REG - Asimilar Group PLC - Interim Results
30/06/2023 08:15
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RNS Number : 4646E Asimilar Group PLC 30 June 2023
Certain information contained within this Announcement is deemed by the
Company to constitute inside information as stipulated under the UK Market
Abuse Regulations ("MAR"). Upon publication of this Announcement, this
information is now considered to be in the public domain.
Asimilar Group plc
("Asimilar", the "Company" or the "Group")
Unaudited Interim Results for the six months ended 31 March 2023
The Board of Asimilar (AQSE: ASLR) announces the Group's unaudited results for
the six month period ended 31 March 2023.
· Loss for the period of £1.0 million (H1 2022: loss of £10.6
million), mainly driven by the unrealised loss on the value of the Group's
holding in Launchmycareer Holdings plc ("LMC") (formerly Veative Holdings Plc)
over the period. This reflected a fall in LMC carrying value as assessed by
the Board from 2.77p at 30 September 2022 to 2p per share at 31 March 2023
· Net assets of £5.4 million (30 September 2022: £6.5 million),
in part reflecting the unrealised loss on the LMC investment of £0.5 million
· Net asset value (NAV) per share of 4.67p (30 September 2022:
5.53p)
· Board focussed on further cost savings
· Cancellation of trading of the Company's shares on AIM effective
26 May 2023
John Taylor, Chairman, commented: "As outlined in previous updates, the six
months in review (and subsequent period) have seen significant headwinds in
our sectors of interest.
The Board has continued to focus on reducing its cost base as far as possible
to preserve value and also to ensure that the Company's shares can remain
admitted to listing on AQSE in the short to medium term. The cancellation of
trading on AIM has reduced a significant amount of costs and the Board is also
in the process of divesting its subsidiary structure in Jersey and associated
expense. The Directors have not taken any fees since December 2022 and they
will continue to defer these until the Company has sufficient liquid assets to
meet them, having prioritised other commitments.
The Group awaits further news on the progress of LMC in relation to its
fundraising efforts and potential re-listing but has taken the step of
applying a further impairment to the carrying value of that investment to
reflect market uncertainty. It also awaits further updates regarding the
progress of All Active Asset Capital ("AAA"). Should either of these lead to
liquidity events then it may provide flexibility to the Group in deploying
additional capital in new opportunities. Pending any such developments, the
Board will continue to assess the orderly realisation of its existing
portfolio."
For further details please see below:
Asimilar Group plc
John Taylor asimilargroupplc@gmail.com
Oberon Capital (Aquis Corporate Adviser)
Chris Crawford Tel + 44 20 3179 5300
ASIMILAR GROUP PLC
CHAIRMAN'S STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2023
Introduction
The Group is invested in the technology and software sectors and continues to
focus primarily on supporting its current investments.
The specific areas we are invested in are education technology (ed-tech),
e-sports, OTT broadcast TV streaming, music streaming, podcasting and cyber
security.
Asimilar continues to support and actively work with each of its investee
companies to maximise shareholder value and build quality businesses. Our
portfolio consists of 3 listed and 7 private companies. We believe that
there is significant upside to be delivered and we are closely working with
the boards of certain of our investee companies to assist them in realising
their potential.
Shares in Asimilar were cancelled from trading on AIM on 26 May 2023 and
continue to be admitted to trading on the Access segment of the AQSE Growth
Market.
Summary of investment portfolio
The Board has not made any new investments in the period. Our investment
portfolio consists of businesses with strong technology and content themes.
Each of the businesses are pioneers and innovators in their sectors and are
disrupting the space that they are in, which also comes with high risk,
especially in times of economic difficulties.
Magic Media Works Ltd ("Magic Media"):
Magic Media is a music entertainment technology business. The company's
mission is to bring families together through shared music entertainment
experiences, making every home a connected home.
The free ROXi TV App, which was launched in November 2021, offers a full
catalogue of 90 million music videos covering all genres and decades,
combining all the original music videos with tens of millions of virtual music
videos which are exclusive to ROXi. ROXi also offers interactive music games
and Karaoke and a Netflix-esque rail-based user interface.
The ROXi experience is available on an increasingly large number of Smart TV
platforms, including Sky Q, Fire TV, Google TV, Android TV and Samsung. Other
platforms and territories are planned.
The company has global rights agreements with the major labels (Universal
Music Group, Sony Music Group, Warner Music Group) and major independents
including Merlin Music.
On 19 December 2022 ROXi announced a partnership with Simon Cowell, creator of
X-Factor and Britain's Got Talent, to curate exclusive music and video content
available on the ROXi App.
In December 2022, ROXi also announced a partnership with Samsung, allowing
ROXi to be enjoyed on Samsung TVs.
Asimilar holds 1,646,682 shares which represents 5.05% of the issued share
capital of Magic Media. Asimilar also holds £1,591,768 in convertible loan
notes, 1,262,050 warrants and has options over a further 204,811 ordinary
shares in Magic Media. The carrying value of this investment including loan
notes and warrants is £1,683,595 as at 31 March 2023 (30 September 2022:
£1,732,509).
Launchmycareer Holdings Plc ("LMC"), formerly Dev Clever Holdings Plc ("Dev
Clever"):
Launchmycareer Holdings Plc, together with its wholly owned subsidiary
Launchmycareer Limited, is a software and technology group based in Tamworth,
United Kingdom, specialising in the use of lightweight integrations of
cloud-based gamification and VR technologies to deliver rich customer
engagement experiences across both the commercial and education sectors.
On 16 December 2022 LMC announced its intention to delist from the Standard
List of the London Stock Exchange and delisted on 18 January 2023. As part of
the delisting plans the company also announced a rebranding to Veative
Holdings Plc, a restructuring of the board, a fundraise and an intention to
re-list as soon as possible.
As at 31 March 2023 no further updates were issued. Filings at Companies House
show that the company received funds from the issue of new shares at various
prices from 15p to 1p per share. These are believed to be the exercise of
warrants by existing shareholders.
On 9 May 2023 there were further board changes and another rebranding from
Veative Holdings Plc to Launchmycareer Holdings Plc. The fundraising process
continues but no updates have been issued.
Asimilar has an interest in 72.3 million ordinary shares in LMC, representing
approximately 8.37% of LMC's issued share capital. Under the circumstances
described above, the Asimilar Board has discounted the valuation as at 30
September 2022 by a further 28% from 2.77p to 2p as at 31 March 2023 and has
written the holding down to £1,446,000 (30 September 2022: £1,952,000).
Simplestream Limited ("Simplestream"):
Simplestream is an award winning provider of best in class, next generation TV
solutions to some of the biggest players in the broadcast, sports and media
industry. Clients include A&E Networks, AMC Networks, Channel 4, Nova TV
Sony Traceplay, QVC TV, Box Nation, TVL Norway, PBS UK, Copa 90 and Talk TV,
GB News and UK TV amongst others.
Simplestream's cloud-based Media Manager platform provides broadcasters and
rights owners with an end-to-end technology services eco-system, with a full
range of multi-platform TV and video distribution products including low
latency online simulcasts of TV channels, real-time sports highlights
clipping, broadcaster catch-up services, social video syndication and
subscriber management services.
Simplestream's technology platform also provides multi-channel and
multi-territory front-end templated applications for a complete range of
connected devices including mobiles, tablets, connected TVs and fast-growing
over the top (OTT) platforms such as Amazon Fire TV, Apple TV and Roku. In the
UK Simplestream's "Hybrid TV" solution is used by leading broadcasters to
power "catchup" services on Freeview, Freesat, YouView and EETV.
Simplestream delivers services across Europe, the US, Africa and the Far East
At 31 March 2023 Asimilar held 9,943 shares in Simplestream, which represents
6.71% on a fully diluted basis and a convertible loan note of £21,000. The
Asimilar Board believes there has not been a material change in carrying value
since the year end. The carrying value of this investment at 31 March 2023 is
£840,174 (30 September 2022: £840,174).
Sparkledun Limited ("Sparkledun")
Sparkledun is a private company which, through its trading subsidiary, Fast to
Fibre Limited ("Fast to Fibre"), has rights to exploit a patented process for
the extraction of the inner core of telecoms and power cables, allowing the
insertion of fibre optic without the need for excavation or other disruptive
techniques.
The Fast to Fibre commercial proposition is to reduce the cost of fibre optic
deployment particularly in difficult to access areas such as urban and city
centres, thereby increasing the pace of adoption in line with government
targets around the world to provide ultra-fast internet access.
The company has completed a number of trials in UK, Europe, North America and
India and is negotiating initial contracts with leading Telcos.
Asimilar holds 8,307 ordinary shares of £1.00 each in the issued share
capital of Sparkeldun, representing 4% of the issued share capital. The
Asimilar Board believes there has not been a material change in carrying value
since the year end. The carrying value of the investment at 31 March 2023 was
£493,851 (30 September 2022: £493,851).
Zeelo Limited ("Zeelo")
Zeelo's ambition is to build the world's leading smart mobility platform for
organisations, enabling access to safe and sustainable transportation for
everyday journeys. It seeks to use technology and data to provide flexible and
cost efficient transportation programmes in public transit deserts. This
includes the smart provision and procurement of shared transport for
businesses and providing employees with a safer commute to work and in
education getting students to schools and colleges safely and competitively.
It also gives transport operators access to new business via a digitised
service.
After an abortive acquisition offer at $100m the company subsequently
completed a fundraise of £5m at a valuation of £50m.
At 31 March 2023, Asimilar held 1,220,000 in Zeelo, which represents 0.95% of
its issued share capital, with a carrying value of £439,298 (30 September
2022: £439,298) reflecting the valuation as per the last fundraise.
All Active Asset Capital ("AAA"):
Asimilar has a holding in All Active Asset Capital ("AAA") of 24 million
shares (representing approximately 0.01% of its issued share capital). On 11
April 2023 AAA announced that it is unable to value its 36% holding in Aaqua
BV due to various legal actions involving that company, its principal
shareholder Robert Bonnier and Candy Ventures SARL.
AAA also announced that its director Colin McQuade had been appointed to the
board of Sentinace NV. AAA owns 25% of Sentiance N.V., a Belgium based AI
company, which has shown strong month on month growth. AAA is working with
Sentiance to improve its financial strength.
Asimilar's holding in AAA has been valued based solely on its 25% holding in
Sentiance.
The investment in AAA is held at £240,000 as at 31 March 2023 (30 September
2022 - £240,000). The Board has assessed that there is no material change in
the value and will review this carrying value at the time of publishing its
annual accounts for 2023.
Audioboom Group plc ("Audioboom"):
Audioboom is a global leader in podcasting with more than 130 million
downloads each month from 34 million unique listeners around the world.
Audioboom is now ranked as the fifth largest podcast publisher by weekly users
in the US by Triton Digital.
Audioboom's ad-tech and monetisation platform underpins a scalable content
business that provides commercial services for a premium network of 250 top
tier podcasts.
For the year to 31 December 2022 Audioboom achieved revenue of US$74.90
million, up 24% on 2021 and adjusted EBITDA of US$ 3.6 million, up 15% from
2021.
As at 31 March 2023 Asimilar held 35,550 (30 September 2022: 85,200) shares in
Audioboom. The investment was valued at £142,200 (30 September 2022:
£421,740).
Low 6 Limited ("Low6")
Low6 has developed an app for "pool betting" gameplay designed for Millennials
to compete against each other rather than traditionally pitted against 'the
House'. Distribution is through multi-channel platform technology. Gameplay
is available via 'global network' or 'ring-fenced geo-specific' tenants and/or
locations.
Asimilar holds 6,612 shares in Low6, representing 0.27% of the issued share
capital. The carrying value of the investment was £47,606 at 31 March
2023 (30 September 2022: £47,606).
Gfinity plc ("Gfinity")
Gfinity is a world-leading esports solutions provider. It focuses on
designing, developing and delivering esports solutions for e-games publishers,
rights holders and brands. It has contracts and partnership arrangements with
EA Games, Microsoft, FIFA, Formula 1 and Indycar.
The company announced losses of £0.8m for the 6 months to 31 December 2022
and launched a restructuring with the aim of achieving recurring savings of
£0.7m and profitability in the near future.
At 31 March 2023 Asimilar held 8,148,954 shares in Gfinity which represent
0.3% of the issued share capital and carrying value of £9,168 (30 September
2022: £81,490).
SeeQuestor Limited ("SeeQuestor"):
SeeQuestor brings together leaders in cyber security and computer vision to
deliver an Artificial Intelligence ("AI") tool to comb through some of the
estimated 1.5 trillion hours of CCTV footage produced per year, harnessing
world leading AI technology and affordable supercomputing to turn terabytes of
video into actionable intelligence.
SeeQuestor has two main products available: SeeQuestor 'Post-Event' which
allows teams to comb through archives of video footage to find persons of
interest or vehicles, helping to solve investigations in a fraction of the
time that would otherwise be needed; and SeeQuestor 'iCCTV' which monitors
surveillance cameras in real-time. Use cases range from homeland security to
smart cities, airports, industrial and mining operations.
The SeeQuestor 'Post-Event' product has been used successfully to solve crimes
by 20 police forces in the UK and overseas. SeeQuestor 'iCCTV' is now being
deployed at scale to secure sensitive events and sites in several countries.
Due to difficult trading conditions and need for further investment on 24
December 2022 the company accepted an offer from Gorilla Technology Group Inc
for the sale of the assets and IP of the company for cash and a conditional
payment to the shareholders in January 2024 if certain earn out conditions are
achieved by end of December 2023.
If the earn out conditions were to be met then Asimilar and AIL between them
could receive around $270,000 of shares in the acquiring company, however the
board of Asimilar does not have a high degree of confidence that these earn
out conditions will be met.
The holding of SeeQuestor shares totalled 124,586 as at 31 March 2023,
representing 9.00% of the issued share capital of SeeQuestor, and the carrying
value of the investment was nil (30 September 2022: nil).
As the Company is not currently actively pursuing any new investment
opportunities and will consider an orderly realisation of the Company's
portfolio, Station 12 Asset Management Limited will cease to act as an
Alternative Investment Fund Manager from 1 July 2023.
I would like to thank our shareholders and advisers for continuing to support
the Board and our vision.
John Taylor
Chairman
29 June 2023
ASIMILAR GROUP PLC
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2023
Unaudited Unaudited Audited
six months ended six months ended year ended
31 March 2023 31 March 2022 30 September 2022
Notes £ £ £
Revenue 7,000 7,000 14,000
Administrative expenses (258,131) (323,811) (735,906)
Gain on sale of investments 10,244 99,485 226,976
Gain from remeasurement of derivative financial liabilities 7 - 684,500 1,853,215
Unrealised loss on remeasurement to fair value on investments in financial 3 (771,685) (11,044,357) (36,630,063)
assets
LOSS FROM OPERATIONS BEFORE FINANCING ACTIVITIES (1,012,572) (10,577,183) (35,271,778)
Finance income 42 - 46
Finance cost (38) - -
LOSS BEFORE TAX (1,012,568) (10,577,183) (35,271,732)
Tax - - -
LOSS FOR THE PERIOD (1,012,568) (10,577,183) (35,271,732)
TOTAL COMPREHENSIVE EXPENSE (1,012,568) (10,577,183) (35,271,732)
FOR THE PERIOD
Loss before tax and total comprehensive expense for the period are all
attributable to the equity shareholders of the parent.
Loss per share (pence per share)
Basic (0.80) (8.69) (28.85)
Diluted (0.80) (8.69) (28.85)
Income and profit from operations for the current period all derive from
continuing operations.
ASIMILAR GROUP PLC
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS ENDED 31 MARCH 2023
Unaudited Audited
31 March 30 September
2023 2022
Notes £ £
ASSETS
Non-current assets
Investments in financial assets held at fair value 3 4,734,639 5,761,864
4,734,639 5,761,864
Current assets
Investments in financial assets held at fair value 3 814,313 804,541
Trade and other receivables 4 106,242 153,750
Cash and cash equivalents 5 32,870 7,179
953,425 965,470
TOTAL ASSETS 5,688,064 6,727,334
EQUITY AND LIABILITIES
Equity
Share capital 8 5,215,190 5,215,190
Share premium account 18,339,562 18,339,562
Merger reserve 279,900 279,900
Retained earnings (18,395,036) (17,382,468)
Total equity attributable to equity holders of the parent
5,439,616 6,452,184
Current liabilities
Trade and other payables 6 192,448 219,150
Derivative financial liabilities 7 56,000 56,000
Total liabilities 248,448 275,150
TOTAL EQUITY AND LIABILITIES 5,688,064 6,727,334
ASIMILAR GROUP PLC
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2023
Share
Share Premium Merger Warrant Retained
capital Account Reserve Reserve Earnings Total
£ £ £ £ £
Audited as at 1 October 2021 5,214,709 17,932,954 279,900 157,813 17,889,264 41,474,640
Total comprehensive expense for the period - - - - (10,577,182) (10,577,182)
Transactions with owners
Share issue 57 28,609 - - - 28,667
Unaudited as at 31 March 2022 5,214,766 17,961,563 279,900 157,813 7,312,082 30,926,124
Unaudited as at 1 April 2022 5,214,766 17,961,563 279,900 157,813 7,312,082 30,926,124
Total comprehensive expense for the period - - - - (24,694,550) (24,694,550)
Warrant reserve - 157,813 - (157,813) - -
Transactions with owners
Share issue 424 220,186 - - - 220,610
Audited as at 30 September 2022 5,215,190 18,339,562 279,900 - (17,382,468) 6,452,184
Audited as at 1 October 2022 5,215,190 18,339,562 279,900 - (17,382,468) 6,452,184
Total comprehensive expense for the period - - - - (1,012,568) (1,012,568)
Unaudited as at 31 March 2023 5,215,190 18,339,562 279,900 - (18,395,036) 5,439,616
All equity is attributable to equity shareholders of the parent.
Share Capital
Represents the par value of shares in issue.
Share premium
Represents amounts subscribed for share capital in excess of its nominal
value, net of directly attributable issue costs.
Merger relief reserve
Represents premium on shares issued in connection with the acquisition of
Intrinsic Investments Limited, recognised in accordance with S162 of the
Companies Act 2006.
Warrant reserve
Warrant reserve represents amount received for placing warrants.
Retained earnings
Represents accumulated losses to date.
ASIMILAR GROUP PLC
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2023
Unaudited Unaudited Audited
six months ended six months ended year ended
31 March 2023 31 March 2022 30 September 2022
£ £ £
Operating activities
Loss before tax (1,012,568) (10,577,182) (35,271,732)
(Increase)/decrease in trade and other receivables 47,508 (65,619) (58,269)
Increase/(decrease) in trade and other payables (26,702) 11,956 87,515
Net finance cost (4) - (46)
Unrealised loss on remeasurement to fair value 771,685 10,359,857 34,776,848
Gain on sale of investments (10,244) (99,485) (226,976)
Net cash used in operating activities (230,325) (370,473) (692,660)
Investing activities
Payments to acquire investments - (395,316) (644,230)
Proceeds from disposal of financial assets 256,012 168,737 714,843
Net finance income 4 - 46
Net cash (used in)/generated from investing activities 256,016 (226,579) 70,659
Financing activities
Net proceeds from issue of shares - 28,667 29,090
Net cash received from financing activities - 28,667 29,090
Net (decrease) / increase in cash and cash equivalents 25,691 (568,385) (592,911)
Cash and cash equivalents at the start of the period 7,179 600,090 600,090
Cash and cash equivalents at the end of the period 32,870 31,705 7,179
ASIMILAR GROUP PLC
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 31 MARCH 2023
1 General information
Shares in the Company are admitted to trading on Aquis. The Company is
incorporated and domiciled in England and its registered office is 4 More
London Riverside, London, SE1 2AU.
This interim financial information was approved for issue on 29
June 2023.
2 Accounting policies
2.1 Basis of preparation
The interim financial information comprises the Consolidated Statements of
Financial Position at 31 March 2023 and 30 September 2022 and the Consolidated
Statements of Comprehensive Income, Changes in Equity and Cash Flows for the
periods ended 31 March 2023, 31 March 2022 and 30 September 2022 and the
related notes of Asimilar Group Plc (hereinafter referred to as 'the interim
financial information').
In preparing this interim financial information, management has used the
accounting policies set out in the Group's annual financial statements as at
30 September 2022 and are in accordance with UK adapted International
Financial Reporting Standards.
This interim financial information does not constitute a set of statutory
accounts under the requirements of the Companies Act 2006 and is neither
audited nor reviewed. The comparative figures for the financial year ended
30 September 2022 are extracted from the Group's 2022 financial statements,
which have been reported on by the Group's auditors and delivered to the
Registrar of Companies. The report of the auditors was unqualified.
This document (the Interim Statement 2023) will be published on the Group's
website. The maintenance and integrity of the Asimilar Group Plc website is
the responsibility of the directors. Legislation in the UK governing the
preparation and dissemination of accounts may differ from legislation in other
jurisdictions.
2.2 Going concern
The financial statements have been prepared on the going
concern basis, which assumes that the Group will have sufficient funds to
continue in operational existence for at least twelve months from the date of
approval of the financial statements.
Whilst the Group continues to hold relatively small cash balances, it holds a
number of liquid, quoted investments which it is able to realise as required
to meet operational costs and other outgoings. The Board's cash flow
forecasts for the Group to June 2024, take into account a number of
scenarios including due consideration of the cost saving measures (including,
but not limited to, those associated with the cancellation of the Company's
admission to trading on AIM) and, taking account of reasonably possible
adverse changes in the performance of the investment portfolio, indicate that
the Group will have sufficient access to cash to continue in operational
existence for the next 12 months from the date of approval of the financial
statements.
The Company could also seek to realise some of its substantial private
investments. However, there is a a risk that such forced disposal could be at
a loss.
Considering the above, the Directors are confident the Group remains a going
concern and that, should it be required, the Group would be able to raise
funds.
Whilst material uncertainties relating to going concern do exist and may cast
significant doubt over the Group's ability to continue as a going concern, at
the date of approving these accounts, the Directors have concluded that the
basis of preparation is appropriate.
2.3 Investments
Financial assets and liabilities are fair valued using a hierarchy
that reflects the significance of the inputs used in making the fair value
assessment. The fair value hierarchy has the following levels:
Level 1: quoted prices (unadjusted) in active markets for identical
assets or liabilities.
Level 2: inputs other than quoted prices for identical assets or
liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from
prices).
Level 3: inputs for the assets or liabilities that are not based on
observable market data (unobservable inputs) and require valuation techniques
which involve judgement and estimation uncertainties.
3 Investments
Unaudited Audited
31 March 30 September
2023 2022
£ £
Non-current assets
Investments held at fair value through profit and loss ("FVTPL") 4,734,639 5,761,864
Current assets
Investments held at FVTPL 814,313 804,541
Total investments 5,548,952 6,566,405
Movements: Non-current Current
Fair value of investments b/f 5,761,864 804,541
Purchases in the period - -
Disposals in the period - (245,768)
Net unrealised loss in fair value (523,996) (247,689)
Transfers (503,229) 503,229
Fair value of investments c/f 4,734,639 814,313
Investments held at FVTPL Level 1 Level 3 Total
£ £ £
Audited fair value at 30 September 2022 820,867 5,745,538 6,566,405
Additions - - -
Disposals (245,768) - (245,768)
Fair value adjustment (247,689) (523,996) (771,685)
Unaudited fair value at 31 March 2023 327,410 5,221,542 5,548,952
4 Trade and other receivables Unaudited Audited 30
31 March 2023 30 September 2022
£ £
Trade receivables 4,200 8,400
Prepayments 73,733 54,390
Other receivables 28,309 90,960
106,242 153,750
Cash and cash equivalents
5
For the purpose of the interim cash flow statement, cash and cash equivalents
are comprised of the following:
Unaudited Audited
31 March 30 September
2023 2022
£ £
Cash at bank and in hand 32,870 7,179
=========== ===========
6. Trade and other payables Unaudited Audited
31 March 30 September
2023 2022
£ £
Trade payables 97,294 41,016
Accruals and deferred income 95,154 81,814
Other taxes and social security - 96,320
----------------- -----------------
192,448 219,150
========= =========
7. Derivative financial liabilities Unaudited Audited
31 March 30 September
2023 2022
£ £
Derivative liabilities 56,000 56,000
========= =========
8. Share capital Unaudited Audited
31 March 2023 30 September 2022
£ £
Issued and fully paid
Ordinary shares of 0.01p each b/f 12,649 12,168
Issue of shares of 4,814,182 of 0.01p each - 481
Ordinary shares of 0.01p each c/f 12,649 12,649
Deferred shares (44,132,276 shares of 9.99p each) 4,408,815 4,408,815
Deferred shares (8,819,181 of 9.00p each) 793,726 793,726
5,215,190 5,215,190
Dividends paid and proposed
9.
Equity dividends on ordinary shares:
No interim dividend was paid or is proposed for the half year ended 31 March
2023.
10. Loss per share
The calculations of loss per share are based on the following results and
number of shares.
Unaudited Unaudited Audited
six months ended six months ended year ended
31 March 2023 31 March 2022 30 September 2022
£ £ £
Loss for the financial period (1,012,568) (10,577,182) (35,271,732)
Weighted average number of shares for basic loss per share 126,498,125 121,732,734 122,244,418
Weighted average number of shares for diluted loss per share
126,498,125 121,732,734 122,244,418
Loss per share (pence per share) - Basic (0.80) (8.69) (28.85)
Loss per share (pence per share) - Diluted (0.80) (8.69) (28.85)
At 31 March 2023, the number of ordinary shares in issue was 126,498,125.
IAS 33 requires presentation of diluted EPS when a company could be called
upon to issue shares that would decrease earnings per share or increase the
loss per share. For a loss-making Company with outstanding share options, net
loss per share would be decreased by the exercise of options. Therefore, per
IAS33:36 the antidilutive potential ordinary shares are disregarded in the
calculation of diluted EPS.
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