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Share Name Share Symbol Market Type Share ISIN Share Description
Fandango Holdings Plc LSE:FHP London Ordinary Share GB00BF2P0G38 ORD GBP0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.40p 0.00p 0.00p - - - 0 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -0.2 -0.2 - 1.00

Fandango Holdings PLC Interim Results

30/05/2019 2:00pm

UK Regulatory (RNS & others)


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RNS Number : 6340A

Fandango Holdings PLC

30 May 2019

Fandango Holdings plc / Index: LSE / Epic: FHP / Sector: Investment

30 May 2019

Fandango Holdings Plc ("Fandango" or the "Company")

Interim Report

for the Period Ended 28 February 2019

Chairman's Report

Fandango Holdings Plc 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.

As reported in the accounts for the year ended 31 August 2018 dated 24 April 2019, the Company had announced in December 2018 that it had signed a non-binding Heads of Terms agreement to acquire the entire issued share of Konnect Mobile Communications Inc. Fandango is no longer in discussions with Konnect following the failure to raise the required initial funding for the Acquisition. The Company has incurred nominal costs during the due diligence process.

Fandango continues to review other acquisition opportunities and will look to provide the market with updates in due course.

Results for the period

For the period from 1 September 2018 to 28 February 2019, the Company's results included the ongoing running costs of the Company including listing fees on the London Stock Exchange and other advisory costs.

Risks and uncertainties

The Company is a relatively new entity, with 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.

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

30 May 2019

FANDANGO HOLDINGS PLC

INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME

 
                                     6 months ended        6 months ended         Year ended 
                                        28 February           28 February          31 August 
                                                                                        2018 
                                               2019                  2018         GBP ('000) 
                                         GBP ('000)            GBP ('000)          (audited) 
                             Notes      (unaudited)           (unaudited) 
 
 Investment income                               36                     -                 39 
 Administrative expenses                      (111)                 (153)              (278) 
 Listing costs                                 (24)                     -               (51) 
 
 Loss before taxation                          (99)                 (153)              (290) 
 Taxation                                         -                     -                  - 
 
 Loss for the period                           (99)                 (153)              (290) 
 
 
 Basic loss per share 
  (pence)                   2               (0.07p)               (0.11p)            (0.22p) 
 Diluted loss per 
  share (pence)                             (0.06p)               (0.09p)            (0.19p) 
 
 

FANDANGO HOLDINGS PLC

INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY

 
                                 Share          Share       Retained          Total 
                               Capital        premium       earnings         Equity 
 
                            GBP ('000)     GBP ('000)     GBP ('000)     GBP ('000) 
 
 Equity at 31 August 
  2017                             134            579          (200)            513 
 
 Loss for the Period                 -              -          (153)          (153) 
                          ------------   ------------   ------------   ------------ 
 Equity at 28 February 
  2018                             134            579          (353)            360 
 
 Loss for the Period                 -              -          (137)          (137) 
                          ------------   ------------   ------------   ------------ 
 Equity at 31 August 
  2018                             134            579          (490)            223 
 
 Loss for the Period                 -              -           (99)           (99) 
 
                          ------------   ------------   ------------   ------------ 
 Equity at 28 February 
  2019                             134            579          (589)            124 
 
 

FANDANGO HOLDINGS PLC

INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION

 
                                 Notes            As at            As at            As at 
                                            28 February      28 February        31 August 
                                                   2019             2018             2018 
                                             GBP ('000)       GBP ('000)       GBP ('000) 
                                            (unaudited)      (unaudited)        (audited) 
 Assets 
 Current assets 
 Prepayments & other 
  receivables                                       200               71              204 
 Cash and cash equivalents                            8              323               53 
                                         --------------   --------------   -------------- 
 Total Assets                                       208              394              257 
 
 
 Equity and Liabilities 
 Share capital                   3                  134              134              134 
 Share premium                                      579              579              579 
 Retained earnings                                (589)            (353)            (490) 
                                         --------------   --------------   -------------- 
 Total Equity                                       124              360              223 
 
 Current Liabilities 
 Trade and other payables                            84               34               34 
 
                                         --------------   --------------   -------------- 
 Total Liabilities                                   84               34               34 
                                         --------------   --------------   -------------- 
 Total Equity and Liabilities                       208              394              257 
 
 

FANDANGO HOLDINGS PLC

INTERIM CONDENSED CASH FLOW STATEMENT

 
                                  6 months ended   6 months ended       Year ended 
                                     28 February      28 February        31 August 
                                            2019             2018             2018 
                                      GBP ('000)       GBP ('000)       GBP ('000) 
                                     (unaudited)      (unaudited)        (audited) 
 
 Cash flows from operating 
  activities 
 Operating loss                             (99)            (153)            (290) 
 Interest receivable                        (36)                -             (39) 
 Interest payable                              2 
 (Increase)/decrease in 
  receivables                                  7             (18)               29 
 Increase/(decrease) in 
  payables                                    37               26               26 
                                  --------------   --------------   -------------- 
 Net cash flows from operating 
  activities                                (89)            (145)            (274) 
 
 Cash flows from investing 
  activities 
 Amounts advanced to related 
  parties                                      -                -            (141) 
 Amounts repaid from related                  33                                 - 
  parties 
                                  --------------   --------------   -------------- 
 Net cash flows from investing 
  activities                                  33                -            (141) 
 
 Cash flows from financing 
  activities 
 Loan received from related                   11                -                - 
  parties 
                                  --------------   --------------   -------------- 
 Net cash flows from financing                11                -                - 
  activities 
 
 
                                  --------------   --------------   -------------- 
 Net increase/(decrease) 
  in cash and cash equivalents              (45)            (145)            (415) 
 Cash and cash equivalents 
  at the beginning of the 
  period                                      53              468              468 
                                  --------------   --------------   -------------- 
 Cash and cash equivalents 
  at the end of the period                     8              323               53 
 
 

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 announcement was approved and authorised to issue by the Board of directors on 30 May 2019.

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 28 February 2019 and 28 February 2018 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 August 2018 are extracted from the 2018 audited financial statements. The independent auditor's report on the 2018 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 February 2019 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. Loss per share

Basic loss 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     Period ended       Year ended 
                               28 February      28 February        31 August 
                                      2019             2018             2018 
                                       GBP              GBP              GBP 
                               (unaudited)      (unaudited)        (audited) 
 Loss for the period              (98,907)        (153,108)        (290,190) 
 
 Weighted average number 
  of 
  shares - basic               134,002,000      134,002,000      134,002,000 
 Weighted average number 
  of 
  shares - diluted             159,002,000      159,002,000      159,002,000 
                            --------------   --------------   -------------- 
 Basic loss per share 
  (pence)                          (0.07p)          (0.11p)          (0.22p) 
 Diluted loss per share 
  (pence)                          (0.06p)          (0.09p)          (0.19p) 
                            --------------   --------------   -------------- 
 

The diluted loss per share relates to the issue of 25,000,000 warrants to the Directors which confers the right but not the obligation to subscribe in cash for up to 25,000,000 GBP0.01p Ordinary Shares at the subscription price.

3. Share Capital

 
                                               As at            As at            As at 
                                         28 February      28 February        31 August 
                                                2019             2018             2018 
                                          GBP ('000)       GBP ('000)       GBP ('000) 
                                         (unaudited)      (unaudited)        (audited) 
 134,002,000 Ordinary shares 
  of GBP0.001 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.

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

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May 30, 2019 09:00 ET (13:00 GMT)

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