REG - Online Blockchain - Final Results
01/12/2021 07:00
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RNS Number : 1176U Online Blockchain PLC 01 December 2021
For immediate release
1 December 2021
Online Blockchain Plc
('Online' or 'the Company')
Audited Results for the Year Ended 30 June 2021
Online today announces preliminary results for the year ended 30 June 2021.
CEO'S STATEMENT
2021 has been a breakthrough year for us. We are very pleased with the launch
of Umbria's Narni Bridge which is growing by the day. While Narni Bridge was
launched at the very end of 2021, Narni Bridge's performance and uptake by its
community has been promising.
Remote working (WFH, working from home) has been the "new normal" for most of
us at Online Blockchain for many years, so the impact of this change for many
office workers, did not disrupt us.
As an incubator, research and development company we have learnt that
leading-edge technology is not necessarily looked on favourably when it is
first introduced. When we started out as an internet company in the late 1990s
the internet opportunity was disregarded by many in "the city". Blockchain and
the technology that surrounds it is suffering another incarnation of this
local reluctance and potential fear of the new.
We have moved our Blockchain activities out of the UK while continuing our
activities as advisor and mentor onshore. This enables us to embrace the best
possible regulatory environment and for now we have chosen Gibraltar for our
blockchain operations.
We are very pleased with the continuing development of Umbria and specifically
its cross-blockchain bridge, Narni, named after the Roman bridge in Umbria.
The Narni bridge is designed to be a fast and cheap cross-chain bridge between
Ethereum and Polygon and has been experiencing good growth. Narni will shortly
bridge Ethereum and the Binance chains and then in due course other chains as
well. We believe that over the next 12-18 months revenue could potentially be
material. The Narni bridge remunerates liquidity providers, who enable the
bridging of tokens between chains to share in a revenue stream of bridging
fees for which OBC also receives a share. We believe this flow can be
significant and at these early stages they are promising.
We have therefore re-focused our resources to Umbria and more specifically to
the development of the Narni bridge which even at these early stages is
enabling Crypto users to move six figure sums a day of tokens from Ethereum to
Polygon or from Polygon to Ethereum. Post year-end we have put all our other
projects into 'care and maintenance' (there is no ongoing further activity on
Freefaucet.io) and have cancelled the Encyptid Games project, to focus as much
as possible on the progress of Umbria. Shareholders can see the Narni bridge
at www.umbria.network (http://www.umbria.network) and monitor its progress as
this is a live product that will generate revenue for us and its community.
Meanwhile, as always, we are still closely linked to ADVFN PLC through our
investment in that company and below is a segment from its recent year end
results which are very positive indeed with a pre-tax profit of £1,608,000.
ADVFN PLC has also announced that it will be paying a dividend this year for
the first time and as a 17.64% shareholder we are very pleased to hear this.
EVENTS AFTER THE BALANCE SHEET DATE
There were no events of significance occurring after the balance sheet date to
report.
INVESTMENT IN ADVFN plc
Online Blockchain Plc also has an interest of 17.64% in ADVFN Plc. The
activity of ADVFN Plc is therefore of importance to the Company and
information concerning ADVFN's performance is set out below which has been
extracted from ADVFN's audited results for the year ended 30 June 2021 which
were announced recently:
EXTRACT FROM THE ADVFN plc CHIEF EXECUTIVE'S STATEMENT
We have good cause to be delighted to present the results to 30 June 2021.
Following our reorganisation in 2019 we have benefited from the silver lining
that has accompanied the very dark clouds of the Covid-19 Pandemic.
While the pandemic has boosted business there are other tailwinds pushing us
forwards.
There appears to have been an intersection of positive developments over this
financial year that have combined to boost our business, including the Covid
lockdowns and associated market disruptions, a boom in cryptocurrency markets
and the rise of a new generation of traders and investors. We have of course
worked hard to grow sales and control costs but the positive changes to
ADVFN's business environment cannot be understated. There are always a host of
difficult challenges to be faced and this year was no different, but we have
solved them at the same time as enjoying a number of positive developments.
Global actions to cope with the pandemic have raised interest in trading and
investing in markets and this has increased our subscriptions and advertising
revenues. Cryptocurrency prices and investor interest increased substantially
mid-year bringing another tailwind to support our progress. Meanwhile, our
firm belief is that the next generation of traders and investors have now
emerged and that this will represent a secular boost for us in the future.
This last factor is possibly more important than the previous two because
while emergencies come and go, and are always a business driver for us,
underlying those cycles is the size of the audience; the bigger that audience
the better our market.
In 2001, just after ADVFN was first floated on AIM, the stock market dotcom
crash effectively drove away a generation of traders who had entered the
markets as "privatisation novices" in the 1980s and 1990s and who exited the
stock market as a result of losses in the Dotcom bust. Consequently, ADVFN has
for much of its market existence operated against the headwinds of falling
private investor participation in share ownership and stock market trading.
However, we believe that falling trend has now reversed and that the next
generation of new investors is here and increasingly engaging with the
markets, initially through cryptocurrency interest but also responding to the
allure of Fintech developments and showing increased interest in stocks. This
is most clearly the case in the US, but it is also occurring elsewhere. This
is a positive development and we expect it to continue.
At the year-end both advertising and subscription income were up on the
previous year and consequently we have delivered a pre-tax profit of
£1,608,000.
SUMMARY OF ADVFN'S KEY PERFORMANCE INDICATORS
2021 2021 2020 2020
Actual Target Actual Target
Turnover £9.06M £8.70M £7.07M £8.70M
Average head count 38 42 52 56
ADVFN registered users 5.10M 5.00M 4.80M 4.75M
Clement Chambers
CEO
30 November 2021
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. The person who arranged for the release of this announcement on
behalf of the Company was Clement Chambers, Director.
Enquiries:
For further information please contact:
Online Blockchain PLC +44 20 3868 670203
Clement Chambers
Beaumont Cornish Limited (Nominated Adviser) +44 (0) 207 628 3396
www.beaumontcornish.com (http://www.beaumontcornish.com/)
Roland Cornish/Michael Cornish
Smaller Company Capital Limited (Broker) +44 (0) 203 651 2910
Jeremy Woodgate
Cassiopeia Ltd (Investor Relations) stefania@cassiopeia-ltd.com (mailto:stefania@cassiopeia-ltd.com)
Stefania Barbaglio
STRATEGIC REPORT
The Directors present their Strategic Report for the year ended 30 June 2021.
The strategy for the Group is that of an incubator and developer of businesses
in internet and information-based technologies including developers,
administrators and custodians of blockchains and cryptocurrencies.
We founded ADVFN www.advfn.com (http://www.advfn.com) and today we still have
a holding of 17.64% in ADVFN plc.
Online Blockchain plc continues to consider new related opportunities,
particularly crypto currencies and blockchain opportunities.
Principal risks and uncertainties
The management of the Company and the nature of the Company's strategy are
subject to a number of risks. The directors have set out below the principal
risks facing the business. The directors have adopted a thorough risk
management process which involves the formal review of all the risks
identified below. Where possible, processes are in place to monitor and
mitigate such risks.
Investment in our associate ADVFN Plc
The investment of approximately 17.64% in the associate ADVFN Plc results in a
significant proportion of the revenue as well as the largest asset held by the
company. The performance of this investment is of great importance and
volatility in ADVFN Plc's markets and results may affect the income statement
and balance sheet of the company.
Blockchain and crypto currency
It's an unpredictable and volatile market that can be illiquid in many cases
apart from the major products such as Bitcoin. Whilst the situation has
improved in the last 12 months, for the smaller crypto-currencies, the
transfer between crypto-currency and fiat currencies can be complex and risky.
Economic volatility
Many things around the world can affect a stock market; the COVID-19 pandemic
has had an enormous impact on the last year and will continue to do so into
the foreseeable future. Brexit still has an impact on our day to day lives and
together with the general economic situation, politics and other such
conflicts, this makes it a volatile place to carry on our business. It is
usually true that upheaval is beneficial for Online Blockchain as a result of
our investment in ADVFN, as ADVFN's customers need to know what is happening
to their investments using ADVFN as a tool for this. The success or failure of
the world's stock markets will probably affect our business as a result given
the sector within which ADVFN operates.
US Dollar and Euro exchange rates have recently been improving but still have
the power to surprise in reaction to economic downturns. They continue to be
affected by Brexit and that potential for volatility may well affect our
business.
High proportion of fixed overheads
A large proportion of the Company's overheads are fixed and there is the risk
that any significant changes in revenue may lead to the inability to cover
such costs. We continue to closely monitor fixed overheads against budget on a
monthly basis and cost saving exercises are implemented on a constant review
basis.
Investment in Encryptid Gaming
Our investment in Encryptid Gaming Inc has not proved a success, the technical
difficulties we encountered last year have proved insurmountable and so, as
there is no ready market for the shares in this company, we have decided that
the asset must be reduced to zero by means of a further impairment charge
(2020: £18,000).
www.onlineblockchain.io
STRATEGIC REPORT (continued)
Performance
The performance of the Company is closely linked to ADVFN plc. The Company
supplies management services and makes advertising recharges to ADVFN which
forms the turnover of the Company. As a result of this reliance the extract of
the ADVFN accounts on page 5 will give necessary information and background on
the factors affecting the performance of the Company. For the future we will
look forward to our investments in Blockchain bearing fruit.
The following financial KPIs may prove helpful:
2021 2021 2020 2020
Actual Target Actual Target
Turnover from continuing operations (£'000) 65 90 60 90
Operating (loss)/profit (£'000) (241) 12 (169) 12
Basic (loss)/earnings per share (pence) 0.18p 0.16 p (2.32 p) 0.16 p
The very welcome improvement in ADVFN's performance in this financial year has
brought the prospect of the first dividend.
The financial indicators are designed to offer a dashboard check of the
significant measures of the company's operations. The change in focus in 2019
meant a short-term downturn in these Key Performance measures and the company
bounced back from this in 2020. In the current year the dashboard shows
turnover at £65,000 and the operating loss at £241,000. The company does not
currently monitor non-financial KPI's and will do so when they can offer
additional clarity to the financial performance measures.
Operating costs
Our costs remain reasonably fixed and predictable and we do not see that
changing in the immediate future. They are firmly under control.
Research and development
We believe in trying to get the best from all areas that we work in. It is
very important that Online Blockchain continues to invest in the quality and
design of our products. We believe continued investment in our research and
development is fundamental to the continuing growth of the business.
Environmental policy
This has always been important to the Company and as a whole we continue to
look for ways to develop our environmental policy. We have a very small
carbon footprint and try to reduce any waste we create; we are a small team
working from home which makes this task easier. Most of our communications are
electronic which again cuts our use of non-environmentally friendly products.
Future developments for the business
We continue to work with our investment in ADVFN and assist it with its growth
as well. The continued growth and development of ADVFN in the medium term
provides the incentive to go on concentrating on this business in the
immediate future.
We are constantly examining other investment opportunities as they present
themselves and the Directors will continue to do this.
STRATEGIC REPORT (continued)
Directors' statement of responsibilities under section 172 Companies Act 2006
The Directors have considered the requirements of Section 172(1) of the
Companies Act 2006 to prepare a statement explaining how the Directors have
considered the wider stakeholder needs when performing their duties under
Section 172 of the Companies Act 2006.
The Directors consider the stakeholders to be the people who work for us, work
with us, invest with us, own us, regulate us and live in the societies we
serve. The Directors recognise that building strong relationships with our
stakeholders will help deliver the Company's strategy in line with the
long-term values. The Directors are committed to effective engagement with all
of our stakeholders and seek to understand the interests and views of the
Company's stakeholders by engaging with them directly as appropriate.
Depending on the nature of the issue in question, the relevance of each
stakeholder group may differ and, as such, as part of Company's engagement
with stakeholders, the Directors seeks to understand the relative interests
and priorities of each group and to have regard to these, as appropriate, in
their decision making. The Directors acknowledge, however, that not every
decision it makes will necessarily result in a positive outcome for all
stakeholders. The directors also challenge management to ensure all
stakeholder interests are considered in the day to day management and
operations of the Company.
As part of their deliberations and decision making process, the Directors take
into account the following:
• the likely consequences of any decisions in the long term;
• interests of the company's employees and consultants;
• need to foster the company's business relationships with suppliers,
customers and others;
• impact of the company's operations on the community and environment;
• desirability of the company maintaining a reputation for high standards of
business conduct; and
• need to act fairly as between members of the company.
As a result of these activities, the Directors believe that they have
demonstrated compliance with their legal obligations under s.172 of the
Companies Act 2006
Business
The Directors' aim for the Group be and remain a contributing and good
"Corporate Citizen".
Our business does not have a high carbon footprint and we consider it a
sustainable business. We try to ensure that our planet's precious resources
are used appropriately for the benefit of current and future generations. The
Board considers that the business and strategic decisions which it takes now,
in furtherance of the Group's business objectives, do not damage the global
environment.
Employees
The Group has a small number of employees and consultants but those it has are
situated and are deployed on the Group's business around the World. We ensure
that we comply with all local labour laws and apply what the Directors believe
are appropriate standards and systems to monitor and to ensure the welfare of
those employees.
Stakeholder engagement
The Company is entirely owned and controlled by the shareholders of Online
Blockchain Plc and the shares of the company are traded on AIM. The
stakeholders of the Company consist predominantly of the shareholders,
employees, advisers and suppliers. The Directors recognise the importance of
these relationships and take active steps to develop and strengthen them
through dialogue and engagement. These relationships are regularly monitored
at Board level.
Governance
Each Board meeting addresses compliance by the Company with its corporate
governance codes and reinforces the Board's requirement that its business be
conducted with integrity and with due regard for ethical standards.
Approved and signed on behalf of the Board of Directors
Clement Chambers
CEO
30 November 2021
Consolidated income statement
30 June 30 June
2021 2020
Notes £'000 £'000
Revenue 65 60
Cost of sales (5) -
Gross profit 60 60
Other administrative expenses (425) (243)
Total administrative expenses (425) (243)
Other operating income 124 -
Operating loss (241) (183)
Finance expense (1) (2)
Impairment of investment in Encryptid Gaming (18) (18)
Share of post-tax profit/(loss) of equity accounted associate 285 (40)
Profit/(loss) before tax 25 (243)
Taxation 4 -
Profit/(loss) from continuing operations 29 (243)
(Loss)/profit from discontinued operations (8) 42
Total profit/(loss) for the period attributable to shareholders of the parent
21 (201)
Profit/(loss) per share from continuing operations
Basic 3 0.25 p (2.81 p)
Diluted 3 0.26 p (2.81 p)
Profit/(loss) per share from total operations
Basic 3 0.18 p (2.32 p)
Diluted 3 0.19 p (2.32 p)
Consolidated statement of comprehensive income
30 June 30 June
2021 2020
£'000 £'000
Profit/(loss) for the period 21 (201)
Other comprehensive income:
Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (6) 1
Total other comprehensive income (6) 1
Total comprehensive income for the year attributable to shareholders of the
parent
15 (200)
There is no other comprehensive income for either the current or prior year.
Consolidated balance sheet
30 June 30 June
2021 2020
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 1 30
Other receivables - 6
Investment in associate 1,419 1,137
Financial asset held at fair value through profit and loss - 18
1,420 1,191
Current assets
Trade and other receivables 33 114
Cash and cash equivalents 1,497 17
1,530 131
Total assets 2,950 1,322
Equity and liabilities
Equity
Issued capital 3,574 3,292
Share premium 4,484 3,155
Share based payment reserve 65 64
Foreign exchange reserve (5) 1
Retained earnings (see page 33 Accounting policy) (5,199) (5,269)
2,919 1,243
Current liabilities
Borrowings - bank overdraft - 27
Borrowings - lease liabilities - 13
Trade and other payables 31 39
Total liabilities 31 79
Total equity and liabilities 2,950 1,322
Consolidated statement of changes in equity
Share capital Share premium Share based payment reserve Foreign exchange reserve Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 July 2019 3,292 3,155 64 - (5,072) 1,439
Net asset movements of associate - - - - 4 4
Loss for the year after tax - - - - (201) (201)
Other comprehensive income
Exchange differences on translation of foreign operations
- - - 1 - 1
Total other comprehensive income - - - 1 - 1
Total comprehensive income - - - 1 (201) (200)
At 30 June 2020 3,292 3,155 64 1 (5,269) 1,243
Transactions with equity shareholders:
Share issue 282 1,470 - - - 1,752
Recycle option cost - - (52) - 52 -
Share based payment (issue costs) - (53) 53 - - -
Share issue costs - (88) - - - (88)
Net asset movements of associate - - - - (3) (3)
Profit for the year after tax - - - - 21 21
Other comprehensive income
Exchange differences on translation of foreign operations
- - - (6) - (6)
Total other comprehensive income - - - (6) - (6)
Total comprehensive income - - - (6) 21 15
At 30 June 2021 3,574 4,484 65 (5) (5,199) 2,919
Consolidated cash flow statement
12 months to 12 months to
30 June 30 June
2021 2020
£'000 £'000
Cash flows from operating activities
Profit/(loss) for the year from continuing operations 29 (229)
(Loss)/profit for the year from discontinued operations (8) 28
(Profit)/loss from equity accounted associate (285) 40
Net finance charge in the income statement 1 2
Impairment of investment in Encryptid Gaming 18 18
Depreciation of property, plant & equipment 29 36
Decrease/(increase) in trade and other receivables 87 (19)
Decrease in trade and other payables (8) (22)
Net cash used by continuing operations (137) (146)
Net cash used by operating activities (137) (146)
Cash flows from financing activities
Share issues 1,664 -
(Repay)/draw bank overdraft (27) 27
Repay lease (13) (16)
Interest paid (1) (2)
Net cash generated by financing activities 1,623 9
Cash flows from investing activities
Payments for property plant and equipment - (1)
Net cash used by investing activities - (1)
Net increase/(decrease) in cash and cash equivalents 1,486 (138)
Foreign exchange difference (6) 1
Cash and cash equivalents at the start of the period 17 154
Cash and cash equivalents at the end of the period 1,497 17
1. Basis of preparation
The consolidated and company financial statements are for the year ended 30
June 2021. They have been prepared in compliance with International
Financial Reporting Standards (IFRSs) and IFRS Interpretations Committee
(IFRIC) interpretations as adopted by the European Union as at 30 June 2021.
The consolidated and company financial statements have been prepared under the
historical cost convention and are presented in Sterling rounded to the
nearest thousand (£'000) except where indicated otherwise.
Going concern
The financial statements have been prepared on the going concern basis which
assumes the Group will continue in existence for the foreseeable future. The
Directors have prepared a detailed forecast of future trading, the Directors
believe that this will gradually improve over the next 12 months. We have
undertaken a significant fund raise during the year and this has provided us
with the ability to continue our pursuit of new and potentially profitable
projects. The Group cash balance at the year end is £1,497,000. In addition,
to maintain liquidity, the Group has access to an overdraft facility amounting
to £50,000 which has been utilised this year and, if necessary, the option is
available to raise additional funds on the market or, ultimately, to sell
shares in ADVFN Plc. Accordingly, the Directors have prepared these financial
statements on the going concern basis.
Standards and amendments to existing standards adopted in these accounts
IAS 1 Presentation of Financial Statements and IAS 8 Accounting policies,
Changes in Accounting Estimates and Errors (Amendment - Definition of
Material)
Interest Rate Benchmark Reform - IBOR 'phase 2' (Amendments to IFRS 7)
IFRS 3 Business Combinations (Amendment - Definition of Business)
Revised Conceptual Framework for Financial Reporting
The standards and amendments adopted in these accounts had no material effect
on the financial statements.
Standards, amendments and interpretations to existing standards that are not
yet effective and have not been early adopted by the Company in the 30 June
2021 financial statements
Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37)
Property Plant and Equipment: Proceeds before intended use. (Amendments to IAS
16)
Annual improvements to IFRS Standards 2018-2020
References to Conceptual Framework (Amendments to IFRS 3)
Classification of liabilities as Current or Non-current (Amendments to IAS 1)
IFRS 17 - Insurance Contracts
Amendments to IFRS 17 - Insurance Contracts; and Extension of the Temporary
Exemption from Applying IFRS 9 (Amendments to IFRS 4 Insurance Contracts)
Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of
Financial Statements and IFRS Practice Statement 2 Making Materiality
Judgements)
Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors)
Deferred Tax related to Assets and Liabilities arising from a Single
Transaction (Amendments to IAS 12 Income Taxes)
COVID-19 Related Rent Concessions (Amendments to IFRS 16)
The Directors continue to monitor developments in the relevant accounting
standards but do not believe that these changes will significantly impact the
Group.
2. Segmental analysis
The Directors identify operating segments based upon the information which is
regularly reviewed by the chief operating decision maker. The Group considers
that the chief operating decision makers are the executive members of the
Board of Directors.
The Group has two reportable operating segments, being that of Faucet
subscription and the provision of management services. The 'Other' segment
includes the remaining income from mining and a small amount of advertising.
Segment information can be analysed as follows for the reporting period under
review:
2021 Provision of management services Other Continuing Discontinued Total
operations Faucet subscriptions
£'000 £'000 £'000 £'000 £'000
Revenue from third party 4 4 24 28
Revenue from related party 53 - 53 - 53
Revenue from mining - 8 8 - 8
Depreciation and amortisation (16) (13) (29) - (29)
Other operating expenses (396) (5) (401) (32) (433)
Other operating income - 124 124 - 124
Segment operating loss (359) 118 (241) (8) (249)
Profit after tax from equity accounted associate
285 - 285 - 285
Interest income - - - - -
Interest expense (1) - (1) - (1)
Segment assets 2,928 15 2,943 7 2,950
Segment liabilities (31) - (31) - (31)
Purchases of non-current assets - - - - -
2020 Provision of management services Mining crypto currency Continuing Discontinued Total
operations Faucet subscriptions
£'000 £'000 £'000 £'000 £'000
Revenue from related party 60 - 60 - 60
Revenue from subscriptions - - - 49 49
Depreciation and amortisation (36) - (36) - (36)
Other operating expenses (193) - (193) (7) (200)
Segment operating loss (169) - (169) 42 (127)
Loss after tax from equity accounted associate
(40) - (40) - (40)
Interest income - - - - -
Interest expense (2) - (2) - (2)
Segment assets 1,317 - 1,317 5 1,322
Segment liabilities (79) - (79) - (79)
Purchases of non-current assets 1 - 1 - 1
For detail of the discontinued operations please see note 24.
Mining activity continued into the current year but had been put on hold by
the 30 June 2021. The assets have been re-allocated to the management services
segment and the income generated from mining during the current year is now
shown under the 'Other' segment. There will be no further income from mining
cryptocurrency.
During both 2021 and 2020 a related party accounted for more than 10% of the
Group's total revenues.
3. Earnings per share
12 months to 12 months to
30 June 30 June
2021 2020
£'000 £'000
Profit/(loss) from continuing operations 29 (229)
Profit/(loss) for the year attributable to equity shareholders 21 (201)
Loss per share for continuing operations
Basic 0.25 p (2.81 p)
Diluted 0.26 p (2.81 p)
Total loss per share
Basic 0.18 p (2.32 p)
Diluted 0.19 p (2.32 p)
Shares Shares
Weighted average number of Ordinary shares in issue for the year 11,423,439 8,662,348
Dilutive effect of options (164,090) -
Weighted average shares for diluted earnings per share 11,259,350 8,662,348
Where a loss has been recorded for the year the diluted loss per share does
not differ from the basic loss per share as the exercise of share options
would have the effect of reducing the loss per share and is therefore not
dilutive under the terms of IAS 33. Where a profit has been recorded but the
average share price for the year remains under the exercise price the
existence of options is likewise not dilutive.
4. Issued share capital
GROUP AND COMPANY Deferred shares of 45p each Ordinary shares of 5p each
Number £'000 Number £'000
At 1 July 2019 6,352,539 2,859 8,662,348 433
Share issue - - - -
At 30 June 2020 6,352,539 2,859 8,662,348 433
17 December 2020 - Share placing - - 1,818,181 91
7 January 2021 - Share placing - - 2,717,391 136
7 January 2021 - Option exercise - - 338,636 17
18 January 2021 - Option exercise - - 613,635 30
17 February 2021 - Option exercise - - 161,518 8
At 30 June 2021 6,352,539 2,859 14,311,709 715
Deferred shares of 45p each 6,352,539 2,859
Ordinary shares of 5p each 14,311,709 715
20,664,248 3,574
Share placings
The share placings of Ordinary shares of 5 pence each were completed on 17 December 2020 and 7 January 2021 at 22 pence per share and 36.8 pence per share respectively. Total costs amounted to £53,000.
Share option exercises
The share options exercises were completed on 7 and the 18 January 2021 and 17 February 2021. The exercise prices were as follows:
7 January 2021- 100,000 at 22 pence per share and 238,636 at 32 pence per share
18 January 2021- 613,635 at 32 pence per share
17 February 2021- 100,000 at 36.8 pence per share, 56,820 at 32 pence per share and 4,698 at 40 pence per share
Share price
The market value of the Ordinary shares at 30 June 2021 was 38.00p (2020:
15.00p). The range during the year was 12.00p to 99.00p (2020: 7.00p to
22.00p). Shareholders are entitled to one vote per Ordinary share held and
dividends will be apportioned and paid proportionately to the amounts paid up
on the Ordinary shares held.
The Deferred Shares do not entitle the holders thereof to receive any dividend
or other distribution nor to receive
notice of nor to attend nor vote at any General Meeting of the Company. On a
return of capital on a winding up the
holders of Deferred Shares are only entitled to receive the amount paid up on
such shares after the holders of the
Ordinary Shares have received the sum of £100,000 for each Ordinary Share
held by them and shall have no other
right to participate in the assets of the Company.
5. Events after the balance sheet date
There were no significant events to report after the balance sheet date.
6. Publication of Non-Statutory Accounts
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 435 of the Companies
Act 2006.
The balance sheet at 30 June 2020 and the income statement, statement of
changes in equity, the statement of cashflows and associated notes for the
year then ended have been extracted from the Company's 2020 statutory
financial statements upon which the auditors' opinion is unqualified and does
not include any statement under Section 498(2) or (3) of the Companies
Act 2006.
ENDS
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. END FR BMBMTMTJJTMBRecent news on Online Blockchain
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