EUROCANN INTERNATIONAL PLC
(“Eurocann” or “the Company”)
INTERIM RESULTS FOR THE 6 MONTHS
ENDED 31 MAY 2020
Since the final results released last month, Eurocann has
continued to consider opportunities within the medicinal cannabis
sector, whilst prudently working to strengthen its balance sheet
through making select investments in listed companies. I am pleased
to advise that all investments made are performing well.
After much consideration, and in light of the global economic
backdrop, the board has decided that the Company and its
shareholders will be best served going forward through broadening
the investment strategy to also include the natural resource
sector, as well as special situations that the board believes will
build shareholder value. To this end we will be publishing a
circular in the coming days with a view to obtaining shareholder
approval for the amended investment strategy, as well as changing
the name of the Company to better reflect a more generic investment
strategy.
Ultimately our objective as directors is to work toward
maximising value for shareholders through the best course of action
possible, and we believe that broadening the investment strategy
will improve our chances of fulfilling such an objective.
FINANCIALS
The financial results for the period from 1 December 2019 to 31 May
2020 show a loss after taxation of £54,818 (2019:
£41,792).
The interim results have no been reviewed by the Company’s
auditor.
OUTLOOK
We believe we can further build on the investment performance
through broadening the investment strategy to include the natural
resource sector, as well as special situations that the board
believes will deliver shareholder value through capital
appreciation. We look forward to publishing the Circular setting
out this intention for shareholders to vote on at the Company’s
forthcoming AGM, and we continue to view the future for the Company
with optimism.
Conrad Windham
Executive Director
28 August 2020
The Directors of the Company accept responsibility for the
contents of this announcement.
ENQUIRIES:
Company
Eurocann International plc
Burns Singh Tennent-Bhohi / Conrad
Windham
Telephone: 020 3778 1106
Corporate Adviser
Peterhouse Capital Limited
Guy Miller and Mark Anwyl
Telephone: 020 7220 9796
EUROCANN INTERNATIONAL PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS ENDED 31 MAY 2020
|
Unaudited
6 month period ended 31 May 2020
GBP |
|
Audited
year ended
30 November 2019
GBP |
|
Unaudited
6 month period ended 31 May
2019
GBP |
|
|
|
|
|
|
| Revenue |
- |
|
- |
|
35,284 |
| Cost of sales |
- |
|
- |
|
(35,732) |
|
|
|
|
|
|
| GROSS LOSS |
- |
|
- |
|
(448) |
|
|
|
|
|
|
| Administrative expenses |
(54,890) |
|
(452,275) |
|
(43,380) |
| Other non-operating income |
72 |
|
4,092 |
|
2,036 |
|
|
|
|
|
|
| LOSS BEFORE TAX |
(54,818) |
|
(448,183) |
|
(41,792) |
|
|
|
|
|
|
| Income tax expense |
- |
|
- |
|
- |
|
|
|
|
|
|
| LOSS FOR THE PERIOD/YEAR |
(54,818) |
|
(448,183) |
|
(41,792) |
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
| Equity holder of the parent |
(54,818) |
|
(448,183) |
|
(36,420) |
| Non-controlling interest |
- |
|
- |
|
(5,372) |
|
|
|
|
|
|
| LOSS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
| Basic & diluted |
(0.002) |
|
(0.02) |
|
(0.005) |
EUROCANN INTERNATIONAL PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2020
|
Unaudited
at 31 May
2020
GBP |
|
Audited
At 30 November 2019
GBP |
|
Unaudited
At 31 May
2019
GBP |
| NON CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Intangible assets |
- |
|
- |
|
90,007 |
| Property, plant and equipment |
- |
|
- |
|
3,016 |
| Investments |
38,574 |
|
48,778 |
|
28,630 |
|
38,574 |
|
48,778 |
|
121,653 |
|
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Trade and other
receivables
Investments |
13,810
- |
|
13,930
- |
|
11,006
1,130 |
| Cash and cash equivalents |
55,028 |
|
101,448 |
|
4,251 |
|
68,838 |
|
115,378 |
|
16,387 |
|
|
|
|
|
|
| TOTAL ASSETS |
107,412 |
|
164,156 |
|
138,040 |
|
|
|
|
|
|
| EQUITY PLUS
NON-CONTROLLING INTEREST |
|
|
|
|
|
|
|
|
|
|
| ISSUED SHARE CAPITAL AND
RESERVES |
|
|
|
|
|
|
|
|
|
|
| Share capital |
1,210,810 |
|
1,210,810 |
|
1,208,059 |
Share premium
Other reserves |
1,150,383
239,369 |
|
1,150,383
239,369 |
|
1,067,510
- |
| Retained profits |
(2,546,828) |
|
(2,492,010) |
|
(2,177,572) |
| SUBSCRIBED CAPITAL |
53,734 |
|
108,552 |
|
97,997 |
|
|
|
|
|
|
| Non-controlling interest |
- |
|
- |
|
(8,816) |
|
|
|
|
|
|
| TOTAL EQUITY |
53,734 |
|
108,552 |
|
89,181 |
|
|
|
|
|
|
| CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
| Trade and other payables |
53,678 |
|
55,604 |
|
48,859 |
|
|
|
|
|
|
| TOTAL EQUITY AND LIABILITIES |
107,412 |
|
164,516 |
|
138,040 |
Notes:
1. The financial information contained in the interim report
does not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006.
2. Basic loss per share has been calculated using the weighted
average number of shares of 35,556,549 (30.11.19: 20,260,458 ;
31.5.19: 8,053,724). Given the loss per share, there are no
dilutive instruments in issue.
3. The results for the 6 month period ended 31 May 2019 and the balance sheet at 31 May 2019 are based on the consolidated
financial statements at that time. During the year ended
30 November 2019, the Company
disposed of its subsidiary undertakings such that it prepared
entity only financial statements at 30
November 2019 in accordance with the Companies Act 2006.
4. The Directors of the issuer accept full responsibility for
this announcement.