Fandango Holdings PLC Interim Management Report: 6 months to 31/08/24

RNS Number : 2411O

Fandango Holdings PLC

29 November 2024

 

FANDANGO HOLDINGS PLC

Interim Management Report

 

Half yearly report for the period ended 31 August 2024

To the members of Fandango Holdings plc

 

Chairman's Report

Fandango Holdings PLC ("the Company") is an investment company incorporated on 25 August 2016, with the original primary objective of undertaking a single acquisition of a target company, business or asset in the industrial or service sector.

On 22 June 2023 Fandango Holdings plc announced that it had executed non-binding Heads of Terms ('HoT') to acquire European Battery Metals Pty Ltd ('the Acquisition') ("EBM"). 

 

The Company has prepared a prospectus in relation to the Acquisition, which is currently being reviewed by the United Kingdom Listing Authority, part of the Financial Conduct Authority for approval and progress is being made with respect of that. The company has been hampered slightly in terms of timing due to different year and period ends of the target company which has meant that we have to prepare a further set of EBM accounts, which was not expected, and these will be subject to review by the Reporting Accountants, Haysmacintyre who will update their report to reflect the latest set of accounts from EBM and these interim accounts for Fandango.

Following approval by the UKLA the company will make an application for the enlarged Company to have its Ordinary Shares admitted to the Official List and to trading on the main market for listed securities of the London Stock Exchange.

The Acquisition is subject, inter alia, to the completion of due diligence, documentation, and compliance with all regulatory requirements, including the Listing and Prospectus Rules and as required, the Takeover Code.  The Acquisition, if it proceeds, will constitute a Reverse Takeover ('RTO") under the Listing Rules since, inter alia, in substance it will result in a fundamental change in our business and the directors and it's financing by new investors and shareholders.

As the Acquisition will constitute a Reverse Takeover under the Listing Rules, the Company's ordinary shares shall remain suspended pending the publication of a prospectus and the application for the enlarged Company to have its Ordinary Shares admitted to the Official List and to trading on the main market for listed securities of the London Stock Exchange.

Results for the period

For the period from 1 March 2024 to 31 August 2024, the Company's results include, inter alia, the ongoing running costs of the Company such as audit costs in addition to advisory costs, legal fees and reporting accountants' fees relating to the proposed RTO described above. These costs have increased in the period as the company approaches finalising the prospectus for the proposed RTO with FCA. The directors have not drawn fees during the period under review.

Long-term strategy and business objectives

The current strategy of the Company is to complete the proposed RTO of EBM as swiftly as possible and within the timescale indicated above. The directors would like to thank the directors of EBM and the incoming investors for their continued patience during this RTO process the directors are aiming to conclude as soon as practicable.

Risks and uncertainties

The Company has only a brief operating history, and therefore, investors have no basis on which to evaluate the Company's ability to achieve its objective of identifying, acquiring and operating one or more companies or businesses.

Going Concern

As stated in Note 1 to the condensed financial statements, the directors are satisfied that the Company has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements.

Post Balance Sheet Events

There are no post balance sheet events to report.

 

Responsibility Statement

 

 

We confirm that to the best of our knowledge:

 

(a)  the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting'

 

(b)  the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and

 

(c)  the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

 

 

Cautionary statement

This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.

 

 

 

Charles Tatnall

Chairman

 

27 November 2024

 

FANDANGO HOLDINGS PLC

INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

 

 

 

	Notes	6 months ended   31 August 2024 GBP ('000) (unaudited)		6 months ended   31 August 2023 GBP ('000) (unaudited		12 months ended   29 February 2024 GBP ('000) (audited)
Continuing operations
Administrative expenses		(136)		(109)		(724)
Listing costs		(41)		-		(37)
Finance cost		(1)		(1)		(15)
Loss before tax		(178)		(110)		(776)
Taxation		-		-		-
(Loss) / profit for the period		(178)		(110)		(776)
Basic (loss) / earnings per share (pence)	2	(0.08p)		(0.08p)		(0.58p)

 

 

FANDANGO HOLDINGS PLC

INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION

 

 

 

	Notes	As at   31 August 2024 GBP ('000) (unaudited)	As at   31 August 2023 GBP ('000) (unaudited)	As at   29 February 2024 GBP ('000) (audited)
Assets
Current assets
Trade and other receivables		58	214	28
Cash and cash equivalents		-	350	-
		───────	───────	───────
Total Assets		58	564	28
		═══════	═══════	═══════
Equity and Liabilities
Share capital	3	134	134	134
Share premium		579	579	579
Convertible Loan Note Reserve		686	-	686
Retained earnings		(2,200)	(1,356)	(2,022)
		───────	───────	───────
Total Equity		(801)	(643)	(623)
Current Liabilities
Trade and other payables		839	1,181	629
Creditors due after more than one year
Other payables		20	26	22
		───────	───────	───────
Total Liabilities		859	1,207	651
		───────	───────	───────
Total Equity and Liabilities		58	564	28
		═══════	═══════	═══════

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FANDANGO HOLDINGS PLC

INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY

 

 

 

 

	Share Capital     GBP ('000)	Share premium     GBP ('000)	Convertible Loan Note Equity Reserve GBP  ('000)	Retained earnings     GBP  ('000)	Total Equity     GBP ('000)
Equity at 28 February 2023	134	579		(1,246)	(533)
Profit for the Period	-	-		(110)	(110)
	──────	──────		──────	──────
Equity at 31 August 2023	134	579		(1,356)	(643)
Loss for the Period	-	-		(666)	(666)
Equity Component of Convertible Loan Note issued			686		686
	──────	──────	──────	──────	──────
Equity at 29 February 2024	134	579	686	(2,022)	(623)
Loss for the Period	-	-	-	(178)	(178)
	──────	──────	──────	──────	──────
Equity at 31 August 2024	134	579	686	(2,200)	(801)
	══════	══════	══════	═══════	══════

 

 

 

 

 

 

 

 

 

FANDANGO HOLDINGS PLC

INTERIM CONDENSED CASH FLOW STATEMENT

 

 

	6 months ended   31 August 2024 GBP ('000) (unaudited)	6 months ended   31 August 2023 GBP ('000) (unaudited)	12 months ended   29 February    2024 GBP ('000) (audited)
Cash flows from operating activities
Operating (loss) / profit	(178)	(109)	(776)
Provision against related party balances	-	-	301
Interest payable	1	1	15
Decrease/(increase) in receivables	(30)	-	386
Increase/(decrease) in payables	209	114	(89)
	───────	───────	───────
Net cash flows from operating activities	2	6	(163)
Cash flows from investing activities
Amounts (advanced to) / repaid by related parties	-	-	(180)
	───────	───────	───────
Net cash flows from investing activities	-	-	(343)
Cash flows from financing activities
Loan repaid	(2)	(6)	(7)
Loan received		350	350
	───────	───────	───────
Net cash flows from financing activities	(2)	344	343
	───────	───────	───────
Net increase / (decrease) in cash and cash equivalents	-	350	-
Cash and cash equivalents at the beginning of the period	-	-	-
	───────	───────	───────
Cash and cash equivalents at the end of the period	-	350	-
	═══════	═══════	═══════

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTES TO THE UNAUDITED INTERIM CONDENSED REPORT

 

1.   General Information

 

Fandango Holdings Plc ('the company') is an investment company incorporated in the United Kingdom. The address of the registered office is 27-28 Eastcastle Street London W1E 8DN. The Company was incorporated and registered in England on 25 August 2016 as a private limited company and re-registered as a public limited company on 10 May 2017.

 

Basis of preparation

This interim condensed report was approved and authorised to issue by the Board of directors on 27 November 2024

The financial information in this interim report has been prepared in accordance with the International Financial Reporting Standards. IFRS comprises standards issued by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) as adopted by the European Union (EU).

 

There are no IFRS, or IFRIC interpretations that are effective for the first time in this period that would be expected to have a material impact on the company.

 

The financial information has been prepared under the historical cost convention, as modified by the accounting standard for financial instruments at fair value.

 

The Directors are of the opinion that the financial information should be prepared on a going concern basis, in the light of the Company's financial resources.

 

These condensed interim financial statements for the six months ended 31 August 2024 and 31 August 2023 are unaudited and do not constitute full accounts. The comparative figures for the period ended 29 February 2024 are extracted from the 2024 audited financial statements. The independent auditor's report on the 2024 financial statements was not qualified.

 

No taxation charge has arisen for the period and the Directors have not declared an interim dividend.

 

Copies of the August 2024 interim report can be found on the Company's website at www.fandangoholdingsplc.com.

 

Going concern

 

The directors are satisfied that the Company has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements.

 

 

 

2. Earnings per share

 

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

 

For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.

 

The calculation of basic and diluted earnings per share is based on the following figures:

 

	Period ended 31 August 2024 GBP (unaudited)	Period ended   31 August 2023 GBP (unaudited)	Period ended   29 February 2024 GBP (audited)
(Loss) / profit for the period	(177,562)	(109,785)	(776,380)
Weighted average number of   shares - basic	134,002,000	134,002,000	134,002,000
Weighted average number of   shares - diluted	134,002,000	134,002,000	134,002,000
	───────	───────	───────
Basic and diluted earnings per share (pence)	(0.13p)	(0.08p)	(0.58p)
	───────	───────	───────

 

 

 

3. Share Capital

		As at 31 August 2023 GBP ('000) (unaudited)	As at 28 February 2022 GBP ('000) (unaudited)	As at 28 February 2023 GBP ('000) (audited)
134,002,000 Ordinary shares of £0.001 each		134	134	134
		───────	───────	───────

 

 

 

4. Reports

 

A copy of this announcement will be mailed to shareholders and copies will be available for members of the public at the Company's Registered Office 27-28 Eastcastle Street London W1E 8DN

 

 

 

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END

 

 

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