REG - Ashington Innovation - Interim results
30/09/2024 07:00
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RNS Number : 1257G Ashington Innovation PLC 30 September 2024
The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014, as retained as part of the law of England and Wales. Upon
the publication of this announcement via the Regulatory Information Service,
this inside information is now considered to be in the public domain.
Press Release
30 September 2024
Ashington Innovation plc
("Ashington" or "the Company")
Interim results
Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition
company ("SPAC"), announces its unaudited results for the six months ended 30
June 2024.
Interim Management Report:
During the period, the Board of Directors continued to assess potential
acquisition targets across the financial technology ("fintech") and deep
technology sectors, with the purpose of creating a combined business which
will generate increased value for the Company's shareholders.
The sector opportunity for a value-generating acquisition remains strong. The
global market for fintech is expected to reach $645 billion by 2029 (source:
Market Data Forecast, 2024), and more than $7.2 billion has been invested into
deep tech in 2024 alone (source: Sifted, 2024).
In January 2024, the Company terminated discussions with Cell Therapy Ltd.
("Cell Therapy") and Calon Cardio-Technology Ltd. ("Calon"). The Company had
been in discussions to acquire 100% of the total issued equity of Cell Therapy
and Calon in an all-share transaction (the "Transaction"). Due to prevailing
market conditions, Ashington's Directors decided that the Transaction was no
longer in the best interests of shareholders.
The Company is in early stage discussions with a number of potential targets
and will provide an update to the market if and when negotiations become
suitably advanced.
In the post-period, Ashington raised £200,000 by way of a share subscription
of 10 million new ordinary shares at a price per share of £0.02, which was at
a 150% premium to the Company's share price of £0.008. The significant
premium is a validation of the Board's existing strategy to facilitate a
value-creating acquisition.
No revenue was generated during the period and the Company incurred a loss
before tax of £202,036, reflecting the increased ongoing operating costs of
being a listed company. However, based on the Directors' assessment of the
Company's cash needs and the availability of financing, the Directors have a
reasonable expectation that the Company has adequate resources or access to
further capital to continue to operate for the foreseeable future and as such
have maintained the Company's going concern basis.
The interim financial report is available for download from the Company's
website (www.ashingtoninnovation.com (http://www.ashingtoninnovation.com) ).
For further information please contact:
Ashington Innovation plc
Jason Smart via Tancredi +44 207 887 7633
Non-Executive Director
Tancredi Intelligent Communication
Media Relations
Helen Humphrey +44 7449 226 720
Charlie Hobbs +44 7897 557 112
Neha Dhakal +44 7915 035 294
ashington@tancredigroup.com (mailto:ashington@tancredigroup.com)
About Ashington Innovation plc
Ashington Innovation plc is a special purpose acquisition company (SPAC),
formed with the intention of acquiring businesses operating in the technology
sector, in particular the financial services technology and deep technology
sectors.
The Company believes that in the increasingly fast-changing global environment
there will be an abundance of opportunities to acquire existing businesses in
the technology sector, and in particular businesses that possess and utilise
proprietary technologies and own applicable intellectual property.
The Company is not limited to any specific geographic region in identifying
its target companies. www.ashingtoninnovation.com
(http://www.ashingtoninnovation.com) .
Forward-looking statements:
This announcement may contain "forward-looking" statements and information
relating to the Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information currently available
to Company management. The Company does not undertake to update
forward‐looking statements or forward‐looking information, except as
required by law.
INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2024
6 months ended 6 months ended 17 months ended
30 June 2024 (unaudited) 31 January 2023 (unaudited) 31 December 2023 (audited)
£ £ £
(202,036) (121,440) (878,218)
Administrative expenses
Loss from operations (202,036) (121,440) (878,218)
Loss before tax (202,036) (121,440) (878,218)
- - -
Tax expense
(202,036) (121,440) (878,218)
Loss for the period
Total comprehensive income (202,036) (121,440) (878,218)
6 months ended 6 months ended 17 months ended
30 June 2024 Pence 31 January 2023 Pence 31 December 2023 Pence
Basic and diluted loss per share (see Note 3) (0.32p) (0.35p) (1.40p)
As at 30 June 2024 (unaudited) As at 31 January 2023 (unaudited) As at 31 December 2003 (audited)
Note £ £ £
Assets
Current assets
41,515 - 21,969
Trade and other receivables
62,329 27,462 323,146
Cash and cash equivalents
Total assets
103,844 27,462 345,115
Liabilities
Current liabilities
137,427 132,559 176,662
Trade and other payables
Total liabilities 137,427 132,559 176,662
Net assets (33,583) (105,097) 168,453
Issued capital and reserves
4 625,979 344,167 625,979
Share capital
Share premium reserve 815,998 263,333 815,998
Retained earnings (1,475,560) (712,597) (1,273,524)
TOTAL EQUITY (33,583) (105,097) 168,453
Share capital Share premium Retained earnings Total equity
£ £ £ £
344,167 263,333 (591,157) 16,343
At 1 August 2022
Comprehensive income for the period
- - (121,440) (121,440)
Loss for the year
At 1 February 2023 344,167 263,333 (712,597) (105,097)
- - (756,778) (756,778)
Comprehensive income for the period
Loss for the period
Contributions by and distributions to owners
Issue of share capital, net of transaction costs 281,812 552,665 - 834,477
(see Note 4) - - 195,851 195,851
Share based payments
At 1 January 2024 625,979 815,998 (1,273,524) 168,453
Comprehensive income for the period
- - (202,036) (202,036)
Loss for the period
625,979 815,998 (1,475,560) (33,583)
At 30 June 2024
6 months ended 6 months ended 17 months ended
30 June 2024 (unaudited) 31 January 2023 (unaudited) 31 December 2023 (audited)
£ £ £
Cash flows from operating activities
Loss for the period (202,036) (121,440) (878,218)
Adjustments for
Share based payments - - 195,851
Movements in working capital:
(Increase) / decrease in trade and other receivables (19,546) 6,600 (15,369)
Increase / (decrease) in trade and other payables (39,235) 5,749 16,852
(260,817) 109,091) 631,884)
Net cash used in operating activities
Cash flows from financing activities
Issue of ordinary shares - - 818,477
Net cash from financing activities - - 818,477
Net increase in cash and cash equivalents - - 818,477
323,146 136,553 136,553
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of the period 62,329 27,462 323,146
1. General Information
Ashington Innovation PLC (the 'Company') is a public company incorporated and
domiciled in the United Kingdom. The Company's registered office is at 27/28
Eastcastle Street, London, W1W 8DH.
The Company's principal activity is that of a Special Purpose Acquisition
Company.
The interim financial report is presented in pound sterling, which is the
Company's functional currency. All amounts have been rounded to the nearest
pound, unless otherwise indicated.
2. Accounting policies
2.1 Basis of preparation
The interim financial report was approved and authorised to issue by the Board
of directors on 27 September 2024.
The financial information contained in these interim financial statements does
not constitute statutory accounts as defined in section 434 of the Companies
Act 2006. It does not therefore include all of the information and disclosures
required in the annual financial statements.
The financial information in this interim report has been prepared in
accordance with International Financial Reporting Standards, International
Accounting Standards and Interpretations as adopted by the UK (collectively UK
adopted IFRS) and those parts of the Companies Act 2006 that are relevant to
companies reporting in accordance with UK adopted IFRS.
The financial information has been prepared under the historical cost
convention unless otherwise specified within the accounting policies. The
accounting policies used in the preparation of the financial information in
this interim report are consistent with those adopted in the annual statutory
financial statements for the period ended 31 December 2023.
In preparing the interim financial report, management made judgments,
estimates and assumptions that affect the application of the Company
accounting policies and the reported amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to estimates are recognised prospectively. The Directors do not
consider there to be any critical judgements that have been made in arriving
at the amounts recognised in the interim financial report.
The interim financial report for the six months ended 30 June 2024 and 31
January 2023 are unaudited and do not constitute full accounts. The
comparative figures for the period ended 31 December 2023 are extracted from
the full 2023 audited financial statements. The independent auditor's report
for the 31 December 2023 financial statements was not qualified.
Copies of the 30 June 2024 interim financial report can be found on the
Company's website at www.ashingtoninnovation.com
(http://www.ashingtoninnovation.com)
2.2 Going concern
As at 30 June 2024, the Company had cash at bank of £62,329 and as outlined
in the post balance sheet events note above there was further capital raised
of £200,000 from new investors in August 2024. The Company was established as
a Special Purpose Acquisition Company, and although the Company is unlikely to
make any profit until a successful completion of a suitable acquisition, the
Directors have a reasonable expectation that the Company has adequate
resources or access to further capital to continue in operational existence
for the foreseeable future and for this reason will continue to adopt the
going concern basis in the preparation of its interim financial report.
3. Earnings per share
Basic earnings per share
Basic loss per share is calculated by dividing the loss attributable to equity
shareholders by the weighted average number of Ordinary shares in issue during
the period:
6 months ended 6 months ended 17 months ended
30 June 2024 (unaudited) 31 January 2023 (unaudited) 31 December 2023 (audited)
£ £ £
Loss after tax attributable to (202,036) (121,440) (878,218)
equity holders of the Company
62,597,897 34,416,665 62,597,897
Weighted average number of shares
62,597,897 34,416,665 62,597,897
Weighted average number of
Ordinary shares on a diluted basis
Basic loss per share (0.32p) (0.35p) (1.40p)
4.
Share capital - Issued and fully paid
As at 30 June 2024 (unaudited) As at 31 January 2023 (unaudited) As at 31 December 2003 (audited)
£ £ £
Ordinary shares of £0.01 each
625,979 344,167 344,167
At the start of the period
Issued in the period - - 281,812
At the end of the period 625,979 344,167 625,979
At the end of the period there were 62,597,897 Ordinary £0.01 shares issued.
The Ordinary Shares have attached to them full voting, dividend and capital
distribution (including on winding up) rights, but they do not confer any
rights of redemption.
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