Half-year Report
01/04/2021 07:00
RNS Number : 2152U
Angelfish Investments PLC
01 April 2021
1 April 2021
Angelfish Investments Plc
("Angelfish" or "the Company")
Interim Results for the Half-Year to 30 June 2020
The Board of Angelfish Investments Plc (the "Board") today announces the Company's unaudited results for the six months to 30 June 2020 (the "Period"). The Company reports a loss before amortisation of Preference Shares for the Period of £192,619 (2019: £1,446,862 loss) and a loss before taxation for the Period of £471,599 (2019: £1,725,842 loss).
Statement by the Board
Following the challenges the Company had faced in 2019, during the Period the Directors took further steps to minimise further cash outgoings whilst discussions took place with a number of interested parties to seek to refinance the Company and secure its future prospects.
In March 2020, the Company entered into formal discussions with Brian Jones to commence a refinancing process for the Company. This process took longer than envisaged due to the global pandemic and on 18 June 2020, the Company entered into a framework agreement with Mr Jones under which he provided £30,000 of funding in the form of convertible loan notes and, subject to the conversion of the preference shares then in issue to ordinary shares, was to provide a further £20,000 of funding which would result in him holding 29.90% of the ordinary shares capital of the company following the conversion of both the loan notes and the preference shares. This was completed on 25 September 2020.
Updates on the Company's current investment portfolio are set out below:
Wallet Ads
Development of the platform has been delayed due to the need for additional working capital which Wallet Ads has not yet been successful in raising.
Rapid Nutrition
On receipt of the final repayment of the loans provided to Rapid the Company accepted 232,010 fully paid ordinary shares in Rapid to cover any remaining interest and in recognition of the support provided to Rapid throughout the duration of the loan. These shares were duly received on 21 February 2020, taking the total holding to 482,010 ordinary shares, of which 132,010 have subsequently been sold.
XMG
The balance of the loan to XMG at 31 December 2019 was £178,776 of which £100,000 is secured by way of a personal guarantee provided by the director of XMG. Having reviewed this investment and in light of the developments during 2020 resulting in significant ongoing delays at this stage the Directors have written the investment down to nil whilst still seeking the recovery of this balance.
Just Bee Drinks
The Covid-19 crisis saw a significant impact on sales as key customers streamlined their product lines. After significant Board discussions it was decided that the Company was to close down its drinks production and that they were to be replaced by a new range of vitamin honey products. Since this change in strategic direction, early sales growth has been very encouraging with and Just Bee continues to make steady progress. The Board have reviewed this investment in light of these developments and are of the view that it is fairly reflected at cost in these accounts.
ASSIF
ASSIF is establishing a mental health and wellness platform. It will primarily be a community for peer to peer support for people worried about mental health. Within the platform will be tools to help individuals with their mental health, including gamification and breathing videos. ASSIF is using cutting edge technology to deliver these tools and will have a consumer application and a business to business platform.
The directors of ASSIF are continuing to develop the platform not withstanding the delays many businesses experienced in 2020, during which time the platform was totally redesigned and refocused. As a result the Board are in discussions with ASSIF with options ranging from an early exit to providing further development capital should the Company have funds available for further investment.
No interim dividend on ordinary shares is to be paid in relation to the Period. No interim dividend on ordinary shares was paid in relation to the six months to 30 June 2019.
On behalf of the Board
Brian Jones
Non - executive Chairman
Angelfish Investments Plc
31 March 2021
INTERIM INCOME STATEMENT (UNAUDITED)
For the period ended 30 June 2020
| Angelfish Investments plc | ||||
| 6 mths to | 6 mths to | |||
| 30 June | 30 June | |||
| 2020 | 2019 | |||
| £ GBP | £ GBP | |||
| Revenue | 0 | 0 | ||
| Cost of Sales | 0 | 0 | ||
| Gross Profit/(Loss) | 0 | 0 | ||
| Other Operating Income | 50,984 | 27,500 | ||
| Administrative Expenses | (88,167) | (151,706) | ||
| Loss before Investment Activities | (37,183) | (124,206) | ||
| Fair Value of Receivables through Profit and Loss | 0 | (510,715) | ||
| Revaluation of loan | 0 | 22,727 | ||
| Provision against Amounts Receivable | (18,690) | (802,084) | ||
| Interest Income | 26,704 | 130,866 | ||
| Interest Payable at 7.1% on Preference Shares | (163,450) | (163,450) | ||
| (Loss) before Amortisation of Preference Shares | (192,619) | (1,446,862) | ||
| Amortisation of Preference Shares | (278,980) | (278,980) | ||
| Profit/(Loss) before Taxation | (471,599) | (1,725,842) | ||
| Taxation Expense | 0 | 0 | ||
| Total Comprehensive Income attributable to Equity Holders of the Company | (471,599) | (1,725,842) | ||
| Angelfish Investments plc | |||
| As at | As at | ||
| 30 June | 30 June | ||
| 2020 | 2019 | ||
| £ GBP | £ GBP | ||
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 685 | 1,446 | |
| Investments | 154,014 | 553,981 | |
| 154,699 | 555,427 | ||
| Current assets | |||
| Trade and other receivables | 220,741 | 875,757 | |
| Cash and cash equivalents | 11,610 | 137,386 | |
| 232,351 | 1,013,143 | ||
| Total assets | 387,050 | 1,568,570 | |
| Equity and liabilities | |||
| Equity | |||
| Issued share capital | 71,008 | 71,008 | |
| Retained earnings | (4,441,482) | (2,339,634) | |
| (4,370,474) | (2,268,626) | ||
| Non current liabilities | |||
| Loans and borrowings | 4,201,187 | 3,628,228 | |
| Current liabilities | |||
| Trade and other payables | 556,337 | 208,968 | |
| Total liabilities | 4,757,524 | 3,837,196 | |
| Total equity and liabilities | 387,050 | 1,568,570 | |
| Angelfish Investments Plc | |||||
| Brian Jones | +44 (0)7747 113620 | ||||
| AQSE Exchange Corporate Adviser Novum Securities Ltd David Coffman | +44 (0)207 399 9400 | ||||