The information contained within
this announcement is deemed by the Company to constitute inside
information stipulated under the Market Abuse Regulation (EU) No.
596/2014, as retained as part of the law of England and Wales. Upon
the publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Press Release
30 September 2024
Ashington Innovation
plc
("Ashington" or "the Company")
Interim
results
Ashington Innovation plc (LSE: ASHI;
FSE: 6FW), a special purpose acquisition company ("SPAC"),
announces its unaudited results for the six months ended 30 June
2024.
Interim Management Report:
During the period, the Board of
Directors continued to assess potential acquisition targets across
the financial technology ("fintech") and deep technology sectors,
with the purpose of creating a combined business which will
generate increased value for the Company's shareholders.
The sector opportunity for a
value-generating acquisition remains strong. The global market for
fintech is expected to reach $645 billion by 2029 (source: Market Data Forecast, 2024),
and more than $7.2 billion has been invested into deep tech in 2024
alone (source: Sifted,
2024).
In January 2024, the Company
terminated discussions with Cell Therapy Ltd. ("Cell Therapy") and
Calon Cardio-Technology Ltd. ("Calon"). The Company had been in
discussions to acquire 100% of the total issued equity of Cell
Therapy and Calon in an all-share transaction (the "Transaction").
Due to prevailing market conditions, Ashington's Directors decided
that the Transaction was no longer in the best interests of
shareholders.
The Company is in early stage
discussions with a number of potential targets and will provide an
update to the market if and when negotiations become suitably
advanced.
In the post-period, Ashington raised
£200,000 by way of a share subscription of 10 million new ordinary
shares at a price per share of £0.02, which was at a 150% premium
to the Company's share price of £0.008. The significant premium is
a validation of the Board's existing strategy to facilitate a
value-creating acquisition.
No revenue was generated during the
period and the Company incurred a loss before tax of £202,036,
reflecting the increased ongoing operating costs of being a listed
company. However, based on the Directors'
assessment of the Company's cash needs and the availability of
financing, the Directors have a reasonable expectation that the
Company has adequate resources or access to further capital to
continue to operate for the foreseeable future and as such have
maintained the Company's going concern basis.
The interim financial report is
available for download from the Company's website
(www.ashingtoninnovation.com).
For
further information please contact:
|
Ashington Innovation plc
|
|
|
Jason Smart
Non-Executive Director
|
via
Tancredi +44 207 887 7633
|
|
Tancredi Intelligent Communication
Media Relations
|
|
|
Helen Humphrey
Charlie Hobbs
Neha Dhakal
ashington@tancredigroup.com
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+44 7449 226 720
+44
7897 557 112
+44
7915 035 294
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About Ashington Innovation
plc
Ashington Innovation plc is a
special purpose acquisition company (SPAC), formed with the
intention of acquiring businesses operating in the technology
sector, in particular the financial services technology and deep
technology sectors.
The Company believes that in the
increasingly fast-changing global environment there will be an
abundance of opportunities to acquire existing businesses in the
technology sector, and in particular businesses that possess and
utilise proprietary technologies and own applicable intellectual
property.
The Company is not limited to any
specific geographic region in identifying its target
companies. www.ashingtoninnovation.com.
Forward-looking
statements:
This announcement may contain
"forward-looking" statements and information relating to the
Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information
currently available to Company management. The Company does not
undertake to update forward‐looking statements or forward‐looking
information, except as required by law.
INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR
THE PERIOD ENDED 30 JUNE 2024
|
|
|
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6 months
ended
30
June 2024 (unaudited)
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6 months
ended
31 January
2023 (unaudited)
|
17 months
ended
31 December 2023
(audited)
|
|
|
|
|
£
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£
|
£
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
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(202,036)
|
(121,440)
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(878,218)
|
|
Loss from operations
|
(202,036)
|
(121,440)
|
(878,218)
|
|
Loss before tax
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(202,036)
|
(121,440)
|
(878,218)
|
|
Tax expense
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-
|
-
|
-
|
|
Loss for the period
|
(202,036)
|
(121,440)
|
(878,218)
|
|
|
|
|
|
Total comprehensive income
|
(202,036)
|
(121,440)
|
(878,218)
|
|
|
6 months
ended
30 June
2024
Pence
|
6 months
ended
31 January
2023 Pence
|
17 months
ended
31 December 2023
Pence
|
|
|
|
|
|
Basic and diluted loss per share (see Note
3)
|
(0.32p)
|
(0.35p)
|
(1.40p)
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1. General
Information
Ashington Innovation PLC (the 'Company') is a
public company incorporated and domiciled in the United Kingdom.
The Company's registered office is at 27/28 Eastcastle Street,
London, W1W 8DH.
The Company's principal activity is that of a
Special Purpose Acquisition Company.
The interim financial report is presented in
pound sterling, which is the Company's functional currency. All
amounts have been rounded to the nearest pound, unless otherwise
indicated.
2.
Accounting policies
The interim financial report was approved and
authorised to issue by the Board of directors on 27 September
2024.
The financial information contained in these
interim financial statements does not constitute statutory accounts
as defined in section 434 of the Companies Act 2006. It does not
therefore include all of the information and disclosures required
in the annual financial statements.
The financial information in this interim
report has been prepared in accordance with International Financial
Reporting Standards, International Accounting Standards and
Interpretations as adopted by the UK (collectively UK adopted IFRS)
and those parts of the Companies Act 2006 that are relevant to
companies reporting in accordance with UK adopted IFRS.
The financial information has been prepared
under the historical cost convention unless otherwise specified
within the accounting policies. The accounting policies used in the
preparation of the financial information in this interim report are
consistent with those adopted in the annual statutory financial
statements for the period ended 31 December 2023.
In preparing the interim financial report,
management made judgments, estimates and assumptions that affect
the application of the Company accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates.
Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to estimates are recognised
prospectively. The Directors do not consider there to be any
critical judgements that have been made in arriving at the amounts
recognised in the interim financial report.
The interim financial report for the six months
ended 30 June 2024 and 31 January 2023 are unaudited and do not
constitute full accounts. The comparative figures for the period
ended 31 December 2023 are extracted from the full 2023 audited
financial statements. The independent auditor's report for the 31
December 2023 financial statements was not qualified.
Copies of the 30 June 2024 interim financial
report can be found on the Company's website at www.ashingtoninnovation.com
As at 30
June 2024, the Company had cash at bank of £62,329 and as outlined
in the post balance sheet events note above there was further
capital raised of £200,000 from new investors in August 2024. The
Company was established as a Special Purpose Acquisition Company,
and although the Company is unlikely to make any profit until a
successful completion of a suitable acquisition, the Directors have
a reasonable expectation that the Company has adequate resources or
access to further capital to continue in operational existence for
the foreseeable future and for this reason will continue to adopt
the going concern basis in the preparation of its interim
financial report.