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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Onzima Ventures | LSE:ONZ | London | Ordinary Share | GB00BYQCDH57 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMONZ
RNS Number : 3626L
Onzima Ventures PLC
30 September 2016
ONZIMA VENTURES PLC
("Onzima" or the "Company")
Unaudited interim results for the 6 months ended 30 June 2016
Onzima Ventures plc is pleased to announce its unaudited interim results for the six months ended 30 June 2016.
Highlights
-- Numerous investments made during the period -- A number of successful partial and full disposals of positions -- Warrant / option positions building -- Asset Trading and Business Development divisions created -- 49% stake in N4 Pharma Limited held in Business Development division -- Share price increase of 205% in period under review -- Cash at period end of GBP369,000
Chief Executive Officer's review
The Company made a loss after tax of GBP29,000 for the six months ended 30 June 2016 compared to a loss of GBP70,000 for the same period in 2015. We are pleased with the development of our investment portfolio where, with the exception of our 49% stake in N4 Pharma Limited, the holdings comprise AIM-traded investments and cash.
Gavin Burnell, Chief Executive Officer of Onzima, stated:
"We have been successful during the first half of 2016 to not only make investments at what the Board consider to be attractive terms but also to realise gains where appropriate for the purpose of making new investments to minimise dilution for shareholders, cover our overheads and to demonstrate the viability of our business model as we have grown by virtue of our level of activity and performance.
Our first investment of 2016 was the acquisition of a 49% equity stake in N4 Pharma Limited together with the provision of a loan facility to N4 Pharma, a drug reformulation company. During the period we have experienced very good returns on a number of our investments including for example Ferrum Crescent Ltd, Glenwick plc and Jubilee Platinum plc. Since the period end we have seen further share price appreciation from the majority of our holdings including Alecto Minerals plc, Ferrum Crescent Ltd, Hummingbird Resources plc, Jubilee Platinum plc, Kolar Gold Ltd and Prospex Oil & Gas plc. In addition we have recently invested GBP50,000 in to a fundraising by Savannah Resources plc and GBP60,000 in to Alecto Minerals plc today, both of which are trading at a healthy premium to the placing prices.
At the period end we held cash of GBP369,000, tradable investments valued at market at GBP175,500 plus warrants and options, a 49% stake in N4 Pharma Limited and a loan to N4 Pharma of GBP125,000.
Onzima now holds positions comprised of equity and/or warrant/options in the following companies:
Trading Division
Alecto Minerals plc
Bezant Resoures plc
Bushveld Minerals Limited
Ferrum Crescent Limited
Hummingbird Resources plc
Jubilee Platinum plc
Kolar Gold Ltd
MX Oil plc
Prospex Oil & Gas plc
Regency Mines plc
Savannah Resources plc
Valirx plc
Business Development Division
N4 Pharma Limited (49% equity stake plus loan)
The key unaudited performance indicators are set out below.
COMPANY STATISTICS 30 June 2016 31 December 2015 Change % Closing share price 1.68 0.55p +205% Market capitalisation GBP3,056,870 GBP762,475 +301%
Since becoming an investing company and prior to 31 December 2015, the Company had only made one investment - in Glenwick plc, where it invested GBP50,000 and realised GBP75,500 after costs in January 2016.
During this interim period of 2016 the Company has been very active, negotiating and completing on the acquisition of a 49% equity holding in N4 Pharma Limited and participating in numerous secondary fundraisings deploying in total GBP684,000 of cash resources. In addition, the Board is confident of completing on its second investment by its Business Development division shortly.
G Burnell
Chief Executive Officer
30 September 2016
Consolidated Statement of Comprehensive Income
Six Months ended 30 June 2016
Hot Features
Premium
Unaudited Unaudited Audited
Half year Half Year Full
Year
2016 2015 2015
GBP000's GBP000's GBP000's
Continuing Operations
Revenue 486 615 -
Cost of Sales 390 203 -
Gross Profit 96 412 -
Selling and administration
expenses 125 479 160
Other Operating Income - - -
Operating (Loss) (29) (67) (160)
Exceptional Items
Finance Cost - (3) (4)
(Loss) before taxation (29) (70) (164)
Taxation recovery - - 13
Loss for the year from
discontinued operations - - (902)
Exchange difference on
translating foreign operations - - 53
Total comprehensive (Loss)
for the period attributable
to equity holders of
the Company (29) (70) (1,000)
----------- ---------------- ----------
Basic and diluted (loss)
per share -pence (0.002) (0.025) (0.86)
----------- ---------------- ----------
Consolidated Statement of financial position
30/06/2016 30/06/2015 31/12/2015
Unaudited Unaudited Audited
Half Half Full Year
year Year
2016 2015 2015
GBP000's GBP000's GBP000's
ASSETS
Non-Current assets
Property, plant, equipment - 613 -
Investments 189 - 50
Total non-current assets 189 613 50
--------- ----------- -----------
Current assets
Inventories 194 335 -
Trade and other receivables 48 483 21
Cash and other equivalents 369 94 587
Total current assets 611 912 608
--------- ----------- -----------
Total assets 800 1,525 658
--------- ----------- -----------
LIABILITIES
Non-Current liabilities
Deferred tax - - -
--------- ----------- -----------
Total noncurrent liabilities - - -
--------- ----------- -----------
Current Liabilities
Trade and other payables - 254 -
Current tax liabilities - 65 -
Accruals and deferred income 33 234 17
Total current liabilities 33 553 17
--------- ----------- -----------
Total liabilities 33 553 17
--------- ----------- -----------
Net assets 783 972 641
--------- ----------- -----------
EQUITY
Capital and reserves attributable
to equity holders of the
Company
Called up share capital 8,564 8,299 8,409
Share premium account 6,503 5,843 6,503
Other reserves 31 202 31
Retained earnings (14,331) (13,319) (14,302)
Translations of foreign - (53) -
operations
--------- ----------- -----------
Total equity 767 972 641
--------- ----------- -----------
Consolidated statement of cash flows
Unaudited Unaudited Audited
Half year Half Full
Year Year
2016 2015 2015
GBP000's GBP000's GBP000's
Cash Flows from operating activities
(Loss) for the financial period` (29) (70) (1,053)
Taxation expense - - (13)
Interest receivable - - 4
Interest payable - 3 -
Exchange variance - - 53
Depreciation charges - 13 230
Movement in reserves - - (171)
Operating profit before changes
in working capital (29) (54) (950)
----------- ---------- ---------
Decrease/(Increase) in inventories (194) 12 347
Decrease/(Increase) in trade
and other receivables (27) 56 518
(Decrease)/increase in trade
payables and other current
liabilities 16 (254) (790)
----------- ---------- ---------
Cash (used in)/generated from
operations (234) (240) (875)
----------- ---------- ---------
Taxation - - 13
Net cash (used in)/generated
by operating activities (234) (240) (862)
----------- ---------- ---------
Cash flow from investing activities
Purchase of property, plant
and equipment - (10) 386
Development expenditure - - -
Movement in investments (139) - (50)
Net proceeds of ordinary share
issue 155 - 770
Net cash used in investing
activities 16 (250) 1,106
----------- ---------- ---------
Cash flows from financing activities
Interest (received)/payable - (3) (4)
Net cash(used in)/generated
by financing activities - (3) (4)
----------- ---------- ---------
Net increase/(decrease) in
cash and cash equivalents (218) (253) 240
Cash and cash equivalents at
beginning of the period 587 347 347
Cash and cash equivalents at
end of the period 369 94 587
----------- ---------- ---------
Consolidated statement of changes in equity
(i) Six months ended 30 June 2016 - unaudited
Called Share Other Retained Translation Total
up share Premium reserves earnings of foreign Equity
capital operations
At 1 January
2016 8,409 6,503 31 (14,302) - 641
Loss for
the period - - - (29) - (29)
Share issue 155 - - - - 155
At 30 June
2016 8,564 6,503 31 (14,331) - 767
---------- --------- ---------- ---------- ------------ --------
(ii) Six months ended 30 June 2015 - unaudited
Called Share Other Retained Translation Total
up share Premium reserves earnings of foreign Equity
capital operations
At 1 January
2015 8,299 5,843 202 (13,249) (53) 1,042
Loss for
the period - - - (70) - (70)
At 30 June
2015 8,299 5,843 202 (13,319) (53) 972
---------- --------- ---------- ---------- ------------ --------
(iii) Year ended 31 December 2015 - Audited
Called Share Other Retained Translation Total
up share Premium reserves earnings of foreign Equity
capital operations
At 1 January
2015 8,299 5,843 202 (13,249) (53) 1,042
Total comprehensive
income for
the year - - - (1,053) 53 (1,000)
Share issue 110 660 - - - 770
Movement
in reserves - - (202) - - (202)
Share option
reserve - - 31 - - 31
At 31 December
2015 8,409 6,503 31 (14,302) - 641
---------- --------- ---------- ---------- ----------------- ---------
1. Segmental reporting
The Group operated in the United Kingdom, Italy and Spain until subsidiaries were sold on 14 October 2015.
Prior to disposal, the Group was organised into two principal business segments:
-- IT and related services (comprising legal and publishing application software)
-- Green technology (comprising electric bicycles, energy saving lamps, educational electronic kits and development of solar power parks)
The company now operates as an investment holding company and in the United Kingdom only.
The segmental results for the half year ended 30 June 2016 are as follows:
Unaudited Unaudited Audited
Half Half Full
year Year Year
2016 2015 2015
GBP000's GBP000's GBP000's
Revenue
United Kingdom 486 615 -
Total 486 615 -
---------- ---------- ---------
Revenue
IT Services Division - 353 -
Green Technology Division - 262 -
Share Dealing 486 - -
---------- ---------- ---------
Total 486 615 -
---------- ---------- ---------
Operating profit before exceptional
items
IT Services Division - 122 -
Green Technology Division - (91) -
Unallocated - (98) (160)
Share Dealing (29) - -
(Loss) before Finance Charges (29) (67) (160)
Finance Income/(payable) - (3) (4)
Operating (loss) (29) (70) (164)
Taxation Recovered - - 13
Exchange difference on translating
foreign operations - - 53
Loss for the year from discontinued
operations - - (902)
---------- ---------- ---------
Loss before taxation (29) (70) (1,000)
---------- ---------- ---------
Unaudited Unaudited Audited
Half Half Full
year Year Year
2016 2015 2015
GBP000's GBP000's GBP000's
Depreciation
IT Services (UK) - 1 -
Green technology division - - -
Unallocated - 12 -
---------- ---------- ---------
Group Total - 13 -
---------- ---------- ---------
Segment Assets
IT Services (UK) - 746 -
Green technology division - 779 -
Share dealing 800 - 658
Group 800 1,525 658
---------- ---------- ---------
Segmental liabilities
IT Services (UK) - (410) -
Green technology division - (143) -
Share dealing (33) - (17)
Group (33) (553) (17)
---------- ---------- ---------
Net assets
IT Services (UK) - 336 -
Green technology division - 636 -
Share dealing 767 - 641
Group 767 972 641
---------- ---------- ---------
Capital Expenditure
IT Services (UK) - 10 -
Green technology division - - -
Green Technology Division - - -
(disposals)
Group - 10 -
---------- ---------- ---------
2 Basis of preparation
The consolidated interim financial statements have been prepared in accordance with the AIM Rules for Companies and prepared on a basis consistent with International Financial Reporting Standards ("IFRS") as adopted by the EU and the accounting policies set out in the Group's financial statements for the year ended 31 December 2015.
The interim financial statements do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006.
The consolidated interim financial statements are unaudited and include all adjustments which management considers necessary for a fair presentation of the Group's financial position, operating results and cash flows for the 6 month periods ended 30 June 2016 and 30 June 2015.
The Group has chosen not to adopt IAS 34 'Interim Financial Statements' in preparing these interim financial statements and therefore the interim financial information is not in full compliance with IFRS disclosure.
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
These interim financial statements have been prepared under the historical cost convention.
3 Taxation
Due to expected availability of brought forward losses, no provision has been made for application of tax for the period under review.
4 Dividends
The Company has not proposed or declared an interim dividend.
5 Earnings per share
Basic earnings per share has been calculated based on the profit / (loss) on ordinary activities after taxation and the weighted average number of shares in issue for the period of 142,701,099 (June 2015: 279,176,538 and December 2015: 249,527,403). There are no options having a dilutive impact on earnings per share.
6 Other information
This interim statement was approved by the Board on 30 September 2016 and has not been reviewed by the Company's accountants Hills Jarrett LLP. The comparatives for the full year ended 31 December 2015 are not the Company's full statutory accounts for that year. A copy of the statutory accounts for that year, which were prepared under IFRS, has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
No adjustments have been made for any changes in estimates made at the time of approval of the 2016 accounts.
A copy of this interim statement will be available shortly at the Company's registered office at Onzima Ventures plc, 190 High Street, Tonbridge, Kent, TN9 1BE and on the Company's website www.onzimaventures.com
The Company is an investing Company and pursuant to the AIM Rules it is required to have fulfilled its investing policy to the satisfaction of the London Stock Exchange by 14 October 2016, otherwise the Company's shares will be suspended from trading on Aim for a period of up to 6 months, and following that 6 month period the Company's admission to trading on AIM would be suspended.
Ends
For further information please contact:
Onzima Ventures PLC Tel: +44 (0) 1732 366 561
Gavin Burnell, Luke Cairns
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7148 7900
Sandy Jamieson, Liam Murray
Broker
Peterhouse Corporate Finance Limited Tel: +44 (0) 20 7469 0930
Guy Miller, Lucy Williams
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FBLFXQKFFBBD
(END) Dow Jones Newswires
September 30, 2016 07:19 ET (11:19 GMT)
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