management has made the following
judgements that have the most significant effect on the
amounts recognised in the financial statements.
Valuation of share-based payments to employees
The Company estimates the expected value of share-based
payments to employees and this is charged through the income
statement over the vesting period. The fair value is estimated
using the Black Scholes valuation model which requires a
number of assumptions to be made such as level of share
vesting, time of exercise, expected length of service and
employee turnover and share price volatility. This method of
estimating the value of share-based payments is intended to
ensure that the actual value transferred to employees is
provided for by the time such payments are made.
Notes to the financial statements (continued)
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____________
4 Segmental information
An operating segment is a distinguishable
component of the Company that engages in
business activities from which it may earn
revenues and incur expenses, whose operating
results are regularly reviewed by the Company's
chief operating decision maker to make decisions
about the allocation of resources and assessment
of performance and about which discrete
financial information is available.
The chief operating decision maker has defined
that the Company's only reportable operating
segments during the period is that of investment
within the Precious and Base Metals Sector.
Subject to further acquisitions the Company
expects to further review its segmental
information during the forthcoming financial
period.
The Company has not generated any revenues from
external customers during the reported period.
In respect of the total assets of GBP592,000, all
arise in the company and within the Investment
sector noted above.
5 Operating loss
Period to 31
Dec 2018
GBP'000
Operating loss
is stated after
charging:
Directors' 38
remuneration
Share option 25
charge
Audit fees 10
Included in share options is GBPnil relating to directors.
In addition to auditors' remuneration shown above, the
auditors received the following fees for non-audit
services.
2018
GBP'000
Other financial -
advisory
services
Notes to the financial statements (continued)
______________________________________________________________________________
____________
6 Directors' emoluments 2018
GBP'000
Fees and benefits 59
Fees and Share based
salaries payments Total
2018 GBP'000 GBP'000 GBP'000
M 20 7 27
Pulanda
ran
A Lucas 9 7 16
C 9 7 16
Gordon
38 21 59
Directors' fees totalling GBP13,500 have been accrued as
at 31 December 2018.
Directors' have no pension benefits are accruing.
1) M Pulandaran appointed as a director on 14
November 2017.
2) A Lucas appointed as a director on 6 July 2018.
3) C Gordon appointed 6 July 2018.
The Company has no other directly employed personnel.
7 Taxation Period
to 31
Dec
2018
GBP'000
Total current tax -
The actual tax charges for the period differs from the
standard rate applicable in the UK of 19% for the
reasons set out in the following reconciliation:
2017
GBP'000
Loss on ordinary activities (103)
before tax
Tax thereon @ rates above (20)
Factors affecting charge for
the period:
Losses arising in 20
territories where no tax is
charged
Current tax charge for the -
period
Notes to the financial statements (continued)
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____________
8 Loss per share
2018
The calculation of loss per share is GBP'000
based on the loss after taxation
divided by the weighted average
number of shares in issue during the
period:
Net loss after taxation (GBP000's) (103)
Number of shares
Weighted average number of ordinary
shares for the purposes of basic
loss per share
933,691
Basic and diluted loss per share (10.96)
(expressed in pence)
As inclusion of the potential ordinary shares would result
in a decrease in the earnings per share they are considered
to be anti-dilutive, as such, a diluted earnings per share
is not included.
9 Intangible assets 31 December
2018
Licences interest GBP'000
Opening balance -
Purchased during the period 136
Impairment -
At 31 December - carrying value 136
On 10 December 2018, the Company completed the Sale and
purchase agreement with Goldfields Consolidated Pty Ltd
for a 51 % beneficial interest in the Shangri La gold,
copper and silver project in consideration for
A$220,000.
The consideration payable for the Tenement Interest is
A$220,000 (the "Purchase Price"), satisfied by A$20,000
paid by the Company to Goldfields in cash and the
issuance of 190,000 ordinary fully paid shares in the
capital of the Company.
VVV and Goldfields have also entered into a joint
venture agreement ("JVA") under which VVV will be
responsible for an initial expenditure fee of A$300,000
over three years from the commencement of the JVA.
Goldfields will manage the joint venture ("JV") and be
entitled to a 10% management fee of expenses incurred
by the JV.
As at 31 December 2018, there has been no activity
within the JVA, and no financial information thereon to
disclose.
10 Trade and other
receivables
31 December 2018
GBP'000
Current trade and other
payables
Prepayments 6
Total 6
The fair value of these financial assets is not individually determined as the
carrying amount is a reasonable approximation of fair value.
Notes to the financial statements (continued)
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____________
11 Trade and other payables
31 December 2018
GBP'000
Current trade and other
payables
Trade creditors -
Accruals 42
Total 42
The fair value of trade and other payables has not been disclosed as, due to
their short duration, management considers the carrying amounts recognised in
the balance sheet to be a reasonable approximation of their fair value.
12 Share capital 31 December
2018
GBP'000
Allotted, issued and
fully paid
1,720,003 ordinary -
shares of nil par
value each
Shares issued during the period ended 31 December 2017:
· On incorporation on 14 November 2017, 1 share was
issued for GBP1.00.
· 550,000 shares were issued by the Company, by way of a
placing on 21 December 2017 for cash at a price of 20p
per share raising GBP110,000.
· 980,002 shares were issued by way of a placing on 6
July 2018 at a price of 50p per share raising GBP490,001.
· 190,000 shares were issued for non-cash consideration
at 65p per share on acquisition of the Company's interest
in Shangri La JV.
The total shares issued during the period was 1,720,003.
Warrants in issue
As at 31 December 2018, 30,600 warrants remain outstanding.
30,600 warrants were issued during the period, and no
warrants were exercised, or lapsed during the period ended
31 December 2018.
All of the warrants in issue and outstanding are
exercisable at 50p per share, for a period up to 1 August
2023.
Share Options
The Company has as at 31 December 2018, 75,000 share
options in issue and outstanding. During the period 75,000
options were issued, no options were exercised, cancelled
or lapsed.
Notes to the financial statements (continued)
______________________________________________________________________________
____________
13 Share based payments
Share Options
The Company operates share option schemes for certain employees (including
directors). Options are exercisable at the option price agreed at the date of
grant. The options are settled in equity once exercised. The expected life of
the options is 5 years. All options issued in the period to 31 December 2018
vested immediately, with no vesting requirements.
Details of the number of share options and the weighted average exercise price
(WAEP) outstanding during the period are as follows:
31 December 2018
Number WAEP
GBP
Outstanding - -
at the
beginning
of the
period
Granted 75,000 0.50
Exercised - -
Outstanding 75,000 0.50
at the end
of the year
Exercisable 75,000
at year end
The share options outstanding at the end of the period have a weighted average
remaining contractual life of 4.58 years and have the following exercise
prices and fair values at the date of grant:
First Grant date Exercise price Fair value 31 December
exercise 2018
date (when
vesting
conditions
are met)
GBP GBP Number
2 August 2 August 0.50 0.33 75,000
2018 2018
75,000
At 31 December 2018 75,000 options were exercisable.
For those options and warrants granted where IFRS 2 "Share-Based Payment" is
applicable, the fair values were calculated using the Black-Scholes model. The
inputs into the model for the current and prior year were as follows:
Risk free Share price Expected life Share price
rate volatility at date of
grant
2 August 1.0% 0.84 60 months GBP0.50
2018
Expected volatility was determined by calculating the historical volatility of
similar listed companies share prices for 12 months prior to the date of
grant. The expected life used in the model has been adjusted, based on
management's best estimate, for the effects of non-transferability, exercise
restrictions and behavioural considerations.
The Company therefore recognised total expenses of GBP25,000 relating to
equity-settled share-based payment transactions during the period.
Notes to the financial statements (continued)
______________________________________________________________________________
____________
14 Financial
instruments
The Company's financial instruments comprise cash at bank
and payables which arise in the normal course of
business. It is, and has been throughout the period under
review, the Company's policy that no speculative trading
in financial instruments shall be undertaken. The Company
has been solely equity funded during the period. As a
result, the main risk arising from the Company's
financial instruments is currency risk.
Details of the significant accounting policies and
methods adopted, including the criteria for recognition,
the basis of measurement and the basis on which income
and expenses are recognised, in respect of each class of
financial asset, financial liability and equity
instrument are disclosed in note 2 of the accounts.
2018
GBP'000
Financial assets (current)
Cash and cash equivalents 450
Financial liabilities (current)
Trade payables & accruals 42
Interest rate risk and liquidity risk
The Company is funded by equity, maintaining all its
funds in bank accounts. The Company's policy throughout
the period has been to minimise the risk of placing
available funds on short term deposit. The short-term
deposits are placed with banks for periods up to 1 month
according to funding requirements.
The Company had no undrawn committed borrowing facilities
at any time during the period.
Currency risk
The Company is directly exposed to currency risk of its
investments, as they are based in Australia, and exposed
to movement against the Australian Dollar as their
assets, liabilities, revenue and expenditure are
denominated therein. The company is denominated in pound
sterling.
Market risk
The company is not currently exposed directly to market
risk in relation to its investments, as these are not
currently listed on any stock market anywhere in the
world.
Fair values
Cash and cash equivalents (which are presented as a
single class of assets on the face of the balance sheet)
comprise cash held by the company with an original
maturity of three months or less. The carrying amount of
these assets approximates their fair value.
The directors consider there to be no material difference
between the book value of financial instruments and their
values at the balance sheet date.
Notes to the financial statements (continued)
______________________________________________________________________________
____________
15 Related party transactions
During the period, there were no related party
transactions to disclose.
Remuneration of Key Management Personnel
The remuneration of the Directors and other key
management personnel of the Company are set out below in
aggregate for each of the categories specified in IAS24
Related party Disclosures.
2018
GBP'000
Short-term employee benefits 38
Share-based payments 25
53
16 Capital Commitments & Contingent Liabilities
There are no non-cancellable capital commitments as at
the balance sheet date. The Company has no contingent
liabilities at the balance sheet date.
17 Ultimate control
The Company has no individual controlling party.
18 Events after the end of reporting period
There are no events after the end of the reporting
period to disclose.
ISIN: VGG9404A1030
Category Code: MSCM
TIDM: VVV
LEI Code: 213800OEUSH43X859D83
Sequence No.: 8925
EQS News ID: 818127
End of Announcement EQS News Service
(END) Dow Jones Newswires
May 31, 2019 12:25 ET (16:25 GMT)
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