TIDMDRG
RNS Number : 6127V
Draganfly Investments Ltd
31 January 2017
31 January 2017
Draganfly Investments Limited
("Draganfly" or the "Company")
Interim Results for period from May 1st 2016 to October 31st
2016
Chairman's Statement
During the period, the Company raised GBP274,350 through two
placings at a subscription price of 0.80 pence per ordinary
share.
In the announcement of the first placing on 24 June 2016, the
Company stated that it was actively investigating potential
acquisitions and that the Company would use the funds raised in
order to fund professional costs associated with making such an
acquisition, together with operating costs. The accounts reflect
such professional costs incurred by the Company during the period
ended 31 October 2016. Draganfly looks forward to providing
shareholders with more information regarding potential acquisitions
at the appropriate juncture.
No assurances can be given that any potential acquisitions which
Draganfly is currently contemplating will be successfully
completed.
Thank you for your continued support.
T Edward G Bayman
Chairman
For further information please contact:
Edward Bayman +44(0) 1534 787 898
Dennis Edmonds +44(0) 7796 338 372
Jon Belliss
Beaufort Securities Limited (Broker) +44 (0) 20 7382 8300
Tom Price / David Hignell/Margarita Mitropoulou
Northland Capital Partners (Nominated Adviser) +44 (0) 20 3861 6625
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 of the European Parliament
and of the Council.
Draganfly Investments Limited
Unaudited Statement of income and retained earnings
for the period ended 31 October 2016
Continuing Operations
6 months 6 months
to 31/10/16 to 31/10/15
Notes GBP GBP
Turnover 2 7,296 (5,979)
Administrative expenses (118,151) (30,043)
-------------- -------------
Operating (loss) (110,855) (36,022)
Other interest receivable
and similar income 383 95
(Loss) on ordinary activities (110,472) (35,927)
============== =============
There are no recognised gains or losses other than those included
in the profit and loss account.
Loss per share - basic
Basic (in pence) 0.23p 0.16p
-------------- -------------
Draganfly Investments Limited
Unaudited statement of financial position
as at 31 October 2016
31/10/16 31/10/15
Notes GBP GBP GBP GBP
Fixed assets
Investments 3 17,864 7,513
Current assets
Debtors 7,484 2,904
Loan receivable 4 60,000 -
Cash at bank and
in hand 174,692 92,887
--------- ---------
242,176 95,791
Creditors: amounts
falling due within
one year
Creditors 5 (50,244) (13,646)
191,932 82,145
Net current assets
Net assets 209,796 89,658
------------ ------------
Capital and reserves
Called up share
capital 6 - -
Stated capital 7 3,870,923 3,596,573
Retained loss (3,661,127) (3,506,915)
------------ ------------
Equity shareholders'
funds 7 209,796 89,658
============ ============
The financial statements on pages 2 to 8 were approved and authorised
for issue by the Board on
and signed on its behalf by T Edward G Bayman
Director
Draganfly Investments Limited
Unaudited Statement of Cash flows
for the period ended 31 October 2016
Period ended Period ended
31/10/16 31/10/15
GBP GBP
Cash flow from Operating activities
Loss for the financial year
Loss for the financial year (110,472) (35,927)
Adjustments for:
(Gain)/ loss on investments (7,296) 5,979
(Increase) /decrease in debtors (5,821) 4,484
Increase / (decrease) in general
creditors 31,202 (4,302)
------------- -------------
Net cash flow from operating
activities (92,387) (29,766)
------------- -------------
Cash flow from financing activities
Proceeds from issue of share 274,350 -
capital
New short-term loan advanced (60,000) -
------------- -------------
Net cash from financing activities 214,350 -
------------- -------------
Net increase/(decrease) in
cash and cash equivalents 121,963 (29,766)
Cash and cash equivalents at
the beginning of the period 52,729 122,653
------------- -------------
Closing cash balance 174,692 92,887
Draganfly Investments Limited
Notes to the interim statements
for the period ended 31 October 2016
1 Accounting policies
Basis of preparation
The financial statements are prepared in accordance with
Financial Reporting Standard 102 "The Financial Reporting Standard
applicable in the UK and Republic of Ireland" (FRS 102).
Going concern basis of accounting
As at the period end date the company has sufficient liquid
funds to manage its financial risks and to ensure it can meet its
obligations as they fall due.
The directors have a reasonable expectation that the company has
adequate resources to continue in
operational existence for a minimum period of at least 12 months
from the date of approval of the financial statements. Thus they
continue to adopt the going concern basis of accounting in
preparing the financial statements.
Financial instruments
The company has elected to apply the provisions of Section 11
'Basic Financial Instruments' and Section 12 'Other Financial
Instruments Issues' of FRS 102 to all of its financial
instruments.
Financial assets and liabilities are recognised in the Statement
of financial position when the company has become party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with net amounts
presented in the financial statements, when there is a legally
enforceable right to set off the recognised amounts and there is an
intention to settle on a net basis or to realise the asset and
settle the liability simultaneously.
Basic financial assets are initially measured at transaction
price including transaction costs and are subsequently carried at
amortised cost using the effective interest method unless the
arrangement constitutes a financing transaction, where the
financial asset is measured at the present value of the future
receipts discounted at a market rate of interest.
Trade investments are equity investments over which the Company
has no significant influence, joint control or control and are
initially measured at transaction price. Transaction price includes
transaction costs, except where trade investments are measured at
fair value through profit or loss when transaction costs are
expensed to profit or loss as incurred.
Trade investments in non-convertible and non-puttable preference
shares or non-puttable ordinary shares are measured at fair value
through profit or loss. The fair value of trade investments quoted
on a recognised stock exchange is the quoted bid price.
Draganfly Investments Limited
Notes to the interim statements
for the period ended 31 October 2016
1 Accounting policies (continued)
Taxation
The company has been granted exempt company status within the
meaning of Article 123A of the Income Tax (Jersey) Law 1961 (as
amended). The effect of such special status is that the company is
treated as a non-resident company for the purposes of Jersey tax
laws and is therefore exempt from Jersey income tax on its profits
arising outside Jersey and, by concession, on bank deposit interest
arising in Jersey (and from any obligation to withhold Jersey
income tax from any interest or dividend payments made by it). This
status is renewable on an annual basis upon payment of a fee to the
Comptroller of Income Tax in Jersey, and it is the company's
intention to maintain this status.
Consequently, no provision for taxation, either current or
deferred has been made in these financial statements.
2 Turnover
Turnover is derived from its principal activity and includes
dividends received from investments. It also includes realised and
unrealised profits and losses on investments.
3 Investments
The carrying value of investments Quoted
is stated as follows: GBP
Fair value of investments at 1 May
2016 10,568
Increase in fair value 7,296
Fair value of total investments at
31 October 2016 17,864
=======
None of the investments were 20% or more of the nominal value of
any class of shares held.
The historical cost of the investments at the reporting date was
GBP126,799 (31 October 2015: GBP126,799).
Draganfly Investments Limited
Notes to the interim statements
for the period ended 31 October 2016
4 Loan receivable
31/10/2016 31/10/2015
GBP GBP
AltEnergis Plc 60,000 -
60,000 -
=========== ===========
The loan is an unsecured Sterling loan facility of a total
principal amount not exceeding GBP60,000 bearing interest at the
rate of 8% per annum and is repayable on the first anniversary of
the date of the agreement, being 6th October 2017. The lender shall
be entitled at any stage whilst the loan remains outstanding to
convert all of the loan into ordinary shares in the capital of the
borrower, such shares to equate to 2% of the entire issued share
capital of the Borrower at the time by serving a conversion notice
to the borrower.
5 Creditors: amounts falling due within one year
31/10/2016 31/10/2015
GBP GBP
Other creditors 50,244 13,646
50,244 13,646
=========== ===========
6 Share capital
31/10/16 31/10/15
Number number
Authorised
equity
Ordinary shares of no par value 142,500,000 107,500,000
============ ============
Allotted, called up and fully paid equity
Ordinary shares of no par value 69,356,450 35,062,700
============ ============
On 14(th) July 2016 a general meeting was held where it was
resolved to authorise 35,000,000 additional ordinary shares.
On 15(th) July 2015 the company issued and allotted 16,168,750
new ordinary shares of no par value at a subscription price of 0.80
pence per ordinary share raising GBP129,350.
On 30(th) September 2016 the company issued and allotted
18,125,000 new ordinary shares of no par value at a subscription
price of 0.80 pence per ordinary share raising GBP145,000.
During the period a total of 34,293,750 new ordinary shares of
no par value at a subscription price of 0.80 pence per ordinary
share were issued and allotted raising a total of GBP274,350.
Draganfly Investments Limited
Notes to the interim statements
for the period ended 31 October 2016
7 Equity reserves
Reserves of the company represent the following:
Retained Loss
Cumulative profit and loss net of distribution to owners
Stated capital
Consideration received for shares issued above their nominal
value
8 Earnings per share
Basic earnings per share is calculated on the basis of the
(loss) for the period of GBP110,472 and 47,606,722 shares being the
weighted average number of shares in issue during the trading
period and is stated in pence.
9 Contingent liabilities
With effect from 1 April 2015, it was agreed with Pentera Trust
Company Limited that the annual administration fees would be
reduced to GBP10,000. It was agreed that the reduction in fees
would be valid until there is a trigger event, such as a
transaction having been undertaken, or Pentera Trust Company
Limited ceasing to act as administrators and providing directors
for Draganfly Investments Limited. Following such trigger event
Pentera Trust Company Limited will reserve the right to charge fees
for the period from 1 January 2015, on a time spent basis capped at
GBP20,000, subject to additional independent director approval.
With effect from 1 April 2015, it was agreed with Dennis Edmonds
to amend and defer his future remuneration. The deferral would be
up until there is a trigger event, such as a transaction having
been undertaken and until such triggering event the Company would
not accrue costs in relation to his services. At the time of a
triggering event a fee will be payable to Dennis Edmonds
representing a reduced GBP25,000 per annum remuneration, calculated
from 1 April 2015 onwards. Had this fee been triggered at 31
October 2016 a fee of GBP39,583 would have been payable.
The above fees have not been recognised as a liability in the
financial statements, as it is uncertain whether a trigger event
will occur which would result in the company having an obligation
to settle these fees. Instead the fees have been disclosed in the
notes to the financial statements as contingent liabilities.
As stated in the Chairman's Statement the Company is
investigating potential acquisitions. As with any acquisition
negotiations, there can be no assurance that any transactions will
reach a conclusion. Should a transaction that's currently in
contemplation fail to reach a positive conclusion, abort costs
totalling GBP68,250 would be payable.
10 Dividends
No dividends have been paid or proposed.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FFLFXDFFZBBD
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