Interim Results

Fandango Holdings

30/05/2019 14:00

RNS Number : 6340A

Fandango Holdings PLC

30 May 2019

 

 

Fandango Holdings plc / Index: LSE / Epic: FHP / Sector: Investment

 

30 May 2019

 

Fandango Holdings Plc ("Fandango" or the "Company")

 

Interim Report

for the Period Ended 28 February 2019

 

Chairman's Report

 

Fandango Holdings Plc is an investment company incorporated on 25 August 2016, with the original primary objective of undertaking a single acquisition of a target company, business or asset in the industrial or service sector.

 

As reported in the accounts for the year ended 31 August 2018 dated 24 April 2019, the Company had announced in December 2018 that it had signed a non-binding Heads of Terms agreement to acquire the entire issued share of Konnect Mobile Communications Inc.  Fandango is no longer in discussions with Konnect following the failure to raise the required initial funding for the Acquisition.  The Company has incurred nominal costs during the due diligence process.

 

Fandango continues to review other acquisition opportunities and will look to provide the market with updates in due course.

 

Results for the period

For the period from 1 September 2018 to 28 February 2019, the Company's results included the ongoing running costs of the Company including listing fees on the London Stock Exchange and other advisory costs.

 

Risks and uncertainties

The Company is a relatively new entity, with only a brief operating history, and therefore, investors have no basis on which to evaluate the Company's ability to achieve its objective of identifying, acquiring and operating one or more companies or businesses.

 

Going Concern

As stated in Note 1 to the condensed financial statements, the directors are satisfied that the Company has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements.

 

 

Responsibility Statement

We confirm that to the best of our knowledge:

 

(a)  the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

(b)  the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and

(c)  the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

 

Cautionary statement

This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.

 

Charles Tatnall

Chairman

 

30 May 2019

 

FANDANGO HOLDINGS PLC

INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

 

 

 

Notes
6 months ended
28 February
2019
GBP ('000)
(unaudited)
6 months ended
28 February
2018
GBP ('000)
(unaudited)
Year ended
31 August 2018
GBP ('000)
(audited)
Investment income
36
-
39
Administrative expenses
(111)
(153)
(278)
Listing costs
(24)
-
(51)
Loss before taxation
(99)
(153)
(290)
Taxation
-
-
-
Loss for the period
(99)
(153)
(290)
══════
══════
══════
Basic loss per share (pence)
2
(0.07p)
(0.11p)
(0.22p)
Diluted loss per share (pence)
(0.06p)
(0.09p)
(0.19p)


 

 

 

FANDANGO HOLDINGS PLC

 

INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY

 

 

 

 

Share Capital
GBP ('000)
Share premium
GBP ('000)
Retained earnings
GBP ('000)
Total
Equity
GBP ('000)
Equity at 31 August 2017
134
579
(200)
513
Loss for the Period
-
-
(153)
(153)
──────
──────
──────
──────
Equity at 28 February 2018
134
579
(353)
360
Loss for the Period
-
-
(137)
(137)
──────
──────
──────
──────
Equity at 31 August 2018
134
579
(490)
223
Loss for the Period
-
-
(99)
(99)
──────
──────
──────
──────
Equity at 28 February 2019
134
579
(589)
124
══════
══════
═══════
══════

  

 

 

 

FANDANGO HOLDINGS PLC

 

INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION

 

 

 

Notes
As at
28 February
2019
GBP ('000)
(unaudited)
As at
28 February
2018
GBP ('000)
(unaudited)
As at
31 August
2018
GBP ('000)
(audited)
Assets
Current assets
Prepayments & other receivables
200
71
204
Cash and cash equivalents
8
323
53
───────
───────
───────
Total Assets
208
394
257
═══════
═══════
═══════
Equity and Liabilities
Share capital
3
134
134
134
Share premium
579
579
579
Retained earnings
(589)
(353)
(490)
───────
───────
───────
Total Equity
124
360
223
Current Liabilities
Trade and other payables
84
34
34
───────
───────
───────
Total Liabilities
84
34
34
───────
───────
───────
Total Equity and Liabilities
208
394
257
═══════
═══════
═══════

 

 

 

 

FANDANGO HOLDINGS PLC

INTERIM CONDENSED CASH FLOW STATEMENT

 

 

6 months ended
28 February
2019
GBP ('000)
(unaudited)
6 months ended
28 February
2018
GBP ('000)
(unaudited)
Year ended
31 August
2018
GBP ('000)
(audited)
Cash flows from operating activities
Operating loss
(99)
(153)
(290)
Interest receivable
(36)
-
(39)
Interest payable
2
(Increase)/decrease in receivables
7
(18)
29
Increase/(decrease) in payables
37
26
26
───────
───────
───────
Net cash flows from operating activities
(89)
(145)
(274)
Cash flows from investing activities
Amounts advanced to related parties
-
-
(141)
Amounts repaid from related parties
33
-
───────
───────
───────
Net cash flows from investing activities
33
-
(141)
Cash flows from financing activities
Loan received from related parties
11
-
-
───────
───────
───────
Net cash flows from financing activities
11
-
-
───────
───────
───────
Net increase/(decrease) in cash and cash equivalents
(45)
(145)
(415)
Cash and cash equivalents at the beginning of the period
53
468
468
───────
───────
───────
Cash and cash equivalents at the end of the period
8
323
53
═══════
═══════
═══════

 

 

 

 

 

 

NOTES TO THE UNAUDITED INTERIM CONDENSED REPORT

 

1.   General Information

 

Fandango Holdings Plc ('the company') is an investment company incorporated in the United Kingdom. The address of the registered office is 27-28 Eastcastle Street London W1E 8DN. The Company was incorporated and registered in England on 25 August 2016 as a private limited company and re-registered as a public limited company on 10 May 2017.

 

Basis of preparation

 

This announcement was approved and authorised to issue by the Board of directors on 30 May 2019.

The financial information in this interim report has been prepared in accordance with the International Financial Reporting Standards. IFRS comprises standards issued by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) as adopted by the European Union (EU).

 

There are no IFRS, or IFRIC interpretations that are effective for the first time in this period that would be expected to have a material impact on the company.

 

The financial information has been prepared under the historical cost convention, as modified by the accounting standard for financial instruments at fair value.

 

The Directors are of the opinion that the financial information should be prepared on a going concern basis, in the light of the Company's financial resources.

 

These condensed interim financial statements for the six months ended 28 February 2019 and 28 February 2018 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 August 2018 are extracted from the 2018 audited financial statements. The independent auditor's report on the 2018 financial statements was not qualified.

 

No taxation charge has arisen for the period and the Directors have not declared an interim dividend.

 

Copies of the February 2019 interim report can be found on the Company's website at www.fandangoholdingsplc.com.

 

Going concern

 

The directors are satisfied that the Company has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements.

 

 

 

 

2. Loss per share

 

Basic loss per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

 

For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.

 

The calculation of basic and diluted earnings per share is based on the following figures:-

 

 

Period ended
28 February
2019
GBP
(unaudited)
Period ended
28 February
2018
GBP
(unaudited)
Year ended
31 August
2018
GBP
(audited)
Loss for the period
(98,907)
(153,108)
(290,190)
Weighted average number of
shares - basic
134,002,000
134,002,000
134,002,000
Weighted average number of
shares - diluted
159,002,000
159,002,000
159,002,000
───────
───────
───────
Basic loss per share (pence)
(0.07p)
(0.11p)
(0.22p)
Diluted loss per share (pence)
(0.06p)
(0.09p)
(0.19p)
───────
───────
───────

 

The diluted loss per share relates to the issue of 25,000,000 warrants to the Directors which confers the right but not the obligation to subscribe in cash for up to 25,000,000 £0.01p Ordinary Shares at the subscription price.

 

 

3. Share Capital

As at
28 February
2019
GBP ('000)
(unaudited)
As at
28 February
2018
GBP ('000)
(unaudited)
As at
31 August
2018
GBP ('000)
(audited)
134,002,000 Ordinary shares of £0.001 each
134
134
134
───────
───────
───────

 

4. Reports

 

A copy of this announcement will be mailed to shareholders and copies will be available for members of the public at the Company's Registered Office 27-28 Eastcastle Street London W1E 8DN.

 

 

 

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 rns@lseg.com or visit www.rns.com.

 

END

 

 

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