TIDMCTEA
RNS Number : 0792O
Catenae Innovation PLC
29 September 2023
29 September 2023
Catenae Innovation PLC
("Catenae", the "Company" or the "Group")
Half Year Results
Convertible Loan Update
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of
digital media and technology, announces its half-yearly report for
the six months ended 30 June 2023.
As this is the first six months since the change of the year-end
to 31 December, comparative figures are for the six months to 31
March 2022.
Financial overview
-- Loss of GBP185,267 in the period under review (2022:
GBP287,168) with revenues of GBP22,173 (2022: GBP17,500).
-- Net (liability)/asset position GBP(314,846) (2022: GBP110,033).
Post period end
-- As announced on 6 September 2023, the Company's 51%
subsidiary ceased trading due to losses incurred.
The Company continues to carefully manage its working capital
position.
Convertible Loan Update
As announced on 30 September 2022, the Company entered into an
agreement for a convertible loan facility for up to GBP250,000
("Convertible Loan") with Sanderson Capital Partners Limited
("Sanderson Capital"), which consists of an initial drawdown of
GBP125,000 followed by a further drawdown expected three months
thereafter.
As at 30 June 2023, an advance of GBP30,000 had been received
against the GBP125,000 and no shares or warrants issued. As at 28
September 2023, a total advance of GBP61,000 had been received
against the GBP125,000 and no shares or warrants have been
issued.
At each GBP125,000 drawdown, the Company will issue new ordinary
shares to Sanderson Capital equal to 10 percent of the drawdown
value at an issue price of the 10-day volume weighted average price
prior to the date of drawdown. A further announcement will be made
on the date of each drawdown event.
Sanderson Capital will be able to convert part or all of the
Convertible Loan facility in minimum increments of GBP5,000, with
the conversion price being fixed at the lower of i) 0.25p; or ii)
90% of the 5-day volume weighted average price from the first day
of dealings of the Company's restoration to trading on AIM. The
Convertible Loan facility is interest-free.
As part of the Convertible Loan facility agreement, Sanderson
Capital will be issued new ordinary shares and a warrant over new
ordinary shares in the Company, of which the issue price and
exercise price is 0.25 pence per share, being the closing mid-price
of the Company's ordinary shares on 30 September 2022, the first
day of dealings following the release of the Company's final
results for the year ended 30 September 2021, and the interim
results for the period ended 31 March 2022 which enabled the
lifting of the suspension and restoration to trading of the
Company's ordinary shares on AIM.
The new ordinary shares and warrants over new ordinary shares
will be issued after the next general meeting of the Company and a
further announcement setting out the details will be made at the
time of issue.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation. The person who arranged for
release of this announcement on behalf of the Company was Guy
Meyer, Chief Executive Officer of the Company and the Directors of
the Company are responsible for the release of this
announcement.
For further information please contact:
+44 (0)191 580
Catenae Innovation PLC 8545
Guy Meyer, Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser) +44(0)20 7213 0880
Liam Murray / Jo Turner
+44 (0)20 7186
Shard Capital Partners LLP (Broker) 9952
Damon Heath
Notes to Editors:
About Catenae Innovation PLC
Catenae Innovation is an AIM quoted provider of digital media
and technology services. The Company specialises in Distributed
Ledger Technology solutions that solve commercial challenges and
create opportunities for its clients. The Company has an
experienced IT team of project managers and integrators who have
deployed systems across corporate, government and educational
sectors.
www.catenaeinnovation.com
Consolidated Statement of Comprehensive Income
For the Period Ended 30 June 2023
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 31 March 31 December
2023 2022 2022
GBP GBP GBP
Revenue 22,173 17,500 152,437
Cost of sales (2,315) (6,000) (12,600)
------------ ------------ -------------
Gross profit 19,858 11,500 139,837
Administrative expenses (205,125) (298,668) (667,002)
Loss from operations (185,267) (287,168) (527,165)
Net Finance income/(expense) - - -
Loss before taxation (185,267) (287,168) (527,165)
Taxation - - 3,668
------------ ------------ -------------
Total comprehensive loss
for the year (185,267) (287,168) (523,497)
------------ ------------ -------------
Loss attributable to:
Owners of the parent (183,023) (280,260) (514,695)
Non-controlling interest (2,244) (6,908) (8,802)
Consolidated Statement of Financial Position
For the Period Ended 30 June 2023
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 31 March 31 December
2023 2022 2022
GBP GBP GBP
Non-current assets
Tangible Assets 4,345 6,518 5,431
Intangible assets 1 1 1
4,346 6,519 5,432
Current assets
Trade and other receivables 17,893 30,514 81,913
Cash and cash equivalents 2,015 337,183 65,443
------------- ------------- -------------
19,908 367,697 147,356
Current liabilities
Trade and other payables (339,100) (264,183) (279,086)
(339,100) (264,183) (279,086)
Non-current liabilities
Interest-bearing loans - - -
Total Liabilities (339,100) (264,183) (279,086)
Net Assets/(Liabilities) (314,846) 110,033 (126,298)
------------- ------------- -------------
Non-controlling Interest 472 4,611 2,716
Capital and reserves
attributable to equity
holders of the company
Ordinary share capital 570,078 570,078 570,078
Deferred share capital 3,159,130 3,159,130 3,159,130
Share premium account 19,665,457 19,665,457 19,665,457
Share reserve (83,333) (83,333) (83,333)
Merger reserve 11,119,585 11,119,585 11,119,585
Capital Redemption Reserve 2,732,904 2,732,904 2,732,904
Retained losses (37,479,139) (37,058,399) (37,292,835)
------------- ------------- -------------
Total Equity (314,846) 110,033 (126,298)
------------- ------------- -------------
Consolidated Statement of Cash Flows
For the Period Ended 30 June 2023
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 31 March 31 Dec 2022
2023 2022
GBP
GBP GBP
Loss for the period (185,267) (287,168) (523,497)
Adjustments for :
Impairment of investments - - -
Depreciation 1,086 - 1,810
Net (loss) before changes
in working capital (184,181) (287,168) (521,687)
(Increase) / decrease in
trade and other receivables 64,019 15,034 (36,677)
(Decrease) / increase in
trade and other
payables 56,734 (11,038) 3,865
------------ ------------ -------------
Cash from operations (63,428) (283,172) (554,499)
Interest received - - -
Interest paid - - -
Net cash flows from operating
activities (63,428) (283,172) (554,499)
------------ ------------ -------------
Investing activities
Purchase of plant and equipment - - (413)
------------ ------------ -------------
Net cash flows from investing
activities - - (413)
------------ ------------ -------------
Financing Activities
Issue of ordinary share
capital - 15,273 15,273
Repayment of loans - - -
New loans raised - - -
------------ ------------ -------------
Net cash flows from financing
activities - 15,273 15,273
------------ ------------ -------------
Net increase / (decrease)
in cash (63,428) (267,899) (539,639)
Cash and cash equivalents
at beginning of period 65,443 605,082 605,082
Cash and cash equivalents
at end of period 2,015 337,183 65,443
------------ ------------ -------------
Company Statement of Financial Position
For the Period Ended 30 June 2023
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 31 March 31 December
2023 2022 2022
GBP
GBP GBP
Non-current assets
Intangible assets 1 1 1
1 1 1
Current assets
Trade and other receivables 13,864 24,242 74,745
Cash and cash equivalents 99 332,209 61,922
------------- ------------- -------------
13,963 356,451 136,667
Current liabilities
Trade and other payables (366,493) (255,828) (308,508)
(366,493) (255,828) (308,508)
Non-current liabilities
Interest-bearing loans - - -
Total Liabilities (366,493) (255,828) (308,508)
Net Assets/(Liabilities) (352,529) 100,624 (171,840)
------------- ------------- -------------
Capital and reserves
attributable to equity
holders of the company
Ordinary share capital 570,078 570,078 570,078
Deferred share capital 3,159,130 3,159,130 3,159,130
Share premium account 19,665,457 19,665,457 19,665,457
Share reserve (83,333) (83,333) (83,333)
Merger reserve 11,119,585 11,119,585 11,119,585
Capital Redemption Reserve 2,732,904 2,732,904 2,732,904
Retained losses (37,516,350) (37,063,197) (37,335,661)
------------- ------------- -------------
Total Equity (352,529) 100,624 (171,840)
------------- ------------- -------------
Company Statement of Cash Flows
For the Period Ended 30 June 2023
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 31 March 31 Dec 2022
2023 2022
GBP
GBP GBP
Loss for the period (180,690) (273,069) (545,533)
Adjustments for :
Impairment of investment -
Net (loss) before changes
in working capital (180,690) (273,069) (545,533)
(Increase) / decrease in
trade and other receivables 60,882 20,995 (29,509)
(Decrease) / increase in
trade and other
payables 57,985 29,168 81,849
------------ ------------ -------------
Cash from operations (61,823) (222,906) (493,193)
Interest received - - -
Interest paid - - -
Net cash flows from operating
activities (61,823) (222,906) (493,193)
------------ ------------ -------------
Financing Activities
Issue of ordinary share
capital - 15,273 15,273
Repayment of loans - - -
New loans raised - - -
------------ ------------ -------------
Net cash flows from financing
activities - 15,273 15,273
------------ ------------ -------------
Net increase / (decrease)
in cash (61,823) (207,633) (477,920)
Cash and cash equivalents
at beginning of period 61,922 539,842 539,842
Cash and cash equivalents
at end of period 99 332,209 61,922
------------ ------------ -------------
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
IR FLFIAAIITFIV
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