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Share Name Share Symbol Market Type Share ISIN Share Description
EUROCANN INTERNATIONAL PLC NEX:BUD NEX Ordinary Share GB00BJN5JS53
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 3.00 1.00 4.00 3.00 3.00 3.00 0.00 07:50:28
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Eurocann International Plc Interim Results for the 6 Months Ended 31 May 2019

30/08/2019 4:00pm

UK Regulatory (RNS & others)


 
TIDMBUD 
 
30 August 2019 
 
                          EUROCANN INTERNATIONAL PLC 
       ("Eurocann", "Valiant Investments" the "Group", or the "Company") 
 
              INTERIM RESULTS FOR THE 6 MONTHSED 31 MAY 2019 
 
I am pleased to report on what has been a transformative period for the 
Company, which has laid the foundations for what the directors believe will be 
an exciting future in the burgeoning medicinal cannabis sector. 
 
Such changes were formalised at a General Meeting held on 21 June 2019, where 
shareholders approved a number of resolutions to enhance the outlook for the 
Company as a listed entity. Following the meeting, the Company's name was 
changed from Valiant Investments to Eurocann International; a change formerly 
recognised at the Registrar of Companies - Companies House - on 1 August 2019. 
 
I was delighted to welcome two new directors to the board, namely Jeremy Ross 
and Burns Singh Tennent-Bhohi, both of whom bring a wide range of operational 
and corporate experience to Eurocann. 
 
Jeremy is a former director, and now on the Advisory Board, of Speakeasy 
Cannabis Club Ltd, a Canadian company that intends to grow, produce, and 
cultivate cannabis for medical purposes on its real estate in British Columbia. 
The contacts and deal-flow that Jeremy has access to will be invaluable as 
Eurocann moves from being an investment vehicle to an operational company. 
 
Burns, meanwhile, was instrumental in driving the restructuring and 
recapitalisation of Eurocann forward, and he has a diverse skillset that will 
be of immeasurable value to the Company in both the short and medium term. 
 
Concurrent with the change of name and new director appointments, we were 
delighted to announce that GBP262,742 has been raised pre-expenses. The fundraise 
immediately ensured that the Company had a sound financial position, which it 
rarely had prior to this restructuring. 
 
Finally, along with the aforementioned changes, we were pleased to dispose of 
the holding in Flamethrower plc, and to adopt a new investing strategy in the 
medicinal cannabis sector. Specifically, Eurocann's new investment strategy is 
to invest in companies, projects, or products that are either progressing 
medicinal/therapeutic cannabis research and development, or are developing, or 
have already developed products, and require funding to progress plans or 
commercialise products. 
 
THE HUMANOCANNABINOID SYSTEM 
 
It was only in the 1990's when scientists recognised that the human body has 
its own endocannabinoid system, which genetically dates back over 600 million 
years. Currently there are understood to be two primary types of 
endocannabinoid receptor, namely CB1 and CB2, of which both are found 
throughout the body. 
 
The human body produces two cannabinoids, anandamide and 2-arachidonoylglycero 
(2-AG), which share a similar structure to the phytocannabinoids found in 
marijuana and hemp. These cannabinoids produced by the body correspond and help 
regulate our organs and nervous systems, and if our bodies produce insufficient 
amounts of these cannabinoids then a number of health-related issues can arise, 
such as inflammation and inflammatory conditions, insomnia, stress and anxiety, 
bone health, ocular health, and neurological conditions. 
 
There are currently understood to be at least 113 different phytocannabinoids 
isolated from cannabis, of which tetrahydrocannabinol (THC) is the most widely 
recognised, due primarily to its psychoactive properties. However, for 
medicinal purposes, cannabidiol (CBD) has garnered wide attention and is being 
increasingly used for pain relief and for its anti-inflammatory benefits to 
human health. 
 
However, CBD itself does not attach to either of the body's two endocannabinoid 
receptors, but it does support the CB1 receptor by prohibiting the breakdown of 
the body's anandamide, thereby increasing the bioavailability to attach to the 
CB1 receptor. This is one example of where looking at the full spectrum of 
phytocannabinoids could be sensible so as to give greater benefits to human 
health through also targeting the CB2 receptor, rather than focussing on just 
one phytocannabinoid to aid the CB1 receptor like CBD. 
 
Fully understanding and targeting our body's endocannabinoid system is likely 
to dominate medicine and nutrition for at least the next couple of decades as 
we expand our understanding of both the endocannabinoid network and the 
potential preventative and palliative benefits that phytocannabinoids could 
have on our health. We are excited as to the role that Eurocann will play in 
such developments. 
 
FINANCIALS 
 
The financial results cover the six-month period to 31 May 2019, which is prior 
to the date of the General Meeting (21 June), when the recapitalisation and 
restructuring was duly approved by shareholders. 
 
During the first half of the financial year, turnover was GBP35,284 (2018: GBP 
50,182), which reflects the revenue generated by the former 84.7% owned 
subsidiary, Flamethrower plc. The loss for the period was GBP41,792 (2018: GBP 
87,591), and the basic loss per share was 0.01p (2018: 0.01p). 
 
OUTLOOK 
 
My co-directors, Burns, Jeremy, and I, are all excited as to the potential for 
Eurocann International following the recent restructuring and recapitalisation. 
We are sourcing potential opportunities and undertaking due diligence, and we 
hope to announce a maiden transaction for the Company in the not too distant 
future. 
 
I would like to take this opportunity to thank our shareholders, old and new, 
for their support of the Company, and to our advisors for their continued 
support. I would like to pay special thanks to Guy Miller at Peterhouse Capital 
for the invaluable role he has played in transforming the Company and its 
prospects over recent months. 
 
We look forward to updating shareholders on developments at Eurocann in the 
weeks ahead as we move forward in the exciting and transformative industry of 
medicinal cannabis. 
 
Conrad Windham 
Executive Director, Eurocann International plc 
28 August 2019 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
ENQUIRIES: 
 
Company 
Eurocann International plc 
Conrad Windham/ Burns Singh Tennent-Bhohi 
Telephone: 01366 500722 
 
Corporate Adviser 
Peterhouse Capital Limited 
Guy Miller and Mark Anwyl 
Telephone: 020 7220 9796 
 
EUROCANN INTERNATIONAL PLC (FORMERLY KNOWN AS VALIANT INVESTMENTS PLC) 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
SIX MONTHSED 31 MAY 2019 
 
                                Unaudited           Audited           Unaudited 
                           6 month period        year ended      6 month period 
                             ended 31 May       30 November        ended 31 May 
                                     2019              2018                2018 
                                      GBP               GBP                 GBP 
 
Revenue                            35,284           109,578              50,182 
 
Cost of sales                    (35,732)          (70,137)            (33,856) 
 
GROSS (LOSS)/PROFIT                 (448)            39,441              16,326 
 
Administrative expenses          (43,380)         (186,109)           (106,067) 
 
Other non-operating                 2,036             5,298               2,150 
income 
 
LOSS BEFORE TAX                  (41,792)         (141,370)            (87,591) 
 
Income tax expense                      -                 -                   - 
 
LOSS FOR THE PERIOD/YEAR         (41,792)         (141,370)            (87,591) 
 
Attributable to: 
 
Equity holder of the             (36,420)         (139,599)            (87,156) 
parent 
 
Non-controlling interest          (5,372)           (1,771)               (435) 
 
LOSS PER SHARE 
 
Basic & diluted (pence             (0.01)            (0.01)              (0.01) 
per share) 
 
 
EUROCANN INTERNATIONAL PLC (FORMERLY KNOWN AS VALIANT INVESTMENTS PLC) 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
AS AT 31 MAY 2019 
 
                                Unaudited           Audited           Unaudited 
                           at 31 May 2019    At 30 November      At 31 May 2018 
                                                       2018 
                                      GBP               GBP                 GBP 
 
NON CURRENT ASSETS 
 
Intangible assets                  90,007           112,396             131,030 
 
Property, plant and                 3,016             3,666               4,301 
equipment 
 
Investments                        28,630            63,294              80,905 
 
                                  121,653           179,356             216,236 
 
CURRENT ASSETS 
 
Trade and other                    11,006            22,406               5,409 
receivables                         1,130             4,130                   - 
Investments 
 
Cash and cash equivalents           4,251             1,289               4,549 
 
                                   16,387            27,825               9,958 
 
TOTAL ASSETS                      138,040           207,181             226,194 
 
EQUITY PLUS NON-CONTROLLING INTEREST 
 
ISSUED SHARE CAPITAL AND RESERVES 
 
Share capital                   1,208,059         1,208,059           1,208,059 
 
Share premium                   1,067,510         1,067,510           1,067,510 
 
Retained profits              (2,177,572)       (2,141,152)         (2,088,709) 
 
SUBSCRIBED CAPITAL                 97,997           134,517             186,860 
 
Non-controlling interest          (8,816)           (3,444)             (2,108) 
 
TOTAL EQUITY                       89,181           131,073             184,752 
 
CURRENT LIABILITIES 
 
Trade and other payables           48,859            76,108              41,442 
 
TOTAL EQUITY AND                  138,040           207,181             226,194 
LIABILITIES 
 
 
 
 
Notes: 
 
1. The financial information contained in the interim report does not 
constitute statutory accounts as defined in Section 434 of the Companies Act 
2006. 
 
2. Basic loss per share has been calculated using the weighted average number 
of shares of 1,208,058,666 (30.11.18: 1,194,639,488 ; 31.5.18: 1,174,222,600). 
Given the loss per share, there are no dilutive instruments in issue. 
 
3. The Directors of the issuer accept full responsibility for this 
announcement. 
 
 
 
 
 
END 
 

(END) Dow Jones Newswires

August 30, 2019 11:00 ET (15:00 GMT)

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