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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Phoenix Digital Assets PLC | AQSE:PNIX | Aquis Stock Exchange | Ordinary Share | GB00BMW34204 | Nft Investments Ord Shs |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -1.89% | 3.63 | 3.50 | 3.80 | 3.70 | 3.54 | 3.70 | 75,462 | 08:42:43 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNFT
RNS Number : 4718E
NFT Investments PLC
30 June 2023
Press Release
30 June 2023
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
NFT Investments PLC
("NFT Investments" or "the Company"")
Annual results
NFT Investments PLC (AQSE: NFT), an investment firm, announces its audited results for the 12 months ended 31 December 2022.
Comments from Jonathan Bixby, Executive Chairman of NFT Investments :
I am happy to report NFT Investments PLC's full year results for 2022.
As previously highlighted in the most recent announcement on 2 April 2023, the Group is now largely invested with over GBP27.8m million in liquid crypto (unaudited), categorised as Intangible Assets in the Balance Sheet. The rationale for these investments was based on the historical price of BTC relative to the BTC halving timeframe. The next scheduled halving will take place in April 2024. The historical data suggests that BTC hits new highs approximately three to four months post halving.
The results of the period show a reduction in Total Assets of GBP9.4m from GBP34.5m to GBP25.1m, largely as a result of reduction in valuation of Crypto assets at the height of the "Crypto winter". We are pleased to note that there has been a substantial recovery in Crypto prices since 31 December 2022. By taking the price of Crypto tokens at 28 June 2023 and applying these to our Crypto holdings at 31 December 2022, this shows that the uplift in valuation would be from GBP15.2m to GBP23.3m, wiping out all but GBP1.3m of the reduction in Total Assets in the period.
The Group's Directors have concluded that the correct approach to the widening share price discount to NAV is to return value to shareholders and the current intention is to do so after the BTC halving currently scheduled to take place in April 2024. On 26, May 2023 shareholders approved this return of funds via a tender offer for shares and the Company is in the middle of applying for the consent of the Court for a reduction of capital required to create distributable reserves. This process is expected to be completed in early July 2023.
The Directors believe that these transparent actions coupled with a willingness to ultimately return capital to shareholders is the best approach given the wide discrepancy between the Company's NAV and its current share price.
I would like to take this opportunity to thank all our shareholders for their support last year and look forward to updating them on a quarterly basis as we move towards the halving next year.
Jonathan Bixby, Executive Chairman
The Directors of NFT Investments accept responsibility for this announcement.
This announcement may contain "forward-looking" statements and information relating to the Company. These statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forward--looking statements or forward--looking information, except as required by law.
For further information please contact:
NFT Investments Jonathan Bixby Executive Chairman +44 7876 888 011 ----------------- First Sentinel ----------------- Corporate Adviser Brian Stockbridge +44 7876 888 011 ----------------- Tennyson Securities ----------------- Corporate Broker Peter Krens +44 207 186 9030 -----------------
About NFT Investments:
NFT Investments PLC is an investment company specialising in the market for non-fungible tokens ("NFTs") and is the first ever NFT vehicle to list in a major jurisdiction worldwide. The Company invests in a diversified portfolio of NFTs, cryptocurrency, and/or in companies or funds which have exposure to NFT or blockchain technology. The Company's leadership team have an extensive track record in the cryptocurrency sector and previously founded Argo Blockchain PLC, a global crypto miner. NFT Investments is headquartered in London, UK and its shares are listed on the Aquis Stock Exchange Growth Market under the ticker symbol NFT. https://www.nftinvest.pro/
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 December 2022
2022 2021 GBP GBP Revenue - - Loss on disposal of digital assets and tokens (65,548) (205,580) Profit on sale of investment - 1,602,444 Fair valuation movements (including impairment and exchange differences) in investments (2,686,079) 216,398 Fair valuation movements in digital assets and tokens (5,465,486) (1,220,095) --------------------------------------- ------------ ------------ (8,217,113) 393,167 Administrative expenses (1,556,872) (3,223,333) --------------------------------------- ------------ ------------ Operating Loss (9,773,985) (2,830,166) Finance income 402,083 115 --------------------------------------- ------------ ------------ Loss before and after taxation and total comprehensive loss for the year (9,371,902) (2,830,051) --------------------------------------- ------------ ------------ Loss per ordinary share: --------------------------------------- ------------ ------------ Basic loss per share on loss for the year (0.93) (0.38) Diluted loss per share on loss for the year (0.93) (0.38)
The notes contained in the Company's Annual Report form part of these financial statements.
Statement of Financial Position
For the year ended 31 December 2022
Group Company ---------------------------- ---------------------------- 2022 2021 2022 2021 GBP GBP GBP GBP --------------------------- -------------- ------------ -------------- ------------ Non-Current Assets Intangible assets 15,448,382 6,917,916 15,448,382 6,917,916 Investments 3,691,186 5,559,308 3,691,187 5,559,308 --------------------------- -------------- ------------ -------------- ------------ Total non-current assets 19,139,568 12,477,224 19,139,569 12,477,224 --------------------------- -------------- ------------ -------------- ------------ Current Assets Trade and other receivables 125,765 125,765 157,837 125,765 Cash and cash equivalents 5,847,274 21,903,724 5,815,201 21,903,724 --------------------------- -------------- ------------ -------------- ------------ Total current assets 5,973,039 22,029,489 5,973,038 22,029,489 --------------------------- -------------- ------------ -------------- ------------ Total assets 25,112,607 34,506,713 25,112,607 34,506,713 =========================== ============== ============ ============== ============ Shareholders' equity Share capital 1,003,000 1,003,000 1,003,000 1,003,000 Share premium 33,323,133 33,323,133 33,323,133 33,323,133 Share based payments reserve 2,925,908 2,925,908 2,925,908 2,925,908 Retained earnings (12,241,657) (2,869,755) (12,241,657) (2,869,755) --------------------------- -------------- ------------ -------------- ------------ Total shareholders' equity 25,010,384 34,382,286 25,010,384 34,382,286 --------------------------- -------------- ------------ -------------- ------------ Current Liabilities Trade and other payables 102,223 124,427 102,223 124,427 --------------------------- -------------- ------------ -------------- ------------ Total liabilities 102,223 124,427 102,223 124,427 --------------------------- -------------- ------------ -------------- ------------ Total equity and liabilities 25,112,607 34,506,713 25,112,607 34,506,713 =========================== ============== ============ ============== ============
The notes contained in the Company's Annual Report form part of these financial statements.
The financial statements were approved by the Board of Directors on 28 June 2023 and were signed on its behalf by:
Nicholas Lyth
Director
The financial information set out in this announcement does not constitute statutory accounts. This financial information has been extracted from the audited full accounts of the Company for the year ended 31 December 2022. The Company does not declare a dividend for the period.
The full Annual Report of the Company will be available on the Company's website: www.nftinvest.pro .
The Directors of the Company accept responsibility for the contents of this announcement.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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END
NEXFFFIVRLIAFIV
(END) Dow Jones Newswires
June 30, 2023 02:00 ET (06:00 GMT)
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