DISCOVORE PLC
(“””d


(“dD


The directors present the strategic report for the year ended 30 November 2020.
(“DISCOVORE" OR THE “COMPANY”)
Final Results for the Year Ended 30 November 2020
Company Strategy, Business Review and Future Developments

In 2019, the Company adopted a broader investment policy, enabling DiscovOre plc to invest in medical cannabis opportunities. 2020 and subsequently 2021 saw a noticeable increase in demand from investors and financiers seeking exposure to this new industry class, with listings in 2021 including Kanabo Group plc, MGC Pharmaceuticals Ltd, and Cellular Goods plc seeking admission of their shares to the London Stock Exchange, with all three companies achieving oversubscribed fundraises.

The activity in capital markets and apparent consumer and investor interest to participate validated the Company’s decision to retain an active review of potential investment opportunities in the sector whilst also looking to further diversify its investment policies so as to allow enhanced flexibility, and investment opportunities that could generate short, medium, and long-term returns for the Company and our shareholders.

To this end, the Company remains in active review of potential opportunities as permitted under our investment policy.

Of perhaps most significance for our financial year-end, was the Company’s desire not to raise capital via equity or debt until the Directors of the Company had compelling reasons to do so. I am pleased to report that the Company diligently kept corporate overheads low and used its treasury to invest in both listed and unlisted investment opportunities to self-finance its operations.

In late 2020, after much discussion, the Company posted a circular for its AGM, including a change of name and seeking the consent of shareholders to invest in special situations in the event an opportunity demonstrated clear value accretion for shareholders. This addition to the Company’s existing investment policy has allowed for increased exposure to deal-flow, broader engagement on investment opportunities, and the ability to secure opportunities that can perform when sentiment is on side, rather than being restricted to isolated asset classes for investment purposes.

2020 proved a challenging year for many as the world was struck by the global Covid 19 pandemic. The Board and I wish to extend our thoughts and well wishes to all our shareholders in what has been a challenging time, and to thank all for their continued support.

   

Post-Year End Review

On 28 April 2021, the Company announced that its corporate broker had raised gross proceeds before expenses of £3,500,000 in a brokered financing at 2p per share through the issue of 175,000,000 ordinary shares of the Company.

The financing was supported by a number of high-profile investors in the industry. In conjunction with this financing, the Company announced that it would be seeking the consent of shareholders to adopt an investment policy that will enable it to invest in the field of medical psychedelics. The adoption of this investment policy would see DiscovOre plc as one of the only investment issuers in the U.K. market that has a diversified investment policy with a specific focus on providing exposure to the fast-developing alternative health care industry through investment policies covering medical cannabis and medical psychedelics.

The appetite for such an investment vehicle was expressed in the quantum raised.

The primary focus of this proposed investment strategy will be to invest in businesses or assets involved in the development of potential treatments for mental health issues, which include, but are not limited to:

- Drug-resistant depression
- Anxiety
- Addiction
- Post-Traumatic Stress Disorder

The Company welcomed Mrs Narisha Ragoonanthun to the Board of Directors as its Chief Financial Officer on the 27 April 2021. Mrs Ragoonanthun is a South African qualified Chartered Accountant who has extensive experience providing audit and accounting advice to listed clientele in Europe, Asia and the Americas. Mrs Ragoonanthun also has specific industry experience with the public sector, natural resources, online gaming and start-up organisations.

The Company further announced that Jeremy Ross, Non-Executive Director of the Company, resigned on the 27 April 2021.

With a robust treasury, management change, and a conditionally broadened investment strategy, DiscovOre plc is in a strong position to leverage its investment strategy and create a unique investment issuer providing investors exposure to opportunities for which few are available in the current market place. We view the future for the Company with great confidence.

 
Funding
At the time of writing, the Company has successfully raised £3,500,000 through a brokered financing led by the company's Corporate Broker, Peterhouse Capital Limited. The quantum raised reduces the company's short and medium term dependency on raising capital. The company raises capital to meet its expenses and to fulfil its investment strategy. The Company endeavours to maintain modest and manageable overheads to ensure capital can be best deployed to endeavour to create value for shareholders through investing in assets or businesses.
The Directors of the Company accept responsibility for the contents if this announcement.











 
STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2020
 


 
2020 2019
as restated
£ £
Administrative expenses (121,421) (299,829)
Interest receivable and similar income 73 4,092
Investment gains / (losses) 222,057 (214,996)
Profit/(loss) before taxation 100,709 (510,733)
Taxation - -
Profit/(loss) for the financial year 100,709 (510,733)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There was no other comprehensive income for 2020 (2019: NIL)
Basic earnings per share 0.003 (0.03)
Diluted earnings per share 0.002 (0.03)

   

BALANCE SHEET AS AT 30 NOVEMBER 2020
2020 2019
as restated
£ £ £ £
Non-current assets
Investments 89,950 -
Current assets
Debtors 3,756 13,930
Investments 199,687 48,778
Cash and cash equivalents 23,288 101,448
226,731 164,156
Creditors: amounts falling due within one year (77,420) (25,604)
Net current assets 149,311 138,552
Total assets less current liabilities 239,261 138,552
Capital and reserves
Called up share capital 1,210,810 1,210,810
Share premium account 1,452,549 1,452,549
Other reserves 29,753 29,753
Profit and loss reserves (2,453,851) (2,554,560)
Total equity 239,261 138,552
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
..............................
Mr S T Bhohi
Director
Company Registration No. 06010900
The notes on pages 17 to 30 form part of these financial statements.

   

STATEMENT OF CHANGES IN EQUITY
Share capital Share premium account Other reserves Profit and loss reserves Total
£ £ £ £ £
Balance at 1 December 2018 1,208,059 1,067,510 - (2,043,827) 231,742
Year ended 30 November 2019:
Loss for the year - - - (510,733) (510,733)
Issue of share capital 2,751 409,792 - - 412,543
Other movements - (24,753) 29,753 - 5,000
Balance at 30 November 2019 1,210,810 1,452,549 29,753 (2,554,560) 138,552
Balance at 1 December 2019 as previously stated 1,210,810 1,150,383 239,369 (2,492,010) 108,552
Prior Year Adjustment - 302,166 (209,616) (62,550) 30,000
Balance at 1 December 2019 as restated 1,210,810 1,452,549 29,753 (2,554,560) 138,552
Year ended 30 November 2020:
Profit for the year - - - 100,709 100,709
Balance at 30 November 2020 1,210,810 1,452,549 29,753 (2,453,851) 239,261
Other reserves arise on the issue of share options / warrants.
The notes on pages 17 to 30 form part of these financial statements.

   

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED  30NOVEMBER
30 November 2020
2020 2019
£ £ £ £
Cash flows from operating activities
Cash absorbed by operations (59,431) (130,836)
Investing activities
Purchase of investments (87,738) (15,000)
Proceeds from other investments and loans 68,936 37,659
Interest received 73 93
Net cash (used in)/generated from investing activities (18,729) 22,752
Financing activities
Proceeds from issue of shares and warrants - 209,492
Net cash (used in)/generated from financing activities - 209,492
Net (decrease)/increase in cash and cash equivalents (78,160) 101,408
Cash and cash equivalents at beginning of year 101,448 40
Cash and cash equivalents at end of year 23,288 101,448
The notes on pages 17 to 30 form part of these financial statements.

The full audited accounts can be found at https://discovoreplc.com/

The directors of the Company accept responsibility for the contents of this announcement.

Enquiries

Company:

Burns Singh Tennent-Bhohi (Director)
Conrad Windham (Director)
info@discovoreplc.com
Direct Office Line: +44 (0) 20 3778 0755

Corporate Adviser:

Peterhouse Capital Limited
Guy Miller & Mark Anwyl
Telephone: +44 (0) 20 7220 9796

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