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VVV Resources Limited: Interim Results for the six months ended 30 June 2022

VVV Resources Limited (VVV)
VVV Resources Limited: Interim Results for the six months ended 30 June 2022
02-Nov-2022 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

 

VVV Resources Limited

("VVV” or the “Company”)

 

Interim Results for the six months ended 30 June 2022

 

 

VVV Resources Limited (formerly Veni Vidi Vici Limited) announces its unaudited interim results for the six months ended 30 June 2022.

 

Overview

 

On the 24 March 2022 the Company had signed a conditional Share Purchase Agreement (“SPA”) with CASS FZE and Stella Investments Limited (both private companies, incorporated and registered in the United Arab Emirates) to acquire 100% of the entire issued share capital of Anthony Vartkes Resources Limited, a BVI-registered company.  On completion of the SPA, VVV will hold a 100% interest in the Mitterberg Copper Project in Austria and the remaining 49% interest in the Shangri La polymetallic project in Western Australia. 

The Shangri La Project is a gold-copper-silver project comprising a polymetallic hydrothermal quartz vein type deposit covering an area of 10 hectares. The Shangri La Project is located 10 kilometres west of Kununurra, the central town of the Northeast Kimberley region in Western Australia.

 

Mr Lester Kemp, David Rigoll & Simon Clarke have resigned as Director in July & October 2022. At the same time, Mr Malcolm Macleod & Jim Williams were appointed as Directors in September and October 2022, respectively.

A number of projects in Western Australia are currently being reviewed, and shareholders will be provided with further news on these in the year end Report.

Financial Review

The loss for the period to 30 June 2022 was £77,000 (30 June 2021 - £ 134,000 and 31 December 2021 - £431,000 loss) which mainly related to share based payments, regulatory costs and other corporate overheads. The total revenue for the period was nil.  At 30 June 2022, the Company had cash balances of £17,000 (30 June 2021 - £ 346,000 and 31 December 2021 - £87,000).

The interim accounts to 30 June 2022 have not been reviewed by the Company’s auditors.

 

Mahesh s/o Pulandaran

Director

31 October 2022

 

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

 

 

For further information please contact:

 

The Company

Mahesh s/o Pulandaran

 

 

+65 6438 8995

 

AQSE Growth Market Corporate Adviser:

Peterhouse Capital Limited

Guy Miller/Mark Anwyl

 

+44 (0) 20 7469 0936

 

Unaudited Condensed Company Statement of Comprehensive Income
for the six months ended 30 June 2022

 

 

 

6 months to

6 months to

Year ended

 

 

30 June

2022

30 June

2021

31 December

2021

 

 

Unaudited

Unaudited

Audited

 

Notes

£’000

£’000

£’000

Continuing operations

 

 

 

 

Revenue

 

 

 

 

Investment income

 

-

-

-

Total gains on AFS investments

 

-

-

-

 

 

 

 

 

Administrative costs

 

(77)

(134)

(431)

Share based payments

 

-

-

 

 

 

 

 

 

Operating (loss)

 

(77)

(134)

(431)

 

 

 

 

 

Finance costs

 

 

 

-

(Loss) before tax

 

(77)

(134)

(431)

 

 

 

 

 

Taxation

 

 

 

-

(Loss) for the period

 

(77)

(134)

(431)

 

 

 

 

 

Other comprehensive income

 

 

 

 

Translation exchange (loss)/gain 

 

-

-

-

Other comprehensive income for the period net of taxation

 

-

-

-

Total Comprehensive Income for the year attributable to the owners of the parent company

 

(77)

(134)

(431)

 

 

 

 

 

(Loss) per share:

 

 

 

 

Basic and diluted (loss) per share (pence)

2

(4.09)

(7.12)

(22.87)

 

Unaudited Condensed Company Statement of Financial Position
as at 30 June 2022

 

 

 

30 June

2022

30 June

2021

31 December 2021

 

 

Unaudited

Unaudited

Audited

 

Notes

£’000

£’000

£’000

ASSETS

 

 

 

 

Non-current assets

 

 

 

 

Intangible assets

 

136

136

136

 

 

136

136

136

 

 

 

 

 

Current assets

 

 

 

 

Trade and other receivables

 

34

7

22

Cash and cash equivalents

 

17

346

87

 

 

51

353

109

 

 

 

 

 

Total assets

 

187

489

245

 

 

 

 

 

LIABILITIES

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

(116)

(44)

(97)

Total current liabilities

 

(116)

(44)

(97)

 

 

 

 

 

Total liabilities

 

(116)

(44)

(97)

 

 

 

 

 

Net Assets

 

71

445

148

 

 

 

 

 

EQUITY

 

 

 

 

Equity attributable to equity holders of the parent

 

 

 

 

Share capital

 

-

-

-

Share premium account

 

863

863

863

Share based payment reserve

 

26

26

26

Retained earnings

 

(818)

(444)

(741)

Total equity

 

71

445

148

 

Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2022

 

 

Share

capital

Share

premium

Share based payment reserve

Retained

earnings

Total

attributable

to owners

of parent

Audited

£'000

£'000

£'000

£'000

£'000

At 31 December 2020

-

643

26

(310)

359

 

 

 

 

 

 

 

 

 

 

 

 

Loss for the period

-

-

-

(431)

(431)

Total comprehensive income

-

-

-

(431)

(431)

 

 

 

 

 

 

Issue of share capital

-

220

-

-

220

Transactions with owners of the company

-

220

-

-

220

 

 

 

 

 

 

At 31 December 2021

-

863

26

(741)

148

 

 

 

 

 

 

Unaudited

 

 

 

 

 

At 31 December 2021

-

863

26

(741)

148

 

 

 

 

 

 

Loss for the period

-

-

-

(77)

(77)

Total comprehensive income for the period

-

-

-

(77)

(77)

 

 

 

 

 

 

Issue of share capital

-

-

-

-

-

Transactions with owners of the company

-

-

-

-

-

 

 

 

 

 

 

Balance at 30 June 2022

-

863

26

(818)

71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2022

 

 

6 months to

6 months to

Year to

 

30 June

2022

30 June

2021

31 December 2021

 

Unaudited

Unaudited

Audited

 

£’000

£’000

£’000

Cash flows from operating activities

 

 

 

Operating (loss)

(77)

(134)

(431)

Adjustments for:

 

 

 

Share based payment charge

-

-

-

Issue of shares to settle liabilities

-

-

-

Decrease/(increase) in trade and other receivables

(12)

11

(4)

(Decrease)/increase in trade and other payables

19

(25)

30

Net cash used in operating activities

(70)

(146)

(405)

 

 

 

 

Investing activities

 

 

 

Finance Costs

-

-

-

Investment in intangible assets

-

-

-

Net cash outflow in investing activities

-

-

-

 

 

 

 

Financing activities

 

 

 

Issue of share capital

-

220

220

Issue costs

-

-

-

Net cash from financing activities

-

220

220

 

 

 

 

Net change in cash and cash equivalents

(70)

74

(185)

 

 

 

 

Cash and cash equivalents at beginning of period

87

272

272

Cash and cash equivalents at end of period

17

346

87

 

Notes to the condensed interim financial statements
 

1.              General Information

 

Basis of preparation and accounting

 

The financial information has been prepared on the historical cost basis. The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman’s Statement. This statement also includes a summary of the Company’s financial position and its cash flows.

 

These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard (‘IAS’) 34 – Interim Financial Reporting. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company’s 2021 annual financial statements.

 

2.              Earnings per share

 

The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post-tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.

 

Reconciliations of the earnings and weighted average number of shares used are set out below.

 

 

Six months to

Six months to

Year ended

 

30 June

2022

30 June

2021

31 December

2021

 

(Unaudited)

(Unaudited)

(Audited)

 

(£’000)

(£’000)

(£’000)

Net loss attributable to equity holders of the company

(77)

(134)

(431)

 

 

 

 

Number of shares Weighted average number of ordinary Shares for the purposes of basic loss per share

1,884,167

1,884,167

1,884,167

 

 

 

 

Basic and diluted loss per share (pence)

(4.09)

(7.12)

(22.87)

 

3.              Events after the reporting date

 

There are no events after the end of the reporting date to disclose.


ISIN:

VGG9470B1004

Category Code:

MSCM

TIDM:

VVV

LEI Code:

213800OEUSH43X859D83

Sequence No.:

198212

EQS News ID:

1476807


 

End of Announcement

EQS News Service

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