TIDMMACP

RNS Number : 0407U

Marwyn Acquisition Company PLC

31 March 2021

LEI number: 2138004EUUU11OVHZW75

31 March 2021

Marwyn Acquisition Company plc

(the "Company")

Interim Report for the six months ended 31 December 2020

The Company announces its interim results for the six months ended 31 December 2020.

The Interim Report is also available on the 'Shareholder Documents' page of the Company's website at www.marwynacplc.com .

Enquiries:

Marwyn Acquisition Company

Tel: +44(0)207 004 2700

Mark Brangstrup Watts

James Corsellis

Numis Securities Limited (Nominated Adviser and Broker)

Tel: +44(0)207 260 1000

Kevin Cruickshank

Jamie Loughborough

MARWYN ACQUISITION COMPANY PLC

Unaudited Interim

Condensed Consolidated Financial Statements

for the six months ended 31 December 2020

MANAGEMENT REPORT

I present to shareholders the unaudited interim condensed consolidated financial statements of Marwyn Acquisition Company plc (the "Company") (formerly Wilmcote Holdings plc) for the six months ended 31 December 2020 (the "Consolidated Interim Financial Statements"), consolidating the results of Marwyn Acquisition Company plc, WHJ Limited, Wilmcote Group Limited, WCH Group Limited, Arrow US Holdings Inc and Arrow Canadian Holdings Limited (collectively, the "Group" or "MAC") .

Strategy and Company Update

The Company was established and admitted to trading on AIM with the objective of creating value for its shareholders through the acquisition and subsequent development of target businesses, initially considering opportunities in the downstream and specialty chemicals sector. At the December 2019 AGM, shareholders approved expanding the Company's investment policy to consider opportunities in adjacent sectors, reflecting the breadth of deal flow seen and a broader range of potential investment structures. The investment policy Is included in full on the Company's website at https://www.marwynacplc.com/investors/investment-policy/default.aspx.

We continue to assess opportunities for the Company, including both potential acquisitions and/or engaging executive management. We have reflected on the previous challenges in the Company completing a platform acquisition, despite coming very close in both 2018 and 2019, and believe the value of a capitalised AIM-quoted vehicle and its broad investment scope will present opportunities in the current and expected macroeconomic environment.

At the December 2020 AGM, shareholders approved changing the Company's name to Marwyn Acquisition Company plc which we believe will better facilitate introductions of new management teams and acquisition opportunities generated by association to Marwyn's investment network.

Results

The Group's loss after taxation for the six months to 31 December 2020 was GBP515,000 (six months to 31 December 2019: loss of GBP1,643,000). The Group held a cash balance at the period end of GBP5,475,000 (as at 30 June 2020: GBP5,962,000).

Dividend Policy

The Company has not yet acquired a trading operation and it is therefore inappropriate to make a forecast of the likelihood of any future dividends. The Directors intend to determine the Company's dividend policy following completion of a platform acquisition and, in any event, will only commence the payment of dividends when it becomes commercially prudent to do so.

Corporate Governance

In line with the London Stock Exchange's AIM Rules for Companies requiring all AIM-quoted companies to adopt a recognised corporate governance code, explain how the company complies with that code's requirements and identify and explain areas of non-compliance, the Board has adopted the Quoted Companies Alliance Corporate Governance Code (the "QCA Code"). There have been no significant changes to the Corporate Governance Report presented in the Group's Annual Report and Consolidated Financial Statements for the period ended 30 June 2020, which is available on the Company's website, https://www.marwynacplc.com/investors/reports-and-presentations/default.aspx. Additional information in respect of the Company's compliance with the QCA Code can also be found on the Company's website.

The Company intends to re-evaluate its corporate governance code framework upon the earlier of the completion of a platform acquisition, or on appointment of an executive management team.

Risks

The Directors have carried out a robust assessment of the principal risks facing the Group including those that would threaten its business model, future performance, solvency or liquidity. There have been no significant changes to the principal risks described on pages 47-53 of the Group's Annual Report and Consolidated Financial Statements for the period ended 30 June 2020. The Directors are of the opinion that the risks are applicable to the six month period to 31 December 2020, as well as the remaining six months of the current financial year.

Outlook

The Directors believe that recent and ongoing market disruption is likely to result in accelerated structural change in certain sectors and the associated emergence of investment opportunities. However, the Directors also note the importance of being highly selective of those opportunities and will seek out situations where the Company's structure and access to the public markets can provide a solution not otherwise available to a vendor. The Directors continue to progress potential opportunities and assess the optimal route to execute a platform acquisition in the current macroeconomic and capital market environment.

RESPONSIBILITY STATEMENT

Each of the Directors confirms that, to the best of their knowledge:

(a) these Consolidated Interim Financial Statements, which have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of MAC; and

(b) these Consolidated Interim Financial Statements comply with the requirements of Rule 18 of the AIM Rules for Companies and Article 106 of the Companies (Jersey) Law 1991.

Neither the Company nor the Directors accept any liability to any person in relation to the interim financial report except to the extent that such liability could arise under applicable law.

Details on the Company's Board of Directors can be found on the Company website at www.marwynacplc.com .

James Corsellis

Chairman

30 March 2021

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                         Six months    Six months 
                                              ended         ended 
                                        31 December   31 December 
                                               2020          2019 
                                 Note     Unaudited     Unaudited 
                                            GBP'000       GBP'000 
 
 Administrative expenses         7            (516)       (1,643) 
                                       ------------  ------------ 
 Total operating loss                         (516)       (1,643) 
 
 Finance income                  5                1             - 
 Income tax                      8                -             - 
                                       ------------  ------------ 
 Loss for the period                          (515)       (1,643) 
                                       ------------  ------------ 
 Total other comprehensive                        -             - 
  income 
                                       ------------  ------------ 
 Total comprehensive loss 
  for the period attributable 
  to owners of the parent                     (515)       (1,643) 
                                       ============  ============ 
 
 Loss per ordinary share 
 Basic and diluted (pence)       9          (0.077)       (1.868) 
 

The Group's activities derive from continuing operations.

The Notes on pages 9 to 16 form an integral part of these Consolidated Interim Financial Statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 
                                            As at     As at 
                                      31 December   30 June 
                                             2020      2020 
                               Note     Unaudited   Audited 
                                          GBP'000   GBP'000 
Assets 
Current assets 
Trade and other receivables     11             23        20 
Cash and cash equivalents       12          5,475     5,962 
Total current assets                        5,498     5,982 
 
Total assets                                5,498     5,982 
                                     ============  ======== 
 
Equity and liabilities 
Equity 
Stated capital                  14         30,792    30,792 
Share-based payment reserve                   205       205 
Accumulated losses                       (25,654)  (25,139) 
                                     ------------  -------- 
Total equity                                5,343     5,858 
 
Current liabilities 
Trade and other payables        13            155       124 
                                     ------------  -------- 
Total liabilities                             155       124 
 
Total equity and liabilities                5,498     5,982 
                                     ============  ======== 
 

The Notes on pages 9 to 16 form an integral part of these Consolidated Interim Financial Statements.

The financial statements were approved by the Board of Directors on 30 March 2021 and were signed on its behalf by:

 
 James Corsellis   Mark Brangstrup Watts 
 Chairman          Director 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                                      Stated        Share based   Accumulated     Total 
                                     capital    payment reserve        losses    equity 
                                  ----------  -----------------  ------------  -------- 
                                     GBP'000            GBP'000       GBP'000   GBP'000 
 Balance as at 1 July 
  2020                                30,792                205      (25,139)     5,858 
 Loss and total comprehensive 
  loss for the period                      -                  -         (515)     (515) 
 Balance as at 31 
  December 2020                       30,792                205      (25,654)     5,343 
                                  ==========  =================  ============  ======== 
 
 
                                               Share based 
                                      Stated       payment   Accumulated     Total 
                                     capital       reserve        losses    equity 
                                  ----------  ------------  ------------  -------- 
                                     GBP'000       GBP'000       GBP'000   GBP'000 
 Balance as at 1 July 
  2019                                24,370           288      (23,362)     1,296 
 Issue of shares                       6,500             -             -     6,500 
 Share issue costs                      (78)             -             -      (78) 
 Loss and total comprehensive 
  loss for the period                      -             -       (1,643)   (1,643) 
 Share-based payment 
  expense                                  -           348             -       348 
 Cancellation of shares                    -         (431)           431         - 
                                  ----------  ------------  ------------  -------- 
 Balance as at 31 
  December 2019                       30,792           205      (24,574)     6,423 
                                  ==========  ============  ============  ======== 
 

The Notes on pages 9 to 16 form an integral part of these Consolidated Interim Financial Statements.

 
                                          CONSOLIDATED STATEMENT OF CASH FLOWS 
                                               For six months   For six months 
                                                        ended            ended 
                                                  31 December      31 December 
                                                         2020             2019 
                                        Note        Unaudited        Unaudited 
                                       -----  ---------------  --------------- 
                                                      GBP'000          GBP'000 
 
 Operating activities 
 Loss for the period                                    (515)          (1,643) 
 
 Adjustments to reconcile total 
  operating loss to net cash flows: 
 Deduct finance income                                    (1)                - 
 Add back depreciation expense                              -                2 
 Add back share based payment 
  expense                                                   -              348 
 Working capital adjustments: 
        (Increase)/decrease in trade 
         and other 
         receivables and prepayments                      (3)               83 
        Increase/(decrease) in trade 
         and other payables                                31          (6,251) 
 Interest received                                          1                - 
                                              ---------------  --------------- 
 Net cash flows used in operating 
  activities                                            (487)          (7,461) 
                                              ---------------  --------------- 
 
 Financing activities 
 Proceeds from issue of ordinary 
  share capital                           14                -            6,500 
 Costs directly attributable to 
  equity raise                            14                -             (78) 
 Payment on cancellation of WHJ 
  Limited A Shares                                          -             (36) 
 Net cash flows from financing 
  activities                                                -            6,386 
                                              ---------------  --------------- 
 
 Net (decrease)/increase in cash 
  and cash equivalents                                  (487)          (1,075) 
 Cash and cash equivalents at 
  the beginning of the period                           5,962            7,525 
                                              ---------------  --------------- 
 Cash and cash equivalents at 
  the end of the period                   12            5,475            6,450 
                                              ===============  =============== 
 

The Notes on pages 9 to 16 form an integral part of these Consolidated Interim Financial Statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

   1.    GENERAL INFORMATION 

Marwyn Acquisition Company Plc (the "Company") (formerly Wilmcote Holdings plc), an "investing company" for the purposes of the AIM Rules for Companies ("AIM Rules"), is incorporated in Jersey (company number 123424) and domiciled in the United Kingdom. It is a public limited company with registered office at 47 Esplanade, St Helier, Jersey JE1 0BD (formerly One Waverley Place, Union Street, St Helier, Jersey, JE1 1AX) and a UK Establishment (BR019423) address of 11 Buckingham Street, London, WC2N 6DF. The Company is the holding company of a number of subsidiaries (together with the Company, collectively "MAC" or the "Group"), as detailed in Note 10.

   2.    ACCOUNTING POLICIES 
   (a)    Basis of preparation 

The Consolidated Interim Financial Statements have been prepared in accordance with the IAS 34 Interim Financial Reporting and are presented on a condensed basis. The Consolidated Interim Financial Statements do not constitute statutory accounts within the meaning of Article 105 of the Companies (Jersey) Law 1991. All values are rounded to the nearest thousand (GBP000) except where otherwise indicated.

The Consolidated Interim Financial Statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's Annual Report and Consolidated Financial Statements for the year ended 30 June 2020, which is available on the Company's website, www.marwynacplc.com .

   (b)   Going concern 

The Consolidated Interim Financial Statements have been prepared on a going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due within the next 12 months.

   (c)    New standards and amendments to International Financial Reporting Standards 

Standards, amendments and interpretation effective and adopted by the Group

The accounting policies adopted in the preparation of these Consolidated Interim Financial Statements are consistent with those followed in the preparation of the Group's audited consolidated financial statements for the year ended 30 June 2020, which were prepared in accordance with the International Financial Reporting Standards ("IFRS"), as adopted by the European Union, updated to adopt those standards which became effective for periods starting on or before 1 January 2020. None of the new standards have had a material impact on the Group.

Standards issued but not yet effective

The following standards are issued but not yet effective. The Group intends to adopt these standards, if applicable, when they become effective. It is not expected that these standards will have a material impact on the Group.

 
 Standard                                                    Effective 
                                                              date 
 Amendments to IFRS 3 Business Combinations: References      1 January 
  to the Conceptual Framework in IFRS Standards               2022* 
 Amendments to IAS 16 Property, Plant and Equipment          1 January 
                                                              2022* 
 Amendments to IAS 37 Provisions, Contingent Liabilities     1 January 
  and Contingent Assets: Onerous contracts - cost             2022* 
  of fulfilling a contract 
 Amendments to Annual Improvements 2018-2020                 1 January 
                                                              2022* 
 Amendments to IAS 1 Presentation of Financial Statements:   1 January 
  Classification of Liabilities as Current or Non-current     2022* 
 IFRS 17 Insurance contracts                                 1 January 
                                                              2023* 
 

* subject to EU endorsement

   3.    CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES 

The preparation of the Consolidated Interim Financial Statements under IFRS requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Significant estimates and judgements

For the period ended 31 December 2020 and at the period end, the Directors do not consider that they have made any significant estimates or judgements which would materially affect the balances and results reported in these Financial Statements.

   4.    SEGMENT INFORMATION 

The Board of Directors is the Group's chief operating decision-maker. As the Group has not yet commenced trading, the Board of Directors considers the Group as a whole for the purposes of assessing performance and allocating resources, and therefore the Group has one reportable operating segment.

   5.    FINANCE INCOME 
 
                             For six months    For six months 
                                   ended 31          ended 31 
                                   December          December 
                                       2020              2019 
                                    GBP'000           GBP'000 
  Interest on bank deposits               1                 - 
                             --------------    -------------- 
                                          1                 - 
                             ==============    ============== 
 
   6.    EMPLOYEES AND DIRECTORS 
   (a)   Staff costs for the Group during the period: 
 
                                          For six months      For six months 
                                       ended 31 December   ended 31 December 
                                                    2020                2019 
                                                 GBP'000             GBP'000 
  Board director fees and salaries                     8                 591 
  Other employee wages and salaries                    -                  13 
  Social security costs                                -                  83 
  Short term employment benefits                       -                   3 
  Total employment cost expense                        8                 690 
                                      ==================  ================== 
 
   (b)   Key management compensation 

The Board considers the Directors of the Company, along with certain senior employees, to be the key management personnel of the Group. The following table details the aggregate compensation due to key management personnel over the period.

 
                                               For six months      For six months 
                                            ended 31 December   ended 31 December 
                                                         2020                2019 
                                                      GBP'000             GBP'000 
  Board directors fees, salaries, bonus, 
   termination payments and short term 
   employee benefits                                        8                 594 
                                           ------------------  ------------------ 
                                                            8                 594 
                                           ==================  ================== 
 
   7.    EXPENSES BY NATURE 
 
                                         For six months       For six months 
                                               ended 31    ended 31 December 
                                          December 2020                 2019 
                                                GBP'000              GBP'000 
 Group expenses by nature 
 Directors fees and employment 
  costs                                               8                  690 
 Non-recurring project, professional 
  and diligence costs                                 -                   96 
 Travel and entertaining                              -                   11 
 Office costs                                         1                   29 
 Professional support                               502                  462 
 Share based payment expense                          -                  348 
 Other expenses                                       5                    7 
                                        ---------------  ------------------- 
                                                    516                1,643 
                                        ===============  =================== 
 
   8.    INCOME TAX EXPENSE 
 
                                             For six months         For six months 
                                          ended 31 December      ended 31 December 
                                                       2020                   2019 
                                                    GBP'000                GBP'000 
 Analysis of tax in period 
 Current tax on profits for the period                    -                      - 
                                        -------------------    ------------------- 
 Total current tax                                        -                      - 
                                        ===================    =================== 
 

Reconciliation of effective rate and tax charge:

 
                                               For six months       For six months 
                                            ended 31 December    ended 31 December 
                                                         2020                 2019 
                                                      GBP'000              GBP'000 
 Loss on ordinary activities before 
  tax                                                   (515)              (1,643) 
                                          -------------------  ------------------- 
 Loss on ordinary activities multiplied 
  by the rate of corporation tax in 
  the UK of 19% (2019: 19%)                              (98)                (312) 
 Effects of: 
 Losses carried forward for which 
  no deferred tax recognised                               98                  312 
 Total taxation charge                                      -                    - 
                                          ===================  =================== 
 

As at 31 December 2020, cumulative tax losses available to carry forward against future trading profits were GBP25,622,000 subject to agreement with HM Revenue & Customs. Prior to a Platform Acquisition, there is no certainty as to future profits and no deferred tax asset is recognised in relation to these carried forward losses.

   9.    LOSS PER ORDINARY SHARE 

Basic EPS is calculated by dividing the profit attributable to equity holders of a company by the weighted average number of ordinary shares in issue during the year. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The weighted average number of shares has not been adjusted in calculating diluted EPS as there are no instruments which have a current dilutive effect.

Refer to Note 17 of the Group's Annual Report and Consolidated Financial Statements for the period ended 30 June 2020 for instruments that could potentially dilute basic EPS in the future.

 
                                            For six months   For six months 
                                         ended 31 December         ended 31 
                                                      2020         December 
                                                                       2019 
 Loss attributable to owners of the 
  parent (GBP'000)                                   (515)          (1,643) 
 Weighted average number of ordinary 
  shares in issue                              670,833,336       87,952,901 
 Weighted average number of ordinary 
  shares for diluted EPS                       670,833,336       87,952,901 
 Basic and diluted loss per ordinary 
  share (pence)                                    (0.077)          (1.868) 
 

10. INVESTMENTS

Principal subsidiary undertakings of the Group

The Company owns, directly or indirectly, the whole of the issued and fully paid ordinary share capital of its subsidiary undertakings. Principal subsidiary undertakings of the Group as at 31 December 2020 are presented below:

 
                                                                                     Proportion 
                                                                      Proportion    of ordinary 
                                                                     of ordinary         shares 
                                   Nature of              Country    shares held        held by 
   Subsidiary                       business     of incorporation      by parent      the Group 
-------------------------  -----------------  -------------------  -------------  ------------- 
 
                                   Incentive 
 WHJ Limited                         vehicle               Jersey           100%           100% 
 WCH Group Limited           Dormant company              England           100%           100% 
 Wilmcote Group Limited      Dormant company              England             0%           100% 
                                 Acquisition 
 Arrow US Holdings Inc               vehicle        United States             0%           100% 
 Arrow Canadian Holdings 
  Limited                    Dormant company               Canada             0%           100% 
 

There are no restrictions on the Company's ability to access or use the assets and settle the liabilities of the Company's subsidiaries.

The registered office of WHJ Limited is 47 Esplanade, St Helier, Jersey JE1 0BD (formerly One Waverley Place, Union Street, St Helier, Jersey, JE1 1AX) . The registered office of Wilmcote Group Limited and WCH Group Limited is 11 Buckingham Street, London, WC2N 6DF. Arrow US Holdings Inc and Arrow Canadian Holdings Limited were dissolved on 11 January 2021 and 26 January 2021 respectively. The registered address for Arrow US Holdings Limited was 1209 Orange Street, Wilmington, New Castle, Delaware, 19801. The registered address for Arrow Canadian Holdings Limited was 1055 West Hastings Street, Suite 1700, Vancouver, BC, V6E 2E9.

11. TRADE RECEIVABLES

 
                                    As at 31 December   As at 30 June 
                                                 2020            2020 
                                              GBP'000         GBP'000 
 Amounts receivable in one year: 
 Prepayments                                       12              16 
 VAT receivable                                    11               4 
                                   ------------------  -------------- 
                                                   23              20 
                                   ==================  ============== 
 

There is no material difference between the book value and the fair value of the receivables. Receivables are considered to be past due once they have passed their contracted due date.

12. CASH AND CASH EQUIVALENTS

 
                              As at 31 December   As at 30 June 
                                           2020            2020 
                                        GBP'000         GBP'000 
 Cash and cash equivalents 
 Cash at bank                             5,475           5,962 
                             ------------------  -------------- 
                                          5,475           5,962 
                             ==================  ============== 
 

Credit risk is managed on a group basis. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with a minimum short-term credit rating of P-1, as issued by Moody's, are accepted.

13. TRADE PAYABLES

 
                                         As at 31 December  As at 30 June 
                                                      2020           2020 
                                                   GBP'000        GBP'000 
  Amounts falling due within one year: 
  Trade payables                                       125             82 
  Accruals                                              30             42 
                                                       155            124 
                                         =================  ============= 
 

There is no material difference between the book value and the fair value of the trade and other payables.

14. STATED CAPITAL

 
                                        As at 31 December  As at 30 June 
                                                     2020           2020 
  Authorised 
  Unlimited ordinary shares of no par 
   value 
 
  Issued 
  Ordinary shares of no par value             670,833,336    670,833,336 
   Stated capital (GBP'000)                        30,792         30,792 
 

In the Company's unaudited interim condensed consolidated financial statements for the six months ended 31 December 2019, the full proceeds from the issue of a further 650,000,000 ordinary shares of no par value, issued at GBP0.01 for an aggregate consideration of GBP6,500,000 on 13 December 2019 were recognised in stated capital. Subsequently, GBP78,000 of costs directly attributable to this equity raise have been recognised against this amount.

The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company.

15. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS

The Group has the following categories of financial instruments at the period end:

 
                                                  As at      As at 
                                            31 December    30 June 
                                                   2020       2020 
                                                GBP'000    GBP'000 
 Financial assets measured at amortised 
  cost 
 Cash and cash equivalents                        5,475      5,962 
                                                  5,475      5,962 
                                          -------------  --------- 
 
 Financial liabilities measured at 
  amortised cost 
 Trade and other payables                           155        124 
                                          -------------  --------- 
                                                    155        124 
                                          =============  ========= 
 

The fair value and book value of the financial assets and liabilities are materially equivalent.

The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities.

Treasury activities are managed on a Group basis under policies and procedures approved and monitored by the Board. These are designed to reduce the financial risks faced by the Group which primarily relate to movements in interest rates.

As the Group's assets are predominantly cash and cash equivalents, market risk and liquidity risk are not currently considered to be material risks to the Group.

16. RELATED PARTY TRANSACTIONS

The AIM Rules define a related party as any (i) director of the Company or its subsidiary, (ii) a substantial shareholder, being any shareholders holding at least 10 per cent. of a share class or (iii) an associate of those parties identified in (i) or (ii).

James Corsellis and Mark Brangstrup Watts are the managing partners of the Marwyn Group. Funds managed by Marwyn Asset Management Limited, of which James Corsellis and Mark Brangstrup Watts are both non-executive directors and of which they are the ultimate beneficial owners, hold 95.36% of the Company's issued ordinary shares.

James Corsellis and Mark Brangstrup Watts have a beneficial interest in the Marwyn Performance Shares as described in note 17 of the Group's Annual Report and Consolidated Financial Statements for the year ended 30 June 2020 .

James Corsellis and Mark Brangstrup Watts are the managing partners of Marwyn Capital LLP which provides corporate finance advice and various office and finance support services to the Company. During the period Marwyn Capital LLP charged GBP260,000 (excluding VAT) (2019: GBP370,000) in respect of services supplied, GBP8,000 (excluding VAT) (2019: GBP8,000) for James Corsellis' and Mark Brangstrup Watts' directors' fees and GBPnil (2019: GBP1,000) in respect of expenses incurred on behalf of the Group. Marwyn Capital LLP was owed an amount of GBP63,000 (30 June 2020: GBP52,000) at the balance sheet date.

Marwyn Capital LLP continues to provide corporate finance and advisory support to the Company, but with effect from December 2020 has reduced its ongoing monthly fee for these services to GBP10,000. Marwyn Capital also provides certain accounting and administrative services on an arm's length time and cost basis. This reflects a streamlined provision that will allow for the continuation of current discussions and assessment of future opportunities, while preserving cash resources to maximise the future optionality for the Company to execute a transaction.

James Corsellis and Mark Brangstrup Watts are the ultimate beneficial owners of Axio Capital Solutions Limited which provided financial and accounting services, transactional support, company secretarial and administrative services to the Group. During the period Axio Capital Solutions Limited charged GBP180,000 (2019: GBP253,000) in respect of services supplied and GBPnil (2019: GBP3,000) in respect of expenses incurred on behalf of the Group. Axio Capital Solutions Limited was owed an amount of GBP30,000 (30 June 2020: GBP30,000) at the balance sheet date.

As a function of a change in its regulated activities, Axio Capital Solutions Limited has terminated the provision of company secretarial and Jersey-regulated administrative services to the Company, effective 31 December 2020. These services are now performed by Crestbridge Limited who are not considered a related party of the Company.

James Corsellis and Mark Brangstrup Watts are the ultimate beneficial owners of Marwyn Investment Management LLP and Marwyn Partners Limited which both incur costs on behalf of the Group which they recharge. During the six months to 31 December 2020, there were no such recharges (six months to December 2019: GBP39,000 was charged by Marwyn Investment Management LLP and GBP6,000 was charged by Marwyn Partners Limited in respect of recharged costs). There were no outstanding balances with Marwyn Investment Management LLP (30 June 2020: GBPnil) or Marwyn Partners Limited (30 June 2020: GBP1,000 receivable from Marwyn Partners Limited) as at the balance sheet date.

Key management personnel remuneration is disclosed in Note 6.

17. COMMITMENTS AND CONTINGENT LIABILITIES

There were no commitments or contingent liabilities outstanding at 31 December 2020 that requires disclosure or adjustment in these financial statements.

18. POST BALANCE SHEET EVENTS

There have been no material post balance sheet events that would require disclosure or adjustment to these financial statements.

 
  ADVISORS 
 
   Nominated Adviser and Broker            Company Secretary and Administrator 
   Numis Securities Limited                Crestbridge Limited 
   The London Stock Exchange Building      47 Esplanade 
   10 Paternoster Square                   St Helier, Jersey, JE1 0BD 
   London, EC4M 7LT 
  Registrar                              Solicitors to the Company 
   Link Registrars (Jersey) Limited       (as to English law) 
   12 Castle Street                       Covington & Burling LLP 
   St Helier, Jersey, JE2 3RT             265 Strand 
                                          London, WC2R 1BH 
  Principal Bankers                      Solicitors to the Company 
   Barclays Bank plc                      (as to Jersey law) 
   5 Esplanade                            Ogier 
   St Helier Jersey, JE2 3QA              44 Esplanade 
                                          St Helier, Jersey, JE4 9WG 
  Auditor                                Corporate Finance Adviser 
   PricewaterhouseCoopers LLP             Marwyn Capital LLP 
   1 Embankment Place                     11 Buckingham Street 
   London, WC2N 6RH                       London, WC2N 6DF 
 

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