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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Polemos | LSE:PLMO | London | Ordinary Share | GB00BZ1MJW42 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.70 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPLMO
RNS Number : 5768T
Polemos PLC
04 July 2018
For immediate release 4 July 2018
Polemos plc
("Polemos" or the "Company")
Unaudited interim results for the six months ended 30 June 2018
The Board of Polemos announces the unaudited interim results for the six months ended 30 June 2018.
The interim results appear below and a copy will shortly be made available on the Company's website http://www.polemos.co.uk/.
Chairman's Statement
The Company became a Rule 15 Cash Shell on 8 March 2018 and, as such, the Company is required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 on or before the date falling six months from 8 March 2018, or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least GBP6 million) failing which, the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified. The Board is focused on examining opportunities for a suitable acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14.
For further information, please contact:
Polemos plc Dr Nigel Burton +44 7785 234447 Beaumont Cornish Limited (Nominated Adviser) James Biddle Michael Cornish +44 (0)20 7628 3396 Peterhouse Corporate Finance Limited (Broker) Tel: +44 (0) 20 7469 0930 Lucy Williams Novum Securities Limited (Joint Broker) Tel: +44 (0) 20 7399 9400 Colin Rowbury
Financial Review
During the period, the Company made a loss before taxation from continuing operations of GBP177,000 (6 months ended 30 June 2017: loss GBP391,000). There was a weighted loss per share of 0.2p (6 months ended 30 June 2017: loss per share of 1.5p).
Cash and cash equivalents at 30 June 2018 amounted to GBP361,000 (30 June 2017: GBP151,000).
Outlook
The Company is required to complete a reverse takeover within 6 months of becoming a rule 15 company and the board continues to look for a suitable investment to achieve this.
Nigel Burton
Chairman
3 July 2018
Unaudited Condensed Company Statement of Comprehensive Income
for the six months ended 30 June 2018
Six months ended Six months ended Year ended 30 June 2018 30 June 2017 31 December 2017 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Revenue - - - Administrative expenses (204) (117) (319) Investment income - - 1 Share based payments - (30) (30) Impairment provision on available for sale assets 27 - (879) Realised (loss) on disposal of available for sale asset - (244) (244) ---------------- ---------------- ----------------- Operating loss (177) (391) (1,472) Finance income - - - ---------------- ---------------- ----------------- Loss before taxation (177) (391) (1,471) Taxation - - - ---------------- ---------------- ----------------- (Loss) for the period attributable to equity holders of the parent (177) (391) (1,471) Other Comprehensive Income: Items that may subsequently be reclassified to profit or loss: Transfers to income statement - 244 217 Increase/(decrease) in value of available for sale asset - (27) - ---------------- ---------------- ----------------- Total other comprehensive income - 217 217 Total comprehensive income for the period attributable to equity holders of the company (177) (174) (1,254) ---------------- ---------------- ----------------- Loss per share Earnings per share - basic and diluted (pence) (0.2) (1.5) (4.0)
Unaudited Condensed Company Statement of Financial Position
as at 30 June 2018
As at As at As at 30 June 2018 Unaudited 30 June 2017 Unaudited 31 December 2017 Audited GBP'000 GBP'000 GBP'000 Non-current assets Available-for-sale financial assets - 513 - Total non-current assets 513 - ----------------------- ----------------------- ------------------------- Current assets Available-for-sale financial assets - - - Trade and other receivables - 37 49 Cash and bank balances 361 151 46 Total current assets 361 188 95 ----------------------- ----------------------- ------------------------- Total assets 361 701 95 ----------------------- ----------------------- ------------------------- Current liabilities Trade and other payables (7) (227) (208) Total current liabilities (7) (227) (208) ----------------------- ----------------------- ------------------------- Net current assets 354 (39) (113) ----------------------- ----------------------- ------------------------- Net assets 354 474 (113) ----------------------- ----------------------- ------------------------- Equity Share capital 20,513 19,600 19,823 Share premium account 19,135 18,911 19,181 Share based payment reserve 62 62 62 Available-for-sale asset reserve - - - Retained deficit (39,356) (38,099) (39,179) Equity attributable to equity holders of the parent 354 474 (113) ----------------------- ----------------------- -------------------------
Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2018
Six months ended Six months ended 30 June 2018 30 June 2017 Year ended Unaudited Unaudited 31 December 2017 Audited GBP'000 GBP'000 GBP'000 Net (loss) from operating activities (177) (391) (1,471) Share based payments - 30 30 Impairment provision on available for sale assets (27) - 879 Loss on disposal of available for sale asset - 244 244 Decrease/(increase) in trade and other receivables 49 4 (8) (Decrease)/increase in trade and other payables (201) 101 82 Net cash (outflow) from operating activities (356) (12) (244) ---------------- ---------------- ------------------------- Investing activities Purchase of available for sale financial assets 27 (513) (879) Proceeds from disposal of available-for-sale financial assets - 67 67 Net cash inflow from investing activities 27 (446) (812) ---------------- ---------------- ------------------------- Financing activities Issue of share capital 690 495 995 Issue costs (46) (61) (68) ---------------- ---------------- ------------------------- Net cash inflow from Financing activities 644 434 927 Net (decrease)/increase in cash and cash equivalents 315 (24) (129) ---------------- ---------------- ------------------------- Cash and cash equivalents at beginning of period 46 175 175 Cash and cash equivalents at end of period 361 151 46 ---------------- ---------------- -------------------------
Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2018
Share Share Share based payment Available for sale Retained earnings Total capital premium reserve asset reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 31 December 2016 19,459 18,618 63 (217) (37,739) 184 ========= ========= ===================== ==================== ================== ======== Shares issued 364 631 - - - 995 Share issue costs - (68) - - - (68) Share options issued - - 30 - - 30 Share options cancelled - - (31) - 31 - Total contributions by and distributions to owners of the Company 364 563 (1) - 31 957 Transfer to income statement - - - 217 - 217 Loss for the year - - - - (1,471) (1,471) --------- --------- --------------------- -------------------- ------------------ -------- Total Comprehensive Income for the Year - - - 217 (1,471) (1,254) --------- --------- --------------------- -------------------- ------------------ -------- At 31 December 2017 19,823 19,181 62 - (39,179) (113) ========= ========= ===================== ==================== ================== ======== Shares issued 690 - - - - 690 Share issue costs - (46) - - - (46) Share based payment - - - - - - charge Share options - - - - - - cancelled --------- --------- --------------------- -------------------- ------------------ -------- Total contributions by and distributions to owners of the Company 690 (46) - - - 644 Comprehensive Income for the year (Loss) for the year - - - - (177) (177) Total Comprehensive Income for the Year - - - - (177) (177) --------- --------- --------------------- -------------------- ------------------ -------- At 30 June 2018 20,513 19,135 62 - (39,356) 354 ========= ========= ===================== ==================== ================== ========
Notes to the Unaudited Condensed Company Financial Statements
for the six months ended 30 June 2018
1. General Information
The condensed financial information for the 6 months to 30 June 2018 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.
The condensed financial information in respect of the year ended 31 December 2017 has been produced using extracts from the statutory accounts for that period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the year ended 31 December 2017, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.
The Report was approved by the Directors on 3 July 2018 and will be available shortly on the Company's website at www.polemos.co.uk.
Basis of preparation
The financial information has been prepared on the historical cost basis. This statement also includes a summary of the Company's financial position and its cash flows.
Basis of accounting
These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 - Interim Financial Reporting. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company's 2017 annual financial statements.
2. Loss 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. In accordance with IAS 33, as the Company has reported a loss for the period, diluted earnings per share are not included. A reconciliation is set out below:
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.
6 months to 6 months to Year ended 30 June 30 June 2018 2017 31 December 2017 Unaudited Unaudited Audited (restated) GBP'000 GBP'000 GBP'000 (Loss) attributable to equity holders of the Company (177) (391) (1,471) Number of Shares Weighted average number of ordinary shares (1) 77,279,874 25,792,610 36,919,613 (Loss) per share - basic and diluted (pence) (0.2) (1.5) (4.0)
------------------------------------------------------ ------------ ------------ -----------------
(1) The comparable figures have been calculated based on the post share consolidated equivalent weighted average number of ordinary shares in issue.
3. Events after the end of the reporting period
None.
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.
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(END) Dow Jones Newswires
July 04, 2018 05:21 ET (09:21 GMT)
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