TIDMECP
RNS Number : 2996N
Eight Capital Partners PLC
29 September 2021
29 September 2021
EIGHT CAPITAL PARTNERS PLC
("Eight Capital" "ECP" or the "Company")
UNAUDITED INTERIM REPORT FOR THE SIX MONTHSED 30 JUNE 2021
Eight Capital Partners plc (AQSE: ECP), announces its interim
results for the half year ending 30 June 2021.
Chairman's Interim Report
I report on the Company's interim results for the six months to
30 June 2021.
This report is being issued in the context of the Company's most
recent announcement, released on 27 September, which highlights
that it will henceforth change its status from being an investing
company to being an operating group. In practical terms, this means
that all future financial reporting will be made under IFRS
reporting standards, consolidating the results and balance sheets
of its 100% owned (and other future controlled) subsidiaries,
rather than as a standalone company, applying the UK reporting
standard FRS 102, which treats those subsidiaries as investments
and incorporates the changes in their underlying value in the
Company's income statement.
This report therefore, for the final time, presents Eight
Capital as an investing company quoted on the AQSE Growth Market.
Its stated objective has been to generate an attractive rate of
return for shareholders, predominantly through capital
appreciation, by taking advantage of opportunities principally to
invest in the Technology, Media and Telecoms (TMT) and financial
services sectors (including in other investment companies).
Since I last reported to you on the full year results to
December 2020, the Company has continued to see the effects of the
COVID-19 pandemic, however, a positive result for the period - an
operating profit of GBP400,000 and a net profit after finance
charges, of almost GBP300,000 - has been achieved. This was due to
a number of factors, including the agreement reached to sell the
Company's entire 28.7% holding in Finance Partners Group for
EUR2.15 m (original investment EUR1.9 m), revenues from management
services agreements and a reversal of some of the adverse currency
movements that we suffered at the 2020 year-end.
We still expect our investments in Greencare Capital (CBD,
wellness and medicinal cannabis) and Supply@ME Capital
(monetisation of inventory) to give us a good return once they
start fulfilling their business plans, at which point we will be
seeking to exit. A similar strategy will be applied to Evrima plc
(investor in mining operations - formerly Sports Capital Group)
which reverted to mining following a foray into sports management,
but whose shares are performing reasonably well.
Nevertheless, the immediate future will focus on deriving value
from a) our two wholly-owned subsidiaries: Epsion Capital Ltd and
Innovative Finance Srl (acquired 10 May 2021), two boutique
corporate finance advisories with very different, complementary
skill sets, and b) other tech led financial services lines of
business that may be developed in the future. That focus will be
led by our new CEO, David Bull, leveraging the significant increase
in the Group's balance sheet announced recently and the Company's
absolute determination to be a strong player in the financial
services technical revolution that we are now witnessing.
Dominic White
Chairman
The directors of the Company take responsibility for this
announcement.
For further information, please contact:
Eight Capital Partners plc +44 20 3808 0029
Dominic White - Executive Chairman info@eight.capital
David Bull - Chief Executive
Officer
AQSE Exchange Growth Market Corporate
Adviser
Cairn Financial Advisers LLP +44 20 7213 0880
Jo Turner / James Lewis
Financial PR
Walbrook PR Limited +44 20 7933 8780/+44 7768 807631
Paul Vann/Nicholas Johnson Paul.vann@walbrookpr.com
Eight Capital Partners plc
Statement of Total Comprehensive Income
for the six months ended 30 June 2021
Six months ended Six months ended Year
30 June 2021 30 June ended
Unaudited 2020* 31 December
GBP'000 Unaudited 2020
GBP'000 Audited
Note GBP'000
Administrative expenses (174) (363) (537)
Foreign exchange gain/ (loss) 383 (116) (180)
Net change in unrealised gains/ (losses) on investments
at fair value through profit & loss 109 163 240
Other income 86 75 281
Operating Profit/ (Loss) 404 (241) (196)
----------------- ----------------- -------------
Interest income - 4 22
Finance expense (105) (107) (258)
Profit/ (Loss) before tax 299 (344) (432)
Taxation - - -
Profit/ (Loss) for the period 299 (344) (432)
Other comprehensive income for the year - - -
Total comprehensive profit/ (loss) 299 (344) (432)
----------------- ----------------- -------------
Basic earnings per share (pence): 2 0.02 (0.04) (0.04)
Diluted earnings per share (pence): 2 0.02 - -
*The results for the six-month period ending 30 June 2020 were
restated to correct the error of consolidating the accounts of the
investment held in Epsion Capital Limited. The results are restated
to that of Eight Capital Partners plc only.
Eight Capital Partners plc
Statement of Financial Position at 30 June 2021
As at As at As at
30 June 2021 Unaudited 30 June 2020* Unaudited 31 December
GBP'000 GBP'000 2020
Audited
Note GBP'000
Current assets
Trade and other receivables 164 158 153
Investments 3 5,091 4,143 3,179
Cash and cash equivalents 64 115 203
Total current assets 5,319 4,416 3,535
------------------------ ------------------------- -------------
Total assets 5,319 4,416 3,535
------------------------ ------------------------- -------------
Current liabilities
Trade and other payables 123 140 120
Borrowings 391 363 436
Total current liabilities 514 503 556
------------------------ ------------------------- -------------
Non-current liabilities
Long term bond 4,381 3,742 2,945
Total non-current liabilities 4,381 3,742 2,945
------------------------ ------------------------- -------------
Total liabilities 4,895 4,245 3,501
------------------------ ------------------------- -------------
Net assets 424 171 34
------------------------ ------------------------- -------------
Equity
Share Capital 4 1,453 1,431 1,431
Share premium account 2,068 2,001 2,001
Convertible loan notes 84 84 84
Share option and warrant reserve 13 8 11
Retained earnings (3,194) (3,353) (3,493)
Total equity 424 171 34
------------------------ ------------------------- -------------
*The results for the six-month period ending 30 June 2020 were
restated to correct the error of consolidating the accounts of the
investment held in Epsion Capital Limited. The results are restated
to that of Eight Capital Partners plc only.
Eight Capital Partners plc
Statement of Changes in Equity
for the six months ended 30 June 2021
Share Share Share Convertible Retained Total
capital premium option loan note earnings
& Warrant reserve
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- ----------- ------------ ---------- --------
As at 1 January
2019 1,350 1,891 8 48 (2,629) 668
---------------------- --------- --------- ----------- ------------ ---------- --------
Loss for the year - - - - (432) (432)
Other comprehensive - - - - - -
income for the
year
---------------------- --------- --------- ----------- ------------ ---------- --------
Total Comprehensive
Income - - - - (432) (432)
---------------------- --------- --------- ----------- ------------ ---------- --------
Issue of shares 10 4 - (14) - -
Issue of convertible
loan notes - - - 50 - 50
---------------------- --------- --------- ----------- ------------ ---------- --------
Total Transactions
with Owners 10 4 - 36 - 50
---------------------- --------- --------- ----------- ------------ ---------- --------
As at 31 December
2019 1,360 1,895 8 84 (3,061) 286
---------------------- --------- --------- ----------- ------------ ---------- --------
Loss for the year - - - - (432) (432)
Other comprehensive - - - - - -
income for the
year
---------------------- --------- --------- ----------- ------------ ---------- --------
Total Comprehensive
Income - - - - (432) (432)
---------------------- --------- --------- ----------- ------------ ---------- --------
Share based payment - - 3 - - 3
Issue of shares 71 106 - - - 177
---------------------- --------- --------- ----------- ------------ ---------- --------
Total Transactions
with Owners 71 106 3 - - 180
---------------------- --------- --------- ----------- ------------ ---------- --------
As at 31 December
2020 1,431 2,001 11 84 (3,493) 34
---------------------- --------- --------- ----------- ------------ ---------- --------
Profit for the
period - - - - 299 299
Other comprehensive - - - - - -
income for the
year
---------------------- --------- --------- ----------- ------------ ---------- --------
Total Comprehensive
Income - - - - 299 299
---------------------- --------- --------- ----------- ------------ ---------- --------
Share based payment - - 2 - - 2
Issue of shares 22 67 - - - 89
---------------------- --------- --------- ----------- ------------ ---------- --------
Total Transactions
with Owners 22 67 2 - - 91
---------------------- --------- --------- ----------- ------------ ---------- --------
As at 30 June
2021 1,453 2,068 13 84 (3,194) 424
---------------------- --------- --------- ----------- ------------ ---------- --------
Eight Capital Partners plc
Notes to the Interim Financial Statements
For the six months ended 30 June 2021
1. Accounting policies
Basis of preparation
These interim financial statements have been prepared in
accordance with the principles of applicable United Kingdom
accounting standards, including Financial Reporting Standard 102 -
'The Financial Reporting Standard applicable in the United Kingdom
and Republic of Ireland' ('FRS 102').
They do not include all disclosures that would otherwise be
required in a complete set of financial statements and should be
read in conjunction with the 2020 audited annual report. The
statutory financial statements for the year ended 31 December 2020
were prepared in accordance with FRS 102 and in accordance with the
requirements of the Companies Act 2006. The auditors reported on
those financial statements; their Audit Report was unqualified.
The interim financial information is unaudited, has not been
reviewed by the Company's auditors and does not constitute
statutory accounts as defined in the Companies Act 2006.
The interim financial information was approved and authorised
for issue by the board of directors on
28 September 2021.
Going concern
As at the date of this report the Company had GBP420,000 of cash
at bank and in transit after repaying a sizeable tranche of its
short-term debt. It has revenues from management service agreements
and interest income, a planned share placing in the 4(th) quarter
and a significant liquidity event in the first quarter of 2022. It
also has tacit financial support from its chairman.
The Directors are therefore of the opinion that the Company has
adequate financial resources to enable it to continue in operation
for the foreseeable future. For this reason, it continues to adopt
the going concern basis in preparing the financial statements.
Prior period correction
The results for the six-month period ending 30 June 2020 have
been restated such that the accounts of the investment held in
Epsion Capital Limited are not consolidated, and are therefore
comparable with the current period results. The results are
restated to that of Eight Capital Partners plc only.
2. Profit or loss per share
Six months ended 30 June 2021 Six months ended 30 June 2020 Year ended
GBP'000 GBP'000 31 December 2020
GBP'000
------------------------------ ------------------------------ ------------------
Basic
Profit/ (Loss) for the period
attributable to owners of the
Company 299 (344) (432)
Weighted average number of
shares: 1,400,739,856 796,642,433 1,069,696,174
Basic earnings/(loss) per share
(pence): 0.02 (0.04) (0.04)
Diluted
Profit/ (Loss) for the period
attributable to owners of the
Company 299 (344) (432)
Weighted average number of
shares: 1,674,978,200 796,642,433 1,069,696,174
Diluted earnings/(loss) per
share (pence): 0.02 (0.04) (0.04)
------------------------------ ------------------------------ ------------------
The basic and diluted earnings per share were determined by
dividing the profit or loss attributable to the equity holders of
the Company by the weighted average number of shares outstanding
during the periods.
3. Investments
Fair value Investment Net change Fair value
at during in unrealised at
31 December the period gains/ (losses) 30 June 2021
2020
GBP'000 GBP'000 GBP'000 GBP'000
------------- ------------ ----------------- --------------
Quoted equity securities:
Supply@Me Capital
plc 128 - (43) 85
Greencare Capital
plc 806 - (25) 781
Evrima plc (formerly
Sports Capital Group
plc) 131 - 50 181
------------- ------------ ----------------- --------------
1,065 - (18) 1,047
------------- ------------ ----------------- --------------
Unquoted equity securities:
Finance Partners Group
SPA 1,701 - 142 1,843
Epsion Capital Limited 100 - - 100
Innovative Finance
Srl 313 1,803 (15) 2,101
------------- ------------ ----------------- --------------
2,114 1,803 127 4,044
------------- ------------ ----------------- --------------
Total investments 3,179 1,803 109 5,091
------------- ------------ ----------------- --------------
4. Share capital
Movements in Ordinary share capital during the period are
summarised below:
Number of Ordinary Shares of 0.01p Nominal value
GBP'000
----------------------------------- ---------------
As at 31 December 2020 1,341,257,818 135
Issued during the period 223,057,644 22
As at 30 June 2021 1,564,315,462 157
----------------------------------- ---------------
In May 2021, 223,057,644 new ordinary shares were issued at
0.039p per share and admitted to trading on the AQSE Growth Market
on 14 May 2021.
Movements in Deferred share capital are summarised below:
Number of Deferred Shares of 0.24p Nominal value
GBP'000
---------------
As at 31 December 2020 and 30 June 2021 540,166,760 1,296
----------------------------------- ---------------
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END
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