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VVV Resources Limited: Interim Results for the six months ended 30 June 2021

·7-min read

VVV Resources Limited (VVV)
29-Sep-2021 / 14:52 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (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 2021

 

VVV Resources Limited (formerly Veni Vidi Vici Limited) announces its unaudited interim results for the six months ended 30 June 2021.

 

Overview

On 30th June 2021 the Company was renamed VVV Resources Limited.

 

Due to strict COVID-19 restrictions in Australia, the Company advises that it has completed limited physical work on its Shangri La Project.

 

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.

 

During the last six months, the Company's activities were limited solely to desk studies, due (as per above) to the tight COVID-19 travel restrictions imposed in Australia. Since the end of June 2021, the restrictions have however, been eased and the Company has commissioned an independent Geologist based out of Perth to carry out a site visit to collect samples from the project area.

 

Furthermore, the Company reported in June 2021 that Donald Strang resigned as a Director of the Company and Lester Kemp, a Geologist with over 25 years experience in the resources sector was elected as the Company's Chief Operating Officer.

 

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.

 

FINANCE REVIEW

The loss for the period to 30 June 2021 was £134,000 (30 June 2020 - £ 133,000 and 31 December 2020 - £100,000 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 2021, the Company had cash balances of £346,000 (30 June 2020 - £ 339,000 and 31 December 2020 - £272,000).

 

The interim accounts to 30 June 2021 have not been reviewed by the Company's auditors.

 

Lester Kemp

Director

27 September 2021

 

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

 

 

For further information please contact:

 

The Company

Lester Kemp

 

 

+44 (0) 78 1002 0471

 

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 2021

 

 

 

6 months to

6 months to

Year ended

 

 

30 June

2021

30 June

2020

31 December

2020

 

 

Unaudited

Unaudited

Audited

 

Notes

£'000

£'000

£'000

Continuing operations

 

 

 

 

Revenue

 

 

 

 

Investment income

 

-

-

-

Total gains on AFS investments

 

-

-

-

 

 

 

 

 

Administrative costs

 

(134)

(64)

(99)

Share based payments

 

-

(69)

(1)

 

 

 

 

 

Operating (loss)

 

(134)

(133)

(100)

 

 

 

 

 

Finance costs

 

 

 

-

(Loss) before tax

 

(134)

(133)

(100)

 

 

 

 

 

Taxation

 

 

 

-

(Loss) for the period

 

(134)

(133)

(100)

 

 

 

 

 

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

 

(134)

(133)

(100)

 

 

 

 

 

(Loss) per share:

 

 

 

 

Basic and diluted (loss) per share (pence)

2

(7.12)

(7.68)

(5.74)

 

Unaudited Condensed Company Statement of Financial Position
as at 30 June 2021

 

 

 

30 June

2021

30 June

2020

31 December 2020

 

 

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

 

7

-

18

Cash and cash equivalents

 

346

339

272

 

 

353

339

290

 

 

 

 

 

Total assets

 

489

475

426

 

 

 

 

 

LIABILITIES

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

(44)

(81)

(67)

Total current liabilities

 

(44)

(81)

(67)

 

 

 

 

 

Total liabilities

 

(44)

(81)

(67)

 

 

 

 

 

Net Assets

 

445

394

359

 

 

 

 

 

EQUITY

 

 

 

 

Equity attributable to equity holders of the parent

 

 

 

 

Share capital

 

-

-

-

Share premium account

 

863

643

643

Share based payment reserve

 

26

94

26

Retained earnings

 

(444)

(343)

(310)

Total equity

 

445

394

359

 

Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2021

 

 

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 2019

-

623

25

(210)

438

 

 

 

 

 

 

(Loss) for the period

-

-

-

(100)

(100)

Total Comprehensive Income

-

-

-

(100)

(100)

 

 

 

 

 

 

Issue of share capital

-

20

-

-

20

Share based payments

 

-

1

 

1

Total contributions by and distributions to owners of the Company

-

20

1

-

21

 

 

 

 

 

 

At 31 December 2020

-

643

26

(310)

359

 

 

 

 

 

 

Unaudited

 

 

 

 

 

At 31 December 2020

-

643

26

(310)

359

 

 

 

 

 

 

Loss for the period

-

-

-

(134)

(134)

Total comprehensive income for the period

-

-

-

(134)

(134)

 

 

 

 

 

 

Issue of share capital

-

220

-

-

220

Transactions with owners of the company

-

220

-

-

220

 

 

 

 

 

 

Balance at 30 June 2021

-

863

26

(444)

445

 

Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2021

 

 

6 months to

6 months to

Year to

 

30 June

2021

30 June

2020

31 December 2020

 

Unaudited

Unaudited

Audited

 

£'000

£'000

£'000

Cash flows from operating activities

 

 

 

Operating (loss)

(134)

(133)

(100)

Adjustments for:

 

 

 

Share based payment charge

-

69

1

Issue of shares to settle liabilities

0

 

20

Decrease/(increase) in trade and other receivables

11

18

-

(Decrease)/increase in trade and other payables

(23)

11

(3)

Net cash used in operating activities

(146)

(35)

(82)

 

 

 

 

Investing activities

 

 

 

Finance Costs

-

-

-

Investment in intangible assets

-

-

-

Net cash outflow in investing activities

-

-

-

 

 

 

 

Financing activities

 

 

 

Issue of share capital

220

20

-

Issue costs

-

-

-

Net cash from financing activities

220

20

-

 

 

 

 

Net change in cash and cash equivalents

74

(15)

(82)

 

 

 

 

Cash and cash equivalents at beginning of period

272

354

354

Cash and cash equivalents at end of period

346

339

272

 

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 2020 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

2021

30 June

2020

31 December

2020

 

(Unaudited)

(Unaudited)

(Audited)

 

(£'000)

(£'000)

(£'000)

Net loss attributable to equity holders of the company

(134)

(133)

(100)

 

 

 

 

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

1,884,167

1,725,498

1,742,954

 

 

 

 

Basic and diluted loss per share (pence)

(7.12)

(7.68)

(5.74)

 

3.              Events after the reporting date

 

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


ISIN:

VGG9404A1030

Category Code:

MSCM

TIDM:

VVV

LEI Code:

213800OEUSH43X859D83

Sequence No.:

123215

EQS News ID:

1236868


 

End of Announcement

EQS News Service

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