TIDMDISP
RNS Number : 3673W
Dispensa Group PLC
11 December 2023
The following amendments have been made to the Dispensa Group
plc Second Interim Results announcement released on 30 November
2023 at 2.00pm under RNS No 2416V:
The addition of a Statement of Cashflows for the Period ended 31
August 2023
Two references to Zamaz plc in Note 1 to the Accounts amended to
read Dispensa Group plc
All other details remain unchanged.
The full amended text is shown below.
11 December 2023
DISPENSA GROUP PLC
SECOND UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIODED 31
AUGUST 2023
Dispensa Group plc (LON: DISP), ("Dispensa" or "The Company")
the acquisitive holding company developing a portfolio of
international luxury food brands, is pleased to announce its
unaudited interim results for the six month period from 1 March
2023 to 31 August 2023.
These are the second set of Interim Results announced by the
Company following its announcement on 24 August 2023 that it had
changed its year-end from 31 August to 31 December to align itself
with the accounting reference date of its operating subsidiaries.
As such, the next full set of audited annual financial statements
will cover the 16-month period from 1 September 2022 to 31 December
2023 and are expected to be published in April 2024.
Key Highlights for the six month period from 1 March 2023 to 31
August 2023:
-- Change of Company name from Zamaz plc to Dispensa Group plc
and updated strategy and focus on the acquisition and digitization
of luxury foods brands as well as vertical integration within each
brand business.
-- After three acquisitions in the luxury foods sector in Italy
completed since Listing and in the previous six month period,
management has concentrated on building its team, consolidating
operations, expanding distribution channels and achieving
efficiencies. Administration costs have fallen following the
restructuring of the UK team and closing the UK warehouse, moving
all logistics to Italy.
-- There is significant seasonality in the business which is
reflected by a fall in revenues - Summer is a slower period and
Christmas tends to be much busier. Revenues are lower also due to
the legacy Amazon business having experienced persistent cost
increases and operational challenges from Amazon.
-- Overall, the loss position over the last 12 months to August
2023 has improved compared to the previous 12 months To August
2022.
-- Exciting organic growth opportunities through product
development and enhanced store openings for existing brand
distribution. Pipeline of accretive acquisition opportunities.
Commenting on the second Interim Results, Chairman Dr Niccolò
Caderni said: "The Dispensa Group is rolling out its integration
and expansion plans for the acquired businesses including adding
senior team members. While revenue has fallen compared to the first
six months of the year, this is mainly, as expected, due to the
seasonality of the business. The arriving Christmas trading period
has generally significantly higher revenues than the same summer
trading period for our brands. Our revenue is however also lower
following difficulties with the Amazon platform and Ecomoist brand
which has under-performed and which is being addressed. Organic
growth through brand development and distribution of products
through store openings continues while our focus on acquisition of
additional brand businesses is ongoing. We are also considering
minority investments in brands and related businesses to accelerate
growth. Fully to exploit the opportunities in the market, the
Company would naturally need to access further capital."
Dispensa Group plc
Dr Niccolò Caderni n.caderni@dispensagroup.com
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VSA Capital +44(0)20 3005 5000
----------------------------
Andrew Raca, Alexander Cabral (Corporate Finance)
Peter Mattsson (Corporate Broking)
----------------------------
Walbrook PR Limited +44 20 7933 8780 or
+44 07768 807631
----------------------------
Paul Vann/Nick Rome/Joe Walker dispensa@walbrookpr.com
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About Dispensa Group plc:
Dispensa Group plc is an international Holding Company whose
shares are listed on the Main Market of The London Stock Exchange.
It acquires majority and minority stakes-in businesses which have
ethically sourced luxury food brands of exceptional quality, but
which are undervalued by dint of not having been exposed to global
markets. We add value and international reach to such brands by
digitalization and our own e-commerce expertise, via online
distribution channels and specialist stores. To date, our strategy
has focused on the Italian market; however, we believe there are
many more expansion, partnership and acquisition opportunities
throughout Europe and beyond.
CEO's Report
Dear Shareholder
The Company, (previously Zamaz plc) listed its shares on the
Main Market of the London Stock Exchange on 2 September 2022, since
then the Group, via its wholly owned subsidiary, Bella Dispensa
S.r.l. ("Bella Dispensa"), based in Milan, Italy, has made three
acquisitions in the luxury foods sector. These acquisitions are
being integrated and we are beginning to see positive operational
synergies which we expect will be reflected in the financial
performance from FY 2024. There is an increasing focus on Bella
Dispensa to diversify products, markets and distribution channels,
achieve efficiencies and capture the opportunity afforded by a
well-considered pipeline of organic and investment growth
opportunities.
The Group is also now at the end of its geographical
re-organisation. It has closed its UK warehouse and reduced its UK
team, transferring operations and warehouse to the Milan area. This
has reduced costs significantly and improved internal controls and
communications.
Within the team at both Plc and operating level there has been a
focus on team building in both senior management and operational
roles to enable the execution of the growth plan, enable the
digitization of existing businesses acquired as well as the
optimization of operations to reduce costs and increase sales. In
common with our peers in the industry, the acquisition and
retention of good people at every level remains a challenge in the
current climate.
Income
Revenue fell in the six month period to GBP1.74m (GBP3.48m for
the previous six months) leading to a Gross Profit of GBP0.37m
(GBP1.68m). Admin expenses fell to GBP0.90m (GBP1.67m) delivering
an Operating Loss of GBP0.53m (gain of GBP0.01m).
Finance costs increased to GBP0.18m (GBP0.09m) following an
increase in the bond amount issued from GBP1.4 million on listing
in early September 2022 to GBP3.1 million at 31 August 2023, plus
an increase in bond coupon from 6% p.a. to 7.5% p.a. following the
bondholder meeting held in March 2023.
The Loss before Tax was lower at GBP1.19 million for the six
month period (previous period GBP1.64 million)
Financial Position
The key points on the assets side of the balance sheet are as
follows.
Inventories fell to GBP0.24m (GBP0.79m) as stocks were reduced
in the Ecomoist business and not replenished, as well as resulting
from the seasonality of the business.
Receivables fell to GBP1.28m (February 2023: GBP2.05m) as
collections improved to a more sustainable level.
Key points on the liabilities side of the balance sheet are as
follows.
Current liabilities were significantly reduced to GBP2.46m
(February 2023: GBP4.56m) as cash inflows increased, while
Non-current liabilities increased to GBP4.36m (GBP2.75m) mainly due
to successful additional placings of the Dispensa Plc Bond.
Bond Restructuring
On 9 March 2023 Dispensa Plc convened a meeting of the
Bondholders of the Company's EUR 3,000,000 6% Fixed Rate Bonds due
30 April 2023. It was agreed that the maturity of the 6% Bond would
be extended to 20 April 2026 from 30 April 2023, the Nominal Value
of the Bond could be increased from EUR3,000,000 to EUR15,000,000,
and the rate of interest was increased to 7.5% from 6% per
annum.
Following the Resolution, additional Bonds have been issued
bringing an extra EUR530,000 into the Company for a total of
EUR3,530,000 (GBP3,141,891) outstanding.
Board Changes
On 24 August 2023 the Company announced that Martin Groak, who
was Independent Chairman of the Board and who had led the listing
process, would relinquish his Chairmanship and remain an
Independent Non-Executive Director. Martin was replaced by Niccolo
Caderni who was until that point an Independent Non-Executive
Director.
On 20 October, the Company announced the appointment of
Alessandro Colombo to take over the CEO role from Daniele Besnati.
On 21 November, Mr Colombo stepped down for personal reasons.
Daniele Besnati, who had remained on the Board as Executive
Director of Operations, returned to his previous role as CEO.
Vision
Our company's vision is to be a fast-growing player in the
international Luxury Foods sector. It believes that it can achieve
this through a well-planned strategy of organic growth through
store openings and product development, as well as external growth
via acquisitions, and majority and minority investments in brand
businesses and associated sectors.
In recent months the company has expanded its operations and
diversified its product and geographic presence within Italy. The
financial results of the implementation of this strategy are
expected to come through in FY 2024.
We look forward to being able to report on further progress
across the board for our 16-month audited financial year ending 31
December 2023 next April.
Forward looking statements:
This announcement contains statements that are or may be
forward-looking statements. All statements other than statements of
historical facts included in this announcement may be
forward-looking statements, including statements that relate to the
Company's future prospects, developments and strategies. The
Company does not accept any responsibility for the accuracy or
completeness of any information reported by the press or other
media, nor the fairness or appropriateness of any forecasts, views
or opinions express by the press or other media regarding the
Group. The Company makes no representation as to the
appropriateness, accuracy, completeness or reliability of any such
information or publication.
Forward-looking statements are identified by their use of terms
and phrases such as "believe", "targets", "expects", "aim",
"anticipate", "projects", "would", "could", "envisage", "estimate",
"intend", "may", "plan", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. The forward-looking statements in this announcement
are based on current expectations and are subject to known and
unknown risks and uncertainties that could cause actual results,
performance and achievements to differ materially from any results,
performance or achievements expressed or implied by such forward
looking statements. Factors that may cause actual results to differ
materially from those expressed or implied by such forward looking
statements include, but are not limited to, those described in the
Risk Management Framework section of the Company's most recent
Annual Report. These forward-looking statements are based on
numerous assumptions regarding the present and future business
strategies of the Group and the environment in which it is and will
operate in the future. All subsequent oral or written
forward-looking statements attributed to the Company or any persons
acting on its behalf are expressly qualified in their entirety by
the cautionary statement above. Each forward-looking statement
speaks only as at the date of this announcement. Except as required
by law, regulatory requirement, the Listing Rules and the
Disclosure Guidance and Transparency Rules, neither the Company nor
any other party intends to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
Financial Results & Review
The loss for the six month period ending 31 August 2023 was
GBP1,191,459 including exceptional listing costs (GBP1,642,336
loss).
The Board monitors the activities and performance of the Group
on a regular basis. The Board uses financial indicators based on
budget versus actual to assess the performance of the Group. The
indicators set out below will continue to be used by the Board to
assess performance over the period to 31 August 2023. The main
KPIs
for the Group are as follows. These allow the Group to monitor costs and plan future activities:
Six Month Period Six Month period
ended 31 August ended
2023 28 February
(unaudited) 2023 (unaudited)
Revenue GBP'000 GBP1,744 GBP3,480
Gross Margin GBP'000 GBP372 GBP1,683
% 21.33% 48.36%
EBITDA GBP'000- excluding listing GBP10
costs
(GBP526)
Financial Position
The Group's Statement of Financial Position as at 31 August 2023
and comparatives at 28 February 2022 are summarized below.
31 August 28 February
2023 2023
Current assets 2,292,406 3,633,125
-------------------------- -------------------------- -----------
Non-current assets 23,839,599 24,142,460
-------------------------- -------------------------- -----------
Total assets 26,132,005 27,775,585
-------------------------- -------------------------- -----------
Current liabilities 2,495,288 4,555,545
-------------------------- -------------------------- -----------
Non-current liabilities 4,362,905 2,749,810
-------------------------- -------------------------- -----------
Total liabilities 6,858,193 7,305,355
-------------------------- -------------------------- -----------
Net assets 19,273,813 20,470,230
-------------------------- -------------------------- -----------
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the Group's
strategy are subject to a number of risks. The key business risks
affecting the Group are set out below.
Risks are formally reviewed by the Board, and appropriate
processes are put in place to monitor and mitigate them. If more
than one event occurs, it is possible that the overall effect of
such events would compound the possible adverse effects on the
Group.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to
meet its financial obligations as they. The Group's policy during
the year has been to ensure that it has adequate liquidity to meet
its liabilities when due by careful management of its working
capital.
Credit risk
Credit risk is the risk of financial loss to the Group if a
customer or a counterparty to a financial instrument fails to meet
its contractual obligations.
In accordance with the Group's policy, the Board monitors the
Group's exposure to credit risk on n ongoing basis. The risk is
largely mitigated by the use of Amazon trading platform, which is
regarded as an extremely low credit risk.
Market risk
Market risk is the risk that changes in market prices, such as
commodity prices, foreign exchange rates, interest rates and equity
prices will affect the Group's and Company's income or value of its
holdings in financial instruments.
Capital Management
The Company's capital consists wholly in ordinary shares, The
Board's policy is to preserve a strong capital base in order to
maintain investor, creditor, and market confidence and to safeguard
the future development of the business, whilst balancing these
objectives with the efficient use of capital.
Responsibility Statement
We confirm that to the best of our knowledge:
-- the 6 Month Unaudited Report and its comparative have been
prepared in accordance with International
Accounting Standard 34 'Interim Financial Reporting'; and
-- gives a true and fair view of the assets, liabilities,
financial position and loss of the Group; and
-- the 6 Month Unaudited Report includes a fair review of the
information required by DTR 4.2.7R of the
Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first
six months of the financial year and their impact on the set of
interim financial statements; and a
description of the principal risks and uncertainties for the
remaining six months of the year; and
-- the 6 Month Unaudited Report includes a fair review of the
information required by DTR 4.2.8R of the
Disclosure and Transparency Rules, being the information
required on related party transactions.
The 6 Month Unaudited Report was approved by the Board of
Directors on 29 November 2023 and the above responsibility
statement was signed on its behalf by:
Daniele Besnati
Chief Executive Officer
Dispensa Group Plc
DISPENSA GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 12 MONTH PERIODED 31 AUGUST 2023
6 months 6 months Year ended
to to
31 Aug 28 Feb 31 Aug
2023 2023 2022
(unaudited) (unaudited) (audited)
GBP GBP GBP
Continuing operations
Income
Revenues 1,744,204 3,479,564 1,679,105
Cost of sales (1,372,617) (1,796,435) (1,363,822)
Gross Profit 371,587 1,683,129 315,283
Administrative expenses (898,562) (1,672,650) (1,511,652)
Operating Result (526,975) 10,479 (1,196,369)
Finance Costs (179,964) (92,152) (128,023)
Exceptional Item: Listing costs (484,520) (1,560,663) -
Profit/(Loss) before tax (1,191,459) (1,642,336) (1,324,392)
Taxation - - (847)
Profit/(Loss) for the period attributable
to equity shareholders of the Company (1,191,459) (1,642,336) (1,325,239)
Other comprehensive income / (expenditure) - - -
for the period net of tax
Total comprehensive income/(expenditure)
for the period (1,191,459) (1,642,336) (1,325,239)
Loss per ordinary share
Basic and diluted income (loss) per share
attributable to the equity shareholders
of the parent (pence) (0.17) (0.23) (0.30)
The unaudited net loss for the 12 months to 31 August 2023,
excluding the extraordinary listing costs, is (GBP788,612)
As at As at As at 31
DISPENSA GROUP PLC 31 Aug 2023 28 Feb August 2022
2023 (unaudited) (audited)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)
GBP GBP GBP
ASSETS
Non-current assets
Intangibles 1,182,914 1,191,986 223,853
Goodwill 21,998,500 22,285,391 20,454,876
Receivables - Non current 235,876 235,876 -
Property, Plant, & Equipment 422,309 429,208 30,130
Total non-current assets 23,839,599 24,142,460 20,708,859
Current assets
Inventories 245,935 785,522 321,457
Trade and other receivables 1,280,971 2,053,178 767,092
Cash and cash equivalents 765,500 794,425 26,818
Total current assets 2,292,406 3,633,125 1,115,367
TOTAL ASSETS 26,132,005 27,775,585 21,824,226
LIABILITIES
Current Liabilities 2,495,288 4,555,545 2,837,341
Non current Liabilities 4,362,905 2,749,810 874,618
TOTAL LIABILITIES 6,858,193 7,305,355 3,711,959
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY
Called up share Capital 188,299 188,299 178,031
Share premium 23,322,318 23,324,638 19,568,774
Translation reserve 263,159 220,151 5,278
Retained earnings (4,744,627) (3,550,529)
Minorities interest 244,662 287,671 (1,639,816)
TOTAL EQUITY 19,273,813 20,470,230 18,112,267
TOTAL EQUITY AND LIABILITIES 26,132,006 27,775,585 21,824,226
DISPENSA GROUP PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 31 AUGUST 2023 AND 31 AUGUST 2022
Called up Share premium Translation Retained Third Parties Total Equity
Share Capital Reserve Earnings
-------------------------------------- --------------- ------------- ------------- --------------- --------------
Balance at 1 September
2021 50,000 - - (314,577) 264,577
Loss of the year - - - (1,325,239) (1,325,239)
Exchange differences on
consolidation - - 5,278 - 5,278
Issue of share Capital 128,031 19,568,774 - - 19,696,805
Balance at August 31 2022 178,031 19,568,774 5,278 (1,639,816) 0 18,112,267
=========================== ========= =============== ============= ============= =============== ==============
At August 31 2022 178,031 19,568,774 5,278 (1,639,816) 18,112,267
Issue of shares 10,268 10,268
Share premium 3,753,544 3,753,544
Exchange differences on
translation - - 257,881 257,881
Third parties 244,662 244,662
Total comprehensive income
for the period - - - (3,104,811) (3,104,811)
--------------------------- --------- --------------- ------------- ------------- --------------- --------------
Balance at August 31 2023 188,299 23,322,318 263,159 (4,744,627) 244,662 19,273,811
--------------------------- --------- --------------- ------------- ------------- --------------- --------------
DISPENSA GROUP PLC 6 months 6 months Year ended
to to
STATEMENT OF CASHFLOWS 31 Aug 2023 28 Feb 31 Aug
2023 2022
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating activities
Income from operations (1,226,317) 1,139,703 (219,844)
Cash flows from investing activities
Purchase of Property - (459,338) (10,009)
Investments acquired - (235,876) 0
Purchase of Intangibles - (968,133) (113,551)
Cash acquired with company acquisition 6,135
Cash flows generated from investing
activities - (1,663,347) (117,425)
Cash flows generated from financing
activities
Repayments of borrowings - (63,438) (81,339)
Proceeds from borrowings 1,288,873 370,202 77,500
Bond Interest paid (91,481) (49,500) (59,182)
Proceeds of share issues - 746,317 74,800
Proceeds third parties - 287,670 -
Cash flows from financing activities 1,197,392 1,291,251 11,779
Cash and cash equivalents at beginning
of the period 794,425 26,818 350,568
Effect of foreign exchange rate of changes - - 1,739
Cash and cash equivalents at end of
the period 765,500 794,425 26,818
(Decrease)/Increase in cash (28,925) 767,607 (325,490)
DISPENSA GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIODED 31 AUGUST 2023
NOTE 1: ACCOUNTING POLICIES
General Information
The Company is a public limited company incorporated and
domiciled in England (registered number: 12167179), which is listed
on the London Stock Exchange. The registered office of the Company
is Eastcastle House, 27/28 Eastcastle Street, London W1W 8DH.
Accounting policies
The accounting policies, presentation and methods of computation
applied by the Group in these condensed interim financial
statements are the same as those applied by the Group in its
consolidated financial information in its 2022 Annual Report and
Accounts.
Basis of Preparation of Financial Statements
The condensed consolidated interim financial statements have
been prepared in accordance with IAS 34 'Interim Financial
Reporting'. The accounting policies adopted in this report are
consistent with those of the annual
financial statements for the year to 31 August 2022 as described in those financial statements
Basis of consolidation
The consolidated financial statements comprise the financial
statements of Dispensa Group plc and its subsidiaries as at 31
August 2023. The financial statements of the subsidiaries are
prepared for the same reporting period as the parent company, using
consistent accounting policies.
All intra-group balances, transactions, income and expenses and
profits and losses resulting from intra-group transactions that are
recognized in assets, are eliminated in full.
Subsidiaries are fully consolidated from the date of
acquisition, being the date on which the Group obtains control, and
continue to be consolidated until the date that such control
ceases. Dispensa Group plc owns the majority of the shareholdings
and has operational control over all its subsidiaries. Please refer
to Note 4 for information on the consolidation of Dispensa Group
plc.
Going Concern
The Group Financial Statements have been prepared on a going
concern basis. Although the Group's assets are not currently
generating sufficient revenues and an operating loss has been
reported, the Directors are of the view that, the Group has funds
to meet its planned expenses over the next 12 months from the date
of these Financial Statements.
In assessing whether the going concern assumption is
appropriate, the Directors have taken into account all relevant
available information about the current and future position of the
Group, including current level of resources and the required level
of spending on corporate activities. As part of the assessment, the
Directors have also taken into account the ability to raise new
funding whilst maintaining an acceptable level of cash for the
Group to meet all commitments.
The Directors are confident that the measures they have
available will result in sufficient working capital and cash flows
to continue in operational existence. Taking these matters in
consideration, the Directors continue to adopt the going concern
basis of accounting in the preparation of the financial
statements.
NOTE 2: INTERIM FINANCIAL INFORMATION
The condensed consolidated interim financial statements are for
the six-month period ended 31 August 2023. The condensed
consolidated interim financial statements do not include all the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 August 2022, which
were prepared under International Financial Reporting Standards
(IFRS).
The condensed consolidated interim financial statements have not
been audited nor have they been reviewed by the Group's auditors
under ISRE 2410 of the Auditing Practices Board. These condensed
consolidated interim financial statements do not constitute
statutory accounts as defined in Section 434of the Companies Act
2006. The Group's statutory financial statements for the year ended
30 June 2021 prepared under IFRS have been filed with the Registrar
of Companies. The auditor's report on those financial statements
was unqualified and did not contain a statement under Section
498(2) of the Companies Act 2006.
NOTE 3: CRITICAL ACCOUNTING ESTIMATE AND JUDGEMENTS
The preparation of the financial statements in conformity with
International Financial Reporting Standards requires the use of
certain critical accounting estimates. It also requires management
to exercise its judgement in the process of applying the Company's
accounting policies. Actual results may differ from these
estimates.
In preparing these condensed interim financial statements, the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were the same as those applied to the consolidated financial
statements for the year ended 31 August 2022.
NOTE 4: LOSS PER SHARE
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
In accordance with IAS 33, no diluted earnings per share is
presented, so there is no difference between the basic and the
diluted loss per share
Basic and Diluted EPS
Loss attributable to ordinary shareholders (0.17) pence,
based on a weighted average number of shares in issue of 7
11,530,255 Ordinary shares
February 2023: Loss per shares (0.23) based on a weighted
average number of shares in issue of 710,763,588 Ordinary
shares
NOTE 5: BORROWINGS
As at 31 August 31 August
2023 2022
Bond 3,141,891 1,482,816
----------- ------------
Lease Liability 0 1,800
----------- ------------
Short Term borrowings 0 47,722
----------- ------------
Total 3,141,891 1,532,338
----------- ------------
On 9 March 2023 Dispensa Plc (previously Zamaz Plc) convened a
meeting of the Bondholders of the Company's EUR 3,000,000 6% Fixed
Rate Bonds due 30 April 2023, to consider and approve a proposal to
modify the terms of conditions of the 6% Bonds by way of an
Extraordinary Resolution.
The meeting was then adjourned to the 21 March 2023 and the
following Resolution was put to the Bondholders and approved:
- the maturity of the 6% Bond was extended to 20 April 2026 from 30 April 2023;
- the Nominal Value of the Bond was increased from EUR3,000,000 to EUR15,000,000;
- the rate of interest was increased to 7.5% from 6% per annum.
Following the Resolution additional Bonds have been issued
bringing a total of Euros 530,000 into the Company resulting in a
total of EUR3,530,000 (GBP3,141,891) outstanding.
NOTE 6: INVESTMENTS
Investments Held- Company
Financial assets at fair value through profit or loss are as
follows:
Bella Dispensa Total
Srl
1 September 2021
Cost 20,487,259 20,487,259
------------------ ----------------------------- ---------------
31 August 2022 20,487,259 20,487,259
------------------ ----------------------------- ---------------
Additions 2,419,301 1,798,132
31 August 2023 22,906,560 22,285,391
------------------ ----------------------------- ---------------
As at August 31, 2023, investments were classified as held for
trading and recorded at their fair values based on quoted market
prices (if available).
Investments that do not have quoted market prices are measured
at cost less impairment.
Last 26 September 2022 Bella Dispensa agreed to acquire the
entire issued share capital of Ecocarni Srl, a purveyor of
premium quality meats and associated products sourced from Italy
and Argentina to both wholesale and retail customers
from its managed general store in Milan.
On 10 October 2022 Bella Dispensa agreed to acquire a 72.61 per
cent stake in Eccellenze Srl, a luxury food products
business based at its flagship store in one of Milan's premier
districts.
On 11 February 2023, the Company exercised an option and
acquired the entire issued share capital of Dallatte Italia
Srl
NOTE 7: SHARE CAPITAL AND RESERVES
Share Capital and Share Premium
Issued Share Capital Share Premium
------------------------ ---------------- ------------------
At 1 September 2021 50,000
------------------------ ---------------- ------------------
Issue of Shares 128,031
------------------------ ---------------- ------------------
Share Premium thereon 19,568,774
------------------------ ---------------- ------------------
At 31 August 2022 178,031 19.568.774
------------------------ ---------------- ------------------
Issue of shares 10,268
------------------------ ---------------- ------------------
Share Premium thereon 3,753,544
------------------------ ---------------- ------------------
At 31 August 2023 188,299 23,322,318
------------------------ ---------------- ------------------
NOTE 8: RELATED PARTIES
Two directors of the Company: Messrs. White and Groak are also
directors of the Holding Company of Innovative Finance Srl.
("Innovative") and Epsion Capital Ltd. ("Epsion")
Innovative provided advisory services to the Company for its
listing and Bella Dispensa for its acquisition strategy.
Epsion provided advisory services for the Company's prospectus
for listing on the London Stock Exchange.
Expenses in these accounts include
Fees to Innovative GBP 704,577
Fees to Epsion GBP 260,000
-Ends-
Enquiries:
Dispensa Group Plc www.dispensagroup.com
Daniele Besnati ,CEO c/o Walbrook PR Limited
Walbrook PR Limited
Paul Vann/Nick Rome/Joe Walker Tel: 020 7933 8780 or 07768
807631 dispensa@walbrookpr.com
Notes to editors
Dispensa Group plc is an international Holding Company whose
shares are listed on the Main Market of The London Stock Exchange.
It sources, acquires, integrates and digitizes businesses which
have ethically sourced but undervalued luxury food brands of
exceptional quality which have not yet been exposed to global
markets. We add value and international reach to individual brands
by utilizing the latest digital transformation technology,
combining it with our own proprietary e-commerce expertise, online
distribution channels and specialist stores. To date, our strategy
has focused on the Italian market; we believe there are many more
expansion, partnership and acquisition opportunities throughout
Europe and beyond.
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END
IR MZMMZZMKGFZM
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December 11, 2023 09:00 ET (14:00 GMT)
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