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EVRH Evr Holdings Plc

4.75
0.00 (0.00%)
03 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Evr Holdings Plc LSE:EVRH London Ordinary Share GB00BD2YHN21 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 4.75 4.70 4.80 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

EVR Holdings PLC Half-year Report (4945Y)

22/08/2018 7:00am

UK Regulatory


Evr (LSE:EVRH)
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TIDMEVRH

RNS Number : 4945Y

EVR Holdings PLC

22 August 2018

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. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 
For Immediate Release  22 August 2018 
 

EVR Holdings plc

('EVR', the 'Group' or the 'Company')

Half-yearly Results

EVR Holdings (AIM: EVRH), the leading creator of virtual reality music ('VR') content and operator of the MelodyVR platform, is pleased to announce its Half-yearly Results for the six months ended 30 June 2018.

Highlights

   --     Major multi-year agreements with Warner/Chappell Music and Big Machine Label Group 
   --     Further six multi-year agreements with multiple publishers and record labels 
   --     The official launch of the MelodyVR music platform in the US, UK and 8 European territories. 
   --     First sales recorded of VR content, with encouraging initial data points. 
   --     Completion of a successful equity placing to raise GBP20 million (before costs). 

-- As at 30 June 2018 the Group had cash and cash equivalents of approximately GBP26.1 million for future expansion and development.

-- Post period end, MelodyVR has entered exclusive multi-year partnerships to deliver virtual access to selected live events signed with major UK venues.

For further information please contact:

 
EVR Holdings plc 
Anthony Matchett, Executive Chairman     Tel: +44 (0) 203 289 7430 
 & CEO 
Sebastian Theron, Chief Financial          www.evrholdings.com 
 Officer 
 
                                         Tel: +44 (0) 207 597 5970 
 Investec Bank plc: Nominated Adviser, 
 Financial Adviser and Corporate 
 Broker 
 
 Corporate Finance: David Anderson 
 / Junya Iwamoto 
 
 Corporate Broking: Sara Hale / 
 Helene Comitis 
 

Chairman's Statement

Overview

I am pleased to be able to present our report on what has been an important phase in the Group's development; one which culminated in the successful launch of the MelodyVR platform in both the US and in Europe, in conjunction with the release of Facebook's Oculus Go VR device.

A further strengthening of our balance sheet following a successful fundraise in May 2018, combined with the addition of experienced individuals to the management team and positive critical recognition of our MelodyVR platform, have helped to lay stable foundations for future success.

Financial Results

With the launch of the MelodyVR platform occurring only a matter of weeks prior to the end of this reporting period, in tandem with the launch with the world's first commercially viable standalone VR device, Facebook's Oculus Go, revenue during the period has been influenced by the initially limited distribution and accessibility of Facebook's VR Headset. Whilst the MelodyVR platform has been available for only a limited period, I am pleased to report that our early metrics regarding user engagement and conversion rates are extremely encouraging and remain on track with management expectations; with over 72% of MelodyVR's install base, now having utilised the platform to consume our content.

Gross profit at a loss of GBP0.2 million has been calculated after the deduction of content creation costs as well as amounts due to all rights holders. These amounts include commissions and revenue share arrangements due to app stores, record labels, artists, publishers, songwriters and exclusive event/venue partners.

Adjusted operating loss before non-cash and recurring items was GBP3.8 million (H1 2017: GBP1.8 million), and is stated after the costs associated with significant original content creation, expansion of internal resources, development/operation and launch of the MelodyVR platform as well as the associated costs leading up to the successful launch of MelodyVR.

Operations

Our principle focus for the period under review concentrated our operational activities on the release of the Melody VR app, which officially launched in the US and UK on 1 May 2018 and in a further 8 countries throughout Europe on the 26 June 2018. The release followed a period of significant engineering and R&D, which included the development of unique proprietary software, IP, tools and workflows. Each have enabled MelodyVR to maintain a market leading advantage in both content delivery, user experience and platform architecture. In addition, our Company has continued to create engaging exclusive VR music content with the world's most recognisable artists, in partnership with the world's major music companies, which further cemented our commitment to building the next medium for global music consumption. Following the launch of the MelodyVR platform and a limited subset of our content, we have been re-assured by the platform's stability and scalability, as well as by user engagement, usage and adoption from those customers currently able to access the platform via the Oculus storefront, in Europe and the US.

Our innovation within the marketplace has been equally well received by major news outlets and press, including features in GQ, Billboard, VICE, The Daily Telegraph, The Financial Times, Wired, CrunchBase, Sky News, Fox News and BBC News, amongst others. As we move through the initial stages of commercialisation of our service, we seek to broaden the reach and breadth of our platform as currently, we are largely dependent upon VR hardware manufacturers such as Oculus, and the proliferation and adoption of their VR devices as the principal conduit for access to our service. We will continue to extend the reach of our MelodyVR platform across new territories and via new channels, as well as via a broader range of VR hardware.

Analysing the post launch metrics available to us at the time of writing this report, we are encouraged by the number of consumers who, having purchased a VR headset device, have installed the MelodyVR app, also of those who having downloaded the app, have utilised MelodyVR content. Whilst it is too early to draw any meaningful conclusions from the data reconciled over the two month period following launch, we are encouraged by the engagement and conversion metrics experienced to date when measured against both our own expectations and when benchmarked against other leading music and technology products. In addition, having launched successfully with a limited subset of our exclusive original content, as the VR market develops over the coming months we intend to widen the depth of available content, adding further experiences from our vast library of VR experiences.

As part of a series of new and innovative initiatives, MelodyVR will introduce live-streamed VR content which will enable music fans the opportunity to experience live real-time performances from internationally recognised artists direct from sold-out concerts and venues. We intend to launch this new functionality with a showcase offering, featuring a live performance of a globally recognised artist in partnership with an equally prominent global media channel. Users will be able to experience live VR content via the MelodyVR platform, by purchasing a virtual ticket. Given the partnerships already in place with the key stakeholders in the music industry, fans will subsequently be able to re-live these experiences at a later date, as part of our ever-broadening library of original content.

Our exclusive partnership agreements which provide access, capture and live stream arrangements with numerous partners, including recent additions such as the NEC Group and Alexandra Palace, join over 70 individual festival and event brands, which will soon provide users with the opportunity to access a rich calendar of live performances and events, which feature many of the major recording artists from around the world. Artists billed to perform at our partners events and venues over the coming 12 months include the vast majority of the world's current top 50 artists.

These initiatives, in combination with the introduction of platform advertising and sponsorship will further broaden MelodyVR's monetisation model, increase revenue generation capabilities and further stimulate growth of the service.

Ansco Arena Limited

In addition, we are pleased to today announce that MelodyVR has also entered into an agreement with Ansco Arena Limited, operator of the O2 arena London. Our companies will share revenue from live-streamed and recorded VR content, made available via the MelodyVR platform.

Funding

On 1 May 2018, the Company announced that it had successfully raised a further GBP20m of additional funds (before costs) via the issue of 125 million new ordinary shares at a placing price of 16p per share further strengthening the balance sheet. The net proceeds of the fundraise are being used to further expand the Group, including on a global basis. The placing also presented the opportunity to welcome new institutions to the register of shareholders. As at the balance sheet date of 30 June 2018 cash reserves totalled GBP26 million which at the current anticipated rate of burn will provide the Group with in excess of 24 months of funding.

Outlook

Our primary focus during the next twelve months is to drive awareness of the MelodyVR platform, in turn developing our user base in order to further monetise our recorded, live and interactive original VR content. With the development and successful launch of a robust and proven technology platform behind us, backed by global licensing agreements with all of the major record labels and exclusive rights of capture at a significant number of the leading music venues and festivals from around the world, our Company has never been better positioned for on-going success.

Operationally, we will continue to expand on a global basis, whilst managing our costs prudently. Over the coming months we look forward to the benefit of receiving additional user data from our platform, which will enable our team to secure greater insight into consumer behaviour and engagement with the MelodyVR platform. As with any mass-market consumer technology, data and analytics not only provide significant opportunity to improve our product itself but also provide significant data points relating to key metrics such as user engagement, retention and conversion. It is our intention to maximise the performance of these metrics over the coming year, enhancing the lifetime value of our customers and increasing revenues from our MelodyVR platform.

The consumer reaction to the launch of the Oculus Go headset has been very positive, yet we are keen to accelerate the growth of MelodyVR's user base beyond the reach of the 324 million VR devices the market forecasts by the end of 2021. In order for the rate of MelodyVR user acquisition to surpass the expectation of VR hardware sales and adoption, we intend to extend the accessibility of our services to Android and iOS device users worldwide, which are currently in excess of 3 billion. With this in mind, we are currently evaluating a number of initiatives which will enable users to access content with their smartphone devices. I look forward to providing further updates on this, as well as our other initiatives, in due course.

The introduction of live stream events, launches of new VR hardware devices and platform sponsorship will accelerate the awareness and accessibility of MelodyVR to millions of more users worldwide over the next year. We intend to further capitalise on this by launching in numerous additional territories, including Canada and the AsiaPac region, where many countries are displaying signs of rapid VR adoption.

These developments provide us with great opportunities in the near term as we move in to the next phase of our Company's development and growth. A strong balance sheet and validation from the music industry and technology sectors, provide us with not only great confidence in being able to successfully execute on this exciting opportunity, but also in realising our goal of building the world's next major global music service.

Anthony Matchett

Chairman & CEO

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR EVR HOLDINGS PLC

for the six months ended 30th June 2018

 
                                                                                                    Unaudited            Unaudited              Audited 
                                                                                                   Six months           Six months              Year to 
                                                                                                           to                   to 
                                                                                                    30th June       30th June 2017        31st December 
                                                                                                         2018                                      2017 
                                                                                  Notes            GBP                  GBP                  GBP 
 Revenue                                                                                                6,831                    -                    - 
 Cost of Sales                                                                                      (225,028)                    -                    - 
 Gross Profit                                                                                       (218,197)                    -                    - 
 
 Administrative expenses                                                                          (4,183,675)          (2,626,042)          (6,192,145) 
                                                                                                      _______             ________              _______ 
 
 OPERATING LOSS                                                                                   (4,401,872)          (2,626,042)          (6,192,145) 
----------------------------------------------------------------------------------------  -------------------  -------------------  ------------------- 
 Operating loss before non-recurring 
  and non-cash items                                                                              (3,899,947)          (1,866,788)          (5,168,043) 
 
 Depreciation and Amortisation                                                                      (221,872)             (61,659)            (141,607) 
 Share based payments                                                                               (280,053)            (697,595)            (882,495) 
                                                                                           ------------------   ------------------   ------------------ 
 OPERATING LOSS                                                                                   (4,401,872)          (2,626,042)          (6,192,145) 
----------------------------------------------------------------------------------------  -------------------  -------------------  ------------------- 
 
 Finance income                                                                                                              2,182                2,988 
 Finance costs                                                                                       (12,121)                    -              (6,348) 
  Foreign exchange gain                                                                                27,725                                  (36,377) 
                                                                                                        _____                _____ 
 LOSS FOR THE PERIOD BEFORE TAXATION                                                              (4,386,268)          (2,623,860)          (6,231,822) 
 
 Taxation                                                                                                   -                    -                    - 
                                                                                                        _____                _____                _____ 
 
 NET LOSS AND TOTAL COMPREHENSIVE 
  INCOME FOR THE PERIOD                                                                           (4,386,268)          (2,623,860)          (6,231,882) 
 
 Attributable to: 
 Owners of the parent company                                                                     (4,386,268)          (2,623,860)          (6,231,882) 
 Non - controlling interest                                                                                 -                    -                    - 
                                                                                                        _____                _____                _____ 
 Loss per share 
 Basic and Diluted from Continuing 
  Operations 5                                                                                        (0.37)p              (0.12)p              (0.61)p 
 
 
 

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR EVR HOLDINGS PLC

for the six months ended 30th June 2018

(unaudited)

 
                                                        Share            Merger                  Share                                      Reverse              Non-                 Currency 
                                       Share          Premium            Relief                 Option               Retained              Takeover       Controlling              Translation 
                                     Capital          Reserve           Reserve                Reserve                 Losses               Reserve          Interest                  Reserve                  Total 
                                         GBP              GBP               GBP                    GBP                    GBP                   GBP               GBP                      GBP                    GBP 
 
 Balance at 30th June 2017        10,824,508       10,035,478           486,611              1,142,572            (5,394,832)          (10,002,543)          (46,003)                        -              7,045,791 
 
 Total comprehensive loss for 
  the period                               -                -                 -                      -            (3,608,022)                     -                 -                        -            (3,608,022) 
 Grant of share options                                                                        184,900                                                                                                        184,900 
 Issue of new shares               1,359,883        8,273,376                 -                      -                      -                     -                 -                        -              9.633,259 
  Currency Translation Reserve                                                                                                                                                          10,194                 10.194 
                                      ______           ______             _____                  _____                  _____                 _____             _____                    _____                _______ 
 
 Balance at 31st December 2017    12,184,391       18,308,854           486,611              1,327,472            (9,002,854)          (10,002,543)          (46,003)                   10,194             13,266,122 
 
 Shares issued in year             1,338,438       17,843,829                 -                      -                      -                     -                 -                        -             19,182,267 
 Grant of share options                                                                        280,053                                                                                       -                280,053 
 Net loss for the period                   -                -                 -                      -            (4,386,268)                     -                 -                        - 
  Currency translation reserve             -                -                 -                      -                      -                     -                 -                 (26,975)   (4,386,268) (26,975) 
                                       _____          _______            ______                  _____                _______               _______             _____                    _____                _______ 
 Balance at 30th June 2018        13,522,829       36,152,683           486,611              1,607,525           (13,389,122)          (10,002,543)          (46,003)                 (16,781)             28,315,199 
 
 
 
 
 
 
 
 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSISITON FOR EVR HOLDINGS PLC

as at 30th June 2018

 
                                                                             Unaudited       Unaudited         Audited 
                                                                                 as at           as at           as at 
                                                                             30th June       30th June   31st December 
                                                                                  2018            2017            2017 
                                                                 Notes             GBP             GBP             GBP 
 ASSETS 
 NON-CURRENT ASSETS 
 Property, plant and equipment                                               1,045,244         322,938         638,429 
 Intangible assets 6                                                         1,754,077         603,476         603,476 
                                                                                 _____           _____           _____ 
 TOTAL NON-CURRENT ASSETS                                                    2,799,321         926,414       1,241,905 
                                                                                 _____           _____           _____ 
 
 CURRENT ASSETS 
 Trade and other receivables                                                   506,422         181,780         227,748 
 Cash and cash equivalents                                                  26,089,548       6,554,556      12,409,820 
                                                                                 _____           _____           _____ 
 TOTAL CURRENT ASSETS                                                       26,595,970       6,736,336      12,637,568 
                                                                                ______          ______           _____ 
 TOTAL ASSETS                                                               29,395,291       7,662,750      13,879,473 
                                                                                ______          ______          ______ 
 LIABILITIES 
 CURRENT LIABILITIES 
 Trade and other payables                                                  (1,080,092)       (616,959)       (613,351) 
                                                                                ______          ______          ______ 
 TOTAL CURRENT LIABILITIES                                                 (1,080,092)       (616,959)       (613,351) 
                                                                                ______          ______           _____ 
 TOTAL LIABILITIES                                                         (1,080,092)       (616,959)       (613,351) 
                                                                                ______          ______           _____ 
 TOTAL NET ASSETS                                                           28,315,199       7,045,791      13,266,122 
                                                                                ______          ______           _____ 
 
 EQUITY 
 Share capital 8                                                            13,522,829      10,824,508      12,184,391 
 Share premium reserve                                                      36,152,683      10,035,478      18,308,854 
 Retained losses                                                          (13,389,122)     (5,394,832)     (9,002,854) 
 Share Option Reserve                                                        1,607,525       1,142,572       1,327,472 
 Merger Relief Reserve                                                         486,611         486,611         486,611 
 Non-controlling interests                                                    (46,003)        (46,003)        (46,003) 
  Currency Translation Reserve                                                (16,781)               -          10,194 
 Reverse takeover reserve                                                 (10,002,543)    (10,002,543)    (10,002,543) 
                                                                               _______         _______         _______ 
 TOTAL EQUITY                                                               28,315,199       7,045,791      13,266,122 
                                                                                 _____           _____           _____ 
 

CONSOLIDATED CASH FLOW STATEMENT FOR EVR HOLDINGS PLC

for the six months ended 30th June 2018

 
                                            Unaudited     Unaudited         Audited 
                                           Six months    Six months         Year to 
                                                   to            to 
                                            30th June     30th June   31st December 
                                                 2018          2017            2017 
                                                  GBP           GBP             GBP 
 
 Loss from continuing operations          (4,386,268)   (2,623,860)     (6,231,882) 
 
 Adjustments for: 
 Amortisation of intangible assets             56,216                       141,607 
 Depreciation of fixed assets                 165,656        61,659         882,495 
 Share based payment expense                  280,053       697,595       (241,392) 
 Increase/(decrease) in trade 
  and other receivables                     (278,181)      (79,922)         508,120 
 Increase in trade and other payables         428,667       395,419           _____ 
                                                _____         _____          ______ 
 
 Net cash outflow from operating 
  activities                              (3,733,857)   (1,549,109)     (4,941,052) 
                                               ______        ______         _______ 
 Investing activities 
 Purchase of property, plant and 
  equipment                               (1,778,301)     (154,863)       (550,278) 
 Acquisition of subsidiary                          -             -               - 
                                                _____         _____           _____ 
 Net cash generated from/(used 
  in) investing activities                (1,778,301)     (154,863)       (550,278) 
 
 Financing activities 
 Proceeds from issue of ordinary 
  share capital                            19,053,561     4,888,835      14,174,918 
 Proceeds from the exercise of 
  warrants                                    128,706             -         347,176 
                                                _____         _____           _____ 
 Net cash generated from financing 
  activities                               19,182,267     4,888,835      14,522,094 
                                                _____         _____           _____ 
 
 Increase in cash and cash equivalents     13,670,109     3,184,863       9,030,764 
  Effect of changes in foreign 
   exchange                                     9,619             -           9,363 
 Cash and cash equivalents brought 
  forward                                  12,409,820     3,369,693       3,369,693 
                                                   __         _____ 
 
 Cash and cash equivalents carried 
  forward                                  26,089,548     6,554,556      12,409,820 
                                                _____         _____           _____ 
 
 
 

NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR EVR HOLDINGS PLC

for the six months ended 30th June 2018

   1.     Basis of preparation of interim financial information 

The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union ("IFRS") and expected to be effective at the year-end of 31 December 2017.

New accounting policies adopted during the year are detailed in Notes 3 and 4 while all other accounting policies remain unchanged from the financial statements for the year ended 31 December 2017.

The interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2017, prepared in accordance with IFRS, have been filed with the Registrar of Companies. The Auditors' Report on these accounts was unqualified, did not include any matters to which the Auditors drew attention by way of emphasis without qualifying their report and did not contain any statements under section 498 of the Companies Act 2006.

The consolidated interim financial statements are for the 6 months to 30 June 2018.

The interim consolidated financial information do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the group's annual financial statements for the year ended 31 December 2017, which were prepared in accordance with IFRS's as adopted by the European Union.

Going Concern

The directors have prepared detailed cash flow forecasts and are of the opinion that it is appropriate to prepare these financial statements on a going concern basis. In making this assessment management has considered:

   a)     The current working capital position and operational requirements 
   b)    The sensitivities associated with projected expenditure 
   c)     The timing and magnitude of planned capital expenditure 
   d)    The strategic exploitation of the company's significant resources 
   e)     The timing of launch within new territories and on new Virtual Reality (VR) platforms 

The conclusion of this assessment and having regard to the existing working capital position the Directors are of the opinion that the Group will have adequate resources to enable it to undertake its planned activities for the next twelve months.

   2.     Accounting Policies 

Standards and amendments and interpretations to published standards not yet effective.

Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for the group's accounting period beginning on or after 1 July 2017 or later periods and which the group has decided not to adopt early are:

-- Amendments to IFRS 2 Share Based Payment (effective for accounting periods beginning on or after 1 January 2018)

-- IFRS 15 Clarification of Revenue from Contracts with Customers (effective for accounting periods beginning on or after 1 January 2018)

-- IFRS 16 Leases (effective for accounting periods beginning on or after 1 January 2019)

   3.     Revenue 

Revenue represents amounts receivable for goods and services provided in the normal course of business, and excludes intra-group sales, Value Added Tax and trade discounts.

Revenue comprises of the sale of content with the value of goods and services supplied being recognised on delivery of content.

Management considers the detailed criteria for the recognition of revenue from the sale of goods and services set out in IAS 18 Revenue, in particular whether the Group had transferred to the buyer the significant risks and rewards of ownership of the goods.

   4.     Capitalisation of Development and Content creation costs 

The Group recognises both internal development costs as well as VR content creation costs as intangible assets only when the following criteria are met: the technical feasibility of completing the intangible asset exists, there is an intent to complete and an ability to use or sell the intangible asset, the intangible asset will generate probable future economic benefits, there are adequate resources available to complete the development and to use or sell the intangible asset, and there is the ability to reliably measure the expenditure attributable to the intangible asset during its development.

Intangible assets with finite lives are amortised on a straight-line basis over their estimated useful lives and are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation of intangible assets is recognised in the consolidated statement of comprehensive income/costs in the expense category consistent with the function of the intangible assets.

Amortisation rates applicable to internal development is typically between 2 and 5 years and;

Amortisation rates applicable to VR content is as follows:

   --     Year 1: 80% 
   --     Year 2: 15% 
   --     Year 3: 5% 
            5.    Loss per share 
 
 Loss attributable           Unaudited         Unaudited         Audited 
  to equity holders        30th June 2018    30th June 2017       Year to 
  of the Company:                                              31st December 
                                GBP               GBP              2017 
                                                                    GBP 
 Continuing 
  and total operations        (4,386,268)       (1,161,954)      (6,231,882) 
 
                            No. of shares     No. of shares    No. of shares 
 
 Weighted average 
  number of ordinary 
  shares in issue 
  for basic and 
  fully                     1,199,050,729       966,583,028    1,022,052,742 
 diluted earnings 
 
                                Pence per         Pence per        Pence per 
                                    Share             share            share 
 
 Loss per share                   (0.37)p           (0.12)p          (0.61)p 
 
 Basic and diluted:               (0.37)p           (0.12)p          (0.61)p 
 

6. Intangible assets

 
 Cost                  Development   Goodwill            Content       Content 
                             costs                        Assets        Assets 
                                                 - in production    - released 
 
 As at 30 June                   -    603,476                  -             - 
  2017 
 
 Additions                       -          -                  -             - 
                           _______    _______            _______       _______ 
 As at 31 December               -    603,476                  -             - 
  2017 
 
 Additions                 667,819          -            317,511       221,487 
                           _______    _______            _______       _______ 
 As at 30 June 
  2018                     667,819    603,476            317,511       221,487 
 
 Amortisation 
 
 As at 30 June                   -          -                  -             - 
  2017 
                           _______    _______            _______       _______ 
 As at 31 December               -          -                  -             - 
  2017 
                           _______    _______            _______       _______ 
 As at 30 June 
  2018                      36,612          -                  -        19,604 
                           _______    _______            _______       _______ 
 Net Book Value 
 
 As at 30 June                   -    603,476                  -             - 
  2017 
                           _______    _______            _______       _______ 
 As at 31 December               -    603,476                  -             - 
  2017 
                           _______    _______            _______       _______ 
 As at 30 June 
  2018                     631,207    603,476            317,511       201,883 
                           _______    _______            _______       _______ 
 

Goodwill has been calculated as the fair value of the EVR Holdings plc ordinary shares pre reverse takeover less the net asset value of the Company at the time of take over.

   7.    Share options and Directors Warrants 

Equity-settled share-based payments are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest and adjusted for the effect of non-market based vesting conditions.

On 12(th) March 2018 the Company granted options under the Company's Option Scheme to purchase ordinary shares of 1p each of EVR ("Ordinary Shares") over 8,311,724 Ordinary Shares to employees. The exercise prices of the options granted range between GBP0.0625 and GBP0.09. These options have an expiry date of the 10th anniversary of the date of grant (subject to vesting conditions).

The pertinent information with respect of these options is as follows:

 
 Issue     Grant   Exercise   Number of    Risk     Expected     Expected option       Calculated fair           Total expense 
 date       date      price     options    free   volatility                life       value per share    recognised in period 
           share                           rate 
           price 
                     GBP                                                                                                 GBP 
 12 
  March 
  2018        9p      8.13p   6,661,724   0.50%          40%            10 years                  4.6p                  70,916 
 12 
  March 
  2018     6.75p      8.13p     500,000   0.50%          40%            10 years                  3.0p                   4,337 
 12 
  March 
  2018      6.5p      8.13p     500,000   0.50%          40%            10 years                  2.8p                   2,987 
 
 

8. Share Capital

 
                                                            30 June 2018             30 June 
                                                             (unaudited)    2017 (unaudited) 
                                                                  Number              Number 
          Ordinary shares of 1.1 pence each                                      486,611,833 
           Ordinary shares of 1.16 pence each                495,095,455         231,750,344 
           Ordinary shares of 1.4 pence each                 231,750,344          25,639,198 
           Ordinary shares of 1.7 pence each                  26,264,198         205,232,810 
           Ordinary shares of 1.85 pence each                205,232,810           9,891,661 
           Ordinary shares of 8 pence each        11,771,458 187,500,000          62,500,000 
           Ordinary shares of 16 pence each                  125,000,000                   - 
          Deferred shares of 0.24p each                      150,520,616         150,520,616 
          Deferred shares of 0.95p each                       26,000,000          26,000,000 
                                                ------------------------  ------------------ 
 
            Total                                          1,459,134,881       1,198,146,462 
                                                ========================  ================== 
 

Further copies of this document are available both at the registered office of the Company. The statement will also be available to download on the Company's website at http://evrholdings.com

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.

END

IR FKDDQDBKBQFB

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August 22, 2018 02:00 ET (06:00 GMT)

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