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PLMO Polemos

0.70
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Polemos PLC Half-year Report (5768T)

04/07/2018 10:21am

UK Regulatory


Polemos (LSE:PLMO)
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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.

END

IR MMGGNLDLGRZG

(END) Dow Jones Newswires

July 04, 2018 05:21 ET (09:21 GMT)

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