Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Quantum Blockchain Technologies Plc LSE:QBT London Ordinary Share GB00B50P5B53 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.075 -7.14% 0.975 0.95 1.00 1.05 0.95 1.05 9,729,865 16:02:33
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 0.0 -4.6 52.2 0.0 10

Quantum Blockchain Technologies Plc Interim Results

21/09/2022 10:42am

UK Regulatory (RNS & others)


 
TIDMQBT 
 
21 September 2022 
 
                      Quantum Blockchain Technologies plc 
 
       ("Quantum Blockchain Technologies", "the Group" or "the Company") 
 
                                INTERIM RESULTS 
 
                     For the six months ended 30 June 2022 
 
Quantum Blockchain Technologies plc (AIM: QBT) announces its unaudited interim 
results    for the six months ended 30 June 2022. 
 
For further information please contact: 
 
Quantum Blockchain Technologies Plc                    +39 335 296573 
Francesco Gardin, CEO and Executive Chairman 
 
SP Angel Corporate Finance (Nominated Adviser & 
Broker)                                                +44 (0)20 3470 0470 
Jeff Keating 
 
Kasia Brzozowska 
 
Leander (Financial PR) 
Christian Taylor-Wilkinson                             +44 (0) 7795 168 157 
 
About Quantum Blockchain Technologies Plc 
 
QBT (AIM: QBT) is an AIM listed investment company which has recently realigned 
its strategic focus to technology related investments, with special regard to 
Quantum computing, Blockchain, Cryptocurrencies and AI sectors. The Company has 
commenced an aggressive R&D and investment programme in the dynamic world of 
Blockchain Technology, which includes cryptocurrency mining and other advanced 
blockchain applications. 
 
Chairman's Statement 
 
During the first six months of 2022, the Company continued working on its new 
research and development ("R&D") strategy focused on finding disruptive and 
advanced proprietary techniques especially for Bitcoin ("BTC") mining. 
 
At the same time, the Company continued to deal with its Legacy Assets, 
especially the litigations which although no longer forming part of the core 
business of the Company, continue to represent potentially important financial 
assets and therefore they are being dealt with in a careful and logical manner. 
 
The Company's main strategy now is to invest in building its own BTC miner 
utilising all the optimisations, enhancements and discoveries which have been 
developed by the Company's R&D teams. On this note, the Company is now working 
with two independent partners to conduct verification tests on the performance 
of its prototype application-specific integrated circuit chip ("ASIC"). The 
current plan is to produce a variety of working prototypes based on 12nanometer 
("nm") or 7nm ASIC chips (which are significantly less expensive to produce 
than the 5nm ASIC chip) in order to produce empirical results which will 
provide an educated and confident estimate of the performance of the 5nm ASIC 
chips. 
 
Assuming these prototype verification tests corroborate QBT's own findings, the 
Company will launch the production of its mining machines based on the 5nm ASIC 
which, at the moment, is intended for internal use only. 
 
The Company can report that its R&D teams have started delivering the first 
results of its in-house R&D programme. The first milestone was filing the ASIC 
Ultraboost patent application in late 2021, an improvement by the Cryptography 
team of the Bitcoin mining process which eliminates redundant computations of a 
key part of the Bitcoin mining algorithm, potentially resulting in a faster and 
more efficient bitcoin mining process as it reduces the number of operations 
across the three iterations of SHA-256 algorithm by approximately 7%. The 
patent has not been granted as of today's date. 
 
As announced on 11 March 2022, the Quantum Computing R&D team has developed a 
quantum version of a BTC mining algorithm, centered on qubit-based quantum 
computation, using quantum logic gates, simulated on a reduced-sized SHA-256 
algorithm, while waiting for the number of qubits available on the next 
generation of commercial quantum computers (expected to be released into the 
market in 2023) which the Company expects to be sufficient to sustain  full 
SHA-256 computation. 
 
The Deep Learning & Artificial Intelligence R&D team has also delivered some 
interesting results by applying Machine Learning and data analysis tools to the 
Company's existing Big Data database of block-solving computations. This led to 
the development of the two "knowledge-based" algorithms (called "Method A" and 
"Method B") controlling the SHA-256 computation. 
 
Through a series of internal trial mining tests, Method "A" has improved the 
performance in speed and energy consumption significantly compared to existing 
crypto mining hardware, although measurements on current difficulty are not yet 
available. 
 
To determine the success of the "Method B", the Company will need the 
availability of the proprietary ASIC chip. Theoretical analysis has shown a 
material improvement in speed and energy consumption with respect to current 
commercial ASIC chips and given the relevance of the theoretical improvements, 
the Company is assessing the use of GPU and FPGA chip technology, to carry out 
empirical tests. 
 
Relevant patent applications will be filed in due course when deemed 
appropriate, according to internal analysis and assessments. 
 
Investments in R&D during the period under review, amounted to ?347,000, of 
which ?111,000 has been invested in hardware equipment supporting R&D and ? 
236,000 in costs related to cloud services and consultants. 
 
On the Legacy Assets side, the main progress is related to the claim against 
the previous management and internal audit committee of Sipiem in Liquidazione 
S.p.A's ("Sipiem Claim")  assessed by the independent court appointed 
third-party expert to be valued at up to ?7.8m and held by Clear Leisure 2017 
Ltd ("CL17"), a wholly owned subsidiary of the Company. As all the procedural 
steps have now been completed, the Venice Court is expected to provide its 
final judgement on the Sipiem Claim by the end of 2022. 
 
The claim against Sosushi's previous management in Italy ("Sosushi Italian 
Claim"), also held by CL17, is currently continuing an arbitration process and 
is expected to conclude by the end of this year. Our defence in response to 
proceedings brought by previous Sosushi directors and shareholders in the 
English courts against the Company, ("Sosushi UK Claim"),  has been successful, 
and the claimants discontinued their ?1.7m legal claim against the Company. 
Following an English court order enforced in Italy, the claimants have paid the 
Company approximately ?77,000 towards legal costs sustained in defence of the 
claim. Further legal costs and damages may still be awarded to the Company 
following a final hearing to assess the quantum of the Company's counterclaim 
for, amongst other things, loss of profit which remains ongoing. 
 
With regard to the other Legacy Assets, being the investments in Geosim Systems 
Ltd, PBV Monitor srl and Forcrowd srl, each investee company continues to 
pursue the goal of a stable growth within the respective market. 
 
During the period under review, the Company raised a total of £1.05m pursuant 
to the exercise of 52,500,000 warrants issued as part of the placing announced 
on 22 February 2021. 
 
On 6 April 2022, the Company announced it had renegotiated the date of maturity 
of the ?3.5m Zero-Coupon Bond ("New Bond") issued in 2020 with the sole 
bondholder to 15 December 2024. Additionally, at the Bondholder Meeting held on 
21 April 2022, the Company extended the maturity of the Zero-Coupon Bond also 
to 15 December 2024 and amended the conversion price from 15 pence to 5 pence. 
The extension of the maturity date for both bonds improves the current net 
asset position of the Group (see financial review below). 
 
In conclusion, although the Company is still dealing with some Legacy Assets 
(related to litigations and previous investments), QBT's focus is fully on the 
technology side of the business, with an extensive team of researchers aiming 
on delivering a novel solution to mining BTC. 
 
Financial Review 
 
The Group reported a total comprehensive loss for the period to 30 June 2022 of 
?2.8 million (30 June 2021: loss ?1.1m). The operating loss for the period was 
?2.1m (30 June 2021: operating loss ?714,000). 
 
Included within administrative expenses are charges relating to the recognition 
of share options totaling ?1.3m(2021: nil) and within finance costs are charges 
for the revaluation of derivatives totaling ?700k (2021: nil). The increase of 
these items is strictly dependent on the volatility of the Company's share 
price during the first half of 2022, used for the calculation according to the 
relevant accounting standards. 
 
Without the impact of these two "accounting" elements the total comprehensive 
loss for the period to 30 June 2022 would have been ?799,000 and the operating 
loss for the period was ?803,000. 
 
At 30 June 2022, the Group   net liabilities had improved to  ?2.1 million, 
compared to net liabilities  of ?2.8 million at 31 December 2021. As a result 
of the extension of the maturity dates of the Company's bonds as described 
above,  net current assets of the Group also improved during the period under 
review, to ?6 million, compared to  net current liabilities of  ?3.8 million at 
31 December 2021 
 
Post 30 June 2022 Events 
 
On 16 August 2022, the Company announced with great sadness that Mr Reginald 
Eccles, independent Non-Executive Director of the Company had passed away. As a 
result, the Company had only one remaining director and was therefore not able 
to meet its obligations under the Companies Act and trading in the Company's 
shares on AIM was temporarily suspended. 
 
Trading was restored on 12 September when the Company announced the appointment 
of Mr Perter Fuhrman as independent Non-Executive Director. The Company has 
committed to appoint a further non-executive director to its board within the 
next three months. 
 
Peter has extensive experience in high-technology, semiconductors, finance, and 
investment industries. Currently, Peter is chairman and chief executive of 
China First Capital which advises on and invests in the technology sector with 
expertise, inter alia, in China's semiconductor industry, advanced 
manufacturing, robotics, precision automation, nano-positioning and photonics. 
He is also a strategic adviser on advanced technologies and market expansion to 
the board and chairman of one of China's largest listed high-technology 
manufacturing companies and to one of Germany's largest semiconductor 
technology companies.  Peter was previously CEO of Los Angeles based Awareness 
Technologies, a cloud-based enterprise security software company (which he 
successfully sold in 2008) and Head of Europe for the publisher, Forbes Inc. 
 
Outlook 
 
The Board remains committed to return value to its stakeholders by: 
 
 i. Focusing on its R&D programme, which is providing promising and consistent 
    results. 
ii. Investing in the technology sector (both directly through in-house R&D and 
    indirectly via potential investments in third parties). 
iii. Managing the legacy portfolio assets, where positive outcomes are expected 
    from claims made by the Company, and in due course, from the sale of the 
    investees. 
iv. A further reduction of the debt position (if and when the conditions are 
    deemed appropriate). 
 
The Board remains positive as the technology investments carried out for the 
in-house R&D programme are deemed sound and promising, and the legal claims 
have strong merit with counterparties that are expected to be solvent. 
 
Francesco Gardin 
 
Quantum Blockchain Technologies PLC 
 
CEO and Chairman 
 
GROUP STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIODED 30 JUNE 2022 
 
                                             Six months   Six months   Year ended 
                                      Note   to 30 June   to 30 June   31 
                                             2022         2021         December 
                                                                       2021 
 
                                             (Unaudited)  (Unaudited)  (Audited) 
 
Continuing operations                        ?'000        ?'000        ?'000 
 
Revenue                                      -            6            9 
 
                                             -            6            9 
 
Administrative expenses                      (2,067)      (720)        (4,985) 
 
Other operating income                       -            -            6 
 
Operating loss                               (2,067)      (714)        (4,970) 
 
Share of loss from equity-accounted 
associates                                   -            -            (33) 
 
Finance charges                              (797)        (392)        (446) 
 
Loss before tax                              (2,864)      (1,106)      (5,449) 
 
Taxation                                     74           -            53 
 
Loss for the period attributable to          (2,790)      (1,106)      (5,396) 
owners of the parent 
 
 
 
Other comprehensive income/(loss)            -            -            - 
 
TOTAL COMPREHENSIVE LOSS FOR THE 
PERIOD ATTRIBUTABLE TO OWNERS OF THE 
PARENT                                       (2,790)      (1,106)      (5,396) 
 
 
Earnings per share: 
 
Basic loss per share (cents)            3    (?0.281)     (?0.13)      (?0.621) 
 
Diluted loss per share (cents)          3    (?0.213)     (?0.13)      (?0.354) 
 
GROUP STATEMENTS OF FINANCIAL POSITION AT 30 JUNE 2022 
 
Note                                  As at 30 June  As at 30 June  As at 31 
                                      2022           2021           December 
                                      ?'000          ?'000          2021 
                                      (Unaudited)    (Unaudited)    ?'000 
                                                                    (Audited) 
 
Non-current assets 
 
Property, plant and equipment         234            -              164 
 
Investments                           714            1,014          664 
 
Investments                           211            -              211 
in 
equity-accounted associates 
 
Total non-current assets              1,159          1,014          1,039 
 
 
Current assets 
 
Trade and other receivables           5,029          5,315          4,905 
 
Cash and cash equivalents             1,307          1,083          1,039 
 
Total current assets                  6,336          6,398          5,944 
 
 
Current liabilities 
 
Trade and other payables              (311)          (265)          (329) 
 
Borrowings                            -              -              (8,365) 
 
Derivative financial instruments      -              -              (1,113) 
 
Total current liabilities             (311)          (265)          (9,807) 
 
Net current assets/(liabilities)      6,025          6,133          (3,863) 
 
Total assets less current liabilities 7,184          7,147          (2,824) 
 
 
Non-current liabilities 
 
Borrowings                            (8,439)        (8,606)        - 
 
Derivative financial instruments      (870)          -              - 
 
Total non-current liabilities         (9,309)        (8,606)        - 
 
Total liabilities                     (9,620)        (8,871)        (9,807) 
 
Net liabilities                       (2,125)        (1,459)        (2,824) 
 
 
Equity 
 
Share capital                         8,378          8,080          8,221 
 
Share premium account                 50,541         48,463         49,442 
 
Other reserves                        12,673         8,787          11,409 
 
Retained losses                       (73,717)       (66,789)       (71,896) 
 
Equity attributable to owners of the  (2,125)        (1,459)        (2,824) 
Company 
 
Total equity                          (2,125)        (1,459)        (2,824) 
 
GROUP AUDITED STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 DECEMBER 
2021 
 
                                Share      Share     Other     Retained   Total 
Group                           capital    premium   reserves  losses     equity 
                                           account 
                                ?'000      ?'000     ?'000     ?'000      ?'000 
 
 
At 1 January 2021               7,397      47,124    8,787     (65,531)   (2,223) 
 
Total comprehensive loss for 
the year                        -          -         -         (5,396)    (5,396) 
 
Grant of warrants               -          -         -         1,447      1,447 
 
Exercise of warrants            119        831       -         (2,416)    (1,466) 
 
Issue of shares                 705        1,487     -         -          2,192 
 
Grant of share options          -          -         2,622     -          2,622 
 
At 31 December 2021             8,221      49,442    11,409    (71,896)   (2,824) 
 
UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 JUNE 2021 
 
                                Share      Share     Other     Retained   Total 
Group                           capital    premium   reserves  losses     equity 
                                           account 
                                ?'000      ?'000     ?'000     ?'000      ?'000 
 
 
At 1 January 2021               7,397      47,124    8,787     (65,683)   (2,375) 
 
Total comprehensive loss for 
the period                      -          -         -         (1,106)    (1,106) 
 
Issue of shares                 683        1,339     -         -          2,022 
 
At 30 June 2021                 8,080      48,463    8,787     (66,789)   (1,459) 
 
GROUP UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 JUNE 
2022 
 
                                Share      Share     Other     Retained   Total 
Group                           capital    premium   reserves  losses     equity 
                                           account 
                                ?'000      ?'000     ?'000     ?'000      ?'000 
 
 
At 1 January 2022               8,221      49,442    11,409    (71,896)   (2,824) 
 
Total comprehensive loss for 
the period                      -          -         -         (2,790)    (2,790) 
 
Exercise of warrants            157        1,099     -         969        2,225 
 
Grant of share options          -          -         1,264     -          1,264 
 
At 30 June 2022                 8,378      50,541    12,673    (73,717)   (2,125) 
 
GROUP UNAUDITED STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30 JUNE 2022 
 
                                             Six months   Six months   Year ended 
                                             to 30 June   to 30 June   31 
                                             2022         2021         December 
                                                                       2021 
                                             (Unaudited)  (Unaudited)  (Audited) 
                                             ?'000        ?'000        ?'000 
 
 
Cash used in operations 
 
Loss before tax                              (2,864)      (1,106)      (5,449) 
 
Fair value changes                           -            248          - 
 
Impairment of investments                    -            -            167 
 
Share of post-tax losses of equity accounted -            -            33 
associates 
 
Non cash foreign exchange movements          (50)         -            (41) 
 
Finance charges                              800          146          305 
 
Decrease/(increase) in receivables           (49)         (124)        340 
 
(Decrease)/increase in payables              (18)         (69)         (5) 
 
Loss/gain on derivatives                     -            -            143 
 
Share based payments                         1,264        -            2,694 
 
Depreciation                                 20           -            - 
 
Net cash (outflow)/inflow from operating     (897)        (905)        (1,813) 
activities 
 
 
Cash flows from investing activities 
 
Purchase of investments                      -            (34)         (54) 
 
Purchase of property, plant and equipment    (90)         -            (164) 
 
Net cash inflow from investing activities    (90)         (34)         (218) 
 
 
Cash flows from financing activities 
 
Proceeds from capital issue                  1,255        2,022        3,070 
 
Net cash inflow/(outflow) from financing     1,255        2,022        3,070 
activities 
 
 
Net increase in cash for the period          268          1,083        1,039 
 
Cash and cash equivalents at beginning of    1,039        -            - 
year 
 
Cash and cash equivalents at end of period   1,307        1,083        1,039 
 
NOTES TO THE FINANCIAL STATEMENTS 
 
 1. General Information 
 
Quantum Blockchain Technologies 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 22 Great 
James Street, London, WC1N 3ES. 
 
The principal activity of the Group is that of an investment company with a 
portfolio of companies primarily encompassing the leisure and real estate 
sectors mainly in Italy and, more recently, technology sectors. The focus of 
management is to pursue the monetisation of all of the Company's existing 
assets, through selected realisations, court-led recoveries of misappropriated 
assets and substantial debt-recovery processes. The Company has also realigned 
its strategic focus to technology related investments, with special regard to 
interactive media, blockchain and AI sectors. 
 
2.Accounting policies 
 
The principal accounting policies are summarised below. They have all been 
applied consistently throughout the period covered by these consolidated 
financial statements. 
 
Basis of preparation 
 
The interim financial statements of Quantum Blockchain Technologies Plc are 
unaudited consolidated financial statements for the six months ended 30 June 
2022 which have been prepared in accordance with UK adopted international 
accounting standards. They include unaudited comparatives for the six months 
ended 30 June 2021 together with audited comparatives for the year ended 31 
December 2021. 
 
The interim financial statements do not constitute statutory accounts within 
the meaning of section 434 of the Companies Act 2006. The statutory accounts 
for the year ended 31 December 2021 have been reported on by the company's 
auditors and have been filed with the Registrar of Companies. The report of the 
auditors was qualified in respect of the valuation of the investment in Geosim 
Systems Ltd, the omission of Mediapolis Investment S.A. from the consolidated 
accounts and the risk that the company may have to apply payroll taxes to the 
payments made to the directors to either UK or overseas tax authorities. The 
report of the auditor also contained an emphasis of matter paragraph in 
relation to  a material uncertainty regarding going concern. Aside from the 
limitation of scope relating to Geosim Systems Ltd, Mediapolis Investment S.A 
     . and the potential payroll taxes, the auditor's report did not contain 
any statement under section  498 of the Companies Act 2006. 
 
The interim consolidated financial statements for the six months ended 30 June 
2022 have been prepared on the basis of accounting policies expected to be 
adopted for the year ended 31 December 2022, which are consistent with the year 
ended 31 December 2021 except as stated below: 
 
Going concern 
 
The Group's activities generated a loss of ?2,790,000 (June 2021: ?1,106,000) 
and had net current assets of ?6,025,000 as at 30 June 2022 (June 2021: ? 
6,133,000). The Group's operational existence is still dependent on the ability 
to raise further funding either through an equity placing on AIM, or through 
other external sources, to support the on-going working capital requirements. 
 
After making due enquiries, the Directors have formed a judgement that there is 
a reasonable expectation that the Group can secure further adequate resources 
to continue in operational existence for the foreseeable future and that 
adequate arrangements will be in place to enable the settlement of their 
financial commitments, as and when they fall due. 
 
For this reason, the Directors continue to adopt the going concern basis in 
preparing the interim accounts. Whilst there are inherent uncertainties in 
relation to future events, and therefore no certainty over the outcome of the 
matters described, the Directors consider that, based upon financial 
projections and dependent on the success of their efforts to complete these 
activities, the Group will be a going concern for the next twelve months. If it 
is not possible for the Directors to realise their plans, over which there is 
significant uncertainty, the carrying value of the assets of the Group is 
likely to be impaired. 
 
Notwithstanding the above, the Directors note the material uncertainty in 
relation to the Group being unable to realise its assets and discharge its 
liabilities in the normal course of business. 
 
Risks and uncertainties 
 
The Board continuously assesses and monitors the key risks of the business. The 
key risks that could affect the Company's medium-term performance and the 
factors that mitigate those risks have not substantially changed from those set 
out in the Company's 2021 Annual Report and Financial Statements, a copy of 
which is available on the Company's website: 
www.quantumblockchaintechnologies.com. The key financial risks are liquidity 
and credit risk. 
 
Critical accounting estimates 
 
The preparation of interim financial statements requires management to make 
estimates and assumptions that affect the reported amounts of assets and 
liabilities at the end of the reporting period. Significant items subject to 
such estimates are set out in Note 3 of the Company's 2021 Annual Report and 
Financial Statements. The nature and amounts of such estimates have not changed 
significantly during the interim period. 
 
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 options and convertible loans 
outstanding during the period. 
 
The profit and weighted average number of shares used in the calculation are 
set out below: 
 
                                                                                                                                         Six months   Six months to  Year to 
                                                                                                                                         to 30 June   30 June        31 
                                                                                                                                         2022         2021           December 
                                                                                                                                                                     2021 
 
                                                                                                                                         (Unaudited)  (Unaudited)    (Audited) 
 
                                                                                                                                         ?'000        ?'000          ?'000 
 
Loss/profit attributable to owners of the parent company: 
 
Basic earnings                                                                                                                           (2,790)      (1,106)        (5,396) 
 
Diluted earnings                                                                                                                         (2,762)      (1,106)        (5,328) 
 
Basic   weighted    average            number      of ordinary shares (000's)                                                            994,291      836,537        869,339 
 
Diluted weighted average number of                                                                                                       1,295,619    836,537        1,503,440 
  ordinary shares (000's) 
 
 
Basic and fully diluted earnings per share: 
 
Basic earnings per share                                                                                                                 (?0.281)     (?0.13)        (?0.621) 
 
Diluted earnings per share                                                                                                               (?0.213)     (?0.13)        (?0.354) 
 
IAS 33 requires presentation of diluted earnings per share when a company could 
be called upon to issue shares that would decrease earnings per share or 
increase net loss per share. No adjustment has been made to diluted earnings 
per share for out-of-the money options and warrants. 
 
4.Investment Policy 
 
The Company invests in the technology sector, with special focus on, but not 
limited to, Blockchain, Artificial Intelligence, Cryptocurrencies and Quantum 
Computing. As well as making direct investments, the Company may also act as 
Investment Manager for one or more selected venture capital funds, in 
compliance with the FCA regulations, which identify, invest in, and acquires 
companies, assets and projects in the technology sector which show excellent 
growth potential on a stand-alone basis, and which would add value to the 
Company's portfolio of investments. 
 
The Company may make investments in target businesses at all stages of 
development. The majority of investments will be made in unlisted companies, 
however listed companies may, from time to time, be considered on a selective 
basis. The geographical focus will be mainly Europe, but investments may also 
be considered in other regions to the extent the Board considers that valuable 
opportunities exist, and positive returns can be achieved. 
 
The Board expects that investments will typically be held for the medium to 
long term, although short term disposal of assets cannot be ruled out. The 
Company's investments may range from a minority position with strategic 
influence to a controlling position. Any transaction constituting a reverse 
takeover under the AIM Rules will require shareholder approval and the 
publication by the Company of an admission document meeting the requirements of 
the AIM Rules. 
 
The Board believes that its broad collective experience together with its 
extensive network of contacts will assist it in the identification, evaluation 
and funding of investment targets. When necessary other external expert 
professionals will be engaged to assist in undertaking the due diligence of 
prospective targets and related transaction analysis. The Board may also 
consider appointing additional directors and key employees with relevant 
experience as part of any specific investment. 
 
Investments are expected to be in the form of equity, debt or convertible debt. 
The Company may offer shares as well as cash by way of consideration for 
prospective investments, thereby helping to preserve the Company's cash for 
working capital purposes. The Company may, in appropriate circumstances, place 
shares, issue debt securities or borrow money to complete an investment 
 
5.Copies of Interim Accounts 
 
Copies     of     the     interim     results     are     available     at 
the                Group's     website    at 
www.quantumblockchaintechnologies.co.uk. 
 
Copies may also be obtained from the Group´s registered office: Quantum 
Blockchain Technologies PLC, 22 Great James Street, London, WC1N 3ES. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

September 21, 2022 05:42 ET (09:42 GMT)

1 Year Quantum Blockchain Techn... Chart

1 Year Quantum Blockchain Techn... Chart

1 Month Quantum Blockchain Techn... Chart

1 Month Quantum Blockchain Techn... Chart
Your Recent History
LSE
QBT
Quantum Bl..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20221126 23:56:12