TIDMAAA
RNS Number : 7571I
All Active Asset Capital Limited
15 December 2020
15 December 2020
All Active Asset Capital Limited
('AAA' or 'the Company')
Unaudited financial statements for the period ended 11 December
2020
All Active Asset Capital (AIM:AAA), announces its unaudited
financial statements for the period ended 11 December 2020. Due to
the significant placings undertaken by AAA since the publication on
30 September 2020 of its unaudited interim financial statements for
the six months ended 30 June 2020, the directors are publishing a
further set of consolidated financial statements for the period
from 1 July 2020 to 11 December 2020 and a consolidated statement
of financial position as at 11 December 2020, in order that
shareholders and the wider market have an up-to-date understanding
of the Company's improved financial position, with total assets
increasing to GBP13.7m as at 11 December 2020 from GBP2.8m as at 30
June 2020.
AAA has not changed its accounting reference period and will be
publishing an audited annual report and financial statements for
the year ending 31 December 2020 in due course, in accordance with
the requirements of the AIM Rules for Companies.
There is no current intention to publish further periodic
financial position statements, but, if there are similar
transformational transactions in the future, the directors may
choose to do so in order to assist shareholders and the wider
market in their appreciation of the Company's financial
position.
During the period from 1 July 2020 to 11 December 2020, in
addition to the placings described above (which were accompanied by
the grant of a total of 71,875,000 warrants to subscribe for new
ordinary shares in the Company exercisable at 15p per ordinary
share), the Company provided a secured convertible EUR3.0m loan to
MESH Holdings plc and granted a further 49,200,000 warrants to
subscribe for new ordinary shares, exercisable at 15p per ordinary
share. Since 30 June 2020, 54,670,001 warrants exercisable at 2.5p
per ordinary share and 1,562,500 warrants exercisable at 0.4p per
ordinary share have been exercised, raising aggregate gross
proceeds for the Company of GBP1,373,000.
As at 11 December 2020 the book value attributed to the
Company's investment in Myanmar Allure Group Limited ("MAG") was
GBP150,000 (30 June 2020 - GBP513,710) reflecting the Directors'
assessment of MAG's future prospects.
Copies of the financial statements for the period ended 11
December 2020 are available from the Company's registered address
and will be available on the Company's website, www.aaacap.com ,
later today.
For further information:
All Active Asset Capital Limited
James Normand, Non-Executive Chairman
Rodger Sargent, Executive Director
www.aaacap.com
Allenby Capital Limited (Nominated Adviser and Broker)
Alex Brearley / Nick Athanas
T: +44 (0) 203 328 5656
www.allenbycapital.com
Buchanan (Financial PR)
Richard Oldworth / Chris Lane / Toto Berger
T: +44 (0) 207 466 5000
E: AAAC@buchanan.uk.com
ALL ACTIVE ASSET CAPITAL LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 JULY TO 11 DECEMBER 2020
Period 6 months
ended ended
11 December 30 June
2020 2020
------------- -------------
Notes GBP GBP
(Unaudited) (Unaudited)
------------- -------------
Fair value adjustments on investments (1,100,510) -
Administrative expenses (248,202) (220,575)
------------- -------------
Loss before interest and taxation (1,348,712) (220,575)
Interest income - 112
------------- -------------
Operating loss before taxation (1,348,712) (220,463)
Taxation - -
------------- -------------
Loss for the period attributable to the owners
of the Company (1,348,712) (220,463)
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss:
Exchange profit on translation of foreign
assets - 33,209
------------- -------------
Total comprehensive expense for the period (1,348,712) (187,254)
============= =============
Loss per share 3 (0.17p) (0.04p)
The notes 1 to 6 below form an integral part of these financial
statements.
ALL ACTIVE ASSET CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 11 DECEMBER 2020
As at As at
11 December2020 30 June
2020
----------------- -------------
Notes GBP GBP
(Unaudited) (Unaudited)
ASSETS
Non-current assets
Investments in equity instruments 4 469,200 1,569,710
Loans 4 2,701,972 -
-----------------
3,171,172 1,569,710
-----------------
Current assets
Prepayments 9,526 35,716
Deposits and other receivables 5 270,060 1,219,044
Bank balances 5 10,247,921 -
----------------- -------------
Total current assets 10,527,507 1,254,760
----------------- -------------
Total assets 13,698,679 2,824,470
================= =============
CAPITAL AND RESERVES
Share capital 6 21,099,315 8,699,644
Reserves (7,442,279) (6,093,567)
----------------- -------------
Total equity 13,657,036 2,606,077
================= =============
LIABILITIES
Current liabilities
Other payables and accruals 41,643 218,393
----------------- -------------
Total liabilities 41,643 218,393
----------------- -------------
Total equity and liabilities 13,698,679 2,824,469
----------------- -------------
Net current assets 10,485,864 1,036,367
----------------- -------------
Total assets less current liabilities 13,657,036 2,606,077
================= =============
Net assets 13,657,036 2,606,077
================= =============
The notes 1 to 6 below form an integral part of these financial
statements.
ALL ACTIVE ASSET CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
FOR THE PERIOD 1 JULY TO 11 DECEMBER 2020
Share Exchange Accumulated Total
capital reserve losses
----------- --------- ------------ ------------
GBP GBP GBP GBP
At 1 January 2020 6,392,944 346,646 (6,252,959) 486,631
Total comprehensive expense for the
period - 33,209 (220,463) (187,254)
Issue of shares in the period 2,306,000 - - -
----------- --------- ------------ ------------
At 1 July 2020 8,699,644 379,855 (6,473,422) 2,606,077
Total comprehensive expense for the
period - - (1,348,712) (1,348,712)
Issue of shares in the period 12,399,671 - - 12,399,671
----------- --------- ------------ ------------
At 11 December 2020 21,099,315 379,855 (7,822,134) 13,657,036
=========== ========= ============ ============
The notes 1 to 6 below form an integral part of these financial
statements.
ALL ACTIVE ASSET CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JULY TO 11 DECEMBER 2020
Notes Period from 6 months
1 July 2020 ended
to 11 December 30 June
2020 2020
---------------- -------------
GBP GBP
(Unaudited) (Unaudited)
Operating activities
Loss before interest and taxation (1,348,712) (220,575)
Fair value adjustment 1,100,510 -
---------------- -------------
(248,202) (220,575)
Working capital changes
Decrease (increase) in prepayments 26,190 (14,912)
Decrease (increase) in deposits and other
receivables 948,984 (1,101,841)
(Decrease) increase in accruals and other
payables (176,750) 86,516
---------------- -------------
Cash generated by (used in) operations 550,222 (1,250,812)
Interest received - 112
---------------- -------------
Net cash used in operating activities 550,222 (1,250,700)
Financing activities
Net proceeds of shares issued for cash 12,399,671 1,250,700
12,949,893 -
Investment activities
Advance of secured convertible loan (2,701,972) -
Net increase in cash 10,247,921 -
Cash at beginning of the period 5 - -
Cash at end of the period 5 10,247,921 -
================ =============
The notes 1 to 6 below form an integral part of these financial
statements.
ALL ACTIVE ASSET CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
11 DECEMBER 2020
1. GENERAL INFORMATION
All Active Asset Capital Limited (the "Company") is an investing
company incorporated in the British Virgin Islands on 14 September
2012 with its registered office located on Commerce House, Wickhams
Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands.
The ordinary shares of the Company were admitted to trading on the
AIM market of the London Stock Exchange on 2 May 2013.
The principal activity of the Company is to make investments in
accordance with its investing policy.
These financial statements are unaudited and do not constitute
statutory accounts.
2. BASIS OF ACCOUNTING
These consolidated financial statements have been prepared in
accordance with International Accounting Standard 34, Interim
Financial Reporting, issued by the International Accounting
Standards Board, and the applicable disclosure provisions of the
AIM Rules for Companies issued by the London Stock Exchange. The
financial statements are presented in pounds sterling.
The preparation of consolidated financial statements in
conformity with IAS 34 requires management to make judgements,
estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and expenses
on a year-to-date basis. Actual results may differ from these
estimates.
This additional interim financial information contains
consolidated financial statements and explanatory notes. The notes
include an explanation of events and transactions that are
significant to an understanding of the changes in financial
position and performance of the Group since the interim financial
statements for the six months ended 30 June 2020. These
consolidated financial statements and notes therein do not include
all of the information required for a full set of financial
statements prepared in accordance with International Financial
Reporting Standards.
3. LOSS PER SHARE
The calculation of the basic loss per share is based on the loss
for the period attributable to shareholders of GBP1,348,712 (six
months ended 30 June 2020: loss of GBP187,254) divided by the
weighted average number of 799,134,090 (six months ended 30 June
2020: 520,630,987) ordinary shares in issue during the period.
4. INVESTMENTS
11 December 30 June
2020 2020
------------ ----------
GBP GBP
Unlisted entities
7% stake in Myanmar Allure Group Company Limited 150,000 513,710
Secured convertible loan to Mesh Holdings plc 2,701,972 -
(EUR3 million)
Listed equity entities
Ordinary shares in Asimilar Group plc, warrants
over ordinary shares in Asimilar Group plc and
options over warrants in Asimilar Group plc 319,200 1,056,000
3,171,172 1,569,710
============ ==========
The equity and loan interests in unlisted entities are stated at
directors' valuation. The investments in the listed securities are
valued using market prices.
ALL ACTIVE ASSET CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
11 DECEMBER 2020
5. BANK BALANCES
At 30 June 2020, the Group did not have a bank account. At that
date cash amounting to GBP1,219,044 was held in trust by third
party financial institutions and was classified as deposits and
other receivables.
6. SHARE CAPITAL
Authorised No. of shares No. of
shares
Ordinary shares of no par value 2,000,000,000 1,000,000,000
============= =============
Issued GBP GBP
973,723,572 (30 June 2020 - 774,076,072) ordinary
shares of no par value 21,099,315 8,699,644
============= =============
On 20 November 2020, the Company issued 62,500,000 new ordinary
shares at a price of 8 pence per share, raising gross proceeds of
GBP5,000,000.
On 3 December 2020 the Company issued 81,250,000 new ordinary
shares at a price of 8 pence per share, raising gross proceeds of
GBP6,500,000.
Since 30 June 2020 holders of warrants have exercised their
rights to buy 54,670,001 shares at 2.5p per share and 1,562,500
shares at 0.4p per share, raising aggregate gross proceeds for the
Company of GBP1,373,000.
On 20 November 2020 the Company granted 31,250,000 warrants over
new ordinary shares at an exercise price of 15p per share. The
warrants are exercisable for 18 months from the date of issue. As
at 11 December 2020 none of these warrants has been exercised.
On 30 November 2020, the Company granted 49,200,000 warrants
over new ordinary shares at an exercise price of 15p per share. The
warrants are exercisable for 18 months from the date of issue. As
at 11 December 2020 none of these warrants had been exercised.
On 4 December 2020 the Company granted 40,625,000 warrants over
new ordinary shares at an exercise price of 15p per share. The
warrants are exercisable for 18 months from the date of issue. As
at 11 December 2020 none of these warrants had been exercised.
In addition to the warrants issued during the period, there
remain 67,665,000 unexercised warrants (each exercisable at 2.5p
per share) which, if exercised, would result in the receipt by the
Company of GBP1,691,625 in additional share capital. The ability to
exercise these warrants expires on 16 December 2020.
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END
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