Share Name Share Symbol Market Type Share ISIN Share Description
Angelfish Investments plc NEX:ANGP NEX Ordinary Share GB00B28HZ894
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.025 0.02 0.04 0.025 0.025 0.025 0.00 07:45:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Angelfish Investments Plc Half-year Report

01/10/2019 1:30pm

UK Regulatory (RNS & others)


 
TIDMANGP 
 
1 October 2019 
 
                           Angelfish Investments Plc 
                        ("Angelfish" or "the Company") 
 
               Interim Results for the Half-Year to 30 June 2019 
 
The Board of Angelfish Investments Plc (the "Board") today announces the 
Company's unaudited results for the six months to 30 June 2019 (the "Period"). 
The Company reports a loss before amortisation of Preference Shares for the 
Period of GBP1,685,752 (2018: GBP401,386 profit) and a loss before taxation for the 
Period of GBP1,964,732 (2018: GBP176,239 profit). 
 
Statement by the Board 
 
During the Period the Company continued with its investment strategy to invest 
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 
 
In March 2019 the Company made an initial investment by way of a subscription 
Ordinary A shares to Just Bee Limited ("Just Bee").  The GBP150,000 investment 
formed part of a total equity raise of GBP292,000 and resulting in a carrying 
equity stake of 9.14%. Just Bee is a 100% natural juicy water drink sweetened 
with a drop of honey. Following a 107% revenue growth from 2017 t0 2018 these 
additional funds are being deployed by Just Bee to expand its product range and 
invest in a dedicated sales team as it seeks to secure a greater foothold in 
the extensive soft drinks sector. 
 
In May 2019 the Company made an initial investment by way of a convertible loan 
into Assif Limited ("ASSIF"). ASSIF is a mental health and wellness platform 
which is developing a dignified product related to employee health. Wider 
benefits will be available through the community created within the platform 
for peer to peer support for people worried about mental health. 
 
The Company continues to hold its loan and investment in X Markets Group 
Limited ("XMG") a fintech company, having provided the loan facility to XMG in 
July 2017. Having encountered delays in securing security funding with which to 
commence trading in the UK XMG have had more success with this in the US and 
are currently establishing an office in New York and anticipate trading to 
begin in Q4 at which time we expect to agree a repayment schedule of the loan 
facility. 
 
Rapid Nutrition plc ("Rapid"), a natural healthcare company, who's shares are 
dual listed, both in Switzerland (SIX: RAP) and, more recently, on the OTCQB 
under ticker symbol RPNRF, which the company expects will result in access to a 
broader capital market audience and greater access to capital. We are in the 
process of recovering our short term loan from Rapid and additionally hold 
250,000 ordinary shares as a result of this transaction. 
 
We continue to work with One Life Technologies Corp ("OneLife"), a company 
listed on the US OTC, which acquired One Media Enterprises Limited, to allow 
OneLife to pursue a substantial fund raising which would enable OneLife to 
continue its business development and result in a positive outcome for both 
OneLife and Angelfish. Due to the delays experienced by OneLife in this process 
the carrying investment was written down in the 2018 statutory accounts and 
remains at those values. 
 
In August 2018 the Company made an investment into Wallet Ads Limited ("Wallet 
Ads") which owns and operates a mobile engagement platform to enable brands to 
deliver digital vouchers or passes direct to consumers' smartphones and 
recently secured its first substantial revenue contract. In April 2019 the 
Company announced that it agreed to provide a revolving loan facility to 
support the ongoing development of Wallet Ads. An advance of GBP30,000 under the 
terms of this agreement had been provided by 30 June 2019. As it moves into 
it's second year of development Wallet Ads has now started to generate revenues 
as it looks to become cash generative by Q1 2020. 
 
As announced earlier today, YBOO Limited ("Yboo") has been put into 
administration as a result of its failure to raise the funds it required to 
complete its technology development programme and move into full 
commercialisation.  Angelfish had invested GBP650,000 for a 35% stake in YBOO and 
in addition provided GBP1,020,181 by way of a secured working capital loan. The 
Board of Angelfish will work with the administrators to achieve as favourable 
an outcome as is possible however, the investment in Yboo has been 
substantially written down and this is the principal reason for the loss in the 
period. 
 
At the time of the final results in July, it was announced that the Board was 
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.  This proposal was deemed necessary due to the 
accumulated losses arising from compliance with IFRS9 which means that the 
Company is currently unable to pay preference dividends.  It was intended that 
the bonds would be raised through SVS Securities plc ("SVS") who had placed a 
significant proportion of the preference shares, however SVS entered special 
administration on 5 August 2019 and so the intended capital restructuring was 
not able to proceed as planned.  The Directors are continuing to review the 
options to address the capital structure and will provide further updates in 
due course 
 
No interim dividend on ordinary shares is to be paid in relation to the 
Period.  No interim dividend on ordinary shares was paid in relation to the six 
months to 30 June 2019. 
 
On behalf of the Board 
 
Richard Walker 
 
Director 
 
Angelfish Investments Plc 
 
1 October 2019 
 
INTERIM INCOME STATEMENT (UNAUDITED) 
 
For the period ended 30 June 2019 
 
                                                           Angelfish Investments plc 
 
                                                              6 mths to       6 mths to 
 
                                                                30 June         30 June 
 
                                                                   2019            2018 
 
                                                                  GBP GBP           GBP GBP 
 
Revenue                                                               0               0 
 
Cost of Sales                                                         0               0 
 
Gross Profit/(Loss)                                                   0               0 
 
Other Operating Income                                           27,500          17,000 
 
Administrative Expenses                                       (151,706)        (57,294) 
 
Loss before Investment Activities                             (124,206)        (40,294) 
 
Fair Value of Receivables through Profit and Loss             (510,715)         438,441 
 
Revaluation of loan                                              22,727               0 
 
Provision against Amounts Receivable                          (802,084)               0 
 
Interest Income                                                 130,866          83,265 
 
Interest Payable at 7.1% on Preference Shares                 (163,450)        (80,026) 
 
Profit/(Loss) before Amortisation of Preference             (1,446,862)         401,386 
Shares 
 
Amortisation of Preference Shares                             (278,980)       (225,147) 
 
Profit/(Loss) before Taxation                               (1,725,842)         176,239 
 
Taxation Expense                                                      0               0 
 
Total Comprehensive Income attributable to Equity           (1,725,842)         176,239 
Holders of the Company 
 
STATEMENTS OF FINANCIAL POSITION (UNAUDITED) 
 
As at 30 June 2019 
 
                                                  Angelfish Investments plc 
 
                                                         As at            As at 
 
                                                       30 June          30 June 
 
                                                          2019             2018 
 
                                                         GBP GBP            GBP GBP 
 
Assets 
 
Non-current assets 
 
Property, plant and equipment                            1,446                0 
 
Investments                                            553,981          565,097 
 
                                                       555,427          565,097 
 
Current assets 
 
Trade and other receivables                            875,757        1,481,868 
 
Cash and cash equivalents                              137,386          358,445 
 
                                                     1,013,143        1,840,312 
 
Total assets                                         1,568,570        2,405,409 
 
Equity and liabilities 
 
Equity 
 
Issued share capital                                    71,008           71,008 
 
Retained earnings                                  (2,339,634)        1,209,349 
 
                                                   (2,268,626)        1,280,357 
 
Non current liabilities 
 
Loans and borrowings                                 3,628,228        1,016,272 
 
Current liabilities 
 
Trade and other payables                               208,968          108,780 
 
Total liabilities                                    3,837,196        1,125,052 
 
Total equity and liabilities                         1,568,570        2,405,409 
 
NOTES: 
 
1. The above financial information was approved by the Board on 1 October 2019. 
 
2. The above financial information is unaudited and does not constitute 
statutory accounts within the meaning of Section 434 of the Companies Act 2006. 
 
3. There have not been any changes in accounting policies which affect the 
validity of the comparison of the financial information presented for the 
period to 30 June 2019 versus the comparative financial information presented 
for the period to 30 June 2018. 
 
4. The information in this announcement has not been reviewed by the Company's 
auditor. 
 
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 ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS 
ANNOUNCEMENT. 
 
                                   --ENDS-- 
 
Enquires: 
 
Angelfish Investments Plc 
Richard Walker                           +44 (0)7772 013116 
Director 
 
Cairn Financial Advisers LLP 
NEX Exchange Corporate Adviser 
David Coffman                            +44 (0)207 213 0880 
 
 
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 trading symbol 
ANGP for its Ordinary Shares and the trading symbol ANGS for its Preferences 
Shares. 
 
 
 
END 
 

(END) Dow Jones Newswires

October 01, 2019 08:30 ET (12:30 GMT)

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