Coinsilium Group Limited (COIN)
Final Results to 31 December 2018 and Notice of AGM
31-May-2019 / 14:06 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.
COINSILIUM GROUP LIMITED
("Coinsilium", the "Group" or the "Company")
Final Results to 31 December 2018 and Notice of AGM
STATEMENT OF THE BOARD OF DIRECTORS
Coinsilium Group Limited (NEX: COIN), the venture builder, investor and
adviser to early-stage blockchain technology companies, is pleased to
announce its final results for the year ended 31 December 2018, a milestone
period which generated record revenues.
Strategy Highlights
The Company's "Invest and build" strategy demonstrated significant
commercial success:
· 2018 marks the first year since inception during which Coinsilium
generated annual revenues in excess of GBP1m as it recorded GBP1.68m in
revenues for the year
· Revenues mainly originated from advisory services provided to blockchain
companies planning to issue tokens via Token Generation Events ("TGE's")
· Coinsilium exercised its option to increase its equity stake into tech
skill assessment and validation network Indorse to hold 10% of the
Singapore-based company's total shares
· Expanded its portfolio of investments by participating in the seed
funding rounds of Bundle Network, a single platform facilitating the
trading of multiple digital assets via multiple cryptocurrency exchanges,
and Elevate Health, a suite of applications focused on the behavioural
health space, aiming to facilitate a number of cost-reducing solutions for
behavioural healthcare providers, insurers, health authorities, families
and employers
· The revenue-generating Advisory Service Division has been relocated to
Gibraltar, a jurisdiction which has taken a pragmatic and progressive
approach to the regulation of blockchain and crypto businesses
Financial summary
· Revenue increased by 187% to GBP1,682,373 (2017: GBP586,263)
· Total Comprehensive Loss* of GBP1,495, 424 (2017: total comprehensive
income of GBP679,633)
· Loss for the period from continuing operations GBP982,034 (2017: profit of
GBP121,345)
· Loss per share of GBP0.0079 (2017: profit per share of GBP0.001)
· Financial assets at fair value through profit or loss amounted to GBP1.4m
at 31 December 2018 (31 December 2017: available-for-sale financial assets
GBP1.1m)
· Successful fundraising totalling GBP367,125 completed in December 2018
· As at 31 December 2018 cash and cash equivalents amounted to GBP592,171
(31 December 2017: GBP1,396,070)
* Loss for the period includes loss in value of tokens over the period of
GBP973,147
The Directors present their report, together with the Group Financial
Statements and Auditor's Report, for the year ended 31 December 2018. The
comparative period is the year ended 31 December 2017.
No dividends were paid or recommended to be paid during the year.
Review of the Year
Despite strong institutional investor interest in the blockchain sector
throughout 2018, the crypto market sentiment shifted amidst sharp falls in
cryptocurrency, most notably bitcoin, and token prices.
Whilst the Company recorded its highest revenues on record of GBP1.68m for the
period, the depreciation of the value of tokens globally affected
Coinsilium's token holdings, preventing the Company showing a profit in the
period.
It is, however, important to note that the Company did not buy these tokens.
Instead, these tokens were either granted following equity investments or
received as payment for advisory services, and, moreover, the value of these
tokens may recover in the future.
The cooler reception to new token offerings in the second half of 2018
increased the overall interest for equity in blockchain ventures, and the
Company has seen a renewed interest for traditional equity funding from
startups.
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN THAT the Annual General Meeting of shareholders of
Coinsilium Group Limited will be held at the offices of Peterhouse Capital
Limited, New Liverpool House, 15 Eldon Street, London, EC2M 7LD at 9.30am
BST on 1 July 2019.
Notice of the Annual General Meeting and audited accounts will shortly be
available on the Company's website at https://www.coinsilium.com/ [1]
The Directors of Coinsilium Group Limited take responsibility for this
announcement.
For further information, please contact:
Malcolm Palle, Executive Chairman +44 (0) 7785 381089
Coinsilium Group Limited
Eddy Travia, CEO +44 (0) 20 3889 4312
Coinsilium Group Limited
www.coinsilium.com [2]
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
Peterhouse Capital Limited
(NEX Exchange Corporate Adviser)
Nick Emerson +44 (0) 1483 413 500
SI Capital Limited
(Broker)
Notes to Editor
About Coinsilium
Coinsilium is a venture builder, investor and advisor, supporting
early-stage blockchain technology companies and the digital token economy.
As the first ever IPO of a blockchain company in 2015, Coinsilium harnesses
its experience and wide-ranging network to invest in some of the world's
leading blockchain projects such as RSK/RIF Labs and Factom.
Coinsilium shares are traded on NEX Exchange Growth Market, the primary
market for unlisted securities operated by NEX Exchange, a Recognised
Investment Exchange under the Financial Services and Markets Act 2000.
For further information about Coinsilium, please visit www.coinsilium.com
[3]
Operating Review
While the Company initially benefited from the wave of Initial Coin
Offerings via its Advisory Services Division, the Company remains ideally
placed to benefit from the appreciation of the value of its portfolio of
equity stakes in blockchain companies.
Throughout the year, the Company continued to support its portfolio
companies and invested in two new blockchain ventures, Bundle Network and
Elevate Health. The higher revenues and levels of activity of 2018
necessitated higher expenditures and management acted quickly to limit and
reduce overheads as the market appetite for advisory services started to
decline.
Post year end
As stated in previous announcements, the Board believes that the successful
introduction of the DLT ('Distributed Ledger Technology") regulatory
framework in Gibraltar will have a profound effect on the demand for
alternative funding options in that jurisdiction and the Company therefore
decided to relocate the management of its Advisory Services Division to
Gibraltar. This strategic relocation not only reduces the Company's costs of
operations in London, but also enables Coinsilium to allocate more resources
towards investments and the provision of revenue generating activities such
as its accelerator and advisory services.
Advisory clients with a Token Generation Event either completed or to be
completed post period fall within these sectors:
Sector Advisory Clients
Energy & Infrastructure Lition - a scalable public-private
blockchain with deletable data features,
made for commercial products in
association with SAP. Lition's first
commercial application is an energy P2P
trading platform for producers and
consumers.
Healthcare Elevate Health - a suite of applications
focused on the behavioural health space,
aiming to facilitate a number of
cost-reducing solutions for behavioural
healthcare providers, insurers, health
authorities, families and employers.
Trade Finance LC Lite - a fully integrated platform
for businesses to issue, amend and
confirm Letters of Credit ('LC') that
offers institutional and private
investors the chance to fund asset based
trades.
Trading Bundle Network - a single platform to
facilitate the trading of multiple
digital assets via multiple
cryptocurrency exchanges.
Sports Data Olympia - Olympia aggregates, organizes
and monetises amateur sports data. It
also generates open gamification tools
like the "Universal Rating" for each
sport and the "Rewarding Engine". The
created value is shared with the data
providers.
E-commerce AORA - a social marketplace connecting
online shoppers to thousands of global
merchants and millions of real world
products available in the US and China,
saving time and money by seamlessly
managing the entire order and delivery
process to more than 100+ countries.
Loyalty WeWard (formerly URP) - The first mobile
application from the URP team is called
WeWard and it rewards users for distance
walked and notifies them about offers at
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