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Polemos PLC (PLMO)

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Wednesday 04 July, 2018

Polemos PLC

Half-year Report

RNS Number : 5768T
Polemos PLC
04 July 2018
 

For immediate release                                                                                                                                                                           4 July 2018

 

Polemos plc

("Polemos" or the "Company")

 

Unaudited interim results for the six months ended 30 June 2018

 

 

The Board of Polemos announces the unaudited interim results for the six months ended 30 June 2018.

 

The interim results appear below and a copy will shortly be made available on the Company's website http://www.polemos.co.uk/.  

 

Chairman's Statement

The Company became a Rule 15 Cash Shell on 8 March 2018 and, as such, the Company is required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 on or before the date falling six months from 8 March 2018, or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least £6 million) failing which, the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified. The Board is focused on examining opportunities for a suitable acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14.

 

For further information, please contact:

 

Polemos plc

Dr Nigel Burton

 

+44 7785 234447

Beaumont Cornish Limited (Nominated Adviser)

James Biddle

Michael Cornish

 

+44 (0)20 7628 3396

Peterhouse Corporate Finance Limited (Broker)

Lucy Williams

 

Tel: +44 (0) 20 7469 0930

Novum Securities Limited (Joint Broker)

Colin Rowbury

 

Tel: +44 (0) 20 7399 9400

 

Financial Review

During the period, the Company made a loss before taxation from continuing operations of £177,000 (6 months ended 30 June 2017: loss £391,000). There was a weighted loss per share of 0.2p (6 months ended 30 June 2017: loss per share of 1.5p).

 

Cash and cash equivalents at 30 June 2018 amounted to £361,000 (30 June 2017: £151,000).

 

Outlook

The Company is required to complete a reverse takeover within 6 months of becoming a rule 15 company and the board continues to look for a suitable investment to achieve this.

 

 

 

Nigel Burton

Chairman

3 July 2018



 

Unaudited Condensed Company Statement of Comprehensive Income
for the six months ended 30 June 2018

 



Six months ended
30 June 2018

Unaudited

Six months ended
30 June 2017

Unaudited

Year ended
31 December 2017

 Audited



£'000

£'000

£'000






Revenue


-

-

-

Administrative expenses


(204)

(117)

(319)

Investment income


-

-

1

Share based payments


-

(30)

(30)

Impairment provision on available for sale assets


27

-

(879)

Realised (loss) on disposal of available for sale asset


-

(244)

(244)

Operating loss


(177)

(391)

(1,472)






Finance income


-

-

-

Loss before taxation


(177)

(391)

(1,471)






Taxation


-

-

-

(Loss) for the period attributable to equity holders of the parent


(177)

(391)

(1,471)






Other Comprehensive Income:





Items that may subsequently be reclassified to profit or loss:

Transfers to income statement


-

244

217

Increase/(decrease) in value of available for sale asset


-

(27)

-

Total other comprehensive income


-

217

217






Total comprehensive income for the period attributable to equity holders of the company


(177)

(174)

(1,254)











Loss per share





Earnings per share - basic and diluted (pence)


(0.2)

(1.5)

(4.0)











 



 

Unaudited Condensed Company Statement of Financial Position
as at 30 June 2018

 



As at
30 June 2018 Unaudited

£'000

As at
30 June 2017 Unaudited

 £'000

As at
 31 December 2017 Audited

£'000

Non-current assets





Available-for-sale financial assets


-

513

-

Total non-current assets



513

-

 

Current assets





Available-for-sale financial assets


-

-

-

Trade and other receivables


-

37

49

Cash and bank balances


361

151

46

Total current assets


361

188

95






Total assets


361

701

95






Current liabilities





Trade and other payables


(7)

(227)

(208)

Total current liabilities


(7)

(227)

(208)






Net current assets


354

(39)

(113)






Net assets


354

474

(113)






 

Equity





Share capital


20,513

19,600

19,823

Share premium account


19,135

18,911

19,181

Share based payment reserve


62

62

62

Available-for-sale asset reserve


-

-

-

Retained deficit


(39,356)

(38,099)

(39,179)

Equity attributable to equity holders of the parent


354

474

(113)

 

 



 

Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2018

 


Six months ended
30 June 2018

 Unaudited

£'000

 

Six months ended
30 June 2017

Unaudited

£'000

 

Year ended
31 December 2017 Audited

£'000

 

Net (loss) from operating activities

(177)

(391)

(1,471)





Share based payments

-

30

30

Impairment provision on available for sale assets

(27)

-

879

Loss on disposal of available for sale asset

-

244

244

Decrease/(increase) in trade and other receivables

49

4

(8)

(Decrease)/increase in trade and other payables

(201)

101

82

Net cash (outflow) from operating activities

(356)

(12)

(244)





Investing activities




Purchase of available for sale financial assets

27

(513)

(879)

Proceeds from disposal of available-for-sale financial assets

-

67

67

Net cash inflow from investing activities

27

(446)

(812)





Financing activities




Issue of share capital

690

495

995

Issue costs

(46)

(61)

(68)

Net cash inflow from Financing activities

644

434

927





Net (decrease)/increase in cash and cash equivalents

315

(24)

(129)





Cash and cash equivalents at beginning of period

46

175

175





Cash and cash equivalents at end of period

361

151

46



 

Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2018

 


Share

capital

Share

premium

Share based payment reserve

Available for sale asset reserve

Retained earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000

At 31 December 2016

19,459

18,618

63

(217)

(37,739)

184








Shares issued

364

631

-

-

-

995

Share issue costs

-

(68)

-

-

-

(68)

Share options issued

-

-

30

-

-

30

Share options cancelled

-

-

(31)

-

31

-

Total contributions by and distributions to owners of the Company

364

563

(1)

-

31

957








Transfer to income statement

-

-

-

217

-

217

Loss for the year

-

-

-

-

(1,471)

(1,471)

Total Comprehensive Income for the Year

-

-

-

217

(1,471)

(1,254)








At 31 December 2017

19,823

19,181

62

-

(39,179)

(113)








Shares issued

690

-

-

-

-

690

Share issue costs

-

(46)

-

-

-

(46)

Share based payment charge

-

-

-

-

-

-

Share options cancelled

-

-

-

-

-

-

Total contributions by and distributions to owners of the Company

690

(46)

-

-

-

644








Comprehensive Income for the year







(Loss) for the year

-

-

-

-

(177)

(177)

Total Comprehensive Income for the Year

-

-

-

-

(177)

(177)

At 30 June 2018

20,513

19,135

62

-

(39,356)

354

 



Notes to the Unaudited Condensed Company Financial Statements
for the six months ended 30 June 2018

 

1.     General Information

The condensed financial information for the 6 months to 30 June 2018 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.

 

The condensed financial information in respect of the year ended 31 December 2017 has been produced using extracts from the statutory accounts for that period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the year ended 31 December 2017, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.

 

The Report was approved by the Directors on 3 July 2018 and will be available shortly on the Company's website at www.polemos.co.uk.

 

Basis of preparation

The financial information has been prepared on the historical cost basis. This statement also includes a summary of the Company's financial position and its cash flows.

 

Basis of accounting

These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 - Interim Financial Reporting. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company's 2017 annual financial statements.

 

2.     Loss per share

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.  In accordance with IAS 33, as the Company has reported a loss for the period, diluted earnings per share are not included.  A reconciliation is set out below:

 

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.

 


6 months to

6 months to

Year ended


30 June
2018

30 June
2017

31 December 2017


Unaudited

Unaudited

Audited



(restated)



£'000

£'000

£'000

(Loss) attributable to equity holders of the Company

(177)

(391)

(1,471)





Number of Shares




Weighted average number of ordinary shares (1)

77,279,874

25,792,610

36,919,613





(Loss) per share - basic and diluted (pence)

(0.2)

(1.5)

(4.0)

 

(1)        The comparable figures have been calculated based on the post share consolidated equivalent weighted average number of ordinary shares in issue.

 

3.     Events after the end of the reporting period

None.

 


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 [email protected] or visit www.rns.com.
 
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