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Veni Vidi Vici Limited (VVV)

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Thursday 16 July, 2020

Veni Vidi Vici Limited

Interim Results for the six months ended 30 June 2020

Veni Vidi Vici Limited (VVV)
Interim Results for the six months ended 30 June 2020

16-Jul-2020 / 13:03 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.


 

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:

 

The Company

Donald Strang

 

 

+44 (0) 78 7958 4153

 

AQSE Growth Market Corporate Adviser:

Peterhouse Capital Limited

Guy Miller/Mark Anwyl

 

+44 (0) 20 7469 0936

 

Unaudited Condensed Company Statement of Comprehensive Income
for the six months ended 30 June 2020

 

 

 

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)

 

Unaudited Condensed Company Statement of Financial Position
as at 30 June 2020

 

 

 

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

 

Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2020

 

 

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

 

Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2019

 

 

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

 

Notes to the condensed interim financial statements
 

1.  General Information

 

Basis of preparation and accounting

 

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.

 

2.  Earnings per share

 

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)

 

3.  Events after the reporting date

 

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

 
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