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Kasei Holdings Plc - Interim Results for the Period Ended 31 January 2022

·8-min read

29 April 2022

KASEI HOLDINGS PLC

(“Kasei” or the “Company”)

Interim Results for the Period Ended 31 January 2022

Kasei Holdings PLC (AQSE: KASH), a digital asset and web 3.0 investment company, announces its unaudited financial results for the period ending 31 January 2022.

Highlights:

  • The company raised a total of £3,779,870 prior to listing in its 3 November 2021 Aquis IPO.

  • The company has executed on its pre-IPO strategy and deployed capital to build out its portfolio in large cap and early stage projects.

  • The company commenced deployment during a down market and so has seen a fall in the value of some of its holdings on a mark-to-market basis. The company remains confident of the investments made and has taken advantage to lower the average cost of a number of investments during this time.

Post-period highlights:

  • The company continues to evaluate a number of early stage projects for investment.

  • Commenced staking and yield strategies to generate ongoing recurring revenues.

  • Received further investment of £150,000 from Jane Thomason the company’s Chairperson at 20p per share.

Outlook:

  • Web 3.0: The Company’s belief in Web 3.0 and blockchain technology holds firm regardless of the current market conditions and we are excited to see further use cases and growing adoption of the technology.

Market Size:

The Board believes that the Web 3.0 industry is still in its early stages of adoption and while it is clear a number of challenges lie ahead both from a regulatory standpoint and mass adoption the potential opportunity if it takes hold is a multi-trillion dollar market opportunity. The company believes it has the expertise to capitalise on these opportunities and to identify and invest in the companies that will succeed in Web 3 in the future.

Commenting on the results, Brendan Kearns, Chief Financial Officer of Kasei Holdings said:

“The Company’s successful flotation on the AQSE Growth Market was a significant achievement and the company hopes to leverage its expertise to capitalise on future opportunities moving forward.

The directors of Kasei Holdings PLC accept responsibility for this announcement.

I would also like to take this opportunity to thank all our shareholders for their support.

Brendan Kearns - Chief Financial Officer

For further information please contact:

Jai Patel
Chief Investment Officer

info@kaseiholdings.com

First Sentinel
Corporate Adviser
Brian Stockbridge
Steve McGlennan


+44 7876 888 011
brian@first-sentinel.com
stephen.mcglennan@first-sentinel.com

About Kasei:

The Company is a technology specialist investor that focuses on cryptocurrencies and blockchain technologies.

The Company's goal is to provide investors with broad based exposure to the fast-growing ecosystem of digital assets, managed using traditional financial portfolio construction techniques. The Company also intends to invest in venture capital and private equity investments in the blockchain ecosystem.

The Company will leverage the Board's expertise, experience, and networks in the cryptocurrency sector and management of digital assets and decentralised finance, to drive value creation and to establish the business. The Board has a proven capability in portfolio management to achieve significant growth.

The Company’s website is located at https://kaseiholdings.com

Forward Looking Statements

This news release may contain “forward-looking” statements and information relating to the Company. These statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

KASEI HOLDINGS PLC

CONDENSED INCOME STATEMENT

For the period ended 31 January 2022

Notes

£

Continuing Operations

Revenue

-

Cost of sales

-

Gross profit

-

Other income / (loss)

(547,809)

Administrative expenses

(383,566)

Operating profit / (loss)

(931,375)


Finance costs


-

Profit / (loss) before taxation

(931,375)

Taxation

-


Total comprehensive income for the period


(931,375)


Basic earnings per share from continuing operations

Basic (pence)

5

(0.03290)

Diluted (pence)

5

(0.03290)

KASEI HOLDINGS PLC

CONDENSED STATEMENT OF FINANCIAL POSITION

For the period ended 31 January 2022

Unaudited
period to 31 January
2022

£

Non-current assets

Note

Intangible assets

2,299,153

Investments

7

50,000

2,349,153

Current assets

Cash and cash equivalents

731,300

731,300

Total assets

3,080,453

Current liabilities

Other creditors

(6,750)

Accruals

(18,008)

Intercompany payables

(207,200)

(231,958)

Total liabilities

(24,758)

Net assets

2,848,495


Equity attributable to equity holder:

Share capital

283,117

Share premium

3,496,753

Retained earnings

(931,375)

Total equity

2,848,495

KASEI HOLDINGS PLC

CONDENSED STATEMENT OF CHANGES IN EQUITY

For the period ended 31 January 2022

Share
capital

Share
premium

Retained
earnings

Total
equity

£

£

£

£


At 09 July 2021


-


-


-

Comprehensive
income for the period

-

-

(931,375)

(931,375)

Shares issued during
the period

283,117

3,496,753

-

3,779,870

At 31 January 2022

283,117

3,496,753

(931,375)

2,848,495

KASEI HOLDINGS PLC

CONDENSED STATEMENT OF CASH FLOWS

For the period ended 31 January 2022

Unaudited
Year to 31 January
2022

£

Cash flow from operating activities

(Loss) / profit before taxation

(931,375)

Operating cash flow before movement in working
capital

(931,375)

Increase/(decrease) in trade and other payables

231,959

Cash (used in) / generated from operating activities

(699,416)


Taxation paid


-

Cash flow from investing activities

Purchase of intangible digital assets

(2,299,154)

Purchase of fixed asset investments

(50,000)

Net cash used in investing activities

(2,349,154)

Cash flow from financing activities

Issue of ordinary shares

3,779,870

Net cash used in financing activities

3,779,870

Net increase / (decrease) in cash and cash equivalents

731,300

Cash and cash equivalents at beginning of period

-

Cash and cash equivalents at end of period

731,300

KASEI HOLDINGS PLC

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the period ended 31 January 2021

1. General information

Kasei Holdings plc is a public limited company incorporated on 09 July 2022 within the United Kingdom. The company is domiciled in the United Kingdom and its principal place of business is 72 Charlotte Street Ground Floor, London, England, W1T 4QQ. The Company’s ordinary shares are traded on the Aquis Exchange.

These condensed interim financial statements for the period ending 31 January 2022 were approved by the board of directors on 27 April 2022.

The financial information set out in this interim report does not constitute statutory accounts for the purposes of section 434 of the Companies Act (2006).

The interim financial statements have been prepared using accounting policies in line with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Copies of this interim report can be found on our website at www.kaseiholdings.com or can be requested from the Company Secretary at the Company’s registered office: 72 Charlotte Street Ground Floor, London, England, W1T 4QQ.

2. Basis of preparation

These interim financial statements for the period ended 31 January 2022 have been prepared in accordance with FRS 104, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

3. Revenue and segmental results

The Company uses several factors in identifying and analysing reportable segments, including the basis of organisation such as differences in products and geographical areas. The Board of Directors, being the chief operating decision makers, has determined that for the period ended 31 January 2022 there is only one reportable operating segment.

4. Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share are calculated by dividing the profit attributable to ordinary owners of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would have been issued on the conversion of all dilutive potential ordinary shares into ordinary shares.

The following reflects the income and share data used and dilutive earnings per share computations:

Unaudited
period to 31 January
2022

Profit / (loss) for the year attributable to owners of the Company

£ (931,375)

Number of shares

Basic weighted average number of shares

28,311,684

Effect of dilutive share options

-

Diluted weighted average number of shares

28,311,684

5. Dividends

During the interim period no dividends were declared in respect of the interim period ended 31 January 2022.

6. Fixed asset investments

Company

Investments in
subsidiaries companies

£

Cost or valuation

As at 09 July 2021

-

Additions

50,000

As at 31 January 2022

50,000

Direct subsidiary undertakings

The following were direct subsidiary undertakings of the Company:

Name

Registered office

Principal
activity

Class of
shares

Holding

Kasei

Studio 210 134-146 Curtain

Non-

Ordinary

100%

Blockchain

Road, London, England, EC2A

trading

Holdings

3AR

Limited

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