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.