Veni Vidi Vici Limited (VVV)
VENI VIDI VICI LIMITED ("Veni Vidi Vici" or the "Company")
Interim Results for the six months ended 30 June 2020
Veni Vidi Vici announces its unaudited interim results for the six months ended 30 June 2020.
Overview 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 late 2018.
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 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.
During the period, the Company was advised that limited work was undertaken on the Shangri la project, mainly desk studies. We anticipate further work to occur during 2020. In addition, Mr Gordon resigned as a director in June 2020.
The Company continues to monitor covid-19 effects on the Company. We believe this will have limited affect on any future work anticipated on our West Australia project as there are very few cases in this state and interruptions are somewhat less.
FINANCE REVIEW The loss for the period to 30 June 2020 was £133,000 (30 June 2019 - £ 56,000 and 31 December 2019 - £107,000 loss) which mainly related to share based payments, regulatory costs and other corporate overheads. The total revenue for the period was nil. At 30 June 2020, Company had cash balances of £339,000 (30 June 2019 - £ 384,000 and 31 December 2019 - £354,000).
The interim accounts to 30 June 2020 have not been reviewed by the Company's auditors.
Donald Strang Director 16 July 2020
The directors of the Company accept responsibility for the contents of this announcement.
For further information please contact:
Unaudited Condensed Company Statement of Comprehensive Income
|
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6 months to |
6 months to |
Year ended |
|
|
30 June 2020 |
30 June 2019 |
31 December 2019 |
|
|
Unaudited |
Unaudited |
Audited |
|
Notes |
£'000 |
£'000 |
£'000 |
Continuing operations |
|
|
|
|
Revenue |
|
|
|
|
Investment income |
|
- |
- |
- |
Total gains on AFS investments |
|
- |
- |
- |
|
|
|
|
|
Administrative costs |
|
(64) |
(56) |
(107) |
Share based payments |
|
(69) |
- |
- |
|
|
|
|
|
Operating (loss) |
|
(133) |
(56) |
(107) |
|
|
|
|
|
Finance costs |
|
|
- |
- |
(Loss) before tax |
|
(133) |
(56) |
(107) |
|
|
|
|
|
Taxation |
|
|
- |
- |
(Loss) for the period |
|
(133) |
(56) |
(107) |
|
|
|
|
|
Other comprehensive income |
|
|
|
|
Translation exchange (loss)/gain |
|
- |
- |
- |
Other comprehensive income for the period net of taxation |
|
- |
- |
- |
Total Comprehensive Income for the year attributable to the owners of the parent company |
|
(133) |
(56) |
(107) |
|
|
|
|
|
(Loss) per share: |
|
|
|
|
Basic and diluted (loss) per share (pence) |
2 |
(7.68) |
(3.29) |
(6.25) |
|
|
30 June 2020 |
30 June 2019 |
31 December 2019 |
|
|
Unaudited |
Unaudited |
Audited |
|
Notes |
£'000 |
£'000 |
£'000 |
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
|
Intangible assets |
|
136 |
136 |
136 |
|
|
136 |
136 |
136 |
|
|
|
|
|
Current assets |
|
|
|
|
Trade and other receivables |
|
- |
2 |
18 |
Cash and cash equivalents |
|
339 |
384 |
354 |
|
|
339 |
386 |
372 |
|
|
|
|
|
Total assets |
|
475 |
522 |
508 |
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables |
|
(81) |
(33) |
(70) |
Total current liabilities |
|
(81) |
(33) |
(70) |
|
|
|
|
|
Total liabilities |
|
(81) |
(33) |
(70) |
|
|
|
|
|
Net Assets |
|
394 |
489 |
438 |
|
|
|
|
|
EQUITY |
|
|
|
|
Equity attributable to equity holders of the parent |
|
|
|
|
Share capital |
|
- |
- |
- |
Share premium account |
|
643 |
623 |
623 |
Share based payment reserve |
|
94 |
25 |
25 |
Retained earnings |
|
(343) |
(159) |
(210) |
Total equity |
|
394 |
489 |
438 |
|
Share capital |
Share premium |
Share based payment reserve |
Retained earnings |
Total attributable to owners of parent |
Audited |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
At 31 December 2018 |
- |
628 |
25 |
(103) |
550 |
|
|
|
|
|
|
(Loss) for the period |
- |
- |
- |
(107) |
(107) |
Total Comprehensive Income |
- |
- |
- |
(107) |
(107) |
|
|
|
|
|
|
Share issue costs |
- |
(5) |
- |
- |
(5) |
Total contributions by and distributions to owners of the Company |
- |
(5) |
- |
- |
(5) |
|
|
|
|
|
|
At 31 December 2019 |
- |
623 |
25 |
(210) |
428 |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
At 31 December 2018 |
- |
628 |
25 |
(103) |
550 |
|
|
|
|
|
|
Loss for the period |
- |
- |
- |
(56) |
(56) |
Total comprehensive income for the period |
- |
- |
- |
(56) |
(56) |
|
|
|
|
|
|
Share Issue costs |
- |
(5) |
- |
- |
(5) |
Transactions with owners of the company |
- |
(5) |
- |
- |
(5) |
|
|
|
|
|
|
Balance at 30 June 2019 |
- |
623 |
25 |
(159) |
489 |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
At 31 December 2019 |
- |
623 |
25 |
(210) |
438 |
|
|
|
|
|
|
Loss for the period |
- |
- |
- |
(133) |
(153) |
Total comprehensive income for the period |
- |
- |
- |
(133) |
(153) |
|
|
|
|
|
|
Shares issued |
- |
20 |
- |
- |
40 |
Share issue costs |
- |
- |
- |
- |
- |
Share options issued |
- |
- |
69 |
- |
69 |
Transactions with owners of the company |
- |
20 |
69 |
- |
109 |
|
|
|
|
|
|
Balance at 30 June 2020 |
- |
643 |
94 |
(343) |
394 |
|
6 months to |
6 months to |
Year to |
|
30 June 2020 |
30 June 2019 |
31 December 2019 |
|
Unaudited |
Unaudited |
Audited |
|
£'000 |
£'000 |
£'000 |
Cash flows from operating activities |
|
|
|
Operating (loss) |
(133) |
(56) |
(107) |
Adjustments for: |
|
|
|
Share based payment charge |
69 |
- |
- |
Decrease/(increase) in trade and other receivables |
18 |
4 |
(12) |
(Decrease)/increase in trade and other payables |
11 |
(9) |
28 |
Net cash used in operating activities |
(35) |
(61) |
(91) |
|
|
|
|
Investing activities |
|
|
|
Finance Costs |
- |
- |
- |
Investment in intangible assets |
- |
- |
- |
Net cash outflow in investing activities |
- |
- |
- |
|
|
|
|
Financing activities |
|
|
|
Issue of share capital |
20 |
- |
- |
Issue costs |
- |
(5) |
(5) |
Net cash from financing activities |
20 |
(5) |
(5) |
|
|
|
|
Net change in cash and cash equivalents |
(15) |
(66) |
(96) |
|
|
|
|
Cash and cash equivalents at beginning of period |
354 |
450 |
450 |
Cash and cash equivalents at end of period |
339 |
384 |
354 |
The financial information has been prepared on the historical cost basis. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement. This statement also includes a summary of the Company's financial position and its cash flows.
These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 - Interim Financial Reporting. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company's 2019 annual financial statements.
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post-tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the earnings and weighted average number of shares used are set out below.
|
Six months to |
Six months to |
Year ended |
|
30 June 2020 |
30 June 2019 |
31 December 2019 |
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
(£'000) |
(£'000) |
(£'000) |
Net loss attributable to equity holders of the company |
(133) |
(56) |
(107) |
|
|
|
|
Number of shares Weighted average number of ordinary Shares for the purposes of basic loss per share |
1,725,498 |
1,720,003 |
1,720,003 |
|
|
|
|
Basic and diluted loss per share (pence) |
(7.68) |
(3.29) |
(6.25) |
There are no events after the end of the reporting date to disclose.
ISIN: | VGG9404A1030 |
Category Code: | MSCM |
TIDM: | VVV |
LEI Code: | 213800OEUSH43X859D83 |
Sequence No.: | 76254 |
EQS News ID: | 1095545 |
End of Announcement | EQS News Service |
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