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Share Name Share Symbol Market Type Share ISIN Share Description
Limitless Earth Plc LSE:LME London Ordinary Share GB00BKXP5L71 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 13.00 12.00 14.00 13.00 13.00 13.00 0.00 08:00:00
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General Financial 0.0 -0.2 -0.3 - 9

Limitless Earth Plc Half-year Report

30/10/2020 7:00am

UK Regulatory (RNS & others)


 
TIDMLME 
 
30 October 2020 
 
                              LIMITLESS EARTH PLC 
                        ("Limitless" or the "Company") 
 
                       UNAUDITED HALF-YEARLY RESULTS FOR 
 
                       THE SIX MONTHSED 31 JULY 2020 
 
The Company is pleased to announce its half-yearly result for the six months to 
31 July 2020. 
 
CHIEF EXECUTIVE'S STATEMENT 
 
Limitless is a proactive investing company that focuses on making investments 
in and assisting companies that show the potential to generate returns through 
capital appreciation.  The directors look to make investments into small 
companies which have clear routes to value appreciation, and which operate in 
sectors with long term growth prospects that are driven by demographic change. 
Examples of such sectors include Cleantech, Life Sciences and Technology. The 
Company has four investments, and reports on them below. 
 
It is the Board's intention to have its investments revalued in the next few 
months. 
 
Saxa Gres S.p.A ("Saxa") is a turn-around circular economy company which 
specialises in an innovative porcelain and ceramic stone tile production 
process using recycled urban waste. It has been extremely successful in 
expanding its operations by competitor acquisitions and this has enabled it to 
satisfy the increasing demands for its products while attracting valuable 
funding from relevant institutional investors. 
 
Saxa's main product is Grestone, which it describes as a 'ceramic stone', is a 
patented conglomerate composed of 70% porcelain stoneware and 30% waste from 
industrial incinerators which can cope with high stress and is targeted for use 
in urban surfacing and street design. 
 
Limitless' investment rational was driven by the changing behavioural trends of 
consumers and the attitudes of businesses and governments towards products with 
greater social impact compared to traditional manufacturing. As Saxa has 
established a proven production process using waste incinerator ash amalgamated 
into high quality tiles, it has established its strong ESG credentials. The 
Company further hopes that Green Public Procurement, a voluntary European 
instrument which provides guidelines and criteria aimed at Europe's public 
authorities for sustainable production and consumption, will help drive 
European demand for Saxa's products through increased requirements to recognise 
environmental credentials early in tender processes.  Saxa has seen significant 
growth in international demand for its products with the Italian domestic 
market now only representing 5-10% of its orders. 
 
Since our initial investment, Saxa has expanded its production capacity and 
continued to innovate products.  More recently, Saxa has launched a cobblestone 
product for pedestrian crossings whereby the colour is incorporated into the 
cobblestone such that it will not discolour and fade with age.  The products 
are targeted at local authorities and it is expected that, in addition to 
product's environmental credentials, it should provide long term cost savings 
through reduced maintenance. 
 
To date, Limitless has made three investments in Saxa and, as a result, holds 
EUR 617,000 of 10 per cent. listed loan notes and EUR 75,000 of 10 per cent. 
unlisted loan notes with an option to acquire approximately 2.38 per cent. of 
the equity share capital of Saxa Gres at an exercise price of EUR1EUR per share. 
 
The Board of LME is pleased with the commercial progress that Saxa Gres has 
made and is hopeful of being able to positively revalue its investment in the 
near-term as financial information and performance data becomes available. 
 
V-Nova Ltd. ("V-Nova") is a London-headquartered technology company providing 
next-generation data compression solutions that address the ever-growing media 
processing and delivery challenges. V-Nova is an IP Software company which has 
developed an innovative video and imaging compression technology with broad 
application from developed, data-rich economies to emerging markets. V-Nova 
provides solutions spanning the entire media delivery chain, including content 
production, contribution, storage and distribution to end-users. 
 
V-Nova's management is targeting the company's technology at becoming an 
integrated world standard, evidence of which is supported by the Moving Picture 
Experts Group (MPEG) having selected V-Nova's technology to become a new 
standard (MPEG5-Part2). This is expected to yield V-Nova a recurring revenue 
stream for a long period.  In addition, V-Nova recently announced that the MPEG 
coding standard, LCEVC standard specification, is final. 
 
Limitless is hopeful for further news of corporate development and contracts 
following what it believes may be milestone events for V-Nova which should 
allow V-Nova to expand into further vertical sales channels. 
 
The Company's investment rational for V-Nova was from its desire to invest into 
technology related to the provision and consumption of data.  This is a field 
in which Limitless considers there will be considerable growth for the 
foreseeable future as consumption trends seem to increase faster than telecoms 
companies are able to build infrastructure driving the need for better data 
compression and processing. 
 
Limitless invested GBP500,000 in V-Nova on 18 December 2015 in a convertible loan 
note, which was subsequently converted in April 2017 into Series B1 
participating shares at a valuation of V-Nova of c. GBP80 million. 
 
We have been advised that V-Nova is currently fundraising and, following the 
completion of this round, we are hopeful that it will be possible to positively 
revalue our investment to match these new terms. 
 
Chronix Biomedical, inc. ("Chronix"), is a privately-owned biotech company 
founded in 1997 which specialises in simple blood tests (liquid biopsies) for 
real-time monitoring of the effectiveness of cancer drugs, including 
immunotherapies, and rejection of transplanted organs. Chronix's cancer test is 
based on patented technology whereby it can identify gains and losses in cell 
free DNA that allow them to determine if a cancer therapy is working. 
Similarly, its transplant test allows it to determine if an organ that is 
transplanted is being accepted or rejected by the recipient. This helps inform 
the physician so as to alter the immunosuppressive drug regime given to the 
patient. 
 
In June 2018, Chronix signed its first commercial agreement with a large 
EU-based lab group, which already processes more than 150,000 laboratory 
samples daily, providing an exclusive licence for Germany, Austria, Switzerland 
and Belgium. The contract is for 15 years and, as previously advised, 
independent research analysts estimated the net present value of the licensing 
payments to Chronix over the life of the agreement to be approximately $92 
million, subject to a minimum number of tests being performed each year. 
 
Chronix recently announced a further licensing agreement with a Nasdaq listed 
company for its CNI monitoring technology used in Chronix's liquid biopsy tests 
which detects tumour-derived cell-free DNA in blood samples of patients. 
 
Limitless' investment rational for its investment in Chronix was driven by the 
Company's view of significant growth opportunities in the medical screening 
sector as developments in drugs and medical understanding require more advanced 
and immediate clinical diagnostics tools. 
 
To date, Limitless has invested US$600,000 in Chronix, which includes a 
follow-on investment of US$100,000, by way of convertible preference stock and 
a 6 per cent. convertible loan note. 
 
The Board of LME values and recognises the considerable achievements of 
Chronix's management and understands that additional funding and partnership 
agreements are needed to continue to develop the company's operations as it 
moves from concept towards commercialisation, to exploit its potential and, 
ultimately, drive company valuation.  Chronix's management team continues to 
actively raise funds to support its objectives and to support the company to 
financial breakeven. 
 
Exogenesis Corporation is a Boston-based nanotech firm which specialises in 
modifying and controlling the surface of objects at a nanoscale level, through 
accelerated particle beam processing, to avoid needing to apply coatings. 
Application of the company's technology can improve the safety and efficacy of 
implantable medical devices and improve the performance of optics, glass and a 
variety of substrates used in the laser, memory and semiconductor industries. 
Exogenesis Corporation is a pre-revenue business. 
 
Exogenesis Corporation Received 510(k) Clearance for the Exogenesis Hernia 
Mesh, First Soft Tissue Repair Device with Nano-Modified Surface in October 
2019, albeit news flow since then has been limited as to further developments. 
 
More recently, in October 2020, Exogenesis Corporation announced that early 
trials of its Exogenesis Surgical Mask, a protective nose and mouth covering 
for healthcare workers and patients, achieved its primary endpoints of trapping 
and deactivating COVID-19 viral particles in simulated real-world exposures. 
The Company used its Accelerated Neutral Atom Beam technology to increase the 
surface area of fibres allowing for more colloidal copper to be applied to the 
mask, increasing the protective barrier. The company hopes to progress to 
premarket regulatory filings soon for this product. 
 
The Board of LME recognises Exogenesis' technological achievements and, as it 
has still to prove its revenue streams, awaits news of its first commercial 
deals which are expected to be linked to selling into its existing vertical 
sectors. 
 
The Board of Limitless consider that Exogenesis' last announcement provides 
renewed optimism for the company's business model and, in turn, this 
investment. 
 
Limitless invested US$300,000 in May 2016 in Exogenesis Corporation by way of 8 
per cent. convertible senior notes. 
 
During the reporting period, the Company looked at new potential investments 
and opened a series of due diligence on potential new investments some of which 
are ongoing.  The Board continues to actively source new investments. 
 
This announcement contains inside information for the purposes of Article 7 of 
EU Regulation 596/2014. 
 
For further information, please contact: 
 
Limitless Earth plc 
www.limitlessearthplc.com 
 
Guido Contesso - CEO                                       +44 7780 700 
091 
 
Cairn Financial Advisers LLP                             +44 20 7213 0880 
 
 
Nominated Adviser 
www.cairnfin.com 
 
Jo Turner/Sandy Jamieson 
 
Peterhouse Corporate Finance Limited              +44 20 7469 
0930 
 
Joint Broker 
www.pcorpfin.com 
 
Peter Greensmith 
 
UNAUDITED INCOME STATEMENT AND 
 
STATEMENT OF COMPREHENSIVE INCOME 
 
6 MONTHS ENDED 31 JULY 2020 
 
                                   Notes   Unaudited  Unaudited    Audited 
 
                                          31/07/2020 31/07/2019 31/01/2020 
 
Continuing operations                              GBP          GBP          GBP 
 
Investment Income                             13,430     14,379     37,797 
 
Total Income                                  13,430     14,379     37,797 
 
Administration expenses                     (80,022)   (74,511)  (186,384) 
 
Foreign currency exchange gain/               46,013              (29,948) 
loss 
 
Operating loss and loss before              (20,579)   (60,132)  (178,535) 
taxation 
 
Taxation                                           -          -          - 
 
Loss for the period                         (20,579)   (60,132)  (178,535) 
 
Total Comprehensive loss for the period     (20,579)   (60,132)  (178,535) 
 
Earnings per share: 
 
Basic and diluted loss per share     3     (0.0003p)    (0.09p)  (0.0027p) 
 
  There are no items of other comprehesive income. 
 
UNAUDITED STATEMENT OF 
FINANCIAL POSITION 
 
AS AT 31 JULY 2020 
 
                                            Unaudited   Unaudited     Audited 
 
                                           31/07/2020  31/07/2019  31/01/2020 
 
                                                    GBP           GBP           GBP 
 
Current assets 
 
Investments held for                        1,809,398   1,711,809   1,763,386 
trading 
 
Trade and Other receivables                    86,238      53,123      77,158 
 
Cash                                          151,936     419,007     262,845 
 
                                            2,047,572   2,183,939   2,103,389 
 
Total Assets                                2,047,572   2,183,939   2,103,389 
 
Current Liabilities 
 
Trade and other payables                     (38,215)    (35,600)    (73,453) 
 
Net Assets                                  2,009,357   2,148,339   2,029,936 
 
Equity 
 
Issued Share Capital                          654,000     654,000     654,000 
 
Share Premium                               2,350,630   2,364,725   2,350,630 
 
Share Warrant Reserve                               -           -           - 
 
Retained Earnings                           (995,273)   (870,386)   (974,694) 
 
Total Equity                                2,009,357   2,148,339   2,029,936 
 
 
 
Unaudited Statement of 
Changes in Shareholders' 
Equity 
 
for the period ended 31 July 
2020 
 
                                 Share     Share    Share  Retained     Total 
                               capital   premium  warrant  earnings 
                                                  reserve 
 
                                     GBP         GBP        GBP         GBP         GBP 
 
Audited Changes in Equity for  654,000 2,350,630   14,095 (781,716) 2,237,009 
the period ended 31 January 
2018 
 
Comprehensive loss for the           -         -       -   (28,538)  (28,538) 
period 
 
Audited Changes in Equity for  654,000 2,350,630   14,095 (810,254) 2,208,471 
the period ended 31 January 
2019 
 
Comprehensive loss for the                                (178,535) (178,535) 
period 
 
Warrants expired during the         -         -  (14,095)    14,095        - 
period 
 
Audited Changes in Equity for  654,000 2,350,630        - (974,694) 2,029,936 
the period ended 31 January 
2019 
 
Comprehensive loss for the          -         -         -  (20,579)  (20,579) 
period 
 
Warrant cancellation                                              -         - 
 
Unaudited Changes in Equity    654,000 2,350,630        - (995,273) 2,009,357 
for the period ended 31 July 
2020 
 
 
 
UNAUDITED CASH FLOW STATEMENT FOR THE 
 
6 MONTHS ENDED 31 JULY 2020 
 
                                            Unaudited  Unaudited    Audited 
 
                                           31/07/2020 31/07/2019 31/01/2020 
 
                                                 2020       2019       2020 
 
                                                    GBP          GBP          GBP 
 
Cash flows from operating activities 
 
(Loss) for the year before tax               (20,579)   (60,132)  (178,535) 
 
Investment income                            (13,430)   (14,379)   (37,797) 
 
Foreign Currency exchange gain/ loss         (46,013)          -     29,947 
 
Decrease/ (increase) in receivables           (9,079)   (19,833)   (43,869) 
 
(Decrease)/ increase in payables             (35,237)   (31,890)      5,964 
 
Net cash outflow from operating activities  (124,338)  (126,234)  (224,290) 
 
Cash flows from investing activities 
 
Finance income received net                    13,430     14,379     37,797 
 
Purchase of investments                             -          -   (81,526) 
 
Net cash outflow from investing activities     13,430     14,379   (43,729) 
 
Net decrease in cash and cash equivalents   (110,908)  (111,855)  (268,019) 
during the year 
 
Cash at the beginning of year                 262,844    530,862    530,863 
 
Cash and cash equivalents at the end of       151,936    419,007    262,844 
the year 
 
UNAUDITED CASH FLOW STATEMENT FOR THE 
 
6 MONTHS ENDED 31 JULY 2020 
 
NOTES TO THE FINANCIAL STATEMENTS 
 
 1. General Information 
 
Limitless Earth plc is a company incorporated and domiciled in England and 
Wales. The Company's ordinary shares are traded on the AIM market of the London 
Stock Exchange. The address of the registered office is Suite 2, Northside 
House, Mount Pleasant, Barnet, Hertfordshire, England, EN4 9EB 
 
The principal activity of the Company is that of an investing company pursuing 
a strategy 
 
2. Accounting policies 
 
The principal accounting policies have all been applied consistently throughout 
the period covered and have not changed since being reported on in the 
financial statements for the year ended 31 January 2020. 
 
Basis of preparation 
 
The interim financial information set out above does not constitute statutory 
accounts within the meaning of the Companies Act 2006. It has been prepared on 
a going concern basis in accordance with the recognition and measurement 
criteria of International Financial Reporting Standards (IFRS) as adopted by 
the European Union. 
 
The financial statements have been prepared under the historical cost 
convention. 
 
The interim financial information for the six months ended 31 July 2020 has not 
been reviewed or audited. The interim financial report has been approved by the 
Board on 29 October 2020. 
 
3. Loss per share 
 
The 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. Diluted earnings per share is 
computed using the same weighted average number of shares during the period 
adjusted for the dilutive effect of share warrants and convertible loans 
outstanding during the period. 
 
                                       Unaudited  Unaudited     Audited 
 
                                      31/07/2020 31/07/2019  31/01/2020 
 
Loss from continuing operations         (20,579)   (60,132)   (178,535) 
attributable to equity holders of the 
company 
 
Weighted average number of ordinary   65,400,000 65,400,000  65,400,000 
shares in issue 
 
                                           Pence      Pence       Pence 
 
Basic and fully diluted loss per        (0.0003)   (0.0009)    (0.0027) 
share from continuing operations 
(Pence) 
 
4. Copies of Interim Accounts 
 
Copies of the interim results are available at the Group´s website at: 
www.limitlessearthplc.com. 
 
 
 
END 
 

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