TIDMDRG
RNS Number : 2873Z
Draganfly Investments Ltd
13 December 2017
Registration number 89889
13 December 2017
Draganfly Investments Limited
Chairman's statement and interim results
for the period ended 31 October 2017
The Board of Draganfly, the AIM quoted investing company, are
pleased to announce its interim results for the period ending 31
October 2017.
Copies of the interim results will be available to view and
download from the Company's website
(www.draganflyinvestments.com).
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 of the European Parliament
and of the Council.
For further information please contact:
For further information please contact:
Luke Bryan +44 (0) 7786 929 966
Dennis Edmonds +44 (0) 7796 338 372
Tom Price
Northland Capital Partners (Nominated Adviser) +44 (0) 20 3861 6625
Jon Belliss
Beaufort Securities Limited (Broker) +44 (0) 20 7382 8300
Interim Results for period from May 1st 2017 to October 31st
2017
Chairman's Statement
I am pleased to present the interim Financial Statements for
Draganfly Investments Limited ("Draganfly", "Draganfly Investments"
or the "Company" for the six months ended 31 October 2017.
I was very pleased to be able to announce the appointment of
Adam Wooldridge as CEO in August 2017. Adam is a well regarded and
highly experienced geologist and geophysicist and his appointment
has greatly strengthened the Board's technical skills base. Adam is
based in South Africa and, following his years of high level
consulting, he brings a strong network of contacts within the
African mining industry.
In recent months the Company has been actively assessing a
number of possible mineral investment opportunities. The Board
remains confident that the Company will either complete, or have
entered into, a transaction that satisfies the AIM requirements set
out in the Company's announcement dated 21 March 2017, by the
deadline of 20 March 2018.
I look forward to providing Draganfly's shareholders with
further updates as appropriate.
Luke Bryan
Chairman
Unaudited Statement of income and retained earnings
for the period ended 31 October 2017
Continuing Operations
6 months 6 months
to 31/10/17 to 31/10/16
Notes GBP GBP
Turnover 2 - 7,296
Administrative expenses 3 (200,830) (118,151)
------------- -------------
Operating (loss) (200,830) (110,855)
Other interest receivable
and similar income 2,420 383
(Loss) on ordinary
activities (198,410) (110,472)
============= =============
There are no recognised gains or losses other than
those included in the profit and loss account.
Loss per share -
basic
Basic (in pence) 0.13p 0.23p
------------- -------------
Unaudited statement of financial position
as at 31 October 2017
31/10/17 31/10/16
Notes GBP GBP GBP GBP
Fixed assets
Investments - 17,864
Current assets
Debtors 13,063 7,484
Loan receivable 4 60,000 60,000
Cash at bank
and in hand 287,719 174,692
--------- ---------
360,782 242,176
Creditors: amounts
falling due
within one year
Creditors 5 (15,556) (50,244)
Net current 345,226 191,932
assets
Net assets 345,226 209,796
------------ ------------
Capital and
reserves
Called up share
capital 6 - -
Stated capital 7 4,370,923 3,870,923
Retained loss (4,025,697) (3,661,127)
------------ ------------
Equity shareholders'
funds 7 345,226 209,796
============ ============
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
Unaudited Statement of Cash flows
for the period ended 31 October 2017
Period Period
ended 31/10/17 ended 31/10/16
GBP GBP
Cash flow from Operating
activities
Loss for the financial
year
Loss for the financial
year (198,410) (110,472)
Adjustments for:
(Gain) on investments - (7,296)
(Increase) in debtors (5,710) (5,821)
Increase / (decrease)
in general creditors (9,120) 31,202
---------------- ----------------
Net cash flow from operating
activities (213,240) (92,387)
---------------- ----------------
Cash flow from financing
activities
Proceeds from issue
of share capital 500,000 274,350
New short-term loan
advanced - (60,000)
---------------- ----------------
Net cash from financing
activities 500,000 214,350
---------------- ----------------
Net increase in cash
and cash equivalents 286,760 121,963
Cash and cash equivalents
at the beginning of
the period 959 52,729
---------------- ----------------
Closing cash balance 287,719 174,692
Notes to the interim statements
for the period ended 31 October 2017
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.
Notes to the interim statements
for the period ended 31 October 2017
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 Administrative expenses
The administrative expenses for the period are split between
day-to-day administrative expenses totalling GBP76,776 and one-off
expenses of GBP124,054. The one-off expenses relate to accrued
administration and directors fees from prior years, which were
triggered and paid during the period. This amount also includes
fees relating to the issue of shares during the year such as
placement fees, legal and consultancy fees and professional fees
for analysing future opportunities of the company.
4 Loan receivable
31/10/2017 31/10/2016
GBP GBP
AltEnergis Plc 60,000 60,000
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. The directors have agreed informally to roll over
the loan for a further 3 months.
Notes to the interim statements
for the period ended 31 October 2017
5 Creditors: amounts falling due within one year
31/10/2017 31/10/2016
GBP GBP
Other creditors 15,556 50,244
15,556 50,244
=========== ===========
6 Share capital
31/10/17 31/10/16
Number number
Authorised
equity
Ordinary shares of no par value 242,500,000 142,500,000
============ ============
Allotted, called up and fully paid
equity
Ordinary shares of no par value 169,356,437 69,356,450
============ ============
On 22(nd) May 2017 the company authorised, issued and allotted
100,000,000 new ordinary shares of no par value at a subscription
price of 0.50 pence per ordinary share raising GBP500,000.
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 GBP198,410 and 157,399,915 shares being
the weighted average number of shares in issue during the trading
period and is stated in pence.
Notes to the interim statements
for the period ended 31 October 2017
9 Administration and directors fees
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 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.
On 8 May 2017 GBP500,000 was raised through a share subscription
which represented a trigger event. Upon the trigger event Pentera
Trust Company Limited was paid contingent fees of GBP40,000 for the
period from 1 January 2015, and contingent directors' fees
totalling GBP26,667 were also paid to Dennis Edmonds.
Pentera Trust Company Limited has agreed to carry forward
GBP30,000 of additional fees which are payable only on the
occurrence of a further trigger event, being a further fundraise or
a corporate transaction. Dennis Edmonds has also agreed that the
remaining GBP27,500 owing to him in director's fees will become
payable on the occurrence of a further trigger event and will be
used either to settle part of the exercise price on share options
granted to him, or he will waive repayment of the money.
10 Option agreements
On 31 May 2017, the Company granted Luke Bryan an option to
acquire 5,000,000 shares in the Company at 0.5p each. In addition,
Dennis Edmonds was granted an option to acquire 8,000,000 shares at
0.5p each. Both of these grants of options are exercisable between
1 June 2018 and 31 May 2023. Dennis Edmonds has agreed that he will
either utilise the GBP27,500 owing to him in director's fees to
exercise part of the options granted to him, or waive repayment of
the money. Accordingly, the company will not have to pay these fees
to him in cash.
11 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 BRBDDUGBBGRX
(END) Dow Jones Newswires
December 13, 2017 12:07 ET (17:07 GMT)
Draganfly (LSE:DRG)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Draganfly (LSE:DRG)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024