TIDMGUN
RNS Number : 7580V
Gunsynd PLC
16 April 2021
Gunsynd plc
("Gunsynd", or "the Company")
Interim Results for the six months ended 31 January 2021
Chairman's Statement
I am pleased to report the interim results for the six months
ended 31 January 2021.
Review of Investments
Rincon Resources Pty Ltd (" Rincon ")
The Company advised in late June 2020 that it had invested
AUD$250,000 (approximately GBP140, 000) in Rincon, an Australian
gold and base metals exploration company. At the time the Company's
investment represented approximately 28% of Rincon's issued share
capital.
Rincon is a Western Australian ("WA") focused gold and base
metals company which holds a 100% interest in three highly
prospective projects in WA; the South Telfer, Laverton and
Kiwirrkurra Projects. Each project has been subject to historical
exploration which has identified large outcropping mineralised
systems. Rincon intends to explore the projects in order to
delineate copper and gold resources. It intends to drill these
three projects during the first half of 2021.The main focus is on
the South Telfer Project, covering 50,000 hectares in the Paterson
province. The South Telfer Project is approximately 12km south of
Newcrest Limited's Telfer mine.
The funds raised by Rincon were used to progress activities
including acquisition of a valuable historical magnetic database,
commence Heritage clearance activities, and final preparations for
initial drill programs at the South Telfer Project, WA.
During November 2020, Rincon issued a convertible loan note
("CLN") to raise AUD$400,000 to assist it in executing its proposed
Initial Public Offering ("IPO") on the Australian Securities
Exchange ("ASX"). Gunsynd participated in the CLN through a further
investment of AUD$100,000 (approximately GBP55,000) which would
convert at a 30% discount to the IPO price of Rincon.
On 18 December 2020, Gunsynd announced that it had invested a
further A$800,000 (approximately GBP450,000) in Rincon as part of
Rincon's IPO on ASX, subscribing for 4 million shares at a price of
20 AUD cents per share. Rincon subsequently listed on the ASX on 21
December 2020 with 51,336,754 shares following completion of a
AUD$6 million fundraising as part of its IPO. Gunsynd held
8,461,943 shares in Rincon representing circa 16.5%. Under ASX
Listing Rules, Gunsynd has been required to sign an agreement which
restricts disposal of 2,711,942 of its Rincon holding for a period
of 24 months from the date of Rincon listing on ASX.
On 25 January 2021, Gunsynd announced it had purchased further
shares in Rincon such that it now holds 8.9 million shares
representing 17.34% of Rincon's issued share capital.
In a recent update in early April 2021, Rincon announced the
commencement of its Maiden Drill Programme on the company 100%
owned Laverton project. Native Title Heritage Surveys over all
planned drill areas have been completed with no areas of heritage
significance identified. A 5,000m AC drilling programme will
commence in April 2021 with the aim of defining gold mineralisation
over four areas:
GG A nomaly - Historical RAB intercept of 4m @ 1.55g/t Au from
21m associated with GG multielement soil geochemical anomaly;
- Area 1 - Historical RAB intercept of 7m @ 15.95g/t Au from 21m;
- Area 2 - Several historical RAB and AC drill hole anomalies
>0.1g/t Au (best Au downhole) over 800m of strike, associated
with interpreted southern extension of BIF sequence that hosts the
Gladiator Gold deposits to the north of the project (historical
intercept of 1m @ 1.45g/t from 54m); and
- Area 3 - Several historical RAB drill hole gold anomalies
>0.1g/t Au (best Au downhole) over 250m of strike, associated
with interpreted southern extension of BIF sequence that hosts
Gladiator deposits to the north.
Eagle Mountain Mining Limited ("Eagle Mountain")
As previously announced, during the 4 month period from July to
October 2020, the Company acquired 2,563,172 shares in Eagle
Mountain for AUD$456,000 (approximately GBP255,000) representing
circa 1.8% of its issued capital at the time. Eagle Mountain is an
ASX listed copper-gold exploration and development company (ASX:
EM2). This investment provides Gunsynd with exposure to copper
exploration which complements the Company's investment in gold
explorer Rincon Resources.
The Company further announced on 11 August 2020 an update from
Eagle Mountain regarding the commencement of its maiden drilling
program which marked an exciting milestone for Eagle Mountain since
it finalised the acquisition of the Oracle Ridge Copper project.
Eagle Mountain had appointed Boart Longyear Limited ("Boart
Longyear") to undertake a maiden surface diamond drilling
programme. Boart Longyear is a global drilling company which has
previously undertaken exploration programmes at Oracle Ridge and
was chosen for its experience onsite and safety management
programme which includes stringent procedures for the management of
COVID-19.
The drilling programme targeted extensions to high-grade
portions of the existing Mineral Resource Estimate ("MRE") in three
priority zones. The zones were supported by a combination of:
- previous drilling outside the existing MRE which has intersected mineralisation;
- unconstrained mineral resources; and
- a magnetic anomaly.
During November 2020, Eagle Mountain announced a further update
detailing a new broad zone of copper mineralisation identified at
Oracle Ridge following the maiden drilling programme. The copper
mineralisation was encountered in partly assayed drill hole
WT-20-05. Significant assay results included: 15.1m @ 1.72% Cu,
16.87g/t Ag, 0.38g/t Au from 313.9m including:
- 3.45m @ 1.89% Cu, 15.97g/t Ag, 0.35g/t Au from 313.9m; and
- 8.41m @ 2.46% Cu, 25.09g/t Ag, 0.56g/t Au from 321.29m
This newly identified zone of broad copper mineralisation is
more than 100m from the nearest significant assay in a sparsely
drilled area. Copper sulphide mineralisation was observed in the
recently drilled adjacent hole WT-20-10, with detailed logging and
assays pending.
In December 2020, Eagle Mountain announced a series of drilling
results from Oracle Ridge, including the discovery of high-grade
breccia mineralisation with notable assay results of 3.57m at 2.18%
Cu, 19.49g/t Ag and 0.89g/t Au from 245.43m (WT-20-06).
Intersections in hole WT-20-06 are part of a 39m thick zone
averaging >1% Cu . A 13.3m thick zone averaging 2.43% Cu, 52.6
g/t Ag and 0.94 g/t Au. 45m overall diluted mineralised zone from
317m averages 1.33% Cu, 25.0 g/t Ag and 0.38 g/t Au. Hole WT-20-10
intercepted some of the highest-grade copper, gold and silver
encountered in all drilling at Oracle Ridge. These breccia
occurrences illustrate the potential for a deeper porphyry system
below the Leatherwood granitic intrusive.
Considering these discoveries across holes WT-20-06 and WT-20-10
Eagle Mountain believes Breccia zones have the potential to run
deep and the very high-grade nature of mineralisation encountered
thus far set these breccias as priority exploration targets.
In a recent update at the end of March 2021, assay results from
outside the existing Mineral Resources Estimate (MRE) have returned
the highest grades ever recorded at Oracle Ridge. Results
included:
- 12.7m at 3.96% Cu, 49.1g/t Ag and 1.4g/t Au from 363.1m in
drill hole WT-21-06, Including 8.7m at 5.20% Cu, 66.7g/t Ag and
1.98 g/t Au, with 34.4% Cu, 367g/t Ag and 26.2g/t Au over 0.4m in
massive chalcopyrite zone, the highest grade assay ever recorded at
Oracle Ridge
- 14.0m at 2.1% Cu and 22.6g/t Ag from 275.0m in drill hole
WT-21-04, including 7.7m at 3.16% Cu and 31.4g/t Ag; 24.2m overall
mineralised intercept grading 1.38% Cu and 14.8g/t Ag
The assay results for a further three holes are pending to be
released over the short-term April/May 2021. Eagle Mountain has
advised that Diamond drilling will continue at Oracle Ridge to
enlarge and enhance the JORC Resource Estimate for Oracle Ridge
12.2Mt at 1.51% Cu for 184kt Contained Copper. Eagle Mountain is
well funded following the completion of a AUD$11m capital raising
completed in February 2021 which will enable it to mobilise a
second drill rig to expedite drilling.
Rogue Baron Limited ("Rogue Baron")
Rogue Baron PLC (AQSE: SHNJ) is a leading company in the premium
spirit sector which listed on the Access segment of the AQSE Growth
Market on 12 March 2021. On admission, Gunsynd held 24,543,563
ordinary shares in Rogue Baron, representing approximately 28% of
its issued share capital.
The most recent container of its flagship brand, Shinju Japanese
Whisky, which arrived in the US on 12 March, has now been
completely sold. Sales in the Brand's two cornerstone markets, New
York and Washington DC, are up 271% and 445% respectively since
September 2020. Both distributors in each market have significantly
increased their orders due to growing demand for Shinju.
Distributors in the above markets as well as distributors in
Florida, California, and Massachusetts all took in product to fill
the growing demand. Rogue Baron was also able fill orders in the
newly opened markets of Nevada and Arizona. Rogue Baron is
currently in the process of bottling another 10,000 bottles of
Shinju at its distillery in Japan, with another 20,000 in the
pipeline after that. This compares to sales of roughly 6,000
bottles sold in 2019 and 9,000 bottles sold in 2020, although the
latter was heavily affected by both COVID-19 related lockdown
restrictions in the US as well as supply issues.
Rogue Baron is also seeing a surge in year on year sales at Bin
1301 ("Bin") in Washington D.C.. Sales are up 90% over the period
to the end of last March despite many COVID-19 restrictions still
in effect. Bin petitioned for, and received approval to, expand its
outdoor seating capacity. The outdoor seating will allow Bin to
double its overall capacity. The District has announced it will
allow the extra outdoor seating through to at least 2023 with a
possibility of extending for a longer period.
In addition, Rogue Baron has appointed the corporate and
securities law firm Galanopoulos & Company to act as its US OTC
Markets Sponsor. Galanopoulos will work to have the Rogue Baron's
ordinary shares cross-traded on the OTCQB Venture Market ("OTCQB")
in the US. This will be in addition to the existing listing on the
AQUIS Stock Exchange in London. Rogue Baron believes this will
provide efficient access to existing and new US investors, enhance
liquidity and facilitate a fair valuation going forward.
As announced on 31 March, Gunsynd sold 3,000,000 shares in Rogue
Baron via an off-market transaction for gross proceeds of
GBP120,000. Following the disposal, Gunsynd currently holds
21,543,563 ordinary shares in Rogue Baron, representing
approximately 25% of the issued share capital, Gunsynd also retains
a balance of GBP111,464 of Convertible Loan Notes consisting of
accrued interest.
Empress Royalty Corp ("Empress")
On 23 October 2020, Gunsynd invested C$250,000 (approximately
GBP146,000) into Empress for 1,000, 000 ordinary shares
representing approximately 1.4% of the share capital at that time.
The investment was part of a wider C$8,000,000 funding round,
proceeds from which were to fund three new investments
Empress successfully commenced trading on the TSX Venture
Exchange ("TSXV") on 29 December 2020, under the ticker symbol
TSXV: EMPR.
Empress is a precious metals royalty and streaming company
focussed on the creation of financing solutions for mining
companies. Empress has an existing portfolio of 15 gold royalties
and is actively focused on finding industry partners with
development and production stage projects who require additional
non-dilutive capital.
Empress has strategic partnerships with Endeavour Financial in
London, Terra Capital in Australia and Accendo Banco in Mexico
which allow Empress to not only access global investment
opportunities but also bring unique mining finance expertise, deal
structuring and access to capital markets. Empress seeks to
continuously create value for its shareholders through the proven
royalty and streaming models.
On 22 February 2021, Empress executed a Royalty Purchase
Agreement for the creation of a royalty on gold sales from Manica;
hard rock gold project in Mozambique operated by Mutapa Mining
& Processing LDA. This was an investment for an aggregate
consideration of US$2,000,000. Payments to Empress under the
Royalty Agreement are based on 2.25% of the revenues generated from
the sale of gold from the Project until a total of 95,000 oz of
gold have been sold. Thereafter, the percentage reduces to 0.75%
and continues into perpetuity.
In March, Empress announced the completion of a bought deal
public offering raising gross proceeds of C$15,752, 500 issuing a
total of 31,505,000 units of the company at a price of C$0.50 per
unit. Each unit consists of one common share in the capital of
Empress and one-half of one common share purchase warrant. The
proceeds will be used for acquisitions and general corporate
purposes. Following the issue of the new shares Gunsynd's holding
represents approximately 1% of the share capital of Empress.
Low 6 Limited ("Low6)
In December 2020, Gunsynd entered into a share subscription
agreement with Low6 to subscribe for 6, 667 ordinary shares in Low
6 Limited ("Low6") at a price of GBP30 per share for a total
consideration of GBP200,010. Low6 is a UK incorporated company that
has developed a next generation sports betting platform. Gunsynd's
investment was part of a wider GBP1.5 million funding round.
In February 2021, Gunsynd subsequently participated in an
extended financing round investing a further A$117,000
(approximately GBP65,000) into Low6 via a convertible loan note
("CLN").
Low6 will use the proceeds from this fundraising to continue to
implement its growth strategy, for general working capital and for
preparation costs for its forthcoming IPO, with a listing targeted
for the first half of 2021.
Low6 provides a white-labelled mobile platform to sports
teams/franchises that enable them to offer a pooled sports betting
experience to users of their fan-based apps. Low6 believe there is
a significant market opportunity for sports betting products that
are designed to enhance the excitement of watching sports whilst,
at the same time, being engaging and simple to use.
Under its B2B business model, Low6 will enter into partnerships
with a sports team or franchise which enables the Low6 product to
gain access to the partner's established fan base thereby reducing
customer acquisition costs and strengthening brand and customer
loyalty, which ultimately enhances customer retention. At the same,
Low6's business model enables the underlying partner to share in
the revenue generated from the Low6 platform, an aspect which
should be particularly attractive to fans of the sports team or
franchise concerned. Low6 can either embed its platform within a
partner's app or build the app for its partners. Low6 believes that
this partnership model is also highly scalable and it expects to
generate revenue from retaining a percentage of the stakes placed
by the users of the platform.
Low6 has a number of significant partnerships including Yinzcam
Inc. which has 90+ million installs of its mobile sports and events
apps world-wide and currently serves 190+ professional teams,
leagues, events and venues in the US, Canada, Spain and
Australia.
Oyster Oil and Gas Limited ("Oyster")
The Conditions Precedent for the disposal to Sajawin were not
satisfied by 30 October 2020, meaning either Party may terminate
the Term Sheet and the Variation Term Sheet, at which time the
Parties' rights and obligations under the Term Sheet and the
Variation Term Sheet would immediately cease and Gunsynd would
immediately return the initial payments to Sajawin.
The Conditions Precedent have not been met as the Madagascar
government has yet to renew the licence. Gunsynd remains in
discussions over the transaction and will update the market as and
when material developments occur.
Pacific Nickel Limited ("Pacific Nickel")
Pacific Nickel (ASX: PNM) has stated that drilling at the Jejovo
nickel project is progressing. To date a total of 10 holes have
been completed with the first batch of samples from the first six
holes now held in Honiara awaiting airfreight to the ALS laboratory
in Brisbane, Australia. These holes are part of a 64 hole drilling
programme. The initial stage of the drill programme consists of 25
holes designed to confirm historical drill and resource
calculations, to allow Mining One to prepare an independent Jejovo
resource assessment under JORC 2012 and to provide metallurgical
samples for utilising in preliminary DSO (Direct Shipping Ore)
marketing discussions
Pacific Nickel is also preparing to commence drilling at the
Kolosori nickel project and progressing the key development
approvals including the Environmental License and Mining License
applications needed for exporting DSO. A general meeting was held
on 9 April 2021 to approve the purchase of the Kolosori asset from
Sunshine Minerals. This shareholder approval was a condition
precedent for Gunsynd to receive its upfront consideration
shares.
Pacific Nickel has announced it is aiming to lodge a Mining
Lease Application for the Kolosori Nickel Project within the next
three months. It has also announced an initial drilling programme
of 27 holes has been completed at its Jejevo Nickel Project and
that it anticipates that a JORC resource estimate for the Jejevo
Nickel Project may be available for release to the market in May
2021.
Overview
All of our investments are minority investments. Whilst we may
offer advice to management of investee companies in this regard,
they can, and sometimes do, ignore such advice. Similarly, private
companies don't have the disclosure requirements of public
companies and are under no obligation to keep us regularly updated.
It should be noted that the Company does not operate its investment
projects/companies on a day-to-day basis and whilst the Board looks
to structure investments in a format where Gunsynd can obtain a
high level of oversight (including at board level) and use legal
agreements to provide control mechanisms to protect the Company's
investments, there is a risk that the operator does not meet
deadlines or budgets, fails to pursue the appropriate strategy,
does not adhere to the legal agreements in place or does not
provide accurate or sufficient information to Gunsynd. Decisions
are ultimately made by investee companies not by us.
The level of administrative costs in the year can fluctuate
significantly depending on the level of costs in the Company and
can fluctuate significantly depending on the level of activity,
both with regard to the due diligence work carried out on
investments and disposals, and in managing pr oject
investments.
Finance Review
The Company's profit for the period was GBP1,032,000 (31 January
2020: GBP608,000 loss). The increase in profit from last year is
mainly attributable to the realised and unrealised market valuation
gains for "available for sale" assets of GBP1,280,000 (31 January
2020: GBP15,000 loss).
The Company had net assets at 31 January 2021 of GBP4,848,000
(31 January 2020: GBP1,755,000) including cash balances of
GBP1,000,000 (31 January 2020: GBP225,000).
Outlook
The Board is pleased that a number of Gunsynd's investments
completed an IPO in Q4 2020 / Q1 2021 at significant premiums to
their original entry point, and further looks forward to the
anticipated IPO of Low6 and future drill results from Eagle
Mountain and Rincon.
The Company is still well funded for the foreseeable future.
Gunsynd maintains a low fixed cost structure and this will continue
through volatile and uncertain conditions across global
markets.
The Board continues to look at investments in line with its
investment policy. This could potentially include increasing a
stake(s) in investments already held. Such investment(s) may or may
not lead to a reverse takeover.
The Board would like to take this opportunity to thank
shareholders for their continued support.
Hamish Harris
Chairman
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
For further information, please contact:
Gunsynd plc:
Hamish Harris / Peter Ruse +44 (0) 20 7440 0640
Nominated Adviser / AQSE Corporate Adviser:
Cairn Financial Advisers LLP
James Caithie / Liam Murray / Mark Rogers +44 (0) 20 7213 0880
Joint Broker:
Peterhouse Corporate Finance
Lucy Williams +44 (0) 20 7469 0930
The interim results will be available electronically on the
Company's website: www.gunsynd.com .
Gunsynd plc
Interim statement of comprehensive income - unaudited
For the six months ended 31 January 2021
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 January 31 January 31 July
2020 2020 2020
GBP'000 GBP'000 GBP'000
(restated)
Unrealised gain/(loss) on available
for sale assets 1,166 (13) 176
Realised profit/(loss) on available
for sale assets 114 (2) (9)
------------ ------------ ---------
1,280 (15) 167
Administrative and other costs (252) (208) (464)
Impairment of financial investments - (400) (716)
Share based payment charge (25) - (7)
Finance income 29 15 29
Profit/(loss) before tax 1,032 (608) (991)
Taxation -
------------ ------------ ---------
Profit/(loss) for the period 1,032 (608) (991)
------------ ------------ ---------
Profit/(loss) for the period and
total comprehensive profit/(loss)
attributable to equity shareholders 1,032 (608) (991)
------------ ------------ ---------
Other comprehensive income/(expenditure) - - -
for the period net of tax
Total comprehensive income/(expenditure)
for the period 1,032 (608) (991)
------------ ------------ ---------
Earnings/ (loss) per ordinary
share
Basic 0.341 (0.652) (1.064)
Diluted 0.256 (0.652) (1.064)
Gunsynd plc
Interim statement of financial position - unaudited
As at 31 January 2021
Unaudited Unaudited Audited
At 31 January At 31 January At 31 July
2021 2020 2020
(restated)
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Available for sale investments 3,704 1,225 1,493
Trade and other receivables 49 - 56
--------------- --------------- ------------
Total non-current assets 3,753 1,225 1,549
--------------- --------------- ------------
Current assets
Trade and other receivables 185 372 181
Cash and cash equivalents 1,000 225 838
--------------- --------------- ------------
Total current assets 1,185 597 1,019
Total assets 4,938 1,822 2,568
--------------- --------------- ------------
LIABILITIES
Current liabilities
Trade and other payables (90) (67) (98)
--------------- --------------- ------------
Total current liabilities (90) (67) (98)
--------------- --------------- ------------
Total liabilities (90) (67) (98)
--------------- --------------- ------------
Net assets 4,848 1,755 2,470
--------------- --------------- ------------
EQUITY
Equity attributable to equity
holders of the company
Ordinary share capital 332 633 216
Deferred share capital 2,299 1,729 2,299
Share premium reserve 13,033 10,890 11,828
Share-based payments reserve 216 205 192
Retained earnings (11,032) (11,702) (12,065)
--------------- --------------- ------------
Total equity 4,848 1,755 2,470
--------------- --------------- ------------
Gunsynd plc
Interim statement of changes in equity - unaudited
For the six months ended 31 January 2021
Ordinary Deferred Share Share Retained Total
Share share Premium Based earnings
Capital capital Payment
Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unaudited (restated)
--------- --------- --------- --------- ---------- --------
At 31 July 2019 633 1,729 10,890 205 (11,094) 2,363
--------- --------- --------- --------- ---------- --------
At 1 August 2019
Loss for the six month
period ended 31 January
2020 - - - - (608) (608)
--------- --------- --------- --------- ---------- --------
Total comprehensive loss - - - - (608) (608)
At 31 January 2020 633 1,729 10,890 205 (11,702) 1,755
--------- --------- --------- --------- ---------- --------
Audited
At 31 July 2019 633 1,729 10,890 205 (11,094) 2,363
--------- --------- --------- --------- ---------- --------
Loss for the year - - - - (991) (991)
--------- --------- --------- --------- ---------- --------
Total comprehensive loss - - - - (991) (991)
Transactions with owners:
Share split (570) 570 - - - -
Issue of share capital 153 - 1,016 - - 1,169
Share issue costs - - (78) - - (78)
Share options issued - - - 7 - 7
Share options lapsed - - - (20) 20 -
At 31 July 2020 216 2,299 11,828 192 (12,065) 2,470
--------- --------- --------- --------- ---------- --------
Unaudited
--------- --------- --------- --------- ---------- --------
At 31 July 2020 216 2,299 11,828 192 (12,065) 2,470
--------- --------- --------- --------- ---------- --------
Profit for the six month
period ended 31 January
2021 - - - - 1,032 1,032
--------- --------- --------- --------- ---------- --------
Total comprehensive profit - - - - 1,032 1,032
Issue of share capital 116 - 1,261 - - 1,377
Share issue costs - - (56) - - (56)
Share options issued - - - 25 - 25
Share options lapsed - - - (1) 1 -
At 31 January 2021 332 2,299 13,033 216 (11,032) 4,848
--------- --------- --------- --------- ---------- --------
Gunsynd plc
Interim statement of cash flows - unaudited
For the six months ended 31 January 2021
Unaudited Unaudited Audited
Six months ended Six months ended Year
31 January 2021 31 January 2020 ended
31 July
2020
(restated)
GBP'000 GBP'000 GBP'000
------------------ ------------------ ---------
Cash flows from operating activities
Profit/(loss) after tax 1,032 (608) (991)
Finance income net of finance costs (29) (15) (29)
Unrealised Revaluation of AFS assets (1,166) 13 (176)
Realised (profit)/loss on sale of AFS assets (114) 3 9
Share based payments 25 - 7
Impairment provision - 400 716
Foreign exchange movements - - 7
Operating cash outflow before changes in working capital (252) (207) (457)
Movement in trade and other receivables 1 (23) 45
Movement in trade and other payables (8) (59) (28)
Cash flow from operations (259) (289) (440)
Tax received - - -
------------------ ------------------ ---------
Net cash flows used in operating activities (259) (289) (440)
Cash flow from investing activities
Payments for investments in AFS assets (1,396) (87) (509)
Disposal proceeds from sale of AFS asset 521 48 154
Unsecured loans to investee company (25) (15) (26)
Net cash outflow from investing activities (900) (54) (381)
Cash flows from financing activities
Proceeds on issuing of ordinary shares 1,377 - 1,169
Cost of issue of ordinary shares (56) - (78)
------------------ ------------------ ---------
Net cash inflow from financing activities 1,321 - 1,091
Net increase/(decrease) in cash and cash equivalents 162 (343) 270
Cash and cash equivalents at start of period 838 568 568
Cash and cash equivalents at end of period 1,000 225 838
------------------ ------------------ ---------
Notes to the interim report
For the six months ended 31 January 2021
1 Basis of preparation
As permitted IAS 34, 'Interim Financial Reporting' has not been
applied to these half-yearly results. The financial information of
the Company for the six months ended 31 January 2021 have been
prepared in accordance with the recognition and measurement
principles of International Financial Reporting Standards,
International Accounting Standards and Interpretations
(collectively "IFRS") issued by the International Accounting
Standards Board ("IASB") as adopted by the European Union ("adopted
IFRS") and are in accordance with IFRS as issued by the IASB. The
condensed interim financial information has been prepared using the
accounting policies which will be applied in the Company's
statutory financial statements for the year ending 31 July
2020.
The financial information shown in this publication is unaudited
and does not constitute statutory accounts as defined in Section
434 of the Companies Act 2006. The comparative figures for the
financial year ended 31 July 2020 have been derived from the
statutory accounts for 2020. The statutory accounts have been
delivered to the Registrar of Companies. The auditors have reported
on those accounts; their report was unqualified and did not contain
statements under the section 498(2) or 498(3) of the Companies Act
2006.
2 Earnings per share
The calculation of the loss per share is based on the loss
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period.
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 January 31 January 31 July
2021 2020 2020
(restated)
GBP'000 GBP'000 GBP'000
Profit/(loss) on ordinary activities
after tax 1,032 (608) (991)
Weighted average number of ordinary
shares for the purposes of basic
earnings/(loss) per share (millions) 302.58 74.52 93.32
Weighted average number of ordinary
shares for the purposes of diluted
earnings/(loss) per share (millions) 403.95 78.54 103.39
Basic earnings/ (loss) per share
(expressed in pence) 0.341 (0.652) (1.064)
Diluted earnings/ (loss) per share
(expressed in pence) 0.256 (0.652) (1.064)
3 Events after the end of the reporting period
On 15 February 2021, the Company announced the exercise of
2,750,000 warrants at 2p for GBP55,000.
On 5 March 2021, the Company announced the exercise of 5,128,176
warrants at 1.3p for GBP66,666.
4. Financial Information
The Board of Directors approved this interim report on 16 April
2021.
A copy of this report can be obtained from our website at
www.gunsynd.com
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