Coinsilium Group Limited (COIN) Coinsilium Group Limited: Result
of AGM and Statement 12-Dec-2022 / 12:33 GMT/BST Dissemination of a
Regulatory Announcement that contains inside information in
accordance with the Market Abuse Regulation (MAR), transmitted by
EQS Group. The issuer is solely responsible for the content of this
announcement.
-----------------------------------------------------------------------------------------------------------------------
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: Result of AGM and Statement
Gibraltar, UK, 12 December 2022 - Coinsilium Group Limited
(AQSE: COIN) (OTCQB: CINGF), the Web3 investor, advisor, and
venture builder hereby announces that at the Annual General Meeting
(the "AGM") of the Company held at 9:30am today all resolutions
were duly passed.
AGM Chairman's Statement
At the time of the release of Coinsilium's interim results on 30
September 2022, the global digital asset markets were already in
the midst of a prolonged downturn, driven in the main by
deteriorating global macroeconomic conditions and regulatory
concerns and uncertainties, with the price of Bitcoin and Ethereum
down by some 58% and 64% respectively on the year. Since then, the
news last month of the rapid demise of FTX has dominated the
headlines and drawn attention to the industry for all the wrong
reasons.
I am pleased to confirm that neither Coinsilium nor any of its
investees or advisory clients had any direct exposure to the FTX
collapse, however, we do expect the fall-out from this unfortunate
event to result in further uncertainties for the broader digital
asset markets, at least in the near to medium term.
Whilst the story is still unfolding, from what has come to light
so far, the FTX fiasco seems to have been a story of multiple
failures in risk management, investors' discernment and due
diligence, community scrutiny and an overindulgence by certain
Silicon Valley funds and their advisors in their backing of young,
inexperienced founders who superficially appeared to tick all the
right boxes for their purposes.
From some future vantage point, we will no doubt look back at
this event as an inflection point for the industry and it is
already becoming abundantly clear that there is a pressing need for
the implementation of more effective procedures and tools for the
monitoring of trading and lending practices of centralised digital
asset exchanges.
Whilst blockchain technology has the potential to increase
openness and transparency for many industries, it is important to
note that the current centralised exchange model relies on
traditional financial technology and effectively operates in a
'black box' mode whereby client funds become hard to trace once
deposited into an exchange's multiple accounts and wallets.
Nevertheless, we expect that this unfortunate event will now
trigger an accelerated impetus towards the design and enforcement
of better practices for the digital asset industry globally, but
this will no doubt take time to happen.
As far as Coinsilium is concerned, as stated in the Company's
interim results, the Company ended the first half of the year to 30
June 2022 in a healthy cash position, with over GBP1.1m cash at
bank and approx. GBP1.3m in crypto treasury reserves (valuations
applicable at the time, crypto assets predominantly denominated in
BTC and ETH). We continue to manage our resources pragmatically,
and our priority is now to ensure that we continue to remain on the
right side of this difficult market cycle and that we are ready and
prepared to resume the drive for growth when the cycle turns, and
more positive market conditions prevail.
In October 2022 we released a Market Update on our Web3 ventures
which included a new set of research tools in the form of
individual "Web3 Venture Profiles" to provide shareholders with a
concise overview on a selection of the ventures we have backed as
investors and strategic advisors.
Each of the ventures we have backed has the potential to deliver
asymmetrical returns for Coinsilium over time and we would
encourage shareholders to take a closer look at each venture by
downloading these research tools via the links provided on
Coinsilium website:
https://coinsilium.com/investors/presentations.
As we head in to 2023, we expect our portfolio of advisory
clients to continue to grow steadily, particularly in the
metaverse, gaming and Web3 space. And in the light of current
market conditions, we will also be conditionally looking to add to
our portfolio of investments when favourable terms present
themselves and where we see outstanding value and potential.
Finally, on behalf of the board of Coinsilium I would like to
wish all our shareholders the compliments of the season and a
happy, healthy and prosperous new year. We also look forward to
updating the market on some exciting new events and developments
for the Company over the course of 2023.
Malcolm Palle - Chairman
The Directors of Coinsilium Group Limited take responsibility
for this announcement.
Coinsilium Group Limited +350 2000 8223
Malcolm Palle, Executive Chairman +44 (0) 7785 381 089
Eddy Travia, Chief Executive www.coinsilium.com
Peterhouse Capital Limited
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
(AQSE Growth Market Corporate Adviser)
SI Capital Limited
Nick Emerson +44 (0) 1483 413 500
(Broker)
Notes to Editor
About Coinsilium
Coinsilium is a focused Web3 Investor, Advisor and Venture
Builder based in Gibraltar, a pre-eminent global regulatory
jurisdiction and a leading hub for innovative financial technology.
In 2015, Coinsilium became the first blockchain company to IPO. The
Company has evolved to develop revenue-generating strategic
advisory services and is a highly regarded innovator with proven
technological and commercial expertise and development capabilities
in the Web3 arena and also within Open Finance.
Coinsilium has developed an array of commercial partnerships and
joint ventures around the world to support its development
capabilities, giving it access to best-in-class tech experts, a
strong network, and asserting its profound industry profile. It has
also partnered with blockchain technology experts Indorse to create
Nifty Labs, a Web3 and Non-Fungible Token ('NFT') technology
development studio in Gibraltar.
Coinsilium shares are traded on the AQSE Growth Market in
London, under the ticker symbol "COIN", and on the OTCQB Venture
Market in the United States under the ticker symbol "CINGF".
-----------------------------------------------------------------------------------------------------------------------
ISIN: VGG225641015
Category Code: MSCM
TIDM: COIN
Sequence No.: 207953
EQS News ID: 1510699
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
Image link:
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1510699&application_name=news
(END) Dow Jones Newswires
December 12, 2022 07:33 ET (12:33 GMT)
Coinsilium (AQSE:COIN)
Historical Stock Chart
From Apr 2024 to May 2024
Coinsilium (AQSE:COIN)
Historical Stock Chart
From May 2023 to May 2024