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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Valereum Plc | AQSE:VLRM | Aquis Stock Exchange | Ordinary Share | GI000A2P2W41 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.25 | 4.65% | 5.625 | 5.50 | 6.50 | 6.00 | 5.61 | 5.625 | 200,980 | 15:29:02 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMVLRM
RNS Number : 5041O
Valereum PLC
03 October 2023
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR")
3 October 2023
Valereum Plc
("Valereum" or the "Company")
Interim results for the six months to 30 June 2023
Valereum announces its interim results for the six-month period ended 30 June 2023. Shareholders are reminded that these results are unaudited and based on the Company's management accounts.
The first half of 2023 has been a challenging period for the Company, not least with its fundraising, set against a deteriorating global macroeconomic backdrop and uncertainty in the global financial markets. The committed funding secured from a US based fund as announced on 31 August 2023 is dependent on the US based fund closing its own round of finance which we understand is concluding at present.
Valereum's entire management team is focused on completing the Gibraltar Stock Exchange ("GSX") acquisition and is in further discussions with the GFSC around its application and request for a further extension. Although a successful conclusion with the GFSC is not guaranteed, the board of Valereum is optimistic and looks forward to announcing its plans and executing them in future.
Interim Operational Highlights
1) On 31 March, Valereum confirmed that it had raised a total of GBP70,500 from the issue of 11,280 new ordinary shares of 0.0001 pence in its subsidiary Valereum Collections Ltd at a price of GBP6.25 per share. Valereum owns 99.8% of Valereum Collections Ltd.
2) On 21 April, the Company announced it had sold its Bitcoin mining assets to Vinanz Ltd ("Vinanz") for a total consideration of 27,325,171 shares in Vinanz. These shares have an asset value to Valereum of around GBP800,000 (valued at Vinanz's listing price of 3p per share) and are subject to a 12-month lock-in.
3) On 25 May, the Company announced that it had signed an option agreement to purchase Sparta Ltd, a licensed company service provider in Gibraltar which specialises in company formation and management. The option will not be exercised until the Gibraltar Financial Services Commission ("GFSC") approve the acquisition of Sparta.
4) On 21 July, the Company announced that the payment for the second tranche of the GSX providing 100% ownership had been agreed at GBP750,000.
5) On 31 August, the Company announced that it had secured committed funding from a United States fund in the amount of GBP5-8 million, to be released in two tranches. The GFSC accordingly extended the deadline for completion of the acquisition of the GSX to 28th September 2023. The Company and the current owners of the GSX (GSX Group Limited) are in negotiation with the GFSC on an extension of this deadline. Given Valereum is a willing buyer, working in close cooperation with a willing seller, the Company sees no reason for the GFSC not to grant an extension at present.
6) On 31 August, the Company's shares were suspended by the Aquis Exchange. When the GSX acquisition is fully approved and completed, a new admission document will be submitted.
Interim Financial Highlights
1) During the first half of 2023, the Company issued a total of 17,420,420 new ordinary shares of 0.1 pence each following the receipt of conversion notices for a total of $1.2 million.
2) The Company cash balance on 30(th) June 2023 was GBP5,718 (31(st) December 2022: GBP92,528).
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
Valereum Plc
Richard Poulden, Chairman
Tel: +971 4584 6284
AQSE Corporate Adviser
First Sentinel Corporate Finance
Brian Stockbridge
Tel: +44 (0) 7858 888 007
Investor Relations
J&H Communications Limited
George Hudson
Tel: +44 (0)7803 603130
george@j-hcommunications.com
For more information, please visit the Company's website at valereum.gi
Valereum Plc Statement of Total Comprehensive Income for the six months ended 30 June 2023 6 Months Ended 6 Months Ended 12 Months Ended 30 June 2023 30 June 2022 31 December 2022 GBP GBP GBP Revenue - - - Cost of sales - - - Gross profit - - - Administration expenses (639,675) (1,031,309) (4,277,717) Operating loss (639,675) (1,031,309) (4,277,717) Foreign exchange gain/(loss) 1,766 (2,609) 1,536 Interest expense - - 0 Interest income 13,281 - 31,021 Loss on ordinary activities before taxation (624,627) (1,033,918) (4,245,160) Tax on loss on ordinary activities - - - Loss for the financial period (624,627) (1,033,918) (4,245,160) Loss for the year from discontinued - - - operations Retained loss for the financial period (624,627) (1,033,918) (4,245,160) Change in foreign currency - - - Other comprehensive income Items that may not be reclassified subsequently to profit or loss: Unrealised gain/ loss on crypto assets 161,770 43,532 -23,677 ----------------------- ----------------------- ------------------------- Other comprehensive income for the year/period 161,770 43,532 -23,677 Total comprehensive loss for the financial period (462,857) (990,386) (4,268,837) ----------------------- ----------------------- ------------------------- Valereum Plc Statement of Financial Position as at 30 June 2023 6 Months Ended 6 Months Ended 12 Months Ended 30 June 2023 30 June 2022 31 December 2022 GBP GBP GBP Current assets Trade and other receivables 238,633 332,331 274,352 Cash and cash equivalents 5,718 656,405 92,528 244,350 988,736 366,880 ----------------------- ---------------------- ------------------------ Non-current assets Property, plant and equipment - 84,626 61,010 Intangible assets - 129,488 62,280 Investments 1,023,251 2,964,501 750,000 1,023,251 3,178,615 873,290 ----------------------- ---------------------- ------------------------ Total assets 1,267,601 4,167,351 1,240,170 ======================= ====================== ======================== Current liabilities 1,465,865 2,462,751 1,946,556 Capital and reserves Share capital 4,148,640 4,126,094 4,131,220 Share premium 23,842,357 22,250,459 22,888,797 Revaluation reserve 62,280 85,957 62,280 Translation reserve 257,478 257,478 257,478 Share based payment reserve 377,500 153,500 377,500 Retained earnings (28,886,520) (25,168,887) (28,423,661) (198,264) 1,704,601 (706,386) Total equity and liabilities 1,267,601 4,167,351 1,240,170 ----------------------- ---------------------- ------------------------ Valereum Plc Statement of Cash Flows for the six months ended 30 June 2023 6 Months Six Months 12 Months
Ended Ended Ended 30 June 2023 30 June 2022 31 December 2022 GBP GBP GBP Cash flows from operating activities Loss before tax (462,857) (990,386) (4,268,837) Reconciliation to cash generated from operations: Foreign exchange (gain)/loss - - - Purchase of Equipment - - - Operating cash flow before changes in working capital (462,857) (990,386) (4,268,837) ------------------------ ------------------------ -------------------------- Unrealised loss/(gain) on crypto (161,770) (43,532) 23,677 Share-based payments expense - - 224,000 Impairment of investments 2,214,501 Depreciation 11,808 23,617 47,233 Decrease/(increase) in receivables 35,719 - 57,979 Increase/(decrease) in payables (480,691) 2,237,803 1,721,608 Cash outflow from operations (1,057,791) 1,227,502 20,161 ------------------------ ------------------------ -------------------------- Cash flows from financing activities Issue of shares for cash 970,980 184,026 827,490 Net cash flow from financing activities 970,980 184,026 827,490 ------------------------ ------------------------ -------------------------- Cash flows from investing activities Payment for acquisition of - - - property, plant and equipment Payment for acquisition of investments - (2,187,500) (2,187,500) Net cash flow from investing activities - (2,187,500) (2,187,500) ------------------------ ------------------------ -------------------------- Net increase/(decrease) in cash (86,811) (775,972) (1,339,849) Effects of exchange rates - - - on cash and cash equivalents (86,811) (775,972) (1,339,849) Cash at bank at beginning of period 92,528 1,432,377 1,432,377 Cash at bank at period end 5,717 656,405 92,528 ------------------------ ------------------------ --------------------------
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October 03, 2023 02:00 ET (06:00 GMT)
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