TIDMMORE
RNS Number : 8726A
Eight Capital Partners PLC
17 September 2018
EIGHT CAPITAL PARTNERS PLC
("Eight Capital" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2018
Chairman's Interim Report
I am delighted to report on the Company's Interim results for
the six months to 30 June 2018.
Eight Capital Partners Plc is an investment company. Its
objective is to generate an attractive rate of return for
shareholders, predominantly through capital appreciation, by taking
advantage of opportunities principally to invest in the technology,
media, and telecom or financial services sectors.
2018 has brought with it a substantial amount of change for the
Company including the sale of its historic operating business,
Cogenpower, two name changes, board changes, updates to the Company
strategy, and moving from the London AIM exchange to the NEX
exchange. In its new status as a NEX investment company it has
successfully made a first investment in the financial services
sector and is actively working on follow on investments.
Operations
Sale of Cogenpower operating business, change of name and
admission to the NEX Exchange
The Company (then Cogenpower Plc) confirmed on 14 November 2017
that it had entered into a conditional sale and purchase agreement
to dispose of its operating subsidiary Cogenpower srl which
resulted in a disposal of substantially all its assets and related
liabilities (the "Disposal"). Shareholders approved the Disposal at
a General Meeting on 1 December 2017. The Disposal completed on 4
December 2017 and the Company became an AIM Rule 15 Cash Shell.
The Company changed its name to Monreal Plc. Under the AIM
Rules, an AIM Rule 15 Cash Shell and as such, the Company is
required to make an acquisition or acquisitions which constitute a
reverse takeover under AIM Rule 14 on or before the date falling
six months from completion of the Disposal, or be re-admitted to
trading on AIM as an investing company under the AIM Rules.
(Readmission as an AIM investing company requires the raising of at
least GBP6 million.) Failing this, the Company's Ordinary Shares
would be suspended from trading on AIM pursuant to AIM Rule 40.
Admission to trading on AIM would then be cancelled six months from
the date of suspension should the reason for the suspension not
have been rectified.
Numerous opportunities were considered by the Company but none
found to be suitable. On 4th June 2018 the Board proposed to
shareholders that the Company's shares delist from AIM and instead
be admitted to trading on the NEX Exchange Growth Market and its
status be changed to an Investment Vehicle under the NEX Growth
Market Rules for Issuers. Following shareholder approval on 22(nd)
June 2018, Admission to NEX took place on (3rd) July 2018.
Strategy update, board changes, second name change
I was appointed as Non Executive Chairman in July 2018 (and then
Executive Chairman in August 2018). Shareholders approved an update
to the investment strategy and name change to reflect the Company's
Investment Company status.
The Board now aims to use its combined investment experience,
having invested and managed GBPbillions of capital across Europe,
to deliver the new Investment Strategy.
A full description of the corporate activity can be found on the
Company's web site.
Investment since Interim date
The Board sees an opportunity to consolidate sub-scale financial
services businesses, improve their operational efficiency to reduce
costs and promote cross selling to the combined client base to
drive revenues.
In September 2018 Eight Capital made its first investment in the
European financial services sector. The Company invested in Finance
Partners Group S.p.A. ("FP Group"), through the acquisition of
EUR111,100 worth of listed 8% yielding FP Group corporate bonds,
expiring in 2020. The investment generates a strong income on
capital invested and is part of a growing strategic relationship
with FP Group. FP Group's regulated fund manager has permissions to
operate a range of funds including real estate funds, hedge funds
and other alternative investment funds. The Group's advisory arm is
well placed to benefit from the growing listed capital markets
sector in Italy (in particular AIM Italia) and has clients
including Unicredit and BNL Banks, Tamoil, Diesel and Zegna fashion
brands.
Results
At the interim statement date of 30(th) June 2018, the loss
before taxation was GBP190,000 (30(th) June 2017 loss: GBP140,000)
with a loss per share of 0.04p (30(th) June 2017 loss per share:
0.28p).
The Company's main asset was cash of GBP773,000. Its liabilities
were predominantly trade creditors of GBP43,000. Net assets
increased to GBP739,000 (31(st) December 2017: GBP254,000). This
resulted in a net asset value per share of 0.14p (31(st) December
2017: 0.09p).
Outlook
Eight Capital will consider strategic capital raises in the
coming period should the Board feel it prudent to have further
funds available to implement its investment strategy. This could be
through the issue of equity or through other more accretive
instruments. We are encouraged by the number of investors that have
expressed an interest in the Company's strategy.
There are a number of potential investments in the financial
services and technology sectors under consideration. These include
early and growth stage businesses in the UK and Continental
Europe.
We're delighted to be moving Eight Capital forward with its
updated strategy and first strategic investment. The team is
working on a strong pipeline of potential opportunities, often with
a consolidation theme, to deliver operational efficiencies and
cross-selling activity. This has attracted interest from a number
of potential sources of capital.
We look forwards to sharing more details of Eight Capital's
progress with shareholders in the coming months.
Dominic White
The Directors of the Company accept responsibility for the
content of this announcement.
For further information, please contact:
Eight Capital Partners Plc: +44 (0) 20 7469 0930
Dominic White info@eight.capital
John Treacy
NEX Exchange Growth Market Corporate Adviser:
Peterhouse Capital Limited
Guy Miller and Fungai Ndoro +44 (0)20 7469 0930
Financial PR: +44 (0)207 812 0645
Abigail Stewart-Menteth eightcapitalplc@damsonpr.com
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSING 30 JUNE
2018
Year to
Six months Six months 31 Dec
to to 17
30 Jun 18 30 Jun
(unaudited) 17 (unaudited) (audited)
Restated Restated
in GBP in GBP
GBP000's GBP000's GBP000's
================ ===== ===== ===================== ================================== ===========================
Administrative expenses (190) (139) (236)
Exceptional items
Share based payment charge - - (147)
Credit in respect of CVA - - 1,631
Loss on disposal of subsidiary - - (2,691)
Loss from operations (190) (139) (1,443)
-------------------- ---------------------------------- ---------------------------
Finance expense - - (4)
Finance income - -
---------------- ----- ------ -------------------- ---------------------------------- ---------------------------
Net finance (expense) income - (1) (4)
-------------------- ---------------------------------- ---------------------------
Loss for the period before
tax (190) (140) (1,447)
Loss for the period
attributable to
equity shareholders (190) (140) (1,447)
------------------------------- -------------------- ---------------------------------- ---------------------------
Other comprehensive income - - -
(net of tax)
------------------------------- -------------------- ---------------------------------- ---------------------------
Total comprehensive income
attributable
to equity holders of the
parent company (190) (140) (1,447)
------------------------------- -------------------- ---------------------------------- ---------------------------
Loss per share
Loss per share
from
operations:
Basic & diluted (pence) (0.04) (0.28) (1.6)
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
30 Jun 31 Dec
18 17
(unaudited) (audited)
GBP000's GBP000's
================================= ===== ===== ============= ===========
Current assets
Trade and other receivables 9 27
Cash and cash equivalents 773 298
----------------------------------------------- ------------- -----------
Total current assets 782 325
----------------------------------------------- ------------- -----------
Current liabilities
Trade and other payables (43) (71)
Total current liabilities (43) (71)
----------------------------------------------- ------------- -----------
Net assets 739 254
----------------------------------------------- ------------- -----------
Equity attributable to equity
holders of the Parent
Share capital 1,383 708
Share premium 1,891 1,891
Share option and warrant
reserve 276 276
Retained earnings (2,811) (2,621)
----------------------------------------------- ------------- -----------
Total equity 739 254
----------------------------------------------- ------------- -----------
Notes to the accounts
1. Basis of Preparation
The financial information contained in this announcement does
not constitute statutory financial statements within the meaning of
Section 435 of the Companies Act 2006.
The financial information for the six months ended 30 June 2018
is unaudited and has not been reviewed by the auditor. In the
opinion of the directors, the financial information for the period
fairly represents the financial position of the Company. Results of
operations for the period are in compliance with International
Financial Reporting Standards as adopted by the EU ("EUIFRS").
These financial statements should be read in conjunction with the
audited financial statements for 31 December 2017 published on 31
May 2018 and available on the Company's website www.eight.capital.
The accounting policies, estimates and judgements applied in these
financial statements are consistent with those disclosed in the
audited financial statements for 31 December 2017.
All financial information is presented in GBP (GBP), which the
Company adopted on 1 January 2018. Prior period comparisons which
were originally in Euros have been restated at rates of exchange
ruling at the end of each period.
The Directors of the Company approved the financial information
included in the results on 14 September 2018.
2. The number of shares used in the calculation of basic and
diluted Earnings per share (EPS) for the six months to 30 June 2018
is 495,166,760 which is the weighted average number of shares in
issue over the period, further to the issuing of 270,000,000 new
ordinary shares at the end of January 2018.
The weighted average number of shares used in the calculation of
basic and diluted Earnings per share (EPS) for the year to 31
December 2017 was 90,550,322 and for the six months to 30 June 2017
was 50,166,760.
As at 30 June 2018, there were 540,166,760 shares in issue.
As at 31 December 2017, there were 270,166,760 shares in
issue
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
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END
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September 17, 2018 02:01 ET (06:01 GMT)
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