EUROCANN INTERNATIONAL PLC
(“Eurocann” or “the Company”)
INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 MAY 2020
Since the final results released last month, Eurocann has continued to consider opportunities within the medicinal cannabis sector, whilst prudently working to strengthen its balance sheet through making select investments in listed companies. I am pleased to advise that all investments made are performing well.
After much consideration, and in light of the global economic backdrop, the board has decided that the Company and its shareholders will be best served going forward through broadening the investment strategy to also include the natural resource sector, as well as special situations that the board believes will build shareholder value. To this end we will be publishing a circular in the coming days with a view to obtaining shareholder approval for the amended investment strategy, as well as changing the name of the Company to better reflect a more generic investment strategy.
Ultimately our objective as directors is to work toward maximising value for shareholders through the best course of action possible, and we believe that broadening the investment strategy will improve our chances of fulfilling such an objective.
FINANCIALS
The financial results for the period from 1 December 2019 to 31 May 2020 show a loss after taxation of £54,818 (2019: £41,792).
The interim results have no been reviewed by the Company’s auditor.
OUTLOOK
We believe we can further build on the investment performance through broadening the investment strategy to include the natural resource sector, as well as special situations that the board believes will deliver shareholder value through capital appreciation. We look forward to publishing the Circular setting out this intention for shareholders to vote on at the Company’s forthcoming AGM, and we continue to view the future for the Company with optimism.
Conrad Windham
Executive Director
28 August 2020
The Directors of the Company accept responsibility for the contents of this announcement.
ENQUIRIES:
Company
Eurocann International plc
Burns Singh Tennent-Bhohi / Conrad Windham
Telephone: 020 3778 1106
Corporate Adviser
Peterhouse Capital Limited
Guy Miller and Mark Anwyl
Telephone: 020 7220 9796
EUROCANN INTERNATIONAL PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS ENDED 31 MAY 2020
| Unaudited 6 month period ended 31 May 2020 GBP | Audited year ended 30 November 2019 GBP | Unaudited 6 month period ended 31 May 2019 GBP | |||
| Revenue | - | - | 35,284 | ||
| Cost of sales | - | - | (35,732) | ||
| GROSS LOSS | - | - | (448) | ||
| Administrative expenses | (54,890) | (452,275) | (43,380) | ||
| Other non-operating income | 72 | 4,092 | 2,036 | ||
| LOSS BEFORE TAX | (54,818) | (448,183) | (41,792) | ||
| Income tax expense | - | - | - | ||
| LOSS FOR THE PERIOD/YEAR | (54,818) | (448,183) | (41,792) | ||
| Attributable to: | |||||
| Equity holder of the parent | (54,818) | (448,183) | (36,420) | ||
| Non-controlling interest | - | - | (5,372) | ||
| LOSS PER SHARE | |||||
| Basic & diluted | (0.002) | (0.02) | (0.005) |
EUROCANN INTERNATIONAL PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2020
| Unaudited at 31 May 2020 GBP | Audited At 30 November 2019 GBP | Unaudited At 31 May 2019 GBP | |||
| NON CURRENT ASSETS | |||||
| Intangible assets | - | - | 90,007 | ||
| Property, plant and equipment | - | - | 3,016 | ||
| Investments | 38,574 | 48,778 | 28,630 | ||
| 38,574 | 48,778 | 121,653 | |||
| CURRENT ASSETS | |||||
| Trade and other receivables Investments | 13,810 - | 13,930 - | 11,006 1,130 | ||
| Cash and cash equivalents | 55,028 | 101,448 | 4,251 | ||
| 68,838 | 115,378 | 16,387 | |||
| TOTAL ASSETS | 107,412 | 164,156 | 138,040 | ||
| EQUITY PLUS NON-CONTROLLING INTEREST | |||||
| ISSUED SHARE CAPITAL AND RESERVES | |||||
| Share capital | 1,210,810 | 1,210,810 | 1,208,059 | ||
| Share premium Other reserves | 1,150,383 239,369 | 1,150,383 239,369 | 1,067,510 - | ||
| Retained profits | (2,546,828) | (2,492,010) | (2,177,572) | ||
| SUBSCRIBED CAPITAL | 53,734 | 108,552 | 97,997 | ||
| Non-controlling interest | - | - | (8,816) | ||
| TOTAL EQUITY | 53,734 | 108,552 | 89,181 | ||
| CURRENT LIABILITIES | |||||
| Trade and other payables | 53,678 | 55,604 | 48,859 | ||
| TOTAL EQUITY AND LIABILITIES | 107,412 | 164,516 | 138,040 | ||
Notes:
1. The financial information contained in the interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
2. Basic loss per share has been calculated using the weighted average number of shares of 35,556,549 (30.11.19: 20,260,458 ; 31.5.19: 8,053,724). Given the loss per share, there are no dilutive instruments in issue.
3. The results for the 6 month period ended 31 May 2019 and the balance sheet at 31 May 2019 are based on the consolidated financial statements at that time. During the year ended 30 November 2019, the Company disposed of its subsidiary undertakings such that it prepared entity only financial statements at 30 November 2019 in accordance with the Companies Act 2006.
4. The Directors of the issuer accept full responsibility for this announcement.