Annual Results
30/06/2023 07:00
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RNS Number : 4718E NFT Investments PLC 30 June 2023
Press Release
30 June 2023
The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014, as retained as part of the law of England and Wales. Upon
the publication of this announcement via the Regulatory Information Service,
this inside information is now considered to be in the public domain.
NFT Investments PLC
("NFT Investments" or "the Company"")
Annual results
NFT Investments PLC (AQSE: NFT), an investment firm, announces its audited
results for the 12 months ended 31 December 2022.
Comments from Jonathan Bixby, Executive Chairman of NFT Investments:
I am happy to report NFT Investments PLC's full year results for 2022.
As previously highlighted in the most recent announcement on 2 April 2023, the
Group is now largely invested with over £27.8m million in liquid crypto
(unaudited), categorised as Intangible Assets in the Balance Sheet. The
rationale for these investments was based on the historical price of BTC
relative to the BTC halving timeframe. The next scheduled halving will take
place in April 2024. The historical data suggests that BTC hits new highs
approximately three to four months post halving.
The results of the period show a reduction in Total Assets of £9.4m from
£34.5m to £25.1m, largely as a result of reduction in valuation of Crypto
assets at the height of the "Crypto winter". We are pleased to note that there
has been a substantial recovery in Crypto prices since 31 December 2022. By
taking the price of Crypto tokens at 28 June 2023 and applying these to our
Crypto holdings at 31 December 2022, this shows that the uplift in valuation
would be from £15.2m to £23.3m, wiping out all but £1.3m of the reduction
in Total Assets in the period.
The Group's Directors have concluded that the correct approach to the widening
share price discount to NAV is to return value to shareholders and the current
intention is to do so after the BTC halving currently scheduled to take place
in April 2024. On 26, May 2023 shareholders approved this return of funds via
a tender offer for shares and the Company is in the middle of applying for the
consent of the Court for a reduction of capital required to create
distributable reserves. This process is expected to be completed in early July
2023.
The Directors believe that these transparent actions coupled with a
willingness to ultimately return capital to shareholders is the best approach
given the wide discrepancy between the Company's NAV and its current share
price.
I would like to take this opportunity to thank all our shareholders for their
support last year and look forward to updating them on a quarterly basis as we
move towards the halving next year.
Jonathan Bixby, Executive Chairman
The Directors of NFT Investments accept responsibility for this announcement.
This announcement may contain "forward-looking" statements and information
relating to the Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information currently available
to Company management. The Company does not undertake to update
forward‐looking statements or forward‐looking information, except as
required by law.
For further information please contact:
NFT Investments
Jonathan Bixby +44 7876 888 011
Executive Chairman
First Sentinel
Corporate Adviser +44 7876 888 011
Brian Stockbridge
Tennyson Securities
Corporate Broker +44 207 186 9030
Peter Krens
About NFT Investments:
NFT Investments PLC is an investment company specialising in the market for
non-fungible tokens ("NFTs") and is the first ever NFT vehicle to list in a
major jurisdiction worldwide. The Company invests in a diversified portfolio
of NFTs, cryptocurrency, and/or in companies or funds which have exposure to
NFT or blockchain technology. The Company's leadership team have an extensive
track record in the cryptocurrency sector and previously founded Argo
Blockchain PLC, a global crypto miner. NFT Investments is headquartered in
London, UK and its shares are listed on the Aquis Stock Exchange Growth Market
under the ticker symbol NFT. https://www.nftinvest.pro/
(https://www.nftinvest.pro/)
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 December 2022
2022 2021
£ £
Revenue - -
Loss on disposal of digital assets and tokens (65,548) (205,580)
Profit on sale of investment - 1,602,444
Fair valuation movements (including impairment and exchange differences) in (2,686,079) 216,398
investments
Fair valuation movements in digital assets and tokens (5,465,486) (1,220,095)
(8,217,113) 393,167
Administrative expenses (1,556,872) (3,223,333)
Operating Loss (9,773,985) (2,830,166)
Finance income 402,083 115
Loss before and after taxation and total comprehensive loss for the year (9,371,902) (2,830,051)
Loss per ordinary share:
Basic loss per share on loss for the year (0.93) (0.38)
Diluted loss per share on loss for the year (0.93) (0.38)
The notes contained in the Company's Annual Report form part of these
financial statements.
Statement of Financial Position
For the year ended 31 December 2022
Group Company
2022 2021 2022 2021
£ £ £ £
Non-Current Assets
Intangible assets 15,448,382 6,917,916 15,448,382 6,917,916
Investments 3,691,186 5,559,308 3,691,187 5,559,308
Total non-current assets 19,139,568 12,477,224 19,139,569 12,477,224
Current Assets
Trade and other receivables 125,765 125,765 157,837 125,765
Cash and cash equivalents 5,847,274 21,903,724 5,815,201 21,903,724
Total current assets 5,973,039 22,029,489 5,973,038 22,029,489
Total assets 25,112,607 34,506,713 25,112,607 34,506,713
Shareholders' equity
Share capital 1,003,000 1,003,000 1,003,000 1,003,000
Share premium 33,323,133 33,323,133 33,323,133 33,323,133
Share based payments reserve 2,925,908 2,925,908 2,925,908 2,925,908
Retained earnings (12,241,657) (2,869,755) (12,241,657) (2,869,755)
Total shareholders' equity 25,010,384 34,382,286 25,010,384 34,382,286
Current Liabilities
Trade and other payables 102,223 124,427 102,223 124,427
Total liabilities 102,223 124,427 102,223 124,427
Total equity and liabilities 25,112,607 34,506,713 25,112,607 34,506,713
The notes contained in the Company's Annual Report form part of these
financial statements.
The financial statements were approved by the Board of Directors on 28 June
2023 and were signed on its behalf by:
Nicholas Lyth
Director
The financial information set out in this announcement does not constitute
statutory accounts. This financial information has been extracted from the
audited full accounts of the Company for the year ended 31 December 2022. The
Company does not declare a dividend for the period.
The full Annual Report of the Company will be available on the Company's
website: www.nftinvest.pro (http://www.nftinvest.pro) .
The Directors of the Company accept responsibility for the contents of this
announcement.
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