Pharma C Investments - Interim Results
22/12/2023 07:00
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RNS Number : 6981X Pharma C Investments PLC 22 December 2023
22 December 2023
Pharma C Investments PLC
("Pharma C" or the "Company")
Interim Results
Pharma C Investments (AQSE: PCIL), an early-stage investor and venture builder
in the technology, fintech and AI sectors, announces its unaudited interim
results for the period ended 30 June 2023.
Pharma C Chair statement
Dear Shareholder,
I am pleased to share the Chairman's statement for the six months ended 30
June 2023. Pharma C has continued to provide support to its portfolio company,
Product Earth. However, given the background of geopolitical instability and
negative sentiment in the capital markets towards the medical cannabis
industry, the board proposed a change in investment strategy which was passed
at the General Meeting held on 11th December 2023 in order to allow the
company to focus on the emerging AI sector.
Performance
In September 2022, the company suspended trading on the Aquis exchange. The
company remained suspended from trading as of 30 June 2023.
Post Balance Sheet Events
The company held a General Meeting on 11th December 2023 where the following
resolutions were passed:
· Resolution 1: amend the Company's investment policy to allow the
Company to consider investments or businesses in the technology, fintech and
AI sectors.
· Resolution 2: the Directors be generally and unconditionally
authorised to exercise all the powers of the Company to allot new ordinary
shares of £0.0001 each in the Company (including any rights to subscribe for
or convert into such new ordinary shares) up to an aggregate nominal value of
£2,281,000.
· Resolution 3: that each existing ordinary share of £0.0025 in the
capital of the Company (each an "Existing Ordinary Share") be sub-divided and
converted into one ordinary share of £0.0001 and one deferred share of
£0.0024 in the capital of the Company.
· Resolution 4: that conditional upon the passing of Resolutions 2 and
3, the Directors be empowered to allot equity securities for cash pursuant to
the authority conferred by Resolution 2 above as if section 561 of the
Companies Act and any pre-emption rights in the Articles did not apply to such
allotment.
Following the general meeting on 11th December 2023, the Company has received
a small injection of funds that has allowed it to meet its immediate working
capital needs and it is hopeful that further funds will be received in the
short term which will allow it to pursue its investment policy as agreed at
the general meeting.
Outlook
Pharma C's Directors are pleased with the progress made by Product Earth and
look forward to seeing continued positive performance from that company.
However, The Directors believe that the AI sector which the Company is now
focused upon investing in is growing and offers shareholders the chance to
participate in an exciting, transformative new industry.
I would like to take this opportunity to thank shareholders for their
continued support. We are working towards creating long-term value in the
years ahead. The Board recognises that there are uncertainties ahead in the
markets, and the geopolitical situation remains complex in key areas of the
world. With that said, the Board views the future within the medical cannabis
industry with much optimism. Great businesses are built through trying times,
and we are excited to be involved at the start of a new industry which can
positively impact the lives of so many people. We will continue to keep
shareholders abreast of our progress in the months ahead.
Gavin Sathianathan
Chair of Pharma C Investments Plc
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.
The Directors of the Company accept responsibility for the contents of this
announcement.
For further information please visit www.pharmacinvestments.com
(http://www.pharmacinvestments.com/)
Pharma C Investments plc
Unaudited Statement of Comprehensive Income
for the six months ended 30 June 2023
6 months 6 months
to 30 June 2023 to 30 June 2022
(unaudited) (unaudited)
£'000 £'000
Turnover - -
Administrative expenses (19) (124)
Loss on ordinary activities before taxation (19) (124)
Tax on loss on ordinary activities - -
Loss on ordinary activities after taxation (19) (124)
Retained loss for the period (19) (124)
Loss per ordinary share (pence) (0.01p) (0.05p)
Unaudited Statement of financial position
as at 30 June 2023
30-Jun-23 30-Jun-22
(unaudited) (unaudited)
£'000 £'000
Current Assets
Investments 275 375
Debtors and prepayments 10 33
Cash at Bank and in hand 8 19
293 627
Creditors: amounts falling due within one year (92) (80)
Net current assets 201 347
Total assets less current liabilities 201 347
Net assets 201 347
Capital and reserves
Called up share capital 674 674
Share Premium 583 583
Profit and loss account (1,056) (910)
Equity shareholder funds 201 347
Unaudited Statement of Changes in Equity
for the six months ended 30 June 2023
Share Share Retained Total
Capital premium Earnings
£'000 £'000 £'000 £'000
At 1 January
2023 674 583 (1,037) 220
Loss for the (19) (19)
6 months
At 30 June 674 583 (1,056) 201
2023
Unaudited Statement of Cash flow
for the period ended 30 June 2023
Unaudited Unaudited
period ended period ended
30-Jun-23 30-Jun-22
£'000 £'000
Operating activities
Loss after tax (19) (124)
(Increase)/decrease in trade and other receivables 4 (13)
(Decrease)/increase in trade and other payables (9) 9
Net cash (outflow)/inflow from operating activities (24) (128)
Investing activities
Cost of investments - (100)
Net cash outflow from investing activities - (100)
Finance activities
Proceeds from the issue of share capital
Share issue costs
Net cash inflow from financing activities
Net change in cash and cash equivalents (24) (228)
Cash and cash equivalents at beginning of period 32 247
Cash and cash equivalents at end of period 8 19
Notes to the interim results
1. General Information
Pharma C Investments Plc is a medicinal cannabis pharmaceutical company
incorporated and registered in the England and Wales. The Company's registered
office is 85 First Floor, Great Portland Street, London, United Kingdom, W1W
7LT. The Company's ordinary shares are traded on the AQSE Exchange Growth
Market as operated by Aquis Stock Exchange Ltd ("AQSE").
2. Basis of Preparation
The interim financial statements have been prepared in accordance with the
AQSE Listing Rules. As permitted, the Company has chosen not to adopt IAS 34
"Interim Financial Statements" in preparing this interim financial
information. The interim financial statements should be read in conjunction
with the annual financial statements for the year ended 31 December 2022. The
interim financial statements have been prepared in accordance with UK adopted
International Accounting Standards.
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared on
a going concern basis in accordance with the recognition and measurement
criteria of UK adopted International Accounting Standards.
Statutory financial statements for the period ended 31 December 2022 were
approved by the Board of Directors on 21 December 2023. The report of the
auditors on those financial statements was unqualified. The interim financial
statements are unaudited and have not been reviewed by the Company's
auditor.
Going concern
The condensed interim financial statements have been prepared on a going
concern basis with a material uncertainty. The Directors believe funds can
continue to be raised from the capital markets to support any working capital
shortfalls, though this may be affected by current extreme market volatility
in the United Kingdom. The Directors have a reasonable expectation that the
Group and Company will continue to be able to raise finance as required and to
continue in operational existence for the foreseeable future. Thus, they
continue to adopt the going concern basis of accounting in preparing the
Financial Statements
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company's 2022 Annual Report and Financial Statements, a copy
of which is available on the Company's website: www.pharmacinvestments.com
(http://www.pharmacinvestments.com/) . The key financial risks are market
risk, exchange rate risk, liquidity risk and credit risk.
Critical accounting estimates
The preparation of interim financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the end of the reporting period. Significant items subject to
such estimates are set out in Note 3 of the Company's 2022 Annual Report and
Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period except for the following
3. Accounting Policies
The same accounting policies, presentation and methods of computation are
followed in the interim consolidated financial information as were applied in
the Company's latest annual audited financial statements.
4. Earnings per Share
The calculation of loss per share is based on a retained loss of £19,000 for
the six months ended 30 June 2023 and the weighted average number of shares
in issue in the period ended 30 June 2023 of 269,857,144.
No diluted earnings per share is presented for the six months ended 30 June
2023 or six months ended 30 June 2022 as the effect on the exercise of share
options would be to decrease the loss per share.
5. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors
on 21 December 2023.
For additional information please contact:
Pharma C Investments
Gavin Sathianathan, Investment Strategy Director
gavin@pharmacinvestments.com
First Sentinel Corporate Finance
(AQSE Corporate Adviser)
Tel: +44 20 3855 5551
Brian Stockbridge
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