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Last checked at 
4 Jul 2018 10:21
For immediate release 4 July 2018
Polemos plc
("Polemos" or the "Company")
Unaudited interim results for the six months ended 30 June 2018
The Board of Polemos announces the unaudited interim results for the six months ended 30 June 2018.
The interim results appear below and a copy will shortly be made available on the Company's website http://www.polemos.co.uk/.
Chairman's Statement
The Company became a Rule 15 Cash Shell on 8 March 2018 and, as such, the Company is required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 on or before the date falling six months from 8 March 2018, or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least £6 million) failing which, the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified. The Board is focused on examining opportunities for a suitable acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14.
For further information, please contact:
Polemos plc Dr Nigel Burton
| +44 7785 234447 |
Beaumont Cornish Limited (Nominated Adviser) James Biddle Michael Cornish
| +44 (0)20 7628 3396 |
Peterhouse Corporate Finance Limited (Broker) Lucy Williams
| Tel: +44 (0) 20 7469 0930 |
Novum Securities Limited (Joint Broker) Colin Rowbury
| Tel: +44 (0) 20 7399 9400 |
Financial Review
During the period, the Company made a loss before taxation from continuing operations of £177,000 (6 months ended 30 June 2017: loss £391,000). There was a weighted loss per share of 0.2p (6 months ended 30 June 2017: loss per share of 1.5p).
Cash and cash equivalents at 30 June 2018 amounted to £361,000 (30 June 2017: £151,000).
Outlook
The Company is required to complete a reverse takeover within 6 months of becoming a rule 15 company and the board continues to look for a suitable investment to achieve this.
Nigel Burton
Chairman
3 July 2018
Unaudited Condensed Company Statement of Comprehensive Incomefor the six months ended 30 June 2018
Six months ended30 June 2018 Unaudited | Six months ended30 June 2017 Unaudited | Year ended31 December 2017 Audited | ||
£'000 | £'000 | £'000 | ||
Revenue | - | - | - | |
Administrative expenses | (204) | (117) | (319) | |
Investment income | - | - | 1 | |
Share based payments | - | (30) | (30) | |
Impairment provision on available for sale assets | 27 | - | (879) | |
Realised (loss) on disposal of available for sale asset | - | (244) | (244) | |
Operating loss | (177) | (391) | (1,472) | |
Finance income | - | - | - | |
Loss before taxation | (177) | (391) | (1,471) | |
Taxation | - | - | - | |
(Loss) for the period attributable to equity holders of the parent | (177) | (391) | (1,471) | |
Other Comprehensive Income: | ||||
Items that may subsequently be reclassified to profit or loss: Transfers to income statement | - | 244 | 217 | |
Increase/(decrease) in value of available for sale asset | - | (27) | - | |
Total other comprehensive income | - | 217 | 217 | |
Total comprehensive income for the period attributable to equity holders of the company | (177) | (174) | (1,254) | |
Loss per share | ||||
Earnings per share - basic and diluted (pence) | (0.2) | (1.5) | (4.0) | |
Unaudited Condensed Company Statement of Financial Positionas at 30 June 2018
As at30 June 2018 Unaudited £'000 | As at30 June 2017 Unaudited £'000 | As at 31 December 2017 Audited £'000 | ||
Non-current assets | ||||
Available-for-sale financial assets | - | 513 | - | |
Total non-current assets | 513 | - | ||
Current assets | ||||
Available-for-sale financial assets | - | - | - | |
Trade and other receivables | - | 37 | 49 | |
Cash and bank balances | 361 | 151 | 46 | |
Total current assets | 361 | 188 | 95 | |
Total assets | 361 | 701 | 95 | |
Current liabilities | ||||
Trade and other payables | (7) | (227) | (208) | |
Total current liabilities | (7) | (227) | (208) | |
Net current assets | 354 | (39) | (113) | |
Net assets | 354 | 474 | (113) | |
Equity | ||||
Share capital | 20,513 | 19,600 | 19,823 | |
Share premium account | 19,135 | 18,911 | 19,181 | |
Share based payment reserve | 62 | 62 | 62 | |
Available-for-sale asset reserve | - | - | - | |
Retained deficit | (39,356) | (38,099) | (39,179) | |
Equity attributable to equity holders of the parent | 354 | 474 | (113) |
Unaudited Condensed Company Statement of Cash Flowsfor the six months ended 30 June 2018
Six months ended30 June 2018 Unaudited £'000
| Six months ended30 June 2017 Unaudited £'000
| Year ended31 December 2017 Audited £'000
| |
Net (loss) from operating activities | (177) | (391) | (1,471) |
Share based payments | - | 30 | 30 |
Impairment provision on available for sale assets | (27) | - | 879 |
Loss on disposal of available for sale asset | - | 244 | 244 |
Decrease/(increase) in trade and other receivables | 49 | 4 | (8) |
(Decrease)/increase in trade and other payables | (201) | 101 | 82 |
Net cash (outflow) from operating activities | (356) | (12) | (244) |
Investing activities | |||
Purchase of available for sale financial assets | 27 | (513) | (879) |
Proceeds from disposal of available-for-sale financial assets | - | 67 | 67 |
Net cash inflow from investing activities | 27 | (446) | (812) |
Financing activities | |||
Issue of share capital | 690 | 495 | 995 |
Issue costs | (46) | (61) | (68) |
Net cash inflow from Financing activities | 644 | 434 | 927 |
Net (decrease)/increase in cash and cash equivalents | 315 | (24) | (129) |
Cash and cash equivalents at beginning of period | 46 | 175 | 175 |
Cash and cash equivalents at end of period | 361 | 151 | 46 |
Unaudited Condensed Company Statement of Changes in Equityfor the six months ended 30 June 2018
Share capital | Share premium | Share based payment reserve | Available for sale asset reserve | Retained earnings | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
At 31 December 2016 | 19,459 | 18,618 | 63 | (217) | (37,739) | 184 |
Shares issued | 364 | 631 | - | - | - | 995 |
Share issue costs | - | (68) | - | - | - | (68) |
Share options issued | - | - | 30 | - | - | 30 |
Share options cancelled | - | - | (31) | - | 31 | - |
Total contributions by and distributions to owners of the Company | 364 | 563 | (1) | - | 31 | 957 |
Transfer to income statement | - | - | - | 217 | - | 217 |
Loss for the year | - | - | - | - | (1,471) | (1,471) |
Total Comprehensive Income for the Year | - | - | - | 217 | (1,471) | (1,254) |
At 31 December 2017 | 19,823 | 19,181 | 62 | - | (39,179) | (113) |
Shares issued | 690 | - | - | - | - | 690 |
Share issue costs | - | (46) | - | - | - | (46) |
Share based payment charge | - | - | - | - | - | - |
Share options cancelled | - | - | - | - | - | - |
Total contributions by and distributions to owners of the Company | 690 | (46) | - | - | - | 644 |
Comprehensive Income for the year | ||||||
(Loss) for the year | - | - | - | - | (177) | (177) |
Total Comprehensive Income for the Year | - | - | - | - | (177) | (177) |
At 30 June 2018 | 20,513 | 19,135 | 62 | - | (39,356) | 354 |
Notes to the Unaudited Condensed Company Financial Statementsfor the six months ended 30 June 2018
1. General Information
The condensed financial information for the 6 months to 30 June 2018 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.
The condensed financial information in respect of the year ended 31 December 2017 has been produced using extracts from the statutory accounts for that period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the year ended 31 December 2017, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.
The Report was approved by the Directors on 3 July 2018 and will be available shortly on the Company's website at www.polemos.co.uk.
Basis of preparation
The financial information has been prepared on the historical cost basis. This statement also includes a summary of the Company's financial position and its cash flows.
Basis of accounting
These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 - Interim Financial Reporting. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company's 2017 annual financial statements.
2. 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, as the Company has reported a loss for the period, diluted earnings per share are not included. A reconciliation is set out below:
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.
6 months to | 6 months to | Year ended | |
30 June2018 | 30 June2017 | 31 December 2017 | |
Unaudited | Unaudited | Audited | |
(restated) | |||
£'000 | £'000 | £'000 | |
(Loss) attributable to equity holders of the Company | (177) | (391) | (1,471) |
Number of Shares | |||
Weighted average number of ordinary shares (1) | 77,279,874 | 25,792,610 | 36,919,613 |
(Loss) per share - basic and diluted (pence) | (0.2) | (1.5) | (4.0) |
(1) The comparable figures have been calculated based on the post share consolidated equivalent weighted average number of ordinary shares in issue.
3. Events after the end of the reporting period
None.
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