Valereum Plc Regulatory News (VLRM.PL)

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Interim Results for the six months to 30 June 2023

3 Oct 2023 07:00

RNS Number : 5041O

Valereum PLC

03 October 2023

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR")

3 October 2023

Valereum Plc

("Valereum" or the "Company")

Interim results for the six months to 30 June 2023

Valereum announces its interim results for the six-month period ended 30 June 2023. Shareholders are reminded that these results are unaudited and based on the Company's management accounts.

The first half of 2023 has been a challenging period for the Company, not least with its fundraising, set against a deteriorating global macroeconomic backdrop and uncertainty in the global financial markets. The committed funding secured from a US based fund as announced on 31 August 2023 is dependent on the US based fund closing its own round of finance which we understand is concluding at present.

Valereum's entire management team is focused on completing the Gibraltar Stock Exchange ("GSX") acquisition and is in further discussions with the GFSC around its application and request for a further extension. Although a successful conclusion with the GFSC is not guaranteed, the board of Valereum is optimistic and looks forward to announcing its plans and executing them in future.

Interim Operational Highlights

1)Â Â On 31 March, Valereum confirmed that it had raised a total of Â£70,500 from the issue of 11,280 new ordinary shares of 0.0001 pence in its subsidiary Valereum Collections Ltd at a price of Â£6.25 per share. Valereum owns 99.8% of Valereum Collections Ltd.

2)Â Â On 21 April, the Company announced it had sold its Bitcoin mining assets to Vinanz Ltd ("Vinanz") for a total consideration of 27,325,171 shares in Vinanz. These shares have an asset value to Valereum of around Â£800,000 (valued at Vinanz's listing price of 3p per share) and are subject to a 12-month lock-in.

3)Â Â On 25 May, the Company announced that it had signed an option agreement to purchase Sparta Ltd, a licensed company service provider in Gibraltar which specialises in company formation and management. The option will not be exercised until the Gibraltar Financial Services Commission ("GFSC") approve the acquisition of Sparta.

4)Â Â On 21 July, the Company announced that the payment for the second tranche of the GSX providing 100% ownership had been agreed at Â£750,000.

5)Â Â On 31 August, the Company announced that it had secured committed funding from a United States fund in the amount of Â£5-8 million, to be released in two tranches. The GFSC accordingly extended the deadline for completion of the acquisition of the GSX to 28th September 2023. The Company and the current owners of the GSX (GSX Group Limited) are in negotiation with the GFSC on an extension of this deadline. Given Valereum is a willing buyer, working in close cooperation with a willing seller, the Company sees no reason for the GFSC not to grant an extension at present.

6)Â Â On 31 August, the Company's shares were suspended by the Aquis Exchange. When the GSX acquisition is fully approved and completed, a new admission document will be submitted.

Interim Financial Highlights

1)Â Â During the first half of 2023, the Company issued a total of 17,420,420 new ordinary shares of 0.1 pence each following the receipt of conversion notices for a total of $1.2 million.

2)Â Â The Company cash balance on 30th June 2023 was Â£5,718 (31st December 2022: Â£92,528).

The Directors of the Company accept responsibility for the contents of this announcement.

END

Enquiries:

Valereum Plc

Richard Poulden, Chairman

Tel: +971 4584 6284

AQSE Corporate Adviser

First Sentinel Corporate Finance

Brian Stockbridge

Tel: +44 (0) 7858 888 007

Investor Relations

J&H Communications Limited

George Hudson

Tel: +44 (0)7803 603130

george@j-hcommunications.com

For more information, please visit the Company's website at valereum.gi

Valereum Plc			Â
Statement of Total Comprehensive Income			Â
for the six months ended 30 June 2023			Â


	Â	Â
	Â 6 Months Ended	Â 6 Months Ended	Â 12 Months Ended
	30 June 2023	30 June 2022	31 December 2022
	Â Â£	Â Â£	Â Â£

Revenue	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â

Cost of sales	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â

Gross profit	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â

Administration expenses	Â Â Â Â Â Â Â Â Â Â Â Â Â (639,675)	Â Â Â Â Â Â Â Â Â Â (1,031,309)	(4,277,717)

Operating loss	Â Â Â Â Â Â Â Â Â Â Â Â Â (639,675)	Â Â Â Â Â Â Â Â Â Â (1,031,309)	Â Â Â Â Â Â Â Â Â Â Â Â Â (4,277,717)

Foreign exchange gain/(loss)	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,766	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (2,609)	1,536
Interest expense	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	0
Interest income	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 13,281	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	31,021

Loss on ordinary activities before taxation	Â Â Â Â Â Â Â Â Â Â Â Â Â (624,627)	Â Â Â Â Â Â Â Â Â Â (1,033,918)	Â Â Â Â Â Â Â Â Â Â Â Â Â (4,245,160)

Tax on loss on ordinary activities	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â

Loss for the financial period	Â Â Â Â Â Â Â Â Â Â Â Â Â (624,627)	Â Â Â Â Â Â Â Â Â Â (1,033,918)	Â Â Â Â Â Â Â Â Â Â Â Â Â (4,245,160)

Loss for the year from discontinued operations	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â

Retained loss for the financial period	Â Â Â Â Â Â Â Â Â Â Â Â Â (624,627)	Â Â Â Â Â Â Â Â Â Â (1,033,918)	Â Â Â Â Â Â Â Â Â Â Â Â Â (4,245,160)

Change in foreign currency	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â

Other comprehensive income
Items that may not be reclassified subsequently to profit or loss:
Unrealised gain/ï¼ˆlossï¼‰ on crypto assets	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 161,770	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 43,532	-23,677
Other comprehensive income for the year/period	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 161,770	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 43,532	-23,677

Total comprehensive loss for the financial period	Â Â Â Â Â Â Â Â Â Â Â Â Â (462,857)	Â Â Â Â Â Â Â Â Â Â Â Â Â (990,386)	Â Â Â Â Â Â Â Â Â Â Â Â Â (4,268,837)

Valereum Plc			Â
Statement of Financial Position			Â
as at 30 June 2023			Â
	Â	Â
	6 Months Ended	6 Months Ended	12 Months Ended
	30 June 2023	30 June 2022	31 December 2022
	Â£	Â£	Â£

Current assets			Â
Trade and other receivables	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 238,633	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 332,331	274,352
Cash and cash equivalents	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5,718	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 656,405	92,528
	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 244,350	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 988,736	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 366,880

Non-current assets			Â
Property, plant and equipment	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 84,626	61,010
Intangible assets	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 129,488	62,280
Investments	Â Â Â Â Â Â Â Â Â Â Â 1,023,251	Â Â Â Â Â Â Â Â Â Â Â 2,964,501	750,000
	Â Â Â Â Â Â Â Â Â Â Â 1,023,251	Â Â Â Â Â Â Â Â Â Â Â 3,178,615	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 873,290

Total assets	Â Â Â Â Â Â Â Â Â Â Â 1,267,601	Â Â Â Â Â Â Â Â Â Â Â 4,167,351	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,240,170

Current liabilities	Â Â Â Â Â Â Â Â Â Â Â 1,465,865	Â Â Â Â Â Â Â Â Â Â Â 2,462,751	1,946,556

Capital and reserves			Â
Share capital	Â Â Â Â Â Â Â Â Â Â Â 4,148,640	Â Â Â Â Â Â Â Â Â Â Â 4,126,094	4,131,220
Share premium	Â Â Â Â Â Â Â Â Â Â 23,842,357	Â Â Â Â Â Â Â Â Â Â 22,250,459	22,888,797
Revaluation reserve	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 62,280	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 85,957	62,280
Translation reserve	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 257,478	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 257,478	257,478
Share based payment reserve	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 377,500	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 153,500	377,500
Retained earnings	Â Â Â Â Â Â Â Â Â (28,886,520)	Â Â Â Â Â Â Â Â Â (25,168,887)	(28,423,661)
	Â Â Â Â Â Â Â Â Â Â Â Â Â (198,264)	Â Â Â Â Â Â Â Â Â Â Â 1,704,601	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (706,386)

Total equity and liabilities	Â Â Â Â Â Â Â Â Â Â Â 1,267,601	Â Â Â Â Â Â Â Â Â Â Â 4,167,351	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,240,170

Valereum Plc			Â
Statement of Cash Flows			Â
for the six months ended 30 June 2023
	Â	Â
	Â 6 Months Ended	Â Six Months Ended	12 Months Ended
	30 June 2023	30 June 2022	31 December 2022
	Â£	Â£	Â£
Cash flows from operating activities	Â	Â	Â
Loss before tax	Â Â Â Â Â Â Â Â Â Â Â Â Â (462,857)	Â Â Â Â Â Â Â Â Â Â Â Â Â (990,386)	Â Â Â Â Â Â Â Â Â Â Â Â Â (4,268,837)
Reconciliation to cash generated from operations:
Foreign exchange (gain)/loss	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â
Purchase of Equipment	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â
Operating cash flow before changes in working capital	Â Â Â Â Â Â Â Â Â Â Â Â Â (462,857)	Â Â Â Â Â Â Â Â Â Â Â Â Â (990,386)	Â Â Â Â Â Â Â Â Â Â Â Â Â (4,268,837)
Unrealised loss/(gain) on crypto	Â Â Â Â Â Â Â Â Â Â Â Â Â (161,770)	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (43,532)	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 23,677
Share-based payments expense	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 224,000
Impairment of investments			Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2,214,501
Depreciation	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11,808	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 23,617	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 47,233
Decrease/(increase) in receivables	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35,719	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 57,979
Increase/(decrease) in payables	Â Â Â Â Â Â Â Â Â Â Â Â Â (480,691)	Â Â Â Â Â Â Â Â Â Â Â 2,237,803	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,721,608
Cash outflow from operations	Â Â Â Â Â Â Â Â Â Â (1,057,791)	Â Â Â Â Â Â Â Â Â Â Â 1,227,502	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 20,161

Cash flows from financing activities
Issue of shares for cash	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 970,980	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 184,026	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 827,490

Net cash flow from financing activities	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 970,980	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 184,026	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 827,490
Â
Cash flows from investing activities
Payment for acquisition of property, plant and equipment	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â
Payment for acquisition of investments	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â (2,187,500)	Â Â Â Â Â Â Â Â Â Â Â Â Â (2,187,500)
Â
Net cash flow from investing activities	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â (2,187,500)	Â Â Â Â Â Â Â Â Â Â Â Â Â (2,187,500)

Net increase/(decrease) in cash	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (86,811)	Â Â Â Â Â Â Â Â Â Â Â Â Â (775,972)	Â Â Â Â Â Â Â Â Â Â Â Â Â (1,339,849)
Effects of exchange rates on cash and cash equivalents	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â
	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (86,811)	Â Â Â Â Â Â Â Â Â Â Â Â Â (775,972)	Â Â Â Â Â Â Â Â Â Â Â Â Â (1,339,849)
Cash at bank at beginning of period	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 92,528	Â Â Â Â Â Â Â Â Â Â Â 1,432,377	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,432,377
Cash at bank at period end	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5,717	Â Â Â Â Â Â Â Â Â Â Â Â Â Â 656,405	Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 92,528

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NEXNKNBDPBDKDKK

Date		Source	Headline
12th Apr 2024	7:00 am	RNS	Appointment of Corporate Broker
11th Apr 2024	9:37 am	RNS	Result of Annual General Meeting - April 2024
28th Mar 2024	2:00 pm	RNS	Appointment of PR Agency and Interim Funding
20th Mar 2024	11:05 am	RNS	Notice of Annual General Meeting
20th Feb 2024	7:00 am	RNS	Strategy Update and the Launch of â€œThe Bridgeâ€
31st Jan 2024	7:00 am	RNS	Completion of the Acquisition of GSX Group
15th Jan 2024	7:00 am	RNS	Market Update on Mattereum
10th Jan 2024	7:00 am	RNS	Board Appointments, Update on EGM and AGM
22nd Dec 2023	12:09 pm	RNS	Acquisition of Valereum Collections and AGM Update
18th Dec 2023	7:00 am	RNS	Acquisition of the GSX Group
30th Nov 2023	10:00 am	RNS	New Board Appointment
28th Nov 2023	10:00 am	RNS	Removal of CLNâ€™s Update
27th Nov 2023	7:00 am	RNS	Restoration to Trading & Update on Acquisition
17th Nov 2023	7:00 am	RNS	Valereum PLC update on the acquisition of the GSX
27th Oct 2023	9:05 am	RNS	Appointment of New Directors
26th Oct 2023	8:13 am	RNS	Change of Directors
24th Oct 2023	2:21 pm	RNS	GSX Acquisition Update and Director Resignation
3rd Oct 2023	7:00 am	RNS	Interim Results for the six months to 30 June 2023
31st Aug 2023	2:22 pm	RNS	Reverse Takeover & Suspension of Trading
31st Aug 2023	11:22 am	RNS	Update on the acquisition of the GSX
23rd Aug 2023	1:36 pm	RNS	Appointment of Jack Sun as Finance Director
21st Jul 2023	10:56 am	RNS	Update on GSX Acquisition

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