TIDMPCGE
RNS Number : 2176E
PCG Entertainment plc
26 February 2020
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 ("MAR").
26 February 2020
PCG Entertainment Plc
("PCGE" or the "Company")
PCG Entertainment Plc / NEX: PCGE
Financial results for the six months to 30 September 2019
PCG Entertainment Plc (NEX: PCGE) announces its financial
results for the six months ending 30 September 2019.
Interim results' highlights
1. Company cash balances at 30 September 2019 of US$ 23,594 (30 September 2018: US$912,844)
2. The operational loss for the Company for the 6 months to 30
September 2019 was US$ 319,485 (30 September 2018:
US$1,291,347)
Director's Summary
During the period the Company surrendered its AIM listing and
kept the NEX listing. Following the resignation of Allenby Capital
as NOMAD and broker on 31(st) May 2019, we did not seek to find a
replacement NOMAD and appointed First Sentinel Corporate Finance
Limited as NEX Corporate Adviser.
For most of the period under review the Company focused on
achieving a reverse merger with VOX Markets Ltd ("VOX") and Align
Research Ltd ("Align"). Unfortunately this transaction did not
proceed and we announced on 10th October that VOX had withdrawn
from the transaction. In the event VOX proceeded with a round of
private financing as an alternative.
Following this announcement on 10th October we moved the Company
into care and maintenance mode. Accordingly on 14 October 2019,
Professor Michael Mainelli resigned as a director and we agreed the
resignation of First Sentinel as Corporate Adviser. Following the
resignation of First Sentinel the Company's shares were
automatically suspended from NEX.
On 15 October 2019, we agreed the resignation of Bob McDowall as
a director.
The remaining directors are Richard Poulden and Alan Gravett who
currently receive no remuneration for their services. We have
remained in close contact with First Sentinel and with NEX and we
hope to be able to announce a new strategy and new management for
the Company in the coming weeks.
Richard Poulden Alan Gravett
Chairman Director
For further information:
PCG Entertainment Plc
Christal Enriquez, Public Relations Tel: +971 4 566 7423
info@pcge.com
PCG Entertainment Plc
Statement of Total Comprehensive
Income
for the six months ended 30
September 2019
Unaudited Unaudited Audited
Six Months Six Months Year ended
Ended Ended
30 September 30 September 31 March
2019 2018 2019
US$ US$ US$
Cost of sales - - -
Gross profit - - -
Administration expenses (319,485) (673,009) (1,065,396)
Costs associated with termination - (542,160) -
of financing arrangements
------------- ------------- -------------
Operating loss (319,485) (1,215,169) (1,065,396)
Loss on equity sharing agreement - - (542,159)
Loss on disposal of subsidiary
- net - - (25,000)
Foreign exchange gain/(loss) 5,829 (76,178) (82,966)
Interest payable - - (15,512)
Loss on ordinary activities
before taxation (313,657) (1,291,347) (1,731,033)
Tax on loss on ordinary activities - - -
Loss for the financial period (313,657) (1,291,347) (1,731,033)
Loss for the year from discontinued
operations - - (166,478)
Retained loss for the financial
period (313,657) (1,291,347) (1,897,511)
Change in foreign currency - 3,800 -
Total comprehensive loss for
the financial period (313,657) (1,287,547) (1,897,511)
------------- ------------- -------------
PCG Entertainment Plc
Statement of Financial Position
as at 30 September 2019
Unaudited Unaudited Audited
Six Months Ended Six Months Ended Year ended
30 September 2019 30 September 2018 31 March 2019
US$ US$ US$
Current assets
Trade and other receivables 32,201 81,480 370,477
Cash and cash equivalents 23,594 912,844 14,390
55,795 994,324 384,867
------------------ ------------------ --------------
Non-current assets
Intangible assets - 25,000 -
Property, plant and equipment - 44 -
- 25,044 -
------------------ ------------------ --------------
Total assets 55,795 1,019,368 384,867
================== ================== ==============
Current liabilities 127,478 201,425 144,417
Capital and reserves
Share capital 5,642,408 5,775,145 5,642,408
Share premium 25,088,706 24,955,969 25,088,705
Foreign exchange reserve - 91,636 -
Share based payment reserve 309,408 309,408 309,408
Retained earnings (31,112,205) (30,314,215) (30,800,071)
(71,683) 817,943 240,450
Total equity and liabilities 55,795 1,019,368 384,867
------------------ ------------------ --------------
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END
NEXKKABNDBKDBBB
(END) Dow Jones Newswires
February 26, 2020 06:41 ET (11:41 GMT)