TIDMACO
RNS Number : 7650O
Acorn Growth PLC
09 November 2016
9 November 2016
ACORN GROWTH PLC
("Acorn" or "the Company")
Half yearly report for the six months ended 30 September
2016
Chairman's Report
As at 30 September 2016
It is with pleasure that I present the half yearly report to
shareholders for the 6 months ending 30 September 2016.
In the period under review your board has continued to identify
investment opportunities across a wide range of industries. Our
focus has been to find opportunities that come with strong
management and are capable of attracting the required development
capital in the London capital markets.
We have also been successful in completing a capital raising
that will assist in our search for investment opportunities. On 26
September 2016 shareholders approved a placement of 16,517,778 new
shares at 15p a share to raise GBP2,477,666.70 before costs of the
issue. The placement of new shares was completed after the 30
September 2016 (3 October 2016) and we ended the period under
review with approximately LIR1.102m cash and no debt, funds from
the placement were having more than tripled the cash reserves of
the company.
Shareholders also approved a name change to Acorn Growth plc as
the future direction of the company is likely to include non-mining
investment opportunities.
The achievements of the 6 months have come as a result of the
considerable work by your board and on your behalf I thank my
fellow directors Charles Goodfellow and Brent Fitzpatrick for their
effort and commitment to this cause and I also thank you for your
continuing support and look forward to updating you soon on further
progress.
Tony Brennan
Executive Chairman
For further information please contact:
Acorn Growth Plc Tel: +61 8 9322 5944
Anthony Brennan, Executive Chairman
Unaudited statement of profit or loss and other comprehensive
income
for the six months ended 30 September 2016
Note Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2016 2015 2016
GBP GBP GBP
Revenue - - -
Administrative costs (48,664) (34,823) (68,437)
------------------------- ----- ----------- ----------- -----------------
Operating (Loss) (48,664) (34,823) (68,437)
Net finance costs 409 445 861
(Loss) before taxation (48,255) (34,378) (67,576)
Taxation - - -
------------------------- ----- ----------- ----------- -----------------
(Loss) for the period
attributable to owners
of the company (48,255) (34,378) (67,576)
------------------------- ----- ----------- ----------- -----------------
Total comprehensive
income attributable
to the owners of the
company (48,255) (34,378) (67,576)
------------------------- ----- ----------- ----------- -----------------
Loss per share
Basic 4 (0.007) (0.005) (0.005)
Diluted (0.007) (0.005) (0.005)
Statement of financial position
as at 30 September 2016
Note Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2016 2015 2016
GBP GBP GBP
----------------------------- ----- ----------- ----------- ----------------
CURRENT ASSETS
Trade and other receivables - - -
Cash and cash equivalents 1,102,856 1,184,359 1,162,011
----------------------------- ----- ----------- ----------- ----------------
Total current assets 1,102,856 1,184,359 1,162,011
LIABILITIES
Trade and other payables (600) (650) (11,500)
----------------------------- ----- ----------- ----------- ----------------
Total current liabilities (600) (650) (11,500)
----------------------------- ----- ----------- ----------- ----------------
NET ASSETS 1,102,256 1,183,709 1,150,511
----------------------------- ----- ----------- ----------- ----------------
EQUITY
Capital and reserves
attributable to owners
of the company
Share capital 5 285,760 285,760 285,760
Share premium 1,380,917 1,380,917 1,380,917
Retained earnings (564,421) (482,968) (516,166)
----------------------------- ----- ----------- ----------- ----------------
1,102,256 1,183,709 1,150,511
----------------------------- ----- ----------- ----------- ----------------
Unaudited statement of changes in equity
for the six months ended 30 September 2016
Share Share Retained Total
capital premium earnings
GBP GBP GBP GBP
Balance at 1 April 2014 285,760 1,380,917 (448,590) 1,218,087
Transactions with owners
Shares issued - - - -
Share issue costs - - - -
Total transactions with - - - -
owners
Comprehensive Loss
Loss for the period - - (34,378) (34,378)
Total comprehensive
loss for the period - - (34,378) (34,378)
-------------------------- --------- ---------- ---------- ----------
Total owners equity
at 30 September 2015 285,760 1,380,917 (482,968) 1,183,709
-------------------------- --------- ---------- ---------- ----------
Comprehensive loss
Loss for the period - - (33,198) (33,198)
---------------------- -------- ---------- ---------- ----------
Total comprehensive
loss for the period - - (33,198) (33,198)
---------------------- -------- ---------- ---------- ----------
Total owners equity
at 31 March 2016 285,760 1,380,917 (516,166) 1,150,511
---------------------- -------- ---------- ---------- ----------
Comprehensive loss
Loss for the period - - (48,255) (48,255)
----------------------- -------- ---------- ---------- ----------
Total comprehensive
loss for the period - - (48,255) (48,255)
----------------------- -------- ---------- ---------- ----------
Total owners equity
at 30 September 2016 285,760 1,380,917 (564,421) 1,102,256
----------------------- -------- ---------- ---------- ----------
Unaudited statement of cash flows
for the six months ended 30 September 2016
Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2016 2015 2016
GBP GBP GBP
------------------------------------ ----------- ----------- ----------------
Cash flows from operating
activities
Operating (Loss) (48,664) (34,823) (68,437)
Decrease/(Increase) in receivables - - -
(Decrease)/Increase in payables (10,900) (32,877) (22,027)
------------------------------------ ----------- ----------- ----------------
Net cash used in operating
cash flows (59,564) (67,700) (90,484)
Net cash used in cash flows
from investing activities
Interest received 409 445 861
------------------------------------ ----------- ----------- ----------------
Net cash generated from
investing activities 409 445 861
Net increase in cash and
cash equivalents (59,155) (67,255) (89,603)
Net cash at start of the
period 1,162,011 1,251,614 1,251,614
------------------------------------ ----------- ----------- ----------------
Cash and cash equivalents
at period end 1,102,856 1,184,359 1,162,011
------------------------------------ ----------- ----------- ----------------
Notes to the interim accounts
For the six months ended 30 September 2016
1. General information
Acorn Growth Plc (formerly Acorn Minerals Plc) is a company
incorporated in the United Kingdom.
On 27 September 2016, following the AGM the company announced it
had changed its name from Acorn Minerals Plc to Acorn Growth
Plc.
These unaudited condensed interim financial statements for the
six months ended 30 September 2016 have been prepared in accordance
with International Financial Reporting Standards (IFRS) and IAS 34
"Interim Financial Reporting" as adopted by the European Union and
do not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. This condensed set of financial statements
has been prepared applying the accounting policies that were
applied in the preparation of the Company's published financial
statements for the year ended 31 March 2016 and are presented in
pounds sterling.
The comparative figures for the financial year ended 31 March
2016 have been extracted from the Company's statutory accounts
which have been reported on by the Company's auditor and delivered
to the Registrar of Companies. The report of the auditors was
unqualified and did not contain a statement under the Companies Act
2006 regarding matters which are required to be noted by exception.
The half year results have not been audited or subject to review by
the company's auditors.
2. Changes in accounting policies
The assessment of new standards, amendments and interpretations
issued but not effective, are not anticipated to have a material
impact on the financial statements.
3. Going concern
The company's activities, together with the factors likely to
affect its future development and performance, the financial
position of the company, its cash flows and liquidity position have
been considered by the Directors, taking account of the current
market conditions which demonstrate that the company shall continue
to operate within its own resources.
The Directors believe that the company is well placed to manage
its business risks successfully, and that the company has adequate
resources to continue in operational existence for the foreseeable
future. Accordingly, they consider it appropriate to adopt the
going concern basis in preparing these condensed financial
statements.
4. Loss per share
The calculation of the basic and fully diluted loss per share is
based on the loss for the period after tax of GBP48,255 (30 Sep 15:
GBP34,378; 31 Mar 2016: GBP67,576) divided by the weighted average
issued ordinary shares of 7,144,002 (30 Sep 2015: 7,144,002; 31 Mar
2016: 14,288,005).
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. The company
has one category of dilutive potential ordinary shares being share
options. The company has made a loss and the potential shares under
these options are therefore anti-dilutive.
5. Issued share capital
Authorised, allotted and called up share capital:
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31
2016 2015 Mar 2016
GBP GBP GBP
14,288,005 Ordinary shares
of GBP0.02 each 285,760 285,760 285,760
285,760 285,760 285,760
---------- ---------- ---------
On 26 September 2016 shareholders approved a placement of
16,517,778 new shares at 15p a share to raise GBP2,477,667 before
costs of the issue. This transaction was completed in October 2016.
The number of shares in issue after this transaction is 30,805,783
ordinary 2p shares and the number of voting rights is
30,805,783.
6. Related parties
The related parties and the nature of costs recharged are as
disclosed in the company's annual financial statements for the year
ended 31 March 2016.
Mr A Brennan, a Director of Acorn Growth PLC is also a Director
of Delta Capital Pty Ltd. Delta Capital Pty Ltd has entered into a
Corporate Advisor Mandate with the company. During the period the
following was paid to Delta Capital Pty Ltd:
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31
2016 2015 Mar 2016
GBP
GBP
Directors fees 7,980 7,500 15,000
----------- ----------
7,980 7,500 15,000
----------- ----------- ----------
Mr B Fitzpatrick, a Director of Acorn Growth PLC is also a
Director of Ocean Park Developments Ltd. During the period
Directors' fees of GBP3,000 (30 Sep 2015: GBP3,000; 31 Mar 2016:
GBP6,000) were paid to Ocean Developments Ltd on behalf of Mr B
Fitzpatrick.
During the period Directors fees of GBP4,200 (30 Sep 2015:
GBP3,000; 31 Mar 2016: GBP6,000) were paid to Mr C Goodfellow, a
Director of Acorn Growth PLC.
7. Principal risks and uncertainties
Principal risks and uncertainties are set out in the annual
financial statements within the directors' report and also in note
5 and are reviewed on an on-going basis.
The Board will provide leadership within a framework of
appropriate and effective controls. The Board will set up, operate
and monitor the corporate governance values of the company, and
will have overall responsibility for setting the company's
strategic aims, defining the business objective, managing the
financial and operational resources of the Company and reviewing
the performance of the officers and management of the company's
business both prior to and following an acquisition.
There have been no significant changes in the first six months
of the financial year to the principle risks and uncertainties as
set out in the 31 March 2016 Annual Report and Accounts.
8. Post balance sheet events
On 26 September 2016 shareholders approved a placement of
16,517,778 new shares at 15p a share to raise GBP2,477,667 before
costs of the issue. This transaction was completed in October 2016.
The number of shares in issue after this transaction is 30,805,783
ordinary 2p shares and the number of voting rights is
30,805,783.
9. Board Approval
These interim results were approved by the Board of Acorn Growth
Plc on 7 November 2016.
DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPAL RISKS
AND UNCERTANTIES
Responsibility statement
We confirm to the best of our knowledge:
(a) The condensed set of financial statements have been prepared
in accordance with IAS 34 Interim Financial Reporting as adopted by
the EU;
(b) The interim management report includes a fair review of the
information required by:
(1) 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
condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
the period; and any changes in the related party described in the
last annual report that could do so.
Tony Brennan
Executive Chairman
7(th) November 2016
Directors & Advisers
Mr Anthony Brennan (Chairman)
Mr N Brent Fitzpatrick MBE
Mr Charles Goodfellow
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKCDDNBDDODK
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