30 July 2024
MaxRets Ventures PLC
("MaxRets" or the "Company")
Unaudited Interim Results for the six months ended
30 April 2024
MaxRets Ventures plc (the "Company" or "MaxRets"), an
investing company focusing on early-stage or undervalued later
stage businesses with strong upside potential, today announces its
unaudited interim results for the six months ended 30 April
2024.
This announcement contains inside information for the
purpose of the UK Market Abuse Regulation and the Directors of the
Company are responsible for the release of this announcement.
For further information please contact:
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MaxRets Ventures plc
Dominic White, Non-Executive
Chairman
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c/o Walbrook PR Limited
www.maxrets.com
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Cairn Financial Advisers LLP
AQSE Corporate Adviser
Jo Turner/Emily Staples
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+44 20 7213 0880
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Walbrook PR Limited
Paul Vann/Nick Rome/Joe
Walker
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+44 20 7933 8780
+44 7768 807631
maxrets@walbrookpr.com
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Chairman's Strategic and Financial Review
MaxRets is an investment company quoted on the Access
Segment of the Aquis Stock Exchange ("AQSE") Growth Market, the
successor to the NEX Exchange Growth Market ("NEX"). The Company
was incorporated on 1st October 2019 and its shares were admitted
to trading on NEX on 30 December 2019.
The Company's strategy is to invest in technology
driven businesses based on their potential for future value
enhancement and overall investment return. It follows a
growth incubator and pre-IPO investment philosophy whereby it seeks
out early stage or undervalued later stage businesses with strong
upside potential, with the objective of acquiring, funding,
growing, and selling-on investments through the public market at
enhanced valuations.
The Board will not restrict the jurisdiction of
investments since the application of technology is not constrained
by geographic borders.
The Company will invest directly or indirectly in
public or private companies and may take the form of debt or equity
and it is expected that such investments will ordinarily seek
capital growth in the medium term in preference to income.
MaxRets continues to own two legacy investments in
the cannabis sector that were both made in 2021.
The first investment in March 2021 was a £100,000
investment in Clearly Supplements Ltd. ("Clearly") a UK based
company offering CBD products direct to customers. The investment
was by way of a convertible loan note ("CLN") which was expected to
convert at the time of a public listing at a 30 per cent. discount
to the placing price. However, given changes in market
conditions they have decided not to proceed with a listing and are
now seeking a strategic private equity partnership.
As we noted at the time of the full year results to
31 October 2023, Clearly has challenging trading conditions in a
market that has not developed as was hoped. Given the lack of
progress made by Clearly the Maxrets board wrote down the
investment to nil in the year to 31 October 2023.
The second was an equity investment of £100,000 in
Voyager Life plc ("Voyager"), a health and wellness business
focused on CBD and hemp seed oil, that has developed a range of
products under the Voyager and
Voyager Life brands, including oils, gummies, bath and skincare
products. Voyager completed an IPO on the AQSE market in June
2021, resulting in the Company holding approximately 2.8% of the
issued share capital at the time of flotation. At the time of our
full year results to 31 October 2023 we reported that Voyager had
been unable to complete a corporate acquisition and associated
fundraise and as a result the Board decided to write down it's
investment in Voyager plc to nil.
Since that point Voyager has changed
direction, securing an option to acquire M3 Helium Corp. in Kansas
USA, a business that produces helium gas for the US market, and at
the same time having raised approximately £864k in additional
funding. We are pleased to see the company
recapitalised.
Outlook
The market outlook for technology driven investments remains positive.
The Directors are of the opinion that there are
exciting investment opportunities in those market sectors which the
Company is focused upon.
The Board is constantly assessing potential
transactions and looks forward to updating the market further in
the near future.
Dominic White
Non-executive
Chairman 30 July 2024
Maxrets Ventures plc
Notes to the financial statements
For the period ended 30 April
2024
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1. General information
MaxRets Ventures plc is a public company limited by
shares and was incorporated in England on 1st October 2019 with
company number 12237710. Its registered office is 5 Fleet Place,
London, EC4M 7RD.
The Company's shares are traded on the Aquis Stock
Exchange Growth Market under the ticker MAX and ISIN number
GB00BJBYK814.
The Company's investment strategy is to focus on
investments related to health, wellness and plant based medicine
investments.
The condensed interim financial statements do not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The interim results have not been reviewed by
the Company's Auditors.
The financial information for the period ended 30
April 2024 is prepared in accordance with U.K. Adopted
International Financial Reporting Standards in conformity with the
Companies Act 2006 ('Adopted IFRS'). The condensed interim
financial statements were authorized for issue on 30 July 2024.
2. Going concern
As at 30 April 2024, the Company had cash of £42k.
As an investment business, the Company has limited operating cash
flow and is dependent on the performance of its investments and its
cash balances for
its working
capital requirements.
The annual running costs of the Company have been reduced
significantly. As at the date of this report, the Company had
approximately £42k of cash at bank and is
due to receive £3k VAT refunds.
The Company has the support of its
principal shareholder and the Directors are therefore of the
opinion that the Company has adequate financial resources to enable
it to continue in operation for the foreseeable future. For this
reason, it continues to adopt the going concern basis in preparing
the financial statements.
2. Share capital
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Number of Ordinary
Shares
of 0.01 pence
each
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Amount
£
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At 30 April 2023
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14,792,374
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147,923
|
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At 30 October 2023
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14,792,374
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147,923
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At 30 April 2024
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14,792,374
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147,923
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On incorporation, the company issued 1,000 ordinary
shares of £1 each for a cash price of £1 per share. The number of
options outstanding as at the period end
was 349,090.
3. Earnings per share
|
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6 months
to
30 April 2024
Unaudited
£'000
|
Period ended 30 April 2023 Unaudited
£'000
|
Year ended
31 October
2023
Audited
£'000
|
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Earnings
Loss for the period
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|
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(177)
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(122)
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(478)
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Number of shares
|
|
|
|
|
|
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Weighted average number of
shares for the purposes of basic and diluted
|
|
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14,792,374
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14,792,374
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14,792,374
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Basic loss per share
(pence)
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|
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(1.19)
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(0.83)
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(3.24)
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Fully diluted loss per share
(pence)
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(1.19)
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(0.83)
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(3.24)
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4. Post balance
sheet events
There were no reportable post balance sheet
events.
5. Distribution of interim
report
Copies of the Interim Report for the period ended 30
April 2024 are available on the Company's website, www.maxrets.com.
Caution regarding
forward looking statements
Certain statements in this announcement, are, or may
be deemed to be, forward looking statements. Forward looking
statements are identified by their use of terms and phrases such as
''believe'', ''could'', "should" ''envisage'', ''estimate'',
''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will''
or the negative of those, variations or comparable expressions,
including references to assumptions. These forward looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth, results of operations, performance, future
capital and other expenditures (including the amount, nature and
sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors.