DJ Veni Vidi Vici Limited: Audited Final Results to 31 December 2020
Veni Vidi Vici Limited (VVV)
Veni Vidi Vici Limited: Audited Final Results to 31 December 2020
07-Jun-2021 / 16:51 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.
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VENI VIDI VICI LIMITED
(The "Company" or "VVV")
Audited Final Results to 31 December 2020
I am pleased to present the annual report and financial statements for the period ended 31 December 2020.
OPERATIONS REVIEW
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 late 2018.
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 Company and Goldfields have also entered into a joint venture agreement ("JVA") under which VVV will be responsible
for an initial expenditure fee of AUSD300,000 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. In addition, Mr Gordon resigned as a director in June 2020 and Mr Rigoll was appointed as executive chairman
to the Company in March 2021. We anticipate further work to occur during 2021.
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 2020 amounted to GBP100,000 (2019 - GBP107,000 loss) which mainly related to
regulatory costs and other corporate overheads. The total revenue for the period was nil (2019 - nil). At 31 December
2020, the Company had cash balances of GBP272,000 (2019: GBP354,000).
The Company does not recommend the payment of a dividend.
PRIOR YEAR RESTATEMENT
During the year, we have reviewed the prior year accounting treatment of the tenement interest, which was classified as
an intangible asset. Following this review, we have concluded that, the sale and purchase agreement for the tenement
interest and the Shangri la joint venture agreement is of a nature that they are directly linked to each other. The
Company and Goldfields have joint control over the tenement area and therefore should be classified as an investment in
a joint venture. The arrangement further meets the requirements to be measured using the equity method in terms of IAS
28.
As a result of the above, a prior year restatement in respect of the classification of the intangible asset has been
reflected within the financial statements. See Note 19 for details of the impact on the financial statements. There was
no impact on profit or loss or the statement of cash flows.
OUTLOOK
The Board remains confident that the private and pre-IPO markets remain significantly under-served and as such
significant opportunities exist for the Company going forward. We look forward to 2021 being one in which we can
acquire further investment positions, thereby realising tangible value for all shareholders.
We will 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.
s172 Statement
The Directors continue to act in a way that they consider, in good faith, to be most likely to promote the success of
the Company for the benefits of the members as a whole, and in doing so have regard, amongst other matters to:
* the likely consequences of any decision in the long term;
* the interests of the Company's employees;
* the need to foster the Company's business relationships with suppliers, customers and others;
* the impact of the Company's operations on the community as well as the environment;
* the need to act fairly as between members of the Company, and
* the desirability of the Company maintaining a reputation for high standards of business conduct
The Board has always recognised the relationships with key stakeholders as being central to the long-term success of
the business and therefore seeks active engagement with all stakeholder groups, to understand and respect their views,
in particular of those with the communities in which it invests, its host governments, employees and suppliers.
The Company is an early-stage investment company quoted on a minor exchange and its members will be fully aware,
through detailed announcements, shareholder meetings and financial communications, of the Board's broad and specific
intentions and the rationale for its decisions. The Company pays its employees and creditors promptly and keeps its
costs to a minimum to protect shareholders funds. When selecting investments, issues such as the impact on the
community and the environment have actively been taken into consideration; as is clear from the portfolio set out in
the Chairman's report.
The Company has incurred very little expenditure to date, has no employees other than directors and application of the
s172 requirements will be better demonstrated in future periods once its investment starts exploration activity or if
the Company makes further investments.
David Rigoll
Executive Chairman
7 June 2021
The Directors of the Company accept responsibility for the contents of this announcement.
For further information please contact:
The Company
+44 (0) 207 440 0640
David Rigoll
AQSE Growth Market Corporate Adviser:
Peterhouse Capital Limited
+44 (0) 20 7469 0936
Guy Miller/Mark Anwyl Financial statements Statement of comprehensive income for the year ended to 31 December 2020
__________________________________________________________________________________________
Period ended
Year ended
31 December 31 December
2020
2019
Note GBP'000 GBP'000
Revenue 4
Investment income - -
Total revenue -
Administration expenses (99) (107)
Share based payment charge (1) -
Operating loss 5 (100) (107)
Finance costs - -
Loss before taxation (100) (107)
Taxation 7 - -
Loss for the period attributable to equity holders of the company (100) (107)
Other comprehensive income
Translation exchange (loss)/gain - -
Other comprehensive income for the period net of taxation - -
Total comprehensive income for the period attributable to equity holders of the (100) (107)
company
Loss per share
Basic and diluted (pence) 8 (5.74) (6.25)
The accompanying accounting policies and notes form part of these financial statements. Statement of financial position as at 31 December 2020
__________________________________________________________________________________________
Restated
31 December 31 December
2020 2019
Note GBP'000 GBP'000
Non-current assets
Investments accounted for using the equity method 9 136 136
Current assets
Trade and other receivables 10 18 18
Cash and cash equivalents 272 354
290 372
Total assets 426 508
Current liabilities
Trade and other payables 11 (67) (70)
(67) (70)
Net current assets 223 302
Net assets 359 438
Equity
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DJ Veni Vidi Vici Limited: Audited Final Results to -2-
Share capital 12 - - Share premium 643 623 Share based payment reserve 26 25 Retained earnings (310) (210) Total equity 359 438
The financial statements of Veni Vidi Vici Ltd (registered number 196048) were approved by the Board of Directors and authorised for issue on 7 June 2021 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 2020
__________________________________________________________________________________________
Share Share Share based payment Retained
reserve Total
capital premium earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 December 2018 - 628 25 (103) 550
Loss for the period - - - (107) (107)
Total Comprehensive Income - - - (107) (107)
Share issue costs - (5) - - (5)
Total contributions by and distributions to owners of the - (5) - - (5)
Company
At 31 December 2019 - 623 25 (210) 438
Loss for the period - - - (100) (101)
Total Comprehensive Income - - - (100) (101)
Issue of share capital - 20 - - 20
Share based payments - - 1 - 1
Total contributions by and distributions to owners of the - 20 1 - 21
Company
At 31 December 2020 - 643 26 (310) 359
The accompanying accounting policies and notes form part of these financial statements. Statement of cash flows for the year ended to 31 December 2020
__________________________________________________________________________________________
Year ended Year ended
31 Dec 2020 31 Dec 2019
GBP'000 GBP'000
Cash flows from operating activities
Operating loss (100) (107)
Share based payment charge 1 -
Issue of shares to settle liabilities 20
(Increase) in trade and other receivables - (12)
(Decrease)/increase in trade and other payables (3) 18
Net cash outflow in operating activities (82) (91)
Financing activities
Issue of share capital - -
Issue costs - (5)
Net cash inflow/(outflow) from financing activities - (5)
Net decrease in cash and cash equivalents (82) (96)
Cash and cash equivalents at beginning of period 354 450
Cash and cash equivalents at end of period 272 354
Non cash transactions
During the year, the Company issued 40,000 shares for GBP20,000 to settle certain outstanding liabilities.
The accompanying accounting policies and notes form part of these financial statements. Notes to the financial statements
__________________________________________________________________________________________
General information
1
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 as operated by Aquis Stock Exchange ("AQSE").
The financial statements of Veni Vidi Vici Ltd for the year ended 31 December 2020 were authorised for
issue by the Board on 7 June 2021 and the statements of financial position signed on the Board's behalf
by Mahesh Pulandaran and Donald Strang.
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 Exchange 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 Exchange 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 52 of the AQSE Exchange 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 57 of
the AQSE Exchange Rules, or if it has otherwise failed to substantially implement its investment strategy
within such two year period, AQSE Exchange will suspend trading of the Company's Issued Share Capital in
accordance with Rule 78 of the AQSE Exchange Rules. If suspension occurs, the Directors will consider
returning the Company's cash to Shareholders after deducting all related expenses.
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