TIDMEVA
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Chairman_s_Statement_and_FInal_Financial_Results_2020__approved_4_8_2021.pdf
THE DIRECTORS OF EVRIMA PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 594/2014 OF
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT
FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT
2018. BY PUBLICATION OF THIS ANNOUNCEMENT, THE INFORMATION SET OUT WITHIN IT IS
DEEMED NOW TO BE IN THE PUBLIC DOMAIN.
Evrima plc
AQSE: EVA
("Evrima" or the "Company"; formerly Sport Capital Group plc)
Audited Financial Results for the Year Ended 31st December 2020
Chairman's Statement
The Company presents below its final results for the year from 1st January to
31st December 2020 ("Final Results") as referred to in the regulatory
announcement issued on 12th July 2021 in which it issued preliminary, unaudited
results ("Preliminary Results") in respect of the same period. It is emphasised
that the financial statements appearing below, whilst they are audited and have
been extracted from the statutory accounts, do not constitute of themselves the
statutory accounts of the Company, which are contained in the Annual Report
available from the Company's website www.evrimaplc.com and which will shortly
be posted to shareholders along with notice of the Cmpany's annual general
meeting.
The FInal Results released today have been prepared on same basis and applying
the same accounting principles and conventions as were the financial results
for the year 1st January to 31st December 2019 with which they are compared,
earlier financial reporting periods and as were the unaudited interim financial
statements for the six-months' period to 30th June 2020.
Highlights
When the Preliminary Results referred to above were announced I advised that,
when the Final Results were published, these would be accompanied by a
strategic review of the last financial year, a discussion of significant post-
balance sheet developments (most of which latter will have been the subject of
earlier regulatory announcements by the Company) and the Directors' outlook for
the remainder of the current financial year. I am pleased, therefore, to
reproduce immediately below the Directors' Strategic Report from the Annual
Report in respect of the last fianncial year.
Simon Grant-Rennick,
Chairman,
4th August 2021
Strategic Report for the year ended 31 December 2020
The Directors present their strategic report for the year ended
31 December 2020.
REVIEW OF BUSINESS
The year, 2020 has proved transformational for the Company. After much
consideration and review, the Company has committed to creating an investment
entity focused primarily on opportunities in the natural resource industry with
a focused and diligent investment strategy that the Board feel provides our
shareholders with unique optionality.
This was demonstrated in July 2020 whereby the Board welcomed new Directors in
Burns Singh Tennent-Bhohi (Chief Executive Officer) and Mr Guy Miller
(Non-Executive Director) and saw the departure of Mr Mark Jackson from the
Board. In conjunction with these additions the Company completed a
well-supported equity finance raising gross proceeds of £324,400 to support the
Company's restructured Board and proposed investment strategy.
To better reflect this change, the Company completed a consolidation and
subdivision of its share capital, changed its name from Sport Capital Group PLC
and adopted a new investment strategy. The proposals put to shareholders were
duly passed.
It has been of significance that the Company seek to evaluate investment
opportunities that offer attractive entries and if successful result in
valuation uplifts that subsequently reduce the dependency of maintaining those
investment. In addition to this strategy the Company has implemented a
versatile investment acquisition approach that has seen the Company able to
generate acquisition opportunities through satisfying the consideration payable
in non-cash dilutive forms including the issue of equity, further demonstrating
the value in our investment strategy.
In reviewing the conditions and macro backdrop associated with global commodity
markets, the Board has isolated the Company's attention to jurisdictions that
meet internal criteria and commodities that the Board believes stand to benefit
from what we see as being a broad resurgence in commodities, this investment
rationale is made stronger with global institutions such as, Goldman Sachs
referring to, 'Copper as the new oil' and many calling for a 'super cycle' in
commodities.
To this end, as at present the Company has focused its efforts on the
identification of base and industrial mineral opportunities in Botswana and has
successfully executed on a number of investments in the year ending, 31
December 2020.
Kalahari Key Mineral Exploration Company (pty) Limited (Investment Interest:
19.6%):
("Kalahari Key or KKME")
KKME is a private mineral exploration company registered in Botswana, engaged
in the development of its Nickel-Copper-Platinum Group Metals (Ni-Cu-PGM)
project called the Molopo Farms Complex ("MFC").
The KKME opportunity developed from a recognition that no historical
exploration targeting "feeder" styles of Ni-Cu-PGE mineralisation had been
completed within the Molopo Farms ultramafic complex. The founder's group of
four seasoned metals explorers identified a number of prospecting licences over
a prospective geological feature often associated with feeder-style deposits.
The exploration work conducted to date by KKME continues to support the
prospectivity of the licence area and a series of exciting targets has been
identified for a proposed drilling campaign.
In 2020, KKME has been completing preparations for a scheduled maiden drill
campaign. Through the course of the year the technical work and studies have
included: ground geo-physics to better understand the most conductive targets,
an AMT survey and, arguably most significantly, KKME has successfully submitted
its Environment Impact Statement resulting in approval of a proposed drilling
programme on the MFC.
In 2019, Kalahari Key entered a financing and earn-in agreement with
AIM-quoted, Power Metal Resources plc (AIM: POW). Power Metal Resources plc
currently own 18.26% of Kalahari Key and in 2020 elected to exercise an option
granting it the right to earn a 40% Direct Project Interest in the MFC by
completing qualifying expenditures totalling, US$500,000.
In anticipation of the commencement of the company's maiden drill program, the
company engaged in discussions with its network to increase its equity
ownership of Kalahari Key through acquisition. Prior to the commencement of the
maiden drill program, Evrima plc held a 2.4% equity interest in Kalahari Key.
In September 2020, the Company entered into an option agreement with two of the
four founders of Kalahari Key to acquire their equity interest in Kalahari Key.
The terms of the option allowed for Evrima plc to acquire a further 17.2%
equity interest through equity consideration satisfied in fully paid ordinary
shares of Evrima plc and consideration warrants.
After extensive due diligence, Evrima plc exercised its rights under the option
agreement entered and acquired a further 17.2% through the issue of in
aggregate, 2,300,000 new ordinary shares at a price of 6 pence per share and
2,300,000 Subscription Warrants with a strike price of 12 pence and a life to
expiry of three years from the date on which the consideration shares were
admitted to market ("The Consideration").
This transaction has enabled the Company to increase its exposure to Kalahari
Key at a critical point as Kalahari Key seeks to make an economic discovery,
the investment-risk was significantly reduced through the issue of equity
rather than cash and the Company secured exposure to an opportunity that was
already entirely financed at the project level by, Power Metal Resources plc.
In addition to increasing Evrima's exposure to a pre-existing investment it
enabled the company to develop a strong working relationship with the two of
the four founders of Kalahari Key and welcome them as notifiable shareholders
of the company.
Evrima plc own 19.6% of Kalahari Key and is the second largest shareholder of
that company.
Please refer to the post year-end review for further information as to the
developments at Kalahari Key.
Further information can be found at KKME's website: https://
www.kalaharikey.co.uk.
Premium Nickel Resources Corporation ("PNR") (Investment Interest: 813,307
Shares)
PNR is a Canadian company dedicated to the exploration and development of
high-quality nickel-copper- cobalt (Ni-Cu-Co) resources. PNR believes that the
medium to long-term demand for these metals will grow through continued global
urbanization and the increasing replacement of internal combustion engines with
electric motors. Importantly, these metals are key to a low carbon future.
PNR maintains a skilled team with strong financial, technical and operational
expertise to take an asset from discovery to exploration to mining.
PNR has focused its efforts on discovering world class nickel sulphide assets
in jurisdictions with rule-of- law that fit a strict-criteria that comply with
PNR's values and principles which stand up against the highest acceptable
industry standards. We are committed to governance through transparent
accountability and open communication within our team and our stakeholders.
After much due diligence and preparation, in 2020, PNR submitted an indicative
offer to the liquidators of the Botswana Nickel-Copper-Cobalt ("Ni-Cu-Co")
assets formerly operated by BCL Limited, that if accepted would award PNR an
Memorandum of Understanding ("MOU") that would allow PNR the exclusive right to
complete further due diligence and related purchase agreements of the
underlying associated assets.
This is one of the most compelling and significant opportunities in the world
of mining, and it is with great excitement and pleasure that we are involved as
an active and supportive shareholder of PNR.
Please refer to the post year-end review for further detail on PNR.
Further information can be found at Premium Nickel Resources website: https://
www.premiumnickelresources.ca
Disposal of Commercial Unit: Killingbeck Office Park Unit, Leeds
In conjunction with the company's newly defined investment strategy as approved
by the shareholders at a general meeting on 24th August 2020, the Company took
the decision to dispose of its commercial office unit in Leeds which the Board
deemed as, non-core and believed there to be more value accretive uses for the
capital. This has been disclosed as a discontinued activity in the financial
statements.
The Company realised gross sale proceeds of £200,000.
This was a decision taken by the Board and one that was subject to much review,
as the Directors considered the demand for commercial office space in a
post-pandemic world and the intended plans to reallocate the capital to
generate superior returns to that associated with the equity value of the unit
and the net yield generated annually.
It continues to be an incredibly busy period for the Company, and I am pleased
to be reporting a 2020 that reflects the focus, execution and investment
structures that we have created in such a short period of time. The Company has
rationalised its balance sheet and has demonstrated a year of growth in our
investments whilst maintaining a lean and versatile cost base that does not
expose the company to have to raise capital unless supported by compelling
investment opportunities for which we are consistently reviewing on account of
our global network and track record in the mining and exploration industry.
I would also like to take this opportunity to extend my thanks to the
shareholders of the Company for their support. 2020 has provided many
challenges for all as we are in the midst of battling a global pandemic, this
tragic event has effected many and I wish all safety and prosperity as we move
forward into what we hope is its final conclusion.
POST- YEAR REVIEW
Following a highly active 2020, the company has continued working to develop
and support its existing investments and conditionally evaluate new
opportunities that can create optionality for the company and our shareholders.
For the year ending 31 December 2020 it is clear that we have identified base
and industrial metals as our commodities of preference and in-turn Botswana as
our jurisdiction. Botswana represents one of the world's most mineral rich
locations and one for which is experiencing marked increase in corporate
activity. Fortunately, due to the depth of our relationships we have been in a
position to consider some incredible opportunities in Botswana to complement
our existing basket of investment interests that are equity investment
interests rather than direct project investment interests.
A consistent theme that the Board has been considering is how we can
effectively deliver de-risked exposure and optionality to the Company and our
shareholders. The Directors are acutely aware of the risks of capital
investment surrounding high-impact exploration, particularly when investing at
the project-level rather than pure equity.
With this in mind, the Board has ensured that the equity investment interests
represent opportunities that at our discretion we will fund rather than have
stringent pre-emptive responsibilities and that we will review project level
investment opportunities where the company's capital contributions are fixed,
include residual interests that protect us from dilution and see us exposed to
projects that reflect our investment portfolio.
This strategy is best reflected through a number of announcements we made to
market between March & June 2021 where the company have entered a Conditional
Investment Agreement with, Eastport Ventures Inc.
Eastport Ventures Inc. (Conditional Investment Agreement)
Eastport Ventures is a company incorporated and registered in Ontario, Canada,
which was formed by seasoned explorers and corporates for the purpose of
identifying and evaluating mineral opportunities in Southern Africa, with a
specific geologic focus on Botswana. Mr B S Tennent-Bhohi, a director of the
company, is on the board of Eastport Ventures Inc.
The commercial objective of the company has been patiently to acquire and build
a portfolio of advanced exploration and investment opportunities at junctures
in the resources demand cycle when commodity markets were depressed. This
covered a range of commodities that the Eastport Ventures' team believed would
attract capital investment upon an upturn in global capital markets, coupled
with a renewed appetite for undervalued mining and exploration assets.
Eastport Ventures has hitherto amassed a portfolio of interests covering
copper, nickel, uranium, and diamonds; it has additionally created an internal
investment division that currently has a value in excess of C$1,000,000. The
mineral assets within Eastport Ventures have attracted an aggregate of over
USD$15,000,000 in both historic and current capital expenditure.
Eastport Ventures Inc. is currently progressing to its own respective IPO on a
recognised investment exchange in the U.K. and is preparing to commence a
2,500m to 5,000m diamond drill programme on its Matsitama Copper Project
focusing initially on the highly prospective:
Phudulooga Target [Historic Drilling Returned]
> DS07-011 - 4.42% Cu, 5.94 g/t Ag over 3.3m at 24.1m depth
> DS07-012 - 3.36% Cu, 3.72g/t Ag over 3.4m at 85.8m depth
Nakalakwana Target [Historic Drilling Returned]
>NH-014 - 2.47% Cu over 10m at 65.9m depth
>NH-016 - 2.42% Cu over 5.26m at 60.4m depth
The Selebi North & The Keng Nickel-Copper-PGM Projects ("The Projects")
In addition to entering a conditional investment agreement to subscribe for new
ordinary shares of Eastport in its Pre-IPO financing. On 2 June 2021, Evrima
plc entered a conditional project investment agreement over two of Eastport
Venture Inc.'s Nickel-Copper Projects.
The Nickel-Copper projects are analogues (both geologically & geographically
situated) to Evrima plc's investment in Kalahari Key & Premium Nickel Resources
Corporation;
Selebi North Project (Ni-Cu-PGM)
Eastport was awarded four contiguous prospecting licences (PLs) to the
immediate south and east of the BCL mining licence. The PLs cover 2091.8 km2
and were issued for an initial period of three years.
The PLs are located within the Phikwe Complex of the Limpopo Zone of north-east
Botswana. The licence geology comprises structurally complex sequences of the
PreCambrian banded gneiss formation; the host rocks of the former BCL
Selebi-Phikwe massive nickel-copper sulphide mine. Historical work within the
PLs located a number of sequence-specific nickel-in-soil anomalies.
Recently, Premium Nickel Resources (PNR) was awarded a six-month exclusive
right to undertake detailed due diligence and purchase aggreements for the
assets of the former BCL mine now in liquidation: PNR Awared Exclusivty to
Acquire BCL Assets. Evrima and Eastport are both shareholders of PNR providing
a complimentary risk off-set to the CES programme. Please refer to the
announcement Evrima plc made in respect of Premium Nickel Resources on 19th
February 2021.
The Keng Nickel-Copper Project
Eastport was awarded two contiguous PLs covering a major part of the northern
margin of the Molopo Farms Complex (MFC). The PLs cover 1,345 km2 and were
issued for an initial period of three years.
The PLs are located on the northern margin of the MFC, a large mafic-ultramafic
intrusive sequence, in a structurally complex area with interference by major
Limpopo faults and folded, reactive host rock sequences at the contact with the
MFC. Historical drilling within the PL's reported narrow widths up to 14.6% Ni.
Elsewhere in the MFC intersections of low grade nickel-copper-PGE's and gold,
characterize the MFC as metal-rich. The project will pursue a Norl'sk-Talnakh
or Voisey's Bay style feeder systems featuring massive sulphides.
Recent drilling by Kalahari Key Minerals, a shareholding in the Evrima
investment portfolio, reported several nickel-rich intersections: Kalahari Key
Drilling Results. Kalahari Key is also in pursuit of a feeder style massive
sulphide deposit.
The Conditional Project Investment Agreement
Evrima plc and Eastport Ventures Inc. have been in frequent and ongoing
commercial discussions surrounding a partnership to advance a number of
prospective mineral opportunities in Botswana and an equity investment in
Eastport Ventures Inc.'s pre-IPO financing round. Evrima is pleased to announce
that the Company has entered a Conditional Project Investment Agreement ("The
Agreement") with Eastport Ventures Inc. over the Selebi North & The Keng
Nickel-Copper-PGM projects (together, the "Projects").
Terms of the Project Investment Agreement
o Evrima plc to conduct a 45-day due diligence period, over the Selebi North &
Keng Nickel-Copper Projects
o During this period the companies will evaluate a proposed schedule of works
that will commence in conjunction with the closing of
the Agreement.
o Eastport Ventures Inc., has confirmed that it has completed considerable
technical evaluation and is planning a number of active
exploration programmes that should de-risk the project to a point
of drill-ready status
o Should Evrima wish to proceed the Company shall have the right to earn an
investment interest equating to 25% of the
Projects subject to certain of the conditions of the Agreement being satisfied:
> Evrima to fund, $400,000 of qualifying exploration expenditures over the
Projects within 24-months of executing, the Agreement
> Evrima shall commit to a minimum of $150,000 in exploration expenditures
within 6 months of execution of the Agreement
> Upon completion of the requisite exploration expenditures, Evrima (subject to
all approvals) shall maintain a 25% Investment Interest in the Projects: Selebi
North & Keng Nickel-Copper-PGM
> On execution of the Agreement, Evrima shall be awarded, 1,000,0000 warrants
over Eastport Ventures Inc. shares with a striking price reflecting the pre-IPO
Investment Subscription Price, a life to expiry of 3 years, 500,000 warrants
shall vest upon the Company satisfying the first 6 months of minimum
exploration expenditures, the balance (500,000 warrants) shall vest on
completion of the $400,000 qualifying expenditures under the terms of the
Agreement
> Upon satisfaction of the Agreement, Evrima shall have the right to maintain
its investment interest in the Projects on a standard fund or dilute basis
> Upon satisfaction of the Agreement, Evrima shall be awarded a 1% NSR over the
PLs that form the Projects.
For further detail please visit the Eastport Ventures Inc. Corporate Website:
https://www.eastportventures.com
Premium Nickel Resources Corporation ("PNR"): Post Year-End Update
On the 16 February 2021, PNR provided an update to its shareholders announcing
that it has been selected as the preferred bidder for the Botswana
Nickel-Copper-Cobalt ("Ni-Cu-Co") assets formerly operated by BCL Limited
("BCL"), and currently in liquidation.
On the 24 March 2021, PNR provided a further update to its shareholders
announcing that it has been, 'Awarded Exclusivity to Acquire Former BCL Assets
in Botswana'.
Please refer to a direct extract from the press release made by PNR on, 24
March 2021,
Toronto, Ontario, March 24, 2021 - Premium Nickel Resources (" PNR ") is
pleased to announce that it has completed the Exclusivity Memorandum of
Understanding (" MOU ") with the Liquidator which will govern a six-month
exclusivity period to complete its due diligence and related purchase
agreements on the Botswana nickel-copper-cobalt (" Ni-Cu-Co ") assets formerly
operated by BCL Limited (" BCL "), that are currently in liquidation.
On February 10, 2021, the Honourable Lefoko Moagi, the Minister of Mineral
Resources, Green Technology and Energy Security of Botswana, affirmed in
Parliament a press release by the Liquidator for the BCL Group of Companies,
stating that PNR was selected as the preferred bidder to acquire assets
formerly owned by BCL.
PNR will now start an estimated six-month systematic due diligence program.
During this period, PNR will complete an environmental assessment, a
metallurgical study, a review of legal and social responsibilities, a review of
the mine closure and rehabilitation plans and an on-site inspection of the
legacy mining infrastructure and equipment that has been under care &
maintenance. Concurrent with this due diligence program PNR will negotiate
definitive agreements to finalize terms on the prioritized assets to be
purchased.
PNR CEO, Keith Morrison commented,
"The World, Botswana and the mining industry have changed dramatically since
mining first started at the former BCL assets in the early 1970s. The
nickel-copper-cobalt resources remaining at these mines are now critical
metals, required for the continued development of a decarbonized and
electrified global economy. As we move forward, it is our goal to demonstrate
the potential economics of redeveloping a combination of the former BCL assets
to produce Ni-Cu-Co and water in a manner that is inclusive of modern
environmental, social and corporate governance responsibilities. To attain
this, extensive upgrades to infrastructure will be required with an emphasis on
safety, sustainability and the application of new technologies to minimize the
environmental impact and total carbon footprint for the new operations. Our
team remains committed to working with the local communities and all of the
stakeholders throughout this period and we encourage anyone with questions or
feedback to reach out to us directly."
PNR continues to monitor the global Covid-19 developments and is committed to
working with health and safety as a priority and in full respect of all
government and local Covid-19 protocol requirements. PNR has developed Covid-19
travel, living and working protocols in anticipation of moving forward to on
site due diligence. PNR is ensuring to integrate these protocols with the
currently applicable protocols of The Government of Botswana and surrounding
communities.
The developments made by PNR remain incredibly encouraging as they further
their due diligence and related purchase agreements with the liquidator. The
company remain in frequent communications with PNR and see this as an
exceptional opportunity to be involved and associated as Evrima continue to
increase its presence in Botswana and develop our investment interests.
Kalahari Key Minerals Exploration Company (pty) Limited: Post Year-End Update
("Kalahari Key")
Kalahari Key completed their maiden drill program in April 2021 and provided a
shareholder update confirming the presence of Nickel-rich intersections.
Please refer below to an extract from the Kalahari Key shareholder update;
Completion of the first phase of drilling
Diamond drilling commenced at the MFC Project in October 2020 and to date three
holes have been completed. Examination of the drill core to date has
demonstrated the geological model for the presence of a magmatic feeder zone
prospective for the accumulation of Ni/PGE sulphides in the intrusive system.
More recently core samples were sent to Geology Department of the University of
Witwatersrand in Johannesburg for thin section mineralogical analysis. This
analysis confirmed the presence of nickel sulphides in the drill core adding
more weight to the geological proposition.
We have now received results back from Scientific Services Geological
Laboratories where drill core samples from hole KKME 1-6 were sent for assay
testing.
HIGHLIGHTS:
The first batch of assay results for nickel (Ni), copper (Cu) and zinc (Zn)
have been received for the diamond drilling programme at the Molopo Farms
Complex Project.
Angled diamond drill hole KKME 1-6, downhole, significant Ni intersections
include:
> 4.8m @ 0.2% Ni from 292.7m
> 4.1m @ 0.49% Ni from 309m, including 1.6m @ 0.72% Ni from 309.6m
> 16.7m @ 0.16% Ni from 501.8m
> 10.9m @ 0.13% Ni from 518.2m
> 3.4m @ 0.28% Ni from 594.4m
A drill core was selectively sent for sample analysis the reported mineralised
intervals are considered to be open.
Assay results confirm Ni grades for pentlandite-bearing university
mineralogical samples:
o IMK-05139 (0.44m pyroxenite sample from 310m down-hole depth) assayed at
6,999ppm Ni (0.70% Ni) from a primary magmatic, pentlandite-bearing,
assemblage.
o IMK-05149 (0.58m pyroxenite sample from 295m down-hole depth) assayed at
6,606ppm Ni (0.66% Ni)
o IMK-05153 (0.54m pyroxenite sample from 297m down-hole depth) assayed at
2,244ppm Ni (0.22% Ni)
o Both IMK-05149 and IMK-05153 contained primary pentlandite within predominant
secondary nickel sulphides, arsenides and alloys.
Further assay data for gold and PGE content for the reported intervals is
currently awaited.
On-going work
Laboratory analyses of the core from the first two boreholes is continuing. The
core from the third borehole is being logged by our consultant geologist and
samples will be selected for laboratory analyses. The University of
Witwatersrand research team plans to visit Botswana to examine the core once
travel restrictions are lifted.
Re-interpretation of all the geophysical data is also proceeding with the
integration of the large amount of geological data obtained from the first
three boreholes. The majority of the targets identified prior to the first
drilling campaign remain to be drilled and the new geophysical and spectral
data acquired in 2020 has also identified new exploration targets.
The Board of Kalahari Key has communicated with shareholders the intention for
the company to seek its own respective IPO in the near future to further
develop the MFC project, providing shareholders of the company a public medium
for which all can consider support and crystallisation scenario's.
Upon the Company seeking the consent of shareholders to adopt a new investment
strategy to be more focused on the natural resource sector in August 2020,
Evrima plc has demonstrated its ability to creatively evaluate, assess and
identify investment opportunities that are at critical points of their
respective value chain. The scarcity in access to high quality opportunities in
the base and industrial metal industry means that companies with exposure to
recognised assets of significance will have the opportunity to generate returns
that are considerably disproportionate to the cost of investment.
The recent introduction of conditionally generating project investment
optionality that is aligned with our investment portfolio is an exciting move
for Evrima plc and one for which offers the Company and our shareholders
leveraged exposure to our basket of investments.
The Board remains in active review of opportunities that they can augment and
provide structured investment options, as Evrima looks to become a premier
investment issuer for base and industrial mineral opportunities, as we see the
global demand for such metals playing an integral role over the next decade.
ON BEHALF OF THE BOARD:
..........................................................................
Mr S R Grant-Rennick - Director
Date: .............................................
DIVIDS
No dividends will be distributed for the year ended 31 December 2020.
Statement of Comprehensive Income
for the year ended 31 December 2020
2020 2020 2020
Continuing Discontinued Total
Notes £ £ £
TURNOVER
-
20,141 20,141
Administrative
expenses
(245,829) (12,031) (257,860)
(245,829) 8,110 (237,719)
Gain on revaluation of assets 69,769 - 69,769
OPERATING (LOSS)/
PROFIT
(176,060) 8,110 (167,950)
Loss on sale of fixed asset - (4,436) (4,436)
investment
Interest payable and similar 6 (5,959) - (5,959)
expenses
(LOSS)/PROFIT BEFORE TAXATION (182,019) 3,674 (178,345)
Tax on (loss)/profit
7 (35,621)
- (35,621)
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR (217,640) 3,674 (213,966)
OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR (213,966)
Earnings per share expressed
In pence per share
Basic
-0.14 0.01 -0.14
Diluted
-0.14 0.01 -0.14
The Company has no recognised gains or losses for the year other than the
results above.
Statement of Comprehensive Income
for the year ended 31 December 2019
2019 2019 2019
Continuing Discontinued Total
as restated
Notes £ £ £
TURNOVER
-
20,180 20,180
Cost of
sales
-
(348) (348)
GROSS PROFIT
-
19,832 19,832
Administrative
expenses
(62,120)
-
(62,120)
OPERATING (LOSS)/
PROFIT
(62,120) 19,832 (42,288)
Interest payable and similar 6 (10,000) - (10,000)
expenses
(LOSS)/PROFIT BEFORE TAXATION (72,120) 19,832 (52,288)
Tax on (loss)/profit
7 (10,883)
- (10,883)
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR (83,003) 19,832 (63,171)
OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR (63,171)
Earnings per share expressed
In pence per share
Basic
-0.07 0.017 -0.05
Diluted
-0.07 0.012 -0.05
The Company has no recognised gains or losses for the year other than the
results above.
Statement of Financial Position
31 December 2020
2020 2019
as restated
Notes £ £
FIXED ASSETS
Investments
10 344,976 65,250
Investment property
11 - 204,436
344,976 269,686
CURRENT ASSETS
Debtors
12 68,895 40,214
Cash at
bank
163,607 11,845
232,502 52,059
CREDITORS
Amounts falling due within one 13 (118,740) (115,262)
year
NET CURRENT ASSETS/(LIABILITIES)
113,762
(63,203)
TOTAL ASSETS LESS CURRENT
LIABILITIES 458,738 206,483
CAPITAL AND RESERVES
Called up share capital
15 229,668 119,234
Share premium
16 673,448 321,482
Other reserves
16 27,821 24,000
Retained earnings
16 (472,199) (258,233)
SHAREHOLDERS'
FUNDS
458,738 206,483
The financial statements were approved by the Board of Directors and authorised
for issue on 3 August 2021 and were signed on its behalf by:
..........................................................................
Mr S R Grant-Rennick - Director
Statement of Changes in Equity
for the year ended 31 December 2020
Called up
share
Retained Share Other Total
capital
earnings premium reserves equity
£
£ £ £ £
Balance at 1 January 2019 97,990
(186,062) 293,726
- 205,654
Prior year adjustment (Note 9)
- (9,000)
-
9,000 -
Balance at 1 January 2019 as restated
97,990 (195,062)
293,726 9,000 205,654
Changes in equity
Deficit for the year
- (63,171)
-
- (63,171)
Total comprehensive income
- (63,171)
-
- (63,171)
Issue of share capital 21,244
-
27,756 15,000 64,000
Balance at 31 December 2019 119,234
(258,233) 321,482 24,000 206,483
Balance at 01 January 2020
as previously stated
119,234 (249,233)
336,482 - 206,483
Opening balance adjustment
- (9,000)
-
9,000 -
Prior year adjustment (Note 9) -
- (15,000)
15,000 -
Balance at 1 January 2020
as restated 119,234
(258,233) 321,482 24,000 206,483
Changes in equity
Deficit for the year
- (213,966)
-
- (213,966)
Total comprehensive income
- (213,966)
-
- (213,966)
Issue of share capital 110,434
-
351,966 3,821 466,221
Balance at 31 December 2020 229,668
(472,199) 673,448 27,821 458,738
Statement of Cash Flows
for the year ended 31 December 2020
2020 2019
as restated
Notes £ £
Cash flows from operating activities
Cash generated from operations
1 (233,802) (44,091)
Interest
paid
(5,959) (10,000)
Net cash from operating
activities
(239,761) (54,091)
Cash flows from investing activities
Purchase of fixed asset
investments
(71,957) (7,840)
Sale of investment
property
200,000 -
Net cash from investing
activities
128,043 (7,840)
Cash flows from financing activities
Share issue (net of issue costs)
263,480 64,000
Net cash from financing
activities
263,480 64,000
Increase in cash and cash equivalents 151,762 2,069
Cash and cash equivalents at
beginning of year 2 11,845 9,776
Cash and cash equivalents at 2 163,607 11,845
end of year
Notes to the Statement of Cash Flows
for the year ended 31 December 2020
1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2020 2019
as restated
£
£
Loss before taxation (178,345)
(52,288)
Gain on revaluation of fixed assets (69,769)
-
Accrued expenses/(income)
- (9,372)
Loss on disposal of investment
property
4,436 -
Finance costs 5,959
10,000
(237,719) (51,660)
Increase in trade and other debtors (64,302)
(894)
Increase in trade and other
creditors
68,219 8,463
Cash generated from operations (233,802)
(44,091)
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the Statement of Cash Flows in respect of cash and
cash equivalents are in respect of these Statement of Financial Position
amounts:
Year ended 31 December 2020
31/12/
20 1/1/20
£
£
Cash and cash
equivalents
163,607 11,845
Year ended 31 December 2019
31/12/
19
1/1/19
as restated
£ £
Cash and cash
equivalents
11,845 9,776
3. ANALYSIS OF CHANGES IN NET FUNDS
At
1/1/20 Cash
flow At 31/12/20
£ £ £
Net cash
Cash at bank
11,845
151,762 163,607
11,845 151,762 163,607
Total
11,845 151,762 163,607
The Directors of the Company, who have issued this RIS announcement after due
and careful enquiry, accept responsibility for its content.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Company:
Simon Grant-Rennick (Executive Chairman)
simon@evrimaplc.com
+44 7973 25 31 24
Burns Singh Tennent-Bhohi (CEO & Director)
burns@evrimaplc.com
+44 7403 16 31 85
Keith, Bayley, Rogers & Co. Limited (AQSE Corporate Adviser):
Graham Atthill-Beck: +44 (0) 7506 43 41 07; Graham.Atthill-Beck@kbrl.co.uk;
blackpearladvisers@gmail.com
Peterhouse Capital Limited (Corporate Stockbroker):
Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)
END
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