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Share Name Share Symbol Market Type Share ISIN Share Description
Stranger Holdings Plc LSE:STHP London Ordinary Share GB00BYWLRL80 ORD GBP0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1.375 0.00 0.00 0.00 0.00 0.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown 0.0 -0.8 -0.6 - 2

Stranger Holdings PLC Half-year Report

04/02/2020 7:00am

UK Regulatory (RNS & others)


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RNS Number : 8237B

Stranger Holdings PLC

04 February 2020

4 February 2020

STRANGER HOLDINGS PLC ('Stranger' or 'the Company')

Half yearly report for the period ended 30 September 2019

Chairman's Report

Stranger is an investment company with the original primary objective of undertaking a single acquisition of a target company, business or asset in the industrial or service sector.

Results for the period

On 9 October 2019, we announced that we had signed non-binding Heads of Terms to acquire two companies holding technology mineral assets including cobalt, nickel and associated metals. One is a UK company with assets located in south eastern Cameroon, Africa, and one is a US company with assets in Idaho, United States.

The primary focus of the intended enlarged group is to develop a subsidiary of the cobalt assets, namely the Recyclus Group. This is a very exciting business with excellent growth prospects involved in the clean recycling of tyres and batteries in the UK

Recyclus is structured as an ESG compliant, ethical, green business, for the clean recycling of tyres and batteries in the UK. There is an opportunity to leverage next generation recycling technologies for current and nearby market commercialisation. By using technologies that are now beyond proof-of-concept to create circular economies, increase efficiencies and reduce the carbon footprints within these recycling industries.

Recyclus is partnering with existing, permitted, cash generative businesses within the UK. Recyclus will not only provide funding for these businesses for expansion, but also add operational value by leveraging industry knowledge to increase contracted supply and offtake for the plants.

2020 will see Environmental Agency (EA)/Governmental regulatory clampdowns on the export of waste and waste storage in the UK, especially post Brexit, leading to an increased requirement for ethical, clean, waste recycling. Recyclus will support the Governmental, regulatory, economic and social agendas for a cleaner and better environment to live using a scalable business model to maximise the margins of upcycled materials in both batteries and tyres. Lead-Acid battery recycling industry is a major polluter, spent batteries are thrown into smelters. Opportunity to use hydrometallurgical process to reduce carbon footprint by 85%, cut slag by >90% and recycle the plastics as well as the lead.

The sale and purchase agreements have been drafted and work has commenced on fund raising for the proposed Reverse Take-Over. The Acquisitions are subject, inter alia, to the completion of due diligence, documentation and compliance with all regulatory requirements, including the Listing and Prospectus Rules and, as required, the Takeover Code.

The previously contemplated and announced transactions to acquire The Airedale House group of companies and HCS (North East) Limited were terminated with immediate effect.

The Future

The directors look forward to completing this RTO as soon as practicable as we believe the acquisition represents an exciting and profitable opportunity for the shareholders of the Company.

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 the notes 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.

Post Balance Sheet Events

The loan facility with Dover Harcourt Plc has been extended post period end by GBP38,000. Further details of the facility can be found in the Results for the period.

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.

James Longley

Director

3 February 2020

STRANGER HOLDINGS PLC

INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME

 
                                     6 Months         6 months       Year ended 
                                        ended            ended 
                                 30 September     30 September         31 March 
                                         2019             2018             2019 
                                   GBP ('000)       GBP ('000)       GBP ('000) 
                                  (unaudited)      (unaudited)        (audited) 
 
  Administrative expenses               (166)            (140)            (503) 
 Listing costs                           (21)             (27)             (23) 
 Reverse takeover costs                  (20)             (10)             (29) 
                               --------------   --------------   -------------- 
 Operating loss                         (207)            (177)            (555) 
 
 Investment Income                         11                -                6 
 Finance costs                          (114)             (77)            (267) 
                               --------------   --------------   -------------- 
 Loss before taxation                   (310)            (254)            (816) 
 Taxation                                   -                -                - 
                               --------------   --------------   -------------- 
 Loss for the period                    (310)            (254)            (816) 
 
 
 Loss per share - basic and 
  diluted (pence)                     (0.21p)          (0.17p)          (0.56p) 
                               --------------   --------------   -------------- 
 

STRANGER HOLDINGS PLC

INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION

 
                                          As at            As at            As at 
                                   30 September     30 September         31 March 
                                           2019             2018             2019 
                                     GBP ('000)       GBP ('000)       GBP ('000) 
                                    (unaudited)      (unaudited)        (audited) 
 Assets 
 Current assets 
 Trade & other receivables                  128              316                7 
 Cash and cash equivalents                  100                2                - 
 
 Non current assets 
 Other debtors                              140               63               47 
                                 --------------   --------------   -------------- 
 Total Assets                               368              381               54 
 
 
 Equity and Liabilities 
 Share capital                              145              145              145 
 Share premium                              737              737              737 
 Profit and loss                        (2,189)          (1,317)          (1,879) 
                                 --------------   --------------   -------------- 
 Total Equity                           (1,307)            (435)            (997) 
 
 Current Liabilities 
 Trade and other payables                   873              555              716 
                                 --------------   --------------   -------------- 
 Total current liabilities                  873              555              716 
                                 --------------   --------------   -------------- 
 Long term liabilities 
 Borrowings                                 802              261              335 
                                 --------------   --------------   -------------- 
 Total long term liabilities                802              261              335 
                                 --------------   --------------   -------------- 
 
                                 --------------   --------------   -------------- 
 Total Liabilities                        1,675              816            1,051 
                                 --------------   --------------   -------------- 
 Total Equity and Liabilities               368              381               54 
 
 

STRANGER HOLDINGS PLC

INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY

 
                                   Share   Share premium         Retained          Total 
                                 Capital      GBP ('000)         earnings     GBP ('000) 
                              GBP ('000)                       GBP ('000) 
 Equity at 31 March 2018             145             737          (1,063)          (181) 
 
 Loss for the period                   -               -            (254)          (254) 
                            ------------    ------------   --------------   ------------ 
 Equity at 30 September 
  2018                               145             737          (1,317)          (435) 
 
 
 Loss for the period                   -               -            (562)          (562) 
                            ------------    ------------     ------------   ------------ 
 Equity at 31 March 2019             145             737          (1.879)          (997) 
 
 Loss for the Period                   -               -            (310)          (310) 
 
                            ------------    ------------     ------------   ------------ 
 Equity at 30 September 
  2019                               145             737          (2,189)        (1,307) 
 
 

STRANGER HOLDINGS PLC

INTERIM CONDENSED CASH FLOW STATEMENT

 
                                  6 months ended     Period ended       Year ended 
                                    30 September     30 September         31 March 
                                            2019             2018             2019 
                                      GBP ('000)       GBP ('000)       GBP ('000) 
                                     (unaudited)      (unaudited)        (audited) 
 
 Cash flows from operating 
  activities 
 Operating loss                            (310)            (254)            (816) 
 Add interest payable                         85                               220 
 (Increase)/decrease in 
  trade and other receivables              (121)             (90)              235 
 Less interest receivable                   (11)                -              (6) 
 Increase/(decrease) in 
  trade and other payables                   287              155              159 
                                  --------------   --------------   -------------- 
 Net cash flows from operating 
  activities                                (70)            (189)            (208) 
 
 Cashflows from investing 
  activities 
 Amounts advanced/(repaid) 
  to related parties                        (89)                -              141 
 Interest received                            11                -                6 
 Interest paid                              (69)                -            (204) 
                                  --------------   --------------   -------------- 
 Net cash from/(used in) 
  investing activities                     (147)                -             (57) 
 Cash flows from financing 
  activities 
 Net proceeds from issue 
  of bonds                                   317              191              265 
                                  --------------   --------------   -------------- 
 Net cash flows from financing 
  activities                                 317              191              265 
                                  --------------   --------------   -------------- 
 Net increase in cash and 
  cash equivalents                           100                2                - 
 Cash and cash equivalents                     -                -                - 
  at the beginning of the 
  period 
                                  --------------   --------------   -------------- 
 Cash and cash equivalents 
  at the end of the period                   100                2                - 
 
 

NOTES TO THE UNAUDITED INTERIM CONDENSED REPORT

General Information

Stranger 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 and Wales on 22 October 2015 as a private limited company and re-registered on 14 November 2016 as a public limited company.

1. Basis of preparation

This announcement was approved and authorised to issue by the Board of directors on 3 February 2020.

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). The same accounting policies and methods of computations are used as in the most recent annual financial statements

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 30 September 2019 and 30 September 2018 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 March 2019 are extracted from the 2019 audited financial statements.

No taxation charge has arisen for the period and the Directors have not declared an interim dividend.

Copies of the interim report can be found on the Company's website at www.strangerholdingsplc.com.

Going concern

The forecast cash-flow requirements of the business are contingent upon the ability of the Company to attract investors in the bonds issued by Dover to extend the credit facility to the Company. 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:

 
                            6 months ended       Year ended       Year ended 
                              30 September     30 September         31 March 
                                      2019             2018             2019 
                                GBP ('000)       GBP ('000)       GBP ('000) 
                               (unaudited)      (unaudited)        (audited) 
 Loss for the period                 (310)            (254)            (816) 
 
 Weighted average number 
  of 
  shares - basic and 
  diluted                      145,770,000      145,770,000      145,770,000 
                            --------------   --------------   -------------- 
 Basic and diluted 
  earnings per share               (0.21p)          (0.17p)          (0.56p) 
                            --------------   --------------   -------------- 
 

The basic and diluted earnings per share are the same as there were no potential dilutive shares in issue during the period.

3. Share Capital

 
                                              As at            As at            As at 
                                       30 September     30 September         31 March 
                                               2019             2018             2019 
                                         GBP ('000)       GBP ('000)       GBP ('000) 
                                        (unaudited)      (unaudited)        (audited) 
 145,770,000 Ordinary shares 
  of GBP0.001 each                            (145)            (145)            (145) 
 
                                     --------------   --------------   -------------- 
 

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

IR SSDFUDESSESE

(END) Dow Jones Newswires

February 04, 2020 02:00 ET (07:00 GMT)

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