30th Sep 2015 07:00
30 September 2015
ARMSTRONG VENTURES PLC
(AIM: AVP)
("Armstrong Ventures" or the "Company")
Unaudited Interim Results for the six month period ended 30 June 2015
Chairman's Statement
Armstrong Ventures is pleased to announce its interim results for the six month period ended 30 June 2015.
During the period under review there has been no operating activity and consequently the Company has not generated any revenue. Losses for the period were £148,064, an increase on the loss of £85,913 for the corresponding period last year. The loss per share for the period remained unchanged at (0.004p).
The increase in the loss reflects additional fees paid to the Company's former directors and certain other costs relating to the placing that was announced on 22 June 2015 and which completed on 17 July 2015.
Events following period end
On 17 July 2015 the Company raised approximately £2,000,000 net of expenses through a placing of shares. On that date the investing policy of the Company was changed to allow the Company to invest in the media, technology and healthcare sectors.
On 17 July 2015 Peter Redmond and Manish Kotecha resigned as directors. On 20 August 2015 it was announced that Haresh Kanabar had resigned as a director.
Following the placing on 17 July 2015 the board has continued to seek suitable investment opportunities. Such opportunities might include a reverse takeover of the Company. The board continues to believe that Armstrong Ventures is an attractive company for a business seeking to list on the AIM market whilst the Company also has the resources to invest in the media, technology and healthcare sectors.
Sean Nicolson
Chairman
30 September 2015
Enquiries:
Armstrong Ventures plc
Sean Nicolson 01993 880000
Cairn Financial Advisers LLP
Sandy Jamieson 0207 148 7900
Peterhouse Corporate Finance Limited
Eran Zucker, Lucy Williams 0207 469 0935
Unaudited Income Statement
For the six months ended 30 June 2015
| Six months ended 30 June 2015 (unaudited) | Six months ended 30 June 2014 (unaudited) |
Year ended 31 December 2014 (audited) |
| £ | £ | £ |
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Administrative expenses | (148,064) | (85,913) | (184,079) |
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Operating loss | (148,064) | (85,913) | (184,079) |
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Finance income | - | - | - |
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Loss before income tax | (148,064) | (85,913) | (184,079) |
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Tax on loss on ordinary activities | - | - | - |
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Net loss from ordinary activities | (148,064) | (85,913) | (184,079) |
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Basic and diluted earnings per share | (0.004p) | (0.004p) | (0.008p) |
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The results for the six months ended 30 June 2015 and 30 June 2014 have been prepared on the basis that all operations are continuing operations.
Unaudited Statement of Financial Position
As at 30 June 2015
| As at 30 June 2015 (unaudited) | As at 30 June 2014 (unaudited) | As at 31 December 2014 (audited) |
| £ | £ | £ |
Assets |
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Current assets |
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Other receivables | 5,625 | 5,445 | 19,315 |
Cash & cash equivalents | 435,524 | 326,125 | 564,759 |
|
441,149 |
331,570 |
584,074 |
Total assets | 441,149 | 331,570 | 584,074 |
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Equity and liabilities |
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Share capital and reserves |
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Issued capital | 975,503 | 818,360 | 975,503 |
Share premium account | 4,425,200 | 4,262,258 | 4,425,200 |
Share option reserve | 30,550 | - | 30,550 |
Retained earnings | (5,026,957) | (4,780,727) | (4,878,893) |
Total equity | 404,296 | 299,891 |
552,360 |
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Current liabilities |
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Trade & other payables | 36,853 | 31,679 | 31,714 |
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Total current liabilities | 36,853 | 31,679 | 31,714 |
Total equity and liabilities | 441,149 | 331,570 | 584,074 |
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Unaudited Statement of Cash Flows
For the six months ended 30 June 2015
| Six months ended 30 June 2015 (unaudited) | Six months ended 30 June 2014 (unaudited) | Year ended 31 December 2014 (audited) |
| £ | £ | £ |
Cash flows from operating activities |
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|
Loss before taxation | (148,064) | (85,913) | (184,079) |
Adjustments for: |
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Share based payment charge | - | - | 30,550 |
Cash absorbed by operations |
(148,064) |
(85,913) |
(153,529) |
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Decrease/(increase) in trade and other receivables | 13,690 | (3,076) | (16,946) |
Increase in trade and other payables | 5,139 | 1,765 | 1,800 |
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Net cash outflow from operating activities | (129,235) | (87,224) | (168,675) |
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Cash flows from financing activities |
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Issue of shares | - | - | 330,000 |
Share issue costs | - | - | (9,915) |
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Net cash inflow from financing activities | - | - | 320,085 |
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Net (decrease)/increase in cash and cash equivalents | (129,235) | (87,224) | 151,410 |
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Cash and cash equivalents brought forward | 564,759 | 413,349 | 413,349 |
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Cash and cash equivalents carried forward | 435,524 | 326,125 | 564,759 |
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Unaudited Statement of Changes in Equity
For the six months ended 30 June 2015
|
Share capital |
Share premium | Share option reserve |
Retained earnings |
Total |
| £ | £ | £ | £ | £ |
|
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At 1 January 2014 | 818,360 | 4,262,258 | - | (4,694,814) | 385,804 |
Loss for the period and total comprehensive expense | - | - | - | (85,913) | (85,913) |
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At 30 June 2014 | 818,360 | 4,262,258 | - | (4,780,727) | 299,891 |
Loss for the period and total comprehensive expense | - | - | - | (98,166) | (98,166) |
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Share issue | 157,143 | 162,942 | - | - | 320,085 |
Grant of share options | - | - | 30,550 | - | 30,550 |
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At 31 December 2014 | 975,503 | 4,425,200 | 30,550 | (4,878,893) | 552,360 |
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Loss for the period and total comprehensive expense | - | - | - | (148,064) | (148,064) |
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At 30 June 2015 | 975,503 | 4,425,200 | 30,550 | (5,026,957) | 404,296 |
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Notes to the Unaudited Interim Financial Statements for the six months ended 30 June 2015
1. Basis of preparation
These interim financial statements which have not been reviewed or audited by the Company's auditors include the financial position of the Company as at 30 June 2015 and the results of the Group's operations for the six months then ended. They have been prepared on accounting bases and policies that are consistent with those used in the preparation of the financial statements for the year ended 31 December 2014.
These interim financial statements have been prepared under the historical cost convention and are for the six months ended 30 June 2015.
The information set out in this interim report for the six months ended 30 June 2015 does not constitute statutory accounts as defined by section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2014, incorporating an unqualified auditor's report, have been filed with the Registrar of Companies.
The Company is an investing company listed on AIM. The directors are currently reviewing a number of projects and investment opportunities and believe that the Company is well placed to progress.
2. Statement of compliance
These condensed interim financial statements have been prepared in accordance with International Accounting Standard 34 (Interim Financial Reporting) as adopted by the European Union. Accordingly these 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 2014 annual financial statements.
3. Loss per share
The basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of shares in issue.
The weighted average number of shares in the period was:
| Six months ended 30 June 2015 (unaudited) | Six months ended 30 June 2014 (unaudited) |
Year ended 31 December 2014 (audited) |
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Total | 3,672,534,360 | 2,101,105,791 | 2,398,170,370 |
Loss attributable to equity shareholders of the Company | (148,064) | (85,913) | (184,079) |
Basic and diluted loss per share - from continuing and total operations | (0.004p) | (0.004p) | (0.008p) |
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4. Post Balance Sheet Events
On 17 July 2015, 19,402,916,660 ordinary shares were issued for a cash subscription of £2,328,350. In conjunction with the issue of such ordinary shares, the Company issued 4,222,916,659 warrants to subscribe for ordinary shares at a subscription price of 0.014p per share during the period beginning on the date of issue and expiring on 31 July 2018.
5. Copies of the Interim Results
Copies of these interim financial statements are available on the Company's website www.armstrongventures.com.
Related Shares:
EVRH.L