Vordere PLC Trading Update (0331P)

TIDMVOR

RNS Number : 0331P

Vordere PLC

07 October 2019

7 OCTOBER 2019

VORDERE PLC

("Vordere" or the "Company)

Trading Update

The Board of Vordere plc wish to provide a trading update to outline for shareholders the significant progress made towards our strategic objectives as a result of the acquisitions announced on 4 July 2019.

Our business model is to apply private equity techniques to generate medium to long term counter-cyclical gains for shareholders. This approach includes using proven financial engineering techniques to enhance shareholder returns through financial cycles. The Board believes that the financial markets are heading toward a cyclical downturn in the short to medium term and we have positioned the Group for this change. As such, we plan to create value for shareholders by focusing in the near-term on increasing the number and size of our current assets and cash reserves, whilst limiting exposure to debt and management costs. We believe that this approach will position the Group to enhance returns throughout challenging financial markets.

The acquisitions completed in the first five months of the financial year mean that the Company has made great strides in reaching its near-term objective of EUR100m of assets with a medium-term expectation that our collateral will expand past EUR250m. The Board is confident that its investment strategy will continue to increase value to shareholders as the Board continues to explore opportunities to grow, in particular, in higher volatility markets in more volatile economies in order to balance the portfolio and provide greater opportunities for growth. We are in discussions with several vendors to achieve this goal in Europe and the Americas.

Since 31 March 2019, the Company has increased its total assets from GBP24.2m to GBP84.5m as a result of the acquisition of six new properties via the issue of consideration shares, as outlined in the announcement on 4 July 2019. The net asset value per share has increased by 44% since the year ended 31 March 2019, from 11.67p per share to 16.81p per share as at 31 August 2019, based on shares in issue of 199,750,418 at 31 March 2019 increasing to 477,682,372 as at 31 August 2019.

At the end of the five-month period ending 31 August 2019, the Company had GBP4.1m cash, no debt and continues to keep administration costs to a minimum so that maximum funds can be dedicated to the implementation, review of and potential investment in, suitable projects. Since 31 August 2019 the Company has received an additional GBP1.1m of cash from the early repayment of one of its Norwegian loans, as per the announcement on 30 September 2019.

The Directors of Vordere PLC are listed on the Company's website at www.vordere.com.

Net assets statement as at 31 August 2019

 
                                                           Five months   Year ended 
                                                                 ended 
                                                        31 August 2019    31 March 
                                                           (Unaudited) 
                                                                   GBP      2019 
                                                                          (Audited) 
                                                                             GBP 
----------------------------------------------------  ----------------  ----------- 
 NON-CURRENT ASSETS 
 Investment property                                        77,342,358   15,586,442 
 Property, plant and equipment                                   6,971        7,248 
 Financial assets at amortised cost                          2,169,137    2,011,122 
----------------------------------------------------  ----------------  ----------- 
 Total non-current assets                                   79,518,466   17,604,812 
 CURRENT ASSETS 
 Trade and other receivables                                   873,315      900,782 
 Cash and cash equivalents                                   4,123,365    5,645,997 
----------------------------------------------------  ----------------  ----------- 
 Total current assets                                        4,996,680    6,546,779 
 LIABILITIES 
 Total current liabilities                                 (4,213,529)    (847,878) 
----------------------------------------------------  ----------------  ----------- 
 NET ASSETS                                                 80,301,617   23,303,713 
----------------------------------------------------  ----------------  -----------

Notes:

(1) The unaudited net assets statement for the five months ended 31 August 2019 has been prepared using the IFRS accounting policies disclosed within the Company's published financial statements for the year ended 31 March 2019 and is presented in pounds sterling.

(2) The comparative figures for the financial year ended 31 March 2019 have been extracted from the Company's statutory accounts which have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under the Companies Act 2006 regarding matters which are required to be noted by exception.

Vordere PLC

 
 Claire Jackson, Company Secretary    +44 (0) 117 918 1314

Greenwoods GRM

 
 Alper Deniz, Legal Advisor    +44 (0) 207 504 1157

LEI number of Vordere PLC: 213800VALWEYWTLOX423

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