Catenae Innovation - Half-year Report
29/09/2023 07:00
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RNS Number : 0792O Catenae Innovation PLC 29 September 2023
29 September 2023
Catenae Innovation PLC
("Catenae", the "Company" or the "Group")
Half Year Results
Convertible Loan Update
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of digital media
and technology, announces its half-yearly report for the six months ended 30
June 2023.
As this is the first six months since the change of the year-end to 31
December, comparative figures are for the six months to 31 March 2022.
Financial overview
· Loss of £185,267 in the period under review (2022: £287,168) with
revenues of £22,173 (2022: £17,500).
· Net (liability)/asset position £(314,846) (2022: £110,033).
Post period end
· As announced on 6 September 2023, the Company's 51% subsidiary ceased
trading due to losses incurred.
The Company continues to carefully manage its working capital position.
Convertible Loan Update
As announced on 30 September 2022, the Company entered into an agreement for a
convertible loan facility for up to £250,000 ("Convertible Loan") with
Sanderson Capital Partners Limited ("Sanderson Capital"), which consists of an
initial drawdown of £125,000 followed by a further drawdown expected three
months thereafter.
As at 30 June 2023, an advance of £30,000 had been received against the
£125,000 and no shares or warrants issued. As at 28 September 2023, a total
advance of £61,000 had been received against the £125,000 and no shares or
warrants have been issued.
At each £125,000 drawdown, the Company will issue new ordinary shares to
Sanderson Capital equal to 10 percent of the drawdown value at an issue price
of the 10-day volume weighted average price prior to the date of drawdown. A
further announcement will be made on the date of each drawdown event.
Sanderson Capital will be able to convert part or all of the Convertible Loan
facility in minimum increments of £5,000, with the conversion price being
fixed at the lower of i) 0.25p; or ii) 90% of the 5-day volume weighted
average price from the first day of dealings of the Company's restoration to
trading on AIM. The Convertible Loan facility is interest-free.
As part of the Convertible Loan facility agreement, Sanderson Capital will be
issued new ordinary shares and a warrant over new ordinary shares in the
Company, of which the issue price and exercise price is 0.25 pence per share,
being the closing mid-price of the Company's ordinary shares on 30 September
2022, the first day of dealings following the release of the Company's final
results for the year ended 30 September 2021, and the interim results for the
period ended 31 March 2022 which enabled the lifting of the suspension and
restoration to trading of the Company's ordinary shares on AIM.
The new ordinary shares and warrants over new ordinary shares will be issued
after the next general meeting of the Company and a further announcement
setting out the details will be made at the time of issue.
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation. The person who arranged for release of this
announcement on behalf of the Company was Guy Meyer, Chief Executive Officer
of the Company and the Directors of the Company are responsible for the
release of this announcement.
For further information please contact:
Catenae Innovation PLC +44 (0)191 580 8545
Guy Meyer, Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser) +44(0)20 7213 0880
Liam Murray / Jo Turner
Shard Capital Partners LLP (Broker) +44 (0)20 7186 9952
Damon Heath
Notes to Editors:
About Catenae Innovation PLC
Catenae Innovation is an AIM quoted provider of digital media and technology
services. The Company specialises in Distributed Ledger Technology solutions
that solve commercial challenges and create opportunities for its clients. The
Company has an experienced IT team of project managers and integrators who
have deployed systems across corporate, government and educational sectors.
www.catenaeinnovation.com (http://www.catenaeinnovation.com)
Consolidated Statement of Comprehensive Income
For the Period Ended 30 June 2023
Unaudited Unaudited Audited
six months ended six months ended year
30 June 31 March ended
2023 2022 31 December
2022
£ £
£
Revenue 22,173 17,500 152,437
Cost of sales (2,315) (6,000) (12,600)
Gross profit 19,858 11,500 139,837
Administrative expenses (205,125) (298,668) (667,002)
Loss from operations (185,267) (287,168) (527,165)
Net Finance income/(expense) - - -
Loss before taxation (185,267) (287,168) (527,165)
Taxation - - 3,668
Total comprehensive loss for the year (185,267) (287,168) (523,497)
Loss attributable to:
Owners of the (183,023) (280,260) (514,695)
parent
Non-controlling interest (2,244) (6,908) (8,802)
Consolidated Statement of Financial Position
For the Period Ended 30 June 2023
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 31 March 31 December
2023 2022 2022
£ £ £
Non-current assets
Tangible Assets 4,345 6,518 5,431
Intangible assets 1 1 1
4,346 6,519 5,432
Current assets
Trade and other receivables 17,893 30,514 81,913
Cash and cash equivalents 2,015 337,183 65,443
19,908 367,697 147,356
Current liabilities
Trade and other payables (339,100) (264,183) (279,086)
(339,100) (264,183) (279,086)
Non-current liabilities
Interest-bearing loans - - -
Total Liabilities (339,100) (264,183) (279,086)
Net Assets/(Liabilities) (314,846) 110,033 (126,298)
Non-controlling Interest 472 4,611 2,716
Capital and reserves attributable to equity holders of the company
Ordinary share capital 570,078 570,078 570,078
Deferred share capital 3,159,130 3,159,130 3,159,130
Share premium account 19,665,457 19,665,457 19,665,457
Share reserve (83,333) (83,333) (83,333)
Merger reserve 11,119,585 11,119,585 11,119,585
Capital Redemption Reserve 2,732,904 2,732,904 2,732,904
Retained losses (37,479,139) (37,058,399) (37,292,835)
Total Equity (314,846) 110,033 (126,298)
Consolidated Statement of Cash Flows
For the Period Ended 30 June 2023
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 2023 31 March 2022 31 Dec 2022
£ £ £
Loss for the period (185,267) (287,168) (523,497)
Adjustments for:
Impairment of investments - - -
Depreciation 1,086 - 1,810
Net (loss) before changes in working capital
(184,181) (287,168) (521,687)
(Increase) / decrease in trade and other receivables
64,019 15,034 (36,677)
(Decrease) / increase in trade and other
payables 56,734 (11,038) 3,865
Cash from operations (63,428) (283,172) (554,499)
Interest received - - -
Interest paid - - -
Net cash flows from operating activities
(63,428) (283,172) (554,499)
Investing activities
Purchase of plant and equipment - - (413)
Net cash flows from investing activities
- - (413)
Financing Activities
Issue of ordinary share capital - 15,273 15,273
Repayment of loans - - -
New loans raised - - -
Net cash flows from financing activities
- 15,273 15,273
Net increase / (decrease) in cash (63,428) (267,899) (539,639)
Cash and cash equivalents at beginning of period
65,443 605,082 605,082
Cash and cash equivalents at end of period
2,015 337,183 65,443
Company Statement of Financial Position
For the Period Ended 30 June 2023
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 31 March 31 December
2023 2022 2022
£
£ £
Non-current assets
Intangible assets 1 1 1
1 1 1
Current assets
Trade and other receivables 13,864 24,242 74,745
Cash and cash equivalents 99 332,209 61,922
13,963 356,451 136,667
Current liabilities
Trade and other payables (366,493) (255,828) (308,508)
(366,493) (255,828) (308,508)
Non-current liabilities
Interest-bearing loans - - -
Total Liabilities (366,493) (255,828) (308,508)
Net Assets/(Liabilities) (352,529) 100,624 (171,840)
Capital and reserves attributable to equity holders of the company
Ordinary share capital 570,078 570,078 570,078
Deferred share capital 3,159,130 3,159,130 3,159,130
Share premium account 19,665,457 19,665,457 19,665,457
Share reserve (83,333) (83,333) (83,333)
Merger reserve 11,119,585 11,119,585 11,119,585
Capital Redemption Reserve 2,732,904 2,732,904 2,732,904
Retained losses (37,516,350) (37,063,197) (37,335,661)
Total Equity (352,529) 100,624 (171,840)
Company Statement of Cash Flows
For the Period Ended 30 June 2023
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 2023 31 March 2022 31 Dec 2022
£ £ £
Loss for the period (180,690) (273,069) (545,533)
Adjustments for:
Impairment of investment -
Net (loss) before changes in working capital
(180,690) (273,069) (545,533)
(Increase) / decrease in trade and other receivables
60,882 20,995 (29,509)
(Decrease) / increase in trade and other
payables 57,985 29,168 81,849
Cash from operations (61,823) (222,906) (493,193)
Interest received - - -
Interest paid - - -
Net cash flows from operating activities
(61,823) (222,906) (493,193)
Financing Activities
Issue of ordinary share capital - 15,273 15,273
Repayment of loans - - -
New loans raised - - -
Net cash flows from financing activities
- 15,273 15,273
Net increase / (decrease) in cash (61,823) (207,633) (477,920)
Cash and cash equivalents at beginning of period
61,922 539,842 539,842
Cash and cash equivalents at end of period
99 332,209 61,922
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.
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