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Evrima Plc - Interim Report for Period Ended 30th June 2020

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09/21/2020 | 02:31am EDT

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY EVRIMA PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

EVRIMA PLC
(formerly Sport Capital Group plc; “Evrima” or the “Company”)

RESULTS FOR THE PERIOD ENDED 30THJUNE 2020

Chairman’s Statement

The Directors present below the unaudited financial statements for the half-year ended 30thJune 2020, which show a loss before taxation of £(15,540) (30thJune 2019: £(73,331)) and cash-at-bank of £2,038 (30thJune 2019: £11,845). The financial statements which follow have not been reviewed by the Company’s statutory auditors. The loss for the half-year was in line with the Directors’ expectations at the beginning of the period under review.

Trading Performance

During the period under review, the Company retained investment property in Leeds, West Yorkshire, which is let on a commercial lease until 2021. Despite the impact of the Covid-19 lock-down which began on 24th March in England, the lessee of the property continued to perform in accordance with the lease terms.

Other Developments

In May this year, the Company appointed Peterhouse Capital Limited as corporate stockbroker. Keith, Bayley, Rogers & Co. Limited remains Corporate Adviser for the purposes of the Company’s share quotation on AQSE.

When, on 8thJune 2020, I presented the Company’s full-year results for 2019, I stated that the Directors remained focused on opportunities with the potential to bring rewards for shareholders. Since the end of the first half of 2019, there has been a number of important developments within the Company; although each has been publicly disclosed between July 2020 and earlier this month, as and when required, I summarise them below under the heading “Post- Balance Sheet Events”.

Post- Balance Sheet Events

i.    Equity Financing

In July of this year, the Company raised £324,000 gross of new, permanent equity capital by means of a placing of 108,133,133 new shares with new and existing investors.

ii.  Changes of Directorate

At the same time as announcing the re-financing, I was able to announce that two new Directors, Burns Singh Tennent-Bhohi and Guy Miller, had joined the Board of Directors. Mark Jackson, FCA, MBA, left the Board shortly following the re-financing, to concentrate on other business ventures with which I wish him every success.

iii.  Shareholders Approve New Investment Strategy, Capital Streamlining and Name-Change

On 5thAugust 2020, the Company posted a circular seeking shareholders’ consent to certain measures, including the re-focusing of the investment objectives onto the natural resources exploration and extraction sector, a re-organisation of the Company’s issued share capital in which the ordinary shares would be consolidated in the ratio of one-for-ten and changing the Company’s name from Sport Capital Group plc to Evrima plc. All the steps sought to be taken were approved on 24thAugust 2020.

iv.  Option Significantly to Increase Existing Resource Investment

On 8thSeptember 2020, Evrima announced that it had entered into a 60-day, exclusive option to acquire a further 17.2 percent of the issued share capital of Kalahari Key Minerals Exploration (Pty.) Limited (“KKME”), a private Botswanan company which is exploring licences in a highly prospective geological formation straddling the border of Botswana and the Republic of South Africa for nickel and platinum group elements. In 2018, the Company acquired a modest interest in KKME and subsequently participated in a capital increase by KKME so that, should the Company elect to exercise the current option announced on 8 September 2020, the Company would be interested in 19.6 percent of the issued share capital of KKME.

I look forward soon to informing shareholders concerning the outcome of the due diligence and evaluation work on KKME that the Company is conducting during the period of exclusivity under the Option Agreement; and of other investment initiatives and developments as these unfold.

Simon Grant-Rennick,
Chairman,

Registered number
06474216
Evrima plc
Interim Accounts
30 June 2020

   

Evrima plc
Condensed Profit and Loss Account
for the year ended 30 June 2020
30-June 30-June
2020 2019
£ £
Revenue        10,090        10,090
Operating expenses (16,194) (78,421)
Operating loss (6,104) (68,331)
Loss on revaluation of property (4,436)                 -
Interest payable (5,000) (5,000)
Loss on ordinary activities before taxation (15,540) (73,331)
Corporation tax                 -        13,970
Total comprehensive loss for the period (15,540) (59,361)
attributable to members

   

Evrima plc
Condensed Balance Sheet
as at 30 June 2020
30-June 30-June
Notes 2020 2019
£ £
Fixed assets
Tangible assets 2 200,000         204,436
Investments 3 65,250          65,250
265,250 269,686
Current assets
Debtors 42,604 65,936
Cash at bank and in hand 2,038 21,697
44,642 87,633
Creditors: amounts falling due within one year (118,949) (117,026)
Net current liabilities (74,307) (29,393)
Net assets 190,943 240,293
Capital and reserves
Called up share capital 119,234 118,567
Share premium 336,482 367,149
Profit and loss account (264,773) (245,423)
Shareholders' funds 190,943 240,293

   

Evrima plc
Condensed Statement of Changes in Equity
for the year ended 30 June 2020
Share Share Profit Total
capital premium and loss
account
£ £ £ £
At 1 January 2019 97,990 293,726 (186,062) 205,654
Loss for the financial period             -             - (59,361) (59,361)
Shares issued 20,577 73,423             - 94,000
At 30 June 2019 118,567 367,149 (245,423) 240,293
At 1 January 2020 119,234 336,482 (249,233) 206,483
Loss for the financial period             -             - (15,540) (15,540)
At 30 June 2020 119,234 336,482 (264,773) 190,943

   

Evrima plc
Condensed cashflow statement
as at 30 June 2020
30-June 30-June
2020 2019
£ £
Cashflows from operating activities
Operating loss (15,540) (73,331)
Depreciation/revaluation      4,436             -
Movement in working capital:
(Increase)/ decrease in trade and other receivables (2,390) (1,763)
(Decrease)/ increase in trade and other payables (6,313) 855
Cash used in operations (19,807) (74,239)
Investing activities
Payments to acquire investments             -      7,840
Financing activities
Loans received 10,000             -
Net share proceeds in period             -     94,000
10,000     94,000
Increase/(Decrease) in cash and cash equivalents (9,807) 11,921
Cash and cash equivalents at beginning of the period 11,845 9,776
Cash and cash equivalents at end of the period 2,038 21,697

   

Evrima plc
Notes to the Abridged Accounts
for the year ended 30 June 2020
1 Financial information
The financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the IFRS as adopted by the European Union.
The accounting policies used in the preparation of this set of condensed interim financial are consistent with those set out in the Company's annual financial statements for the year ended 31 December 2019 and those that will be used in the preparation of the financial statements for the year ended 31 December 2020. Statutory accounts for the year ended 31 December 2019 were approved by the board of directors on 5 June 2020 and delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified.
The financial information for the period ended 30 June 2020 has not been audited or reviewed. As permitted the Company has chosen not to adopt IAS34 'Interim Financial Statements' in preparing this financial information.
Going concern
The directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2020.
2 Tangible fixed assets
Freehold property
£
Cost
At 1 January 2020 205,363
Surplus on revaluation (4,436)
At 30 June 2020 200,927
Depreciation
At 1 January 2020 927
At 30 June 2020 927
Net book value
At 30 June 2020 200,000
At 1 January 2020 204,436

   

Evrima plc
Notes to the Abridged Accounts
for the year ended 30 June 2020
3 Investments
Other
investments
£
Cost
At 1 January 2020 65,250
At 30 June 2020 65,250
The investment consists of a 15% shareholding in Mighty Oak Exploration Limited, a company with exploration licences for cobalt and lithium projects in Uganda, and 2.4% in KKME, a battery metals exploration company with licences in Botswana prospecting for nickel and platinum within the Molopo Farms complex.
4 Earnings per share
The calculation of basic earnings per share is based on the loss attributable to ordinary shareholders divided by the weighted average of ordinary shares in issue being 119,233,945 during the period. This results in a loss per share of 0.01p (2019 - 0.05p).
5 Directors remuneration
the directors will not be remunerated until such time as the net assets of the Company exceed £500,000.

This announcement has been made after due and careful enquiry; the Directors of the Company accept responsibility for the information contained in it.

REGULATORY ANNOUNCEMENT ENDS

  • :

Evrima plc (formerly Sport Capital Group plc):
Simon Grant-Rennick
E-mail:           simon@evrimaplc.com
Mob:               +44 797 325 3124

Keith, Bayley, Rogers & Co. Limited (Aquis Exchange Corporate Adviser):
Graham Atthill-Beck
E-mail:           Graham.Atthill-Beck@kbrl.co.uk 
Tel:          +44 20 7464 4091
Mob:               +44 750 643 4107; +971 50 856 9408

Brinsley Holman
E-mail:      Brinsley.Holman@kbrl.co.uk 
Tel:          +44 20 7464 4098
Mob:               +44 777 630 2228

Peterhouse Capital Limited (Corporate Stockbroker):
Lucy Williams:         +44 (0) 20 7469 0930
Duncan Vasey:         +44 (0) 20 7220 9797 (Direct)

© PRNewswire 2020

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