DJ Veni Vidi Vici Limited: Audited Final Results to 31 December 2019
Veni Vidi Vici Limited (VVV)
Veni Vidi Vici Limited: Audited Final Results to 31 December 2019
12-May-2020 / 13:19 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.
12 May 2020
Veni Vidi Vici Limited
(The "Company" or "VVV")
Audited Final Results to 31 December 2019
I am pleased to present the annual report and financial statements for the
period ended 31 December 2019.
OPERATIONS REVIEW
On 2 August 2018, the Company completed its successful listing on the AQSE
Growth Market (formerly NEX Exchange Growth Market), having raised GBP600,000
through equity placings in December 2017 and July 2018 for future acquisitions
in accordance with its investment strategy to focus on identifying investment
opportunities and acquisitions in companies in the Precious Metals and Base
Metals sectors in Australia, Western Europe and North America.
On 10 December 2018, the Company completed its first investment, with the
signing of the sale and purchase agreement with Goldfields Consolidated Pty
Ltd for a 51 % beneficial interest in the Shangri La gold, copper and silver
project in consideration for A$220,000.
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.
The consideration payable for the Tenement Interest was A$220,000 (the
"Purchase Price"), and was satisfied by A$20,000, paid by the Company to
Goldfields in cash and the issuance of 190,000 ordinary fully paid shares in
the capital of the Company ("Consideration Shares").
The Company and Goldfields have also entered into a joint venture agreement
("JVA") under which VVV will be responsible for an initial expenditure fee of
A$300,000 over three years from the commencement of the JVA. Goldfields will
manage the joint venture ("JV") and be entitled to a 10% management fee of
expenses incurred by the JV.
During the period, the Company was advised that limited work was undertaken on
the Shangri La Project, mainly desk studies. We anticipate further work to
occur during 2020. In addition Mr Lucas resigned as a director in August 2019
and Mr Strang was appointed to the board in October 2019.
The Company continues to monitor covid-19 effects on the Company. We believe
this will have limited affect on any future work anticipated on our West
Australia project as there are very few cases in this state and interruptions
are somewhat less.
FINANCE REVIEW
The loss for the period to 31 December 2019 amounted to GBP107,000 (2018 -
GBP103,000 loss) which mainly related to regulatory costs and other corporate
overheads. The total revenue for the period was nil (2018 - nil). At 31
December 2019, the Company had cash balances of GBP354,000 (2018 - GBP450,000).
The directors do not recommend the payment of a dividend for the year ended 31
December 2020.
OUTLOOK
We look forward to 2020 being one in which we can continue to seek out further
investments in line with the Company's investing strategy. The directors would
like to take this opportunity to thank our shareholders, staff and consultants
for their continued support.
Mahesh Pulandaran
Executive Chairman
12 May 2020
The directors of the Company accept responsibility for the contents of this
announcement.
For further information please contact
Company:
Donald Strang: +44 (0) 207 440 0640
AQSE Growth Market Corporate Adviser
Guy Miller/Allie Feuerlein
Peterhouse Capital Limited
+44 (0) 20 7220 9795
Financial statements
Statement of comprehensive income for the year ended to 31 December 2019
______________________________________________________________________________
____________
Year ended Period ended
31 December 2019
31 December
2018
Note GBP'000 GBP'000
Revenue 4
Investment income - -
Total revenue - -
Administration expenses (107) (78)
Share based payment charge - (25)
Operating (loss) 5 (107) (103)
Finance costs - -
(Loss) before taxation (107) (103)
Taxation 7 - -
(Loss) for the period (107) (103)
attributable to equity
holders of the company
Other comprehensive income
Translation exchange - -
(loss)/gain
Other comprehensive income - -
for the period net of
taxation
Total comprehensive income (107) (103)
for the period attributable
to equity holders of the
company
Loss per share
Basic and diluted (pence) 8 (6.25) (10.96)
The accompanying accounting policies and notes form part of these financial
statements.
Statement of financial position as at 31 December 2019
______________________________________________________________________________
____________
31 December 31 December
2019 2018
Note GBP'000 GBP'000
Non-current assets
Intangible assets 9 136 136
Current assets
Trade & other receivables 10 18 6
Cash and cash equivalents 354 450
372 456
Total assets 508 592
Current liabilities
Trade and other payables 11 (70) (42)
(70) (42)
Net current assets 302 414
Net assets 438 550
Equity
Share capital 12 - -
Share premium account 623 628
Share based payment reserve 25 25
Retained earnings (210) (103)
438 550
The financial statements of Veni Vidi Vici Ltd (registered number 196048) were
approved by the Board of Directors and authorised for issue on 12 May 2020 and
were signed on its behalf by:
Mahesh Pulandaran Donald Strang
Director Director
The accompanying accounting policies and notes form part of these financial
statements.
Statement of changes in equity for the year ended 31 December 2019
______________________________________________________________________________
____________
Share Share Share based Retained Total
payment reserve
capital premium earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
On incorporation - - - - -
of 14 November
2017
(Loss) for the - - - (103) (103)
period
Total - - - (103) (103)
Comprehensive
Income
Shares issued - 723 - - 723
Share issue costs - (95) - - (95)
Share options - - 25 - 25
issued
Total - 628 25 - 653
contributions by
and distributions
to owners of the
Company
At 31 December - 628 25 (103) 550
2018
(Loss) for the - - - (107) (107)
period
Total - - - (107) (107)
Comprehensive
Income
Share issue costs - (5) - - (5)
Total - (5) - - (5)
contributions by
and distributions
to owners of the
Company
At 31 December - 623 25 (210) 438
2019
The accompanying accounting policies and notes form part of these financial
statements.
Statement of cash flows for the year ended to 31 December 2019
______________________________________________________________________________
____________
Year ended Period ended
31 Dec 2019 31 Dec 2018
GBP'000 GBP'000
Cash flows from operating activities
Operating (loss) (107) (103)
Share based payment charge - 25
(Increase) in trade & other (12) (6)
receivables
Increase in trade and other payables 28 42
Net cash outflow in operating (91) (42)
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activities
Investing activities
Finance costs - -
Investment in intangible asset - (13)
Net cash outflow in investing - (13)
activities
Financing activities
Issue of share capital - 600
Issue costs (5) (95)
Net cash inflow from financing (5) 505
activities
Net (decrease)/increase in cash and (96) 450
cash equivalents
Cash and cash equivalents at 450 -
beginning of period
Cash and cash equivalents at end of 354 450
period
The accompanying accounting policies and notes form part of these financial
statements.
Notes to the financial statements
______________________________________________________________________________
____________
1 General information
Veni Vidi Vici Ltd is a company incorporated on 14 November
2017 in the British Virgin Islands ("BVI") under the BVI
Business Companies Act 2004. The address of its registered
office is Vistra Corporate Services Centre, Wickhams Cay II,
Road Town, Tortola, VG1110, British Virgin Islands. The
Company's ordinary shares are traded on the AQSE growth market
(formerly NEX Exchange Growth Market) as operated by Aquis
Stock Exchange Exchange Ltd ("AQSE").
The financial statements of Veni Vidi Vici Ltd for the year
ended 31 December 2019 were authorised for issue by the Board
on 12 May 2020 and the statements of financial position signed
on the Board's behalf by Donald Strang and Mahesh Pulandaran.
Investing policy
The investment strategy of the Company is to provide
Shareholders with an attractive total return achieved
primarily through capital appreciation. The Directors believe
that there are numerous investment opportunities within both
private and public businesses in the Base Metals and Precious
Metals sector in North America and Australia.
The Board, through its extensive network of contacts, has
identified a number of potentially interesting investment
opportunities, although formal discussions in respect of any
of these opportunities have not yet commenced.
The Company is likely to be an active investor and acquire
control of certain target companies although it may also
consider acquiring non-controlling shareholdings. The proposed
investments to be made by the Company may be in either quoted
or unquoted securities and made by direct acquisition of an
interest in companies, partnerships or joint ventures, or
direct interests in projects and can be at any stage of
development. Accordingly, the Company's equity interest in a
proposed investment may range from a minority position to 100
per cent. ownership and a controlling interest.
If the Company takes a controlling stake, the acquisition
could trigger a Reverse Takeover under Rule 57 of the AQSE
growth market Rules.
The Directors intend to acquire one or more investments in
quoted or unquoted businesses or companies (in whole or in
part) thereby creating a platform for further investments. The
Company may need to raise additional funds for these purposes
and may use both debt and/or equity.
The Directors and the Technical Adviser believe that their
broad, collective experience, together with their extensive
network of contacts, will assist them in identifying,
evaluating and funding suitable investment opportunities.
External advisers and investment professionals, over and above
the Technical Adviser, will be engaged as necessary to assist
with sourcing and due diligence of prospective opportunities.
The Directors will also consider appointing additional
directors with relevant experience if the need arises.
It is anticipated that returns to Shareholders will be
delivered primarily through an appreciation in the price of
the Ordinary Shares rather than capital distribution via
regular dividends. In addition, there may be opportunities to
spin out businesses in the form of distributions to
Shareholders or make trade sales of business divisions and
therefore contemplate returns via special dividends. Given the
nature of the investment strategy, the Company does not intend
to make additional regular and periodic disclosures or
calculations of net asset value outside of the requirements
for a AQSE growth market traded company. It is anticipated
that the Company will hold investments for the medium to long
term, although where opportunities exist for shorter term
investments, the Company may undertake such investments.
Notes to the financial statements (continued)
______________________________________________________________________________
____________
Investing policy (continued)
In compliance with Rule 51 of the AQSE growth market Rules, if
the Company (as an Investment Vehicle) has not substantially
implemented its investing policy after the period of one year
following Admission, it will seek Shareholder approval in
respect of the subsequent year for the further pursuit of its
investment strategy.
Pursuant to Rule 49 of the AQSE growth market Rules, the
Company (as an Investment Vehicle), is required to
substantially implement its investment strategy within a
period of two years following Admission. In the event that the
Company has not undertaken a transaction constituting a
Reverse Takeover under Rule 54 of the AQSE growth market
Rules, or if it has otherwise failed to substantially
implement its investment strategy within such two year period,
AQSE growth market will suspend trading of the Company's
Issued Share Capital in accordance with Rule 74(e) of the AQSE
Growth Market Rules for Issuers. If suspension occurs, the
Directors will consider returning the Company's cash to
Shareholders after deducting all related expenses.
The Directors intend to review the investment strategy on an
annual basis and, subject to their review and in the absence
of unforeseen circumstances, the Directors intends to adhere
to the investment strategy. Changes to the investment strategy
may be prompted, inter alia, by changes in government policies
or economic conditions which alter or introduce additional
investment opportunities. It is the intention of the Directors
to invest the Company's cash resources, as far as practicable,
in accordance with the investment strategy. However, due to
market and other investment considerations, it may take some
time before the cash resources of the Company are fully
invested.
It is intended that the funds initially available to the
Company will be used to meet general working capital
requirements, to undertake due diligence on potential target
acquisitions and to make investments in accordance with the
investment guidelines described above.
Statement of compliance with IFRS
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted
by the European Union and as applied in accordance with the
provisions of the BVI Business Companies Act 2004. The
principal accounting policies adopted by the Company are set
out below.
Notes to the financial statements (continued)
______________________________________________________________________________
____________
New standards, amendments and interpretations adopted by the
Company
No new and/or revised Standards and Interpretations have been
required to be adopted, and/or are applicable in the current
period by/to the Company, as standards, amendments and
interpretations which are effective for the financial period
beginning on 1 January 2019 are not material to the Company.
New standards, amendments and interpretations not yet adopted
At the date of authorisation of these financial statements,
the following Standards and Interpretations which have not
been applied in these financial statements, were in issue but
not yet effective for the period presented:
- IFRS 17 in respect of Insurance Contracts will be effective
for accounting periods beginning on or after 1 January 2021
There are no other IFRSs or IFRIC interpretations that are not
yet effective that would be expected to have a material impact
on the Company.
Going Concern
The Directors noted the losses that the Company has made for
the Year Ended 31 December 2019. The Directors have prepared
cash flow forecasts for the period ending 30 June 2021 which
take account of the current cost and operational structure of
the Company.
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