TIDMANGP
24 June 2019
Angelfish Investments Plc
("Angelfish" or "the Company")
Final Results for the year ended 31 December 2018
Board Statement
The Company's principal activity is that of an investment trading company
listed on the NEX Exchange Growth Market with trading symbol ANGP for its
ordinary shares and ANGS for its preference shares. The Company also charges
management fees providing finance support and director services to its
investment companies.
The Company's investment strategy is to invest in businesses and companies in
the service and technology sectors, including products related to social or
life enhancement. The Directors are seeking to identify investee businesses and
companies where they perceive the opportunity for significant growth through
early stage, start up, opportunities and/or market opportunities. The Company
principally invests through secured convertible loan notes or acquire
controlling shareholdings in UK based or overseas companies whose managements
are proposing to seek a stock market quotation in the short/medium term,
although the acquisition of minority interests in companies already admitted to
the AIM market of the London Stock Exchange or NEX Exchange Growth Market will
not necessarily be precluded.
The Directors will also consider investment opportunities where the natural
exit strategy will be through a trade sale. The focus is also on investing in a
range of early stage companies seeking seed or follow on funding, where the
Directors perceive the opportunity for significant growth, in the service and
technology sectors, including products related to social or life enhancement.
Additionally the Company will consider other complementary investment
opportunities including but not specifically pre IPO funding. The Board will
look to provide management support to those companies as they progress in their
growth and development. In so doing the Directors believe that this will assist
in the opportunity to achieve healthy returns whilst minimising the investment
risk. Subsequent to the year-end two further investments have been made and the
Board continues to review other potential opportunities.
During the year to 31 December 2018 ("the Year") the Company made a loss before
amortisation of preference shares of GBP1,174,781 (31 December 2017: profit of GBP
708,126). The loss is after providing for a potential bad debt of GBP941,891 in
respect of aged debts and loans which the Company is uncertain of receiving.
Additionally there are fair value charges to the profit and loss account of GBP
130,078.
The loss before taxation for the Year was GBP1,646,904 (31 December 2017: profit
of GBP257,811). Costs of GBP472,123 (31 December 2017: GBP450,315) are in respect of
amortisation of the Company's preference shares. This is a non cash item and is
charged pro rata in the Company's Income Statement until maturity of the
preference shares on 31 March 2021 so that the preference share carrying value
in the Company's Statement of Financial Position equates to the full redemption
value on maturity.
The Directors consider it appropriate to draw attention to one of the key
issues affecting the results for the year. Investments are held at fair value
assessed in accordance with IFRS9. This year this treatment has required us to
recognise our current year's pre revenue investments at cost given the most
recent transactions are equity investments. No fair value uplift has been
recognised in these accounts. Given the nature of our recent investments,
technology sector start-ups, this does not allow for any fair value uplift
which may have been achieved in the individual investee companies from the use
of investment funds during the year. In 2018 our two new investments have made
good progress but are not expected to move into revenues until this year. Any
gain in value is not be reflected in these accounts.
The impact on our Balance Sheet from this treatment has resulted in the
reserves position moving into one of accumulated losses. The Company now has an
inability to pay dividends to the preference shareholders due to the lack of
distributable reserves with a significant provision against loan receivables
recognised in the current financial year. It is unlikely that the
distributable reserve position will change in the foreseeable future so the
Board have taken immediate steps to address the position.
Following discussions with our professional advisers, the Board is intending to
seek a capital reduction which would have the effect of cancelling the
preference shares and raising replacement capital through the issue of bonds
carrying an equivalent yield. These proposals will require the approval of
ordinary and preference shareholders at general meetings and a circular will be
sent to shareholders convening these meetings, setting out the process,
sequence and timetable and explaining in detail the impact of the intended
changes.
In January the Company entered into a secured Convertible Loan Note agreement
with YBOO Limited ("YBOO") convertible into 15% of YBOO which the company
subsequently exercised. This was increased in July to a total of 20% and was
further increased in November by a further 15%, to a total of 35%. The total
consideration for all the tranches up to GBP650,000. As part of this latter
agreement the Company agreed to provide a working capital loan of up to GBP
1.5million secured over the assets of YBOO. This funding package is intended
to allow YBOO to continue its UK and international rollout campaign and
continue with an accelerated development of YBOO products.
YBOO owns and operates a UK mobile app which enables the customer to know which
mobile network and deal is best for them. It also provides in depth consumer
data to mobile operators through it's Insight Portal. According to Which? in
2015, UK consumers overpaid by an average of GBP159. More recent research
conducted by The Citizens Advice Bureau, shows 36% of consumers overpay by
between GBP22 and GBP38 per month, equivalent to between GBP264 and GBP456 per year.
The free to use app assesses customers actual usage and signal strength based
on their individual most often used geographical locations across the spectrum
of mobile service offers, which are updated to provide real time costs and
charges. The customer then receives recommendations on the most suitable deal
matched to their own personal usage and behaviour. The Insight Portal is the
platform YBOO has developed to store the data generated by the app. This is
particularly attractive to mobile operators as it represents live information
from consumers actual experience. Mobile Operators may then use this in
assessing their range of tariffs by understanding how these rank for individual
customers and thereby seek to ensure their tariffs are suitably competitive.
In August the Company agreed to subscribe for GBP150,000 of secured convertible
loan notes ("Loan Notes") issued by Wallet Ads Ltd ("Wallet Ads"). On 2 January
2019, the Company announced that following the final instalment on 31 December
2018, the full amount of the loan was converted into equity representing 20% of
the ordinary share capital of Wallet Ads.
Wallet Ads owns and operates a mobile engagement platform that combines mobile
wallet passes (Apple Wallet / Google Pay), HTML5 web and social media
(Facebook, Twitter, WhatsApp) technologies to enable brands to deliver digital
vouchers or passes direct to consumers' smartphones. There is no need for a
consumer to register or download an app to engage with the technology which is
free to the consumer and self-funding to the brand. The platform is supported
by cutting edge and highly complex serverless infrastructure capable of
updating up to one million devices per minute. This investment is intended to
enable Wallet Ads to continue to innovate, further develop its platform and
build the necessary awareness and credibility in the market for planned
expansion in 2019.
Last year we reported that the Company provided a loan facility to Rapid
Nutrition Plc ("Rapid") a natural healthcare company focused on the research,
development and production of a range of life science products. Rapid is
presently listed on the SIX Swiss Exchange, Zurich and has also applied for the
dual admission of its existing issued shares to the OTCQB listing segment of
the OTC Market.
Due to delays in the Admission process, and, after a number of variations
agreed as a result of this, on 2 January 2019, the Company agreed to amend the
terms of the Loan with repayment now to be made in equal monthly instalments
starting on 31 January 2019, or earlier at Rapid's sole discretion with
interest continuing to accrue until the Loan is redeemed in full. Additionally
arrears of previously charged interest is to be settled by the immediate issue
and allotment of 50,000 fully paid ordinary shares in Rapid.
In consideration for the Company agreeing to the amended repayment terms of the
Loan, Rapid shall pay a fee equal to GBP26,640 to be satisfied by the immediate
issue and allotment of 200,000 fully paid ordinary shares in Rapid to
Angelfish.
We also reported last year that we had provided a loan facility, to X Markets
Group Limited ("XMG"). XMG seeks to provide non-bank liquidity offering
executable prices for a variety of mainly spot products which includes CFDs,
FX, futures and equities. It streams prices to its clients who are forex and
CFD brokers as well as tier-1 & tier-2 banks, brokers and other financial
institutions (and exchanges) for their own clients' order execution.
The Company continues to work with the director of XMG, who after some delays
in securing the funding needed to commence trading, has confirmed that this is
expected in the very near future with trading commencing shortly thereafter.
This delay has been a factor in the results for the current year as it is
appropriate to provide for any previously recognised gains and for amounts due
until this commences. This treatment is therefore reflected in the accounts
accompanying this report.
We continue to appraise the merits and added value of the investment in OME.
Despite some progress OME continues to experience ongoing delays in their next
funding round. Although we are in regular contact the Directors propose to make
a substantial provision against the balance owed by OME which is reflected in
the results for the year.
The Company's risks and uncertainties can be grouped into four categories;
strategic, financial, operational and compliance. In so doing the Company
continually seeks suitable investments not specifically in the UK that will
provide an adequate return in the short to medium term (strategic). The Company
can, but is not limited to, raising funds through its ordinary and preference
shares whilst ensuring the cost of capital is attractive to investors but can
be maintained by the Company (financial). The Company operates at a low cost
base but ensures that it rewards the directors appropriately and support its
advisor costs so it can operate effectively in order to achieve its strategic
goals (financial). The Company must also retain suitably experienced directors
and advisors to maintain its listing on the NEX Exchange Growth Market and
comply with all its regulatory obligations (compliance).
Key Performance Indicators ("KPIs") provide an illustration of management's
ability to successfully deliver against the Company's strategic objectives. The
Board periodically reviews the KPIs of the Company taking into account the
strategic objectives and the challenges facing implementation of such. The
measures reflect the Company's development focused strategy, the importance of
a positive cash position and our underlying commitment to ensuring safe
operations. These KPI's can be categorised into operational and financial.
These include, but are not limited to, adopting an agreed risk based strategy
and monitoring its successful implementation on a regular basis (operational);
return on investment both income and capital, control of overheads and costs,
current and forecast Company cash balances and availability of future funding
being sufficient to support the needs of the business and service the Company's
current debt (financial).
In measuring these KPIs, the Company's investment balance has been fully
appraised and is shown in the balance sheet at fair value for held investments
and matured investments at future expected cash flow receipts. The Company's
cash balance at 31 December 2018 stood at GBP1,484,236 and the Company's total
assets have increased from GBP1,993,504 to GBP2,948,982 in the Year.
The Directors continue to explore and consider other investment opportunities
which are in accordance with the Company's stated investment strategy.
Richard Walker
Director
On Behalf of the Board
Dated: 21 June 2019
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2018
Year ended Year ended
31 Dec 31 Dec
2018 2017
GBP GBP
Revenue - -
Cost of sales - -
Gross profit/(loss) - -
Other operating income 39,750 9,000
Administrative expenses (166,136) (141,370)
Loss before investment activities (126,386) (132,370)
Fair value of receivables through profit and loss (130,078) 95,954
Profit on disposal of investment - 617,575
42,958 -
Revaluation of loan
(Provision against)/provision released loans (941,891) 214,222
receivable
Interest income 174,673 72,797
Interest payable at 7.1% on preference shares (194,057) (160,052)
(Loss)/profit before amortisation of preference (1,174,781) 708,126
shares
Amortisation of preference shares (472,123) (450,315)
(Loss)/profit before taxation (1,646,904) 257,811
Taxation expense - -
(Loss)/Profit for the period (1,646,904) 257,811
Other comprehensive income - -
Total comprehensive income attributable to equity (1,646,904) 257,811
holders of the company
Earnings per share for profit attributable to the
equity shareholders
Basic earnings per ordinary share (p) (0.232) 0.036
Diluted earnings per ordinary share (p) (0.232) 0.036
The accounting policies and notes set out below form an integral part of these
financial statements.
There are no recognised gains and losses other than those passing through the
income statement
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018
31 Dec 31 Dec
2018 2017
GBP GBP
Assets
Non-current assets
Share Investment 821,537 -
821,537 -
Non-current assets
Trade and other receivables falling due after more than 152,899 423,599
one year
Current assets
Short term investments 45,988 124,444
Trade and other receivables falling due within one year 444,322 868,293
Cash and cash equivalents 1,484,236 577,168
2,127,445 1,569,905
Total assets 2,948,982 1,993,504
Equity and liabilities
Equity
Issued share capital 71,008 71,008
Share premium - -
Retained earnings (613,794) 1,033,110
(542,786) 1,104,118
Non-current liabilities
Loans and borrowings 3,349,248 791,125
Current liabilities
Trade and other payables 142,520 98,261
Total liabilities 3,491,768 889,386
Total equity and liabilities 2,948,982 1,993,504
STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2018
Number Nominal Share Retained
of shares value capital earnings Total
p GBP GBP GBP
Balance at 31 December 2016 710,082,349 0.01 71,008 775,299 846,307
Profit for period - - - 257,811 257,811
Other comprehensive income - - - - -
for the year
Total comprehensive income - - - 257,811 257,811
for the year
Balance at 31 December 2017 710,082,349 0.01 71,008 1,033,110 1,104,118
Loss for period - - - (1,646,904) (1,646,904)
Other comprehensive income - - - - -
for the year
Total comprehensive income - - - (1,646,904) (1,646,904)
for the year
Balance at 31 December 2018 710,082,349 0.01 71,008 (613,794) (542,786)
STATEMENT OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2018
Year ended Year
31 Dec ended
2018 31 Dec
GBP 2017
GBP
Cash flow from operating activities
(Loss)/profit before taxation (1,646,904) 257,811
Adjustments for:
Profit on sale of investment - 419,035
Amortisation adjustment on preference shares 472,123 450,315
Investment and loan write (back)/down - (412,762)
Interest receivable (174,673) (72,796)
Interest payable 194,057 160,052
Foreign exchange (42,958) -
Loss/(gain) on financial assets FVTPL 1,071,969 -
Increase/(decrease) in trade and other receivables 32,605 (574,624)
Increase in trade and other payables 10,255 22,376
Net cash (outflow)/inflow from operating activities (83,526) 249,407
Cash flows from investing activities
Purchase of non-current assets (821,537) (134,206)
(Increase)/decrease in short term investments - (124,444)
(Increase) in loans receivable (113,816) -
Interest income - 20,019
Net cash outflow from investing activities (935,353) (238,631)
Cash flow from financing activities
Preference dividends payable (160,053) (160,052)
Proceeds from issue of shares 2,086,000 -
Net cash inflow from financing activities 1,925,947 (160,052)
Net increase in cash in the year 907,068 (149,276)
Cash and cash equivalents at the beginning of the year 577,168 726,444
Cash and cash equivalents at the end of the year 1,484,236 577,168
The accounting policies and notes set out below form an integral part of these
financial statements.
Notes to the financial information
1. General information
The principal activity of Angelfish Investments Plc is that of an investment
company.
The company is a public limited company incorporated and domiciled in the
United Kingdom, having a registered office at Kings Court, Railway Street,
Altrincham, Cheshire, WA14 2RD. The registered number of the company is
06400833.
2. Basis of preparation
The financial statements have been prepared in accordance with International
Financial Reporting Standards IFRS as developed and published by the
International Accounting Standards Board (IASB) as adopted by the European
Union EU, IFRIC interpretations and the Companies Act 2006 applicable to
companies reporting under IFRS.
Standards, amendments and interpretations to existing standards that have been
issued and are effective at the balance sheet date have been applied in the
financial statements.
The Company applied IFRS 9 for the first time from 1 January 2018.
IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition
and Measurement for annual periods beginning on or after 1 January 2018,
bringing together all three aspects of the accounting for financial
instruments: classification and measurement; impairment; and hedge accounting.
The Company has applied IFRS 9 with the initial application date of 1 January
2018 and has not adjusted the comparative information for the period beginning
1 January 2017.
The financial information has been prepared on a going concern basis under the
historical cost convention, as modified by the revaluation of certain financial
assets at fair value through the income statement.
The preparation of financial information in conformity with IFRS requires
management to exercise its judgement in the process of applying the group's
accounting policies. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the
financial information are disclosed in the summary of significant accounting
policies below.
The Company's business activities, together with factors likely to affect its
future operations, financial position and liquidity position have been
considered by the directors of the Company. The Directors, having made due and
careful enquiry, are of the opinion that the Company has adequate working
capital to execute its operations over the next 12 months. The Directors,
therefore, have made an informed judgement, at the time of approving financial
statements, that there is a reasonable expectation that the Company has
adequate resources to continue in operational existence for the foreseeable
future. As a result, the Directors have continued to adopt the going concern
basis of accounting in preparing the annual financial statements.
3. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial
statements are set out below. These policies have been consistently applied to
all the periods presented, unless otherwise stated.
Other receivables
Other receivables are measured at the amount recognised at initial recognition
(the amortised cost) minus principal repayments, plus or minus the cumulative
amortisation of any difference between that initial amount and the maturity
amount, and any loss allowance. Interest income is calculated using the
effective interest method and is recognised in profit and loss. Financial
assets at amortised cost are subsequently measured using the effective interest
rate (EIR) method and are subject to impairment. Interest received is
recognised as part of finance income in the statement of profit or loss and
other comprehensive income. Gains and losses are recognised in profit or loss
when the asset is derecognised, modified or impaired. The Company's financial
assets at amortised cost include other receivables.
The amount of any provision is the difference between the asset's carrying
amount and the present value of estimated future cash flows, discounted at the
original effective interest rate. The carrying amount of the asset is reduced
through the use of an allowance account, and the amount of the loss is
recognised through profit and loss. When a receivable is uncollectible, it is
written off against the allowance account for trade receivables. Subsequent
recoveries of amounts previously written off are credited in the profit and
loss.
Cash and cash equivalents
Cash comprises cash on hand and demand deposits. Cash equivalents are short
term, highly liquid investments that are readily convertible to known amounts
of cash.
Trade and other payables
Trade and other payables are recognised initially at fair value and
subsequently measured at amortised cost using the effective interest method.
Investments
The Company's financial asset investments, which under IAS 39, were classified
and measured at fair value, continue to be done so under IFRS 9, with changes
in fair value recognised in profit and loss as they arise.
Gains and losses on investments disposed of or identified are included in the
net profit or loss for the period.
The Company is an investing company. Investments held by the Company are held
for resale. Therefore where the Company's equity stake in an investee company
is 20% or more equity accounting for associates is not considered to be
appropriate.
Foreign currency translation
(a) Functional and presentation currency
The financial information is presented in pounds sterling, which is the
company's functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of such transactions
and from the translation at year-end exchange rates of monetary assets and
liabilities denominated in foreign currencies are recognised in the income
statement.
Segmental reporting
A business segment is a group of assets or operations engaged in providing
services that are subject to risks and returns that are different from those of
other business segments. A geographical segment is engaged in providing
services within a particular economic environment that is subject to different
risks and returns from other segments in other economic environments.
Expenses
All expenses are accounted for on an accruals basis.
Current and deferred income tax
The current income tax charge is calculated on the basis of the tax laws
enacted or substantively enacted at the balance sheet date. Management
periodically evaluates positions taken in tax returns with respect to
situations in which applicable tax regulation is subject to interpretation and
establishes provisions where appropriate on the basis of amounts expected to be
paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts. However, the deferred income tax is not accounted
for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss. Deferred
income tax is determined using tax rates (and laws) that have been enacted or
substantially enacted by the balance sheet date and are expected to apply when
the related deferred income tax asset is realised or the deferred income tax
liability is settled.
Deferred income tax assets are recognised to the extent that it is probable
that future taxable profit will be available against which the temporary
differences can be utilised.
Preference shares
Preference share capital is classified as equity if it is non-redeemable, or
redeemable only at the Company's option, and any dividends are discretionary.
Discretionary dividends thereon are recognised as distributions within equity
upon approval by the Company's shareholders.
Preference share capital is classified as a financial liability if it is
redeemable on a specific date or at the option of the shareholders, or if
dividend payments are not discretionary. Non-discretionary dividends thereon
are recognised as interest expense in the income statement as accrued.
Preference share capital and premium is included at fair value. Costs
associated with preference share funds raised are amortised in the Income
Statement over the remaining life of the Preference shares.
Capital
The objectives when managing capital are to safeguard the company's ability to
continue as a going concern in order to provide returns for shareholders and
benefits for other stakeholders and to maintain a capital structure that
optimises the cost of capital. In order to maintain or adjust the capital
structure the company may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
Capital comprises all components of equity; share capital, share premium, and
retained earnings.
Equity Settled share option plan
The Company has applied the requirements of IFRS2 Share-based payments in
accordance with current provisions. The company issues equity-settled share
based payments to certain employees, which are measured at fair value at the
date of grant. The fair value determined at the date of grant is expensed on a
straight line basis over the vesting period, based on the company's estimate of
shares that will eventually vest. The fair value is determined by use of the
share based payments intrinsic value. Management do not believe the fair value
can be measured reliably by use of an option pricing model, based on the fact
that the company has only relatively recently obtained a listing and no
reliable historical data is available.
4. Future changes in accounting policies - standards issued but not yet
effective
New standards and interpretations not yet adopted:
At the date of approval of the financial statements, there are a number of new
standards and amendments to standards and interpretations that have been issued
but are not yet effective and, in some cases, have not yet been adopted by the
EU.
The Directors do not consider that the above standards and interpretations will
have a material effect on the presentation of the financial statements in the
period of initial application or subsequently.
Key sources of estimation and uncertainty
In the application of the company's accounting policies, which are described in
note 3, management is required to make judgements, estimates and assumptions
about the carrying values of assets and liabilities that are not readily
apparent from other sources. The estimates and underlying assumptions are based
on historical experience and other factors that are considered to be relevant.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.
The key sources of estimation uncertainty that have a significant effect on the
amounts recognised in the financial statements are described below.
Allowance for trade and other receivables
The loss allowances for financial assets are based on assumptions about risk of
default and expected loss rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment calculation, based on
the Company's past history, existing market conditions as well as forward
looking estimates at the end of each reporting period.
Fair value of the investments
All equity investments in scope of IFRS 9 are measured at fair value in the
statement of financial position, with present value changes in the profit and
loss. Fair value is calculated at cost which is deemed appropriate for early
stage, pre revenue companies.
Fair value adjustment to preference shares to increase borrowings to redemption
value
The 10p preference shares are redeemable on 31 March 2021 at GBP1 per preference
share. The directors have spread the fair value uplift from the initial
nominal value of 10p following cancelling of the 90p share premium to GBP1 over
the life of the preference shares.
5. Segmental analysis
Based on risks and returns, the directors consider that the primary reporting
format is by business segment. The directors consider that there are two
business segments:
- That of an investment trading company seeking to make capital and
interest returns on its investments and
- Receiving management fees from its investment companies
Geographical segment
2018 2017
GBP GBP
Other operating income from management fees:
UK 39,750 9,000
Total 39,750 9,000
2018 2017
GBP GBP
Balance sheet - Net book value of segment assets
UK - investments 821,537 -
Total 821,537 -
6. Expenses
The following material expenses are included in administrative expenses:
2018 2017
GBP GBP
Directors' emoluments 20,750 12,000
Hotel and travel 9,639 10,208
Professional fees 55,308 47,144
Consultancy fees 60,053 45,410
7. Loss before tax
Loss before tax, all of which arises from the company's principal activities,
is stated after charging:
2018 2017
GBP GBP
Fees payable to the Company's auditor for :
- Audit of the Company 20,000 11,000
- Other services - -
- Foreign exchange gain (42,958) -
8. Personnel costs
Excluding directors, there are no employees (2017: 0).
The directors' emoluments are disclosed in note 5. The directors are considered
the only key management personnel. The emoluments paid to directors are
management fees.
9. Interest Income
2018 2017
GBP GBP
Loan interest receivable 174,673 72,797
Total 174,673 72,797
10. Taxation expense
The taxation provision for the period is different to the standard rate of
corporation tax in the UK of 19% (2017: 20%). The differences are explained
below:
2018 2017
GBP GBP
(Loss)/profit before tax (1,646,904) 257,811
Taxation at the UK corporation tax rate of 19% (2017: (312,911) 51,562
20%)
Effects of:
Adjustment on preference shares 89,703 69,052
Preference dividends paid 36,871 32,010
Loss/(profit) during the year carried forward 186,337 (152,624)
Tax expense - -
No deferred tax asset has been provided in respect of tax losses as their
crystallisation is not certain. At the balance sheet date there are
approximately GBP2,421,597 (2017: GBP1,193,475) of losses carried forward.
11. Dividends
No ordinary dividends have been proposed by the company for the period ended 31
December 2018 or the prior period.
This announcement contains information which, prior to its disclosure, was
inside information for the purposes of Article 7 of EU Regulation 596/2014.
THE DIRECTORS OF THE COMPANY TAKE RESPONSIBILITY FOR THE CONTENTS OF THIS
ANNOUNCEMENT
Enquiries:
Angelfish Investments Plc
Richard Walker +44 (0)7772 013116
NEX Exchange Corporate Adviser +44 (0)207 213 0880
Cairn Financial Advisers LLP
David Coffman / Richard Nash
About Angelfish Investments Plc
The Company's Ordinary Shares and Preference Shares are admitted to trading on
the NEX Exchange Growth Market in London. The Company has the NEX trading
symbol ANGP for its Ordinary Shares and ANGS for its Preference Shares.
---ENDS---
END
(END) Dow Jones Newswires
June 24, 2019 02:00 ET (06:00 GMT)
PLUS1
