RE: Bixx limited dummy line18 Jun 2021 11:12
I asked the same question on here a few days ago and this was the reply from @BigDave13 on here which was helpful…
BungleWizard, from Half Year Report
Disposal of certain investments to Bixx Limited
The Directors took the decision to dispose of its investments in Portr, Argo Blockchain, Vibe Group Holdings, Stream TV, Advanced Laser Imaging and Nektan to a newly formed company - Bixx Limited - for consideration totalling £855,000 payable after seven years. Bixx Limited was incorporated on 24 July 2020 and its entire issued share capital was held by existing shareholders of Vela, such that the Vela shareholders as at the respective record date of the transaction had the same proportionate beneficial interest in Bixx Limited as they had in the Company. These investments had a carrying value of £555,000 in the audited financial statements at 31 March 2020. Under IFRS9 investments have been valued at fair value and the movement charged to profit and loss.
Further details on the disposal and the terms of the disposal are contained in the announcement released by the Company on 31 July 2020.