Pharma C Investments - Annual Financial Report
30/06/2022 14:23
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220630:nRSd8741Qa&default-theme=true
RNS Number : 8741Q Pharma C Investments PLC 30 June 2022
30 June 2022
Pharma C Investments Plc
("Pharma C" or the "Company")
Audited Annual Results for the year ended 31 December 2021
Pharma C Investments Plc is pleased to report its audited annual results for
the twelve months ended 31 December 2021.
Pharma C Investments Plc Chairman's Statement
Dear Shareholder,
I am pleased to provide my first Chairman's statement since the Company was
admitted to the Access Segment of the Aquis Stock Exchange's ("AQSE") Growth
Market on 26 May 2021 following a placing of £1 million before expenses. The
Company was established to identify investment opportunities and make
acquisitions in companies, specifically seeking to take advantage of the
dynamic regulatory environment surrounding legal Medicinal Cannabis.
The Company's investment strategy is to identify investment opportunities in
companies that provide ancillary products and services which serve the global
Medicinal Cannabis sector, (with a particular focus on the United Kingdom,
Europe, and Israel, that are internationally recognised as having
well-developed and reputable laws and regulations for the research and
production of Medicinal Cannabis, and that comply with the United Nations'
Convention on Narcotic Drugs. The company also reserved the right to invest in
products and services related to the production of Cannabis Based Medicinal
Products (CBMPs) where appropriate.
Performance
In Nov 2021, the company invested £275,000 in the UK's biggest hemp, CBD and
legal cannabis trade expo and event, Product Earth.
Product Earth is held every August at the National Agricultural Exhibition
Arena (NAEC) near Coventry. The event has been running since 2015 and has
grown to become the largest event in the UK cannabis industry calendar. Due to
the pandemic, the show was postponed in 2020, but in 2021 as lockdown
restrictions eased, the event was held and welcomed over 3,000 domestic
visitors. The Directors believe that the business has significant growth
potential and can consolidate its position as the pre-eminent event in the UK
for the hemp and legal cannabis industry. Further, as a result of the
pandemic, Product Earth has created a digital marketing agency called Milk
& Amber which serves clients in the highly regulated space of marketing
for CBD and cannabis companies.
Post Balance Sheet Events
In April 2022, the company invested £100,000 in the IPO of UK based
manufacturer of CBMPs, Celadon Pharmaceuticals.
Celadon Pharmaceuticals grows indoor hydroponic premium medical cannabis
flower for the UK medical cannabis market. The company owns a facility in the
Midlands which has been designed to EU pharmaceutical standards which govern
the production of medical cannabis. Celadon is particularly focused on
enabling access to medical cannabis through the NHS, for the millions of
people in the UK who suffer from chronic pain.
On 30 June 2022, Pharma C announced that it had raised £200,000 by way of a
subscription. The proceeds of this subscription will provide additional
working capital and investment funds for the Company.
Outlook
Pharma C's Directors are pleased with the operational progress made by the
first two investments in the portfolio and continue to assess the market for
further investment opportunities.
The Directors strongly believe that the market sector which the Company is
focused upon investing in is going through a very exciting, transitional
period. At the same time, they also believe that the Company is well placed to
deploy funds in line with the Company's stated aims and that the investments
in Product Earth and Celadon demonstrate the exciting opportunities available
for investment.
I would like to take this opportunity to thank shareholders for their support
as we work toward creating value in the years ahead. The Board views the
future with much optimism: the long-term drivers in the medical cannabis
industry remain extremely positive. We are excited to be involved in the start
of a new industry which can positively impact the lives of so many people and
will continue to keep shareholders abreast of our progress in the months
ahead.
Sharon Segal
Chair of Pharma C Investments Plc
The Directors of Pharma C Investments plc take responsibility for this
announcement.
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).
For further information please visit the Company's website at
www.pharmacinvestments.com (http://www.pharmacinvestments.com) or contact the
following:
Gavin Sathianathan, Investment Strategy Director, Pharma C Investments
gavin@pharmacinvestments.com
David Coffman / Lucy Bowden
Novum Securities
(AQSE Corporate Adviser)
Tel: +44 207 399 9400
Statement of comprehensive income for the year ended to 31 December 2021
_________________________________________________________________________________
Year ended Year ended
31 December 31 December
2021 2020
Note £'000 £'000
Unrealised gain/(loss) on financial investments - -
Realised gain/(loss) on financial investments - -
Impairment gain/loss on financial investments - -
Administration expenses 5 517 92
Operating profit(loss) 5 (517) (92)
Other Income -
Profit/(Loss) before taxation (517) (92)
Taxation 7 - -
Profit/(Loss) for the period (517) (92)
Other comprehensive income
- -
Other comprehensive income for the period net of taxation - -
Total comprehensive income for the year (517) (92)
Earnings per share
Basic (pence) 8 (0.24)- (0.09)-
Diluted (pence) 8 (0.24)- (0.09)
Statement of financial position at 31 December 2021
_________________________________________________________________________________
31 December 31 December
2021 2020
Note £'000 £'000
Current assets
Financial Investments 13 275 -
Trade and other receivables 10 20 7
Cash and cash equivalents 247 8
542 15
Total assets 542 15
Current liabilities
Trade and other payables 11 (71) (37)
(71) (37)
Net current assets 471 (22)
Net assets 471 (22)
Equity
Share Capital 12 674 247
Share premium account 583 -
Retained earnings (786) (269)
471 (22)
The financial statements of Pharma C Investments plc (registered number
11540119) were approved by the Board of Directors and authorised for issue on
30 June 2022 and were signed on its behalf by:
Sharon Segal
Chair
Statement of changes in equity for the year ended to 31 December 2021
________________________________________________________________________________
Share Share Share based Retained Total
Capital Premium payment earnings
reserve
£'000 £'000 £'000 £'000 £'000
At 31 December 2019 247 - - (177) 70
(Loss) for the period - - - (92) (92)
Other comprehensive income - - - - -
Total Comprehensive Income - - - (92) (92)
Transactions with owners:
Shares issued - - - - -
Share issue costs - - - - -
Total transactions with owners - - - - -
At 31 December 2020 247 - - (269) (22)
Loss for the period (517) (517)
Other comprehensive income - - - - -
Total Comprehensive Income (517) (517)
Transactions with owners:
Shares issued 427 643 - - 1,070
Share issue costs - (60) - - (60)
Total transactions with owners 427 583 - - 1,010
At 31 December 2021 674 583 - (786) 471
Statement of cash flows for the year ended 31 December 2021
_________________________________________________________________________________
Year ended Year ended
31 December 31 December
2021 2020
£'000 £'000
Cash flows from operating activities
(loss) before tax (517) (92)
Share based 50
payments
Decrease/(Increase) in trade and other receivables (13) (1)
(Decrease)/Increase in trade and other payables 34 7
Net cash outflow in operating activities (496) (36)
Investing activities
Receipts on sale of investments - -
Payments on purchase of investments (275) -
Net cash inflow/(outflow) in investing activities (275) -
Financing activities
Issue of share capital 1,070 -
Issue costs (60) -
Net cash (outflow)/inflow from financing activities 1,010 -
Net (decrease)/increase in cash and cash equivalents 239 (36)
Cash and cash equivalents at beginning of period 8 44
Cash and cash equivalents at end of period 247 8
This financial information has been extracted from the audited financial
statements of the Company for the year ended 31 December 2021. The financial
statements are prepared in accordance with the International Financial
Reporting Standards (IFRS).
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NEXFLFFVRIIIVIF