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Evrima Plc - Interim Report for Period Ended 30th June 2020

·8-min read

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY EVRIMA PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

EVRIMA PLC
(formerly Sport Capital Group plc; “Evrima” or the “Company”)

RESULTS FOR THE PERIOD ENDED 30TH JUNE 2020

Chairman’s Statement

The Directors present below the unaudited financial statements for the half-year ended 30th June 2020, which show a loss before taxation of £(15,540) (30th June 2019: £(73,331)) and cash-at-bank of £2,038 (30th June 2019: £11,845). The financial statements which follow have not been reviewed by the Company’s statutory auditors. The loss for the half-year was in line with the Directors’ expectations at the beginning of the period under review.

Trading Performance

During the period under review, the Company retained investment property in Leeds, West Yorkshire, which is let on a commercial lease until 2021. Despite the impact of the Covid-19 lock-down which began on 24th March in England, the lessee of the property continued to perform in accordance with the lease terms.

Other Developments

In May this year, the Company appointed Peterhouse Capital Limited as corporate stockbroker. Keith, Bayley, Rogers & Co. Limited remains Corporate Adviser for the purposes of the Company’s share quotation on AQSE.

When, on 8th June 2020, I presented the Company’s full-year results for 2019, I stated that the Directors remained focused on opportunities with the potential to bring rewards for shareholders. Since the end of the first half of 2019, there has been a number of important developments within the Company; although each has been publicly disclosed between July 2020 and earlier this month, as and when required, I summarise them below under the heading “Post- Balance Sheet Events”.

Post- Balance Sheet Events

i. Equity Financing

In July of this year, the Company raised £324,000 gross of new, permanent equity capital by means of a placing of 108,133,133 new shares with new and existing investors.

ii. Changes of Directorate

At the same time as announcing the re-financing, I was able to announce that two new Directors, Burns Singh Tennent-Bhohi and Guy Miller, had joined the Board of Directors. Mark Jackson, FCA, MBA, left the Board shortly following the re-financing, to concentrate on other business ventures with which I wish him every success.

iii. Shareholders Approve New Investment Strategy, Capital Streamlining and Name-Change

On 5th August 2020, the Company posted a circular seeking shareholders’ consent to certain measures, including the re-focusing of the investment objectives onto the natural resources exploration and extraction sector, a re-organisation of the Company’s issued share capital in which the ordinary shares would be consolidated in the ratio of one-for-ten and changing the Company’s name from Sport Capital Group plc to Evrima plc. All the steps sought to be taken were approved on 24th August 2020.

iv. Option Significantly to Increase Existing Resource Investment

On 8th September 2020, Evrima announced that it had entered into a 60-day, exclusive option to acquire a further 17.2 percent of the issued share capital of Kalahari Key Minerals Exploration (Pty.) Limited (“KKME”), a private Botswanan company which is exploring licences in a highly prospective geological formation straddling the border of Botswana and the Republic of South Africa for nickel and platinum group elements. In 2018, the Company acquired a modest interest in KKME and subsequently participated in a capital increase by KKME so that, should the Company elect to exercise the current option announced on 8 September 2020, the Company would be interested in 19.6 percent of the issued share capital of KKME.

I look forward soon to informing shareholders concerning the outcome of the due diligence and evaluation work on KKME that the Company is conducting during the period of exclusivity under the Option Agreement; and of other investment initiatives and developments as these unfold.

Simon Grant-Rennick,
Chairman,

Registered number

06474216

Evrima plc

Interim Accounts

30 June 2020

Evrima plc

Condensed Profit and Loss Account

for the year ended 30 June 2020

30-June

30-June

2020

2019

£

£

Revenue

10,090

10,090

Operating expenses

(16,194)

(78,421)

Operating loss

(6,104)

(68,331)

Loss on revaluation of property

(4,436)

-

Interest payable

(5,000)

(5,000)

Loss on ordinary activities before taxation

(15,540)

(73,331)

Corporation tax

-

13,970

Total comprehensive loss for the period

(15,540)

(59,361)

attributable to members

Evrima plc

Condensed Balance Sheet

as at 30 June 2020

30-June

30-June

Notes

2020

2019

£

£

Fixed assets

Tangible assets

2

200,000

204,436

Investments

3

65,250

65,250

265,250

269,686

Current assets

Debtors

42,604

65,936

Cash at bank and in hand

2,038

21,697

44,642

87,633

Creditors: amounts falling due within one year

(118,949)

(117,026)

Net current liabilities

(74,307)

(29,393)

Net assets

190,943

240,293

Capital and reserves

Called up share capital

119,234

118,567

Share premium

336,482

367,149

Profit and loss account

(264,773)

(245,423)

Shareholders' funds

190,943

240,293

Evrima plc

Condensed Statement of Changes in Equity

for the year ended 30 June 2020

Share

Share

Profit

Total

capital

premium

and loss

account

£

£

£

£

At 1 January 2019

97,990

293,726

(186,062)

205,654

Loss for the financial period

-

-

(59,361)

(59,361)

Shares issued

20,577

73,423

-

94,000

At 30 June 2019

118,567

367,149

(245,423)

240,293

At 1 January 2020

119,234

336,482

(249,233)

206,483

Loss for the financial period

-

-

(15,540)

(15,540)

At 30 June 2020

119,234

336,482

(264,773)

190,943

Evrima plc

Condensed cashflow statement

as at 30 June 2020

30-June

30-June

2020

2019

£

£

Cashflows from operating activities

Operating loss

(15,540)

(73,331)

Depreciation/revaluation

4,436

-

Movement in working capital:

(Increase)/ decrease in trade and other receivables

(2,390)

(1,763)

(Decrease)/ increase in trade and other payables

(6,313)

855

Cash used in operations

(19,807)

(74,239)

Investing activities

Payments to acquire investments

-

7,840

Financing activities

Loans received

10,000

-

Net share proceeds in period

-

94,000

10,000

94,000

Increase/(Decrease) in cash and cash equivalents

(9,807)

11,921

Cash and cash equivalents at beginning of the period

11,845

9,776

Cash and cash equivalents at end of the period

2,038

21,697

Evrima plc

Notes to the Abridged Accounts

for the year ended 30 June 2020

1

Financial information

The financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the IFRS as adopted by the European Union.

The accounting policies used in the preparation of this set of condensed interim financial are consistent with those set out in the Company's annual financial statements for the year ended 31 December 2019 and those that will be used in the preparation of the financial statements for the year ended 31 December 2020. Statutory accounts for the year ended 31 December 2019 were approved by the board of directors on 5 June 2020 and delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified.

The financial information for the period ended 30 June 2020 has not been audited or reviewed. As permitted the Company has chosen not to adopt IAS34 'Interim Financial Statements' in preparing this financial information.

Going concern

The directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2020.

2

Tangible fixed assets

Freehold property

£

Cost

At 1 January 2020

205,363

Surplus on revaluation

(4,436)

At 30 June 2020

200,927

Depreciation

At 1 January 2020

927

At 30 June 2020

927

Net book value

At 30 June 2020

200,000

At 1 January 2020

204,436

Evrima plc

Notes to the Abridged Accounts

for the year ended 30 June 2020

Evrima plc

Notes to the Abridged Accounts

for the year ended 30 June 2020

3

Investments

Other

investments

£

Cost

At 1 January 2020

65,250

At 30 June 2020

65,250

The investment consists of a 15% shareholding in Mighty Oak Exploration Limited, a company with exploration licences for cobalt and lithium projects in Uganda, and 2.4% in KKME, a battery metals exploration company with licences in Botswana prospecting for nickel and platinum within the Molopo Farms complex.

4

Earnings per share

The calculation of basic earnings per share is based on the loss attributable to ordinary shareholders divided by the weighted average of ordinary shares in issue being 119,233,945 during the period. This results in a loss per share of 0.01p (2019 - 0.05p).

5

Directors remuneration

the directors will not be remunerated until such time as the net assets of the Company exceed £500,000.

This announcement has been made after due and careful enquiry; the Directors of the Company accept responsibility for the information contained in it.

REGULATORY ANNOUNCEMENT ENDS

  • :

Evrima plc (formerly Sport Capital Group plc):
Simon Grant-Rennick
E-mail: simon@evrimaplc.com
Mob: +44 797 325 3124

Keith, Bayley, Rogers & Co. Limited (Aquis Exchange Corporate Adviser):
Graham Atthill-Beck
E-mail: Graham.Atthill-Beck@kbrl.co.uk
Tel: +44 20 7464 4091
Mob: +44 750 643 4107; +971 50 856 9408

Brinsley Holman
E-mail: Brinsley.Holman@kbrl.co.uk
Tel: +44 20 7464 4098
Mob: +44 777 630 2228

Peterhouse Capital Limited (Corporate Stockbroker):
Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)