TIDMOBC
RNS Number : 1176U
Online Blockchain PLC
01 December 2021
For immediate release
1 December 2021
Online Blockchain Plc
('Online' or 'the Company')
Audited Results for the Year Ended 30 June 2021
Online today announces preliminary results for the year ended 30
June 2021.
CEO'S STATEMENT
2021 has been a breakthrough year for us. We are very pleased
with the launch of Umbria's Narni Bridge which is growing by the
day. While Narni Bridge was launched at the very end of 2021, Narni
Bridge's performance and uptake by its community has been
promising.
Remote working (WFH, working from home) has been the "new
normal" for most of us at Online Blockchain for many years, so the
impact of this change for many office workers, did not disrupt
us.
As an incubator, research and development company we have learnt
that leading-edge technology is not necessarily looked on
favourably when it is first introduced. When we started out as an
internet company in the late 1990s the internet opportunity was
disregarded by many in "the city". Blockchain and the technology
that surrounds it is suffering another incarnation of this local
reluctance and potential fear of the new.
We have moved our Blockchain activities out of the UK while
continuing our activities as advisor and mentor onshore. This
enables us to embrace the best possible regulatory environment and
for now we have chosen Gibraltar for our blockchain operations.
We are very pleased with the continuing development of Umbria
and specifically its cross-blockchain bridge, Narni, named after
the Roman bridge in Umbria. The Narni bridge is designed to be a
fast and cheap cross-chain bridge between Ethereum and Polygon and
has been experiencing good growth. Narni will shortly bridge
Ethereum and the Binance chains and then in due course other chains
as well. We believe that over the next 12-18 months revenue could
potentially be material. The Narni bridge remunerates liquidity
providers, who enable the bridging of tokens between chains to
share in a revenue stream of bridging fees for which OBC also
receives a share. We believe this flow can be significant and at
these early stages they are promising.
We have therefore re-focused our resources to Umbria and more
specifically to the development of the Narni bridge which even at
these early stages is enabling Crypto users to move six figure sums
a day of tokens from Ethereum to Polygon or from Polygon to
Ethereum. Post year-end we have put all our other projects into
'care and maintenance' (there is no ongoing further activity on
Freefaucet.io) and have cancelled the Encyptid Games project, to
focus as much as possible on the progress of Umbria. Shareholders
can see the Narni bridge at www.umbria.network and monitor its
progress as this is a live product that will generate revenue for
us and its community.
Meanwhile, as always, we are still closely linked to ADVFN PLC
through our investment in that company and below is a segment from
its recent year end results which are very positive indeed with a
pre-tax profit of GBP1,608,000. ADVFN PLC has also announced that
it will be paying a dividend this year for the first time and as a
17.64% shareholder we are very pleased to hear this.
EVENTS AFTER THE BALANCE SHEET DATE
There were no events of significance occurring after the balance
sheet date to report.
INVESTMENT IN ADVFN plc
Online Blockchain Plc also has an interest of 17.64% in ADVFN
Plc. The activity of ADVFN Plc is therefore of importance to the
Company and information concerning ADVFN's performance is set out
below which has been extracted from ADVFN's audited results for the
year ended 30 June 2021 which were announced recently:
EXTRACT FROM THE ADVFN plc CHIEF EXECUTIVE'S STATEMENT
We have good cause to be delighted to present the results to 30
June 2021. Following our reorganisation in 2019 we have benefited
from the silver lining that has accompanied the very dark clouds of
the Covid-19 Pandemic.
While the pandemic has boosted business there are other
tailwinds pushing us forwards.
There appears to have been an intersection of positive
developments over this financial year that have combined to boost
our business, including the Covid lockdowns and associated market
disruptions, a boom in cryptocurrency markets and the rise of a new
generation of traders and investors. We have of course worked hard
to grow sales and control costs but the positive changes to ADVFN's
business environment cannot be understated. There are always a host
of difficult challenges to be faced and this year was no different,
but we have solved them at the same time as enjoying a number of
positive developments.
Global actions to cope with the pandemic have raised interest in
trading and investing in markets and this has increased our
subscriptions and advertising revenues. Cryptocurrency prices and
investor interest increased substantially mid-year bringing another
tailwind to support our progress. Meanwhile, our firm belief is
that the next generation of traders and investors have now emerged
and that this will represent a secular boost for us in the future.
This last factor is possibly more important than the previous two
because while emergencies come and go, and are always a business
driver for us, underlying those cycles is the size of the audience;
the bigger that audience the better our market.
In 2001, just after ADVFN was first floated on AIM, the stock
market dotcom crash effectively drove away a generation of traders
who had entered the markets as "privatisation novices" in the 1980s
and 1990s and who exited the stock market as a result of losses in
the Dotcom bust. Consequently, ADVFN has for much of its market
existence operated against the headwinds of falling private
investor participation in share ownership and stock market trading.
However, we believe that falling trend has now reversed and that
the next generation of new investors is here and increasingly
engaging with the markets, initially through cryptocurrency
interest but also responding to the allure of Fintech developments
and showing increased interest in stocks. This is most clearly the
case in the US, but it is also occurring elsewhere. This is a
positive development and we expect it to continue.
At the year-end both advertising and subscription income were up
on the previous year and consequently we have delivered a pre-tax
profit of GBP1,608,000.
SUMMARY OF ADVFN'S KEY PERFORMANCE INDICATORS
2021 2021 2020 2020
Actual Target Actual Target
--------- --------- --------- ---------
Turnover GBP9.06M GBP8.70M GBP7.07M GBP8.70M
--------- ---------
Average head count 38 42 52 56
--------- ---------
ADVFN registered users 5.10M 5.00M 4.80M 4.75M
------------------------ --------- --------- ---------
Clement Chambers
CEO
30 November 2021
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. The person who arranged for the
release of this announcement on behalf of the Company was Clement
Chambers, Director.
Enquiries:
For further information please contact:
Online Blockchain PLC
Clement Chambers +44 20 3868 670203
Beaumont Cornish Limited (Nominated Adviser)
www.beaumontcornish.com +44 (0) 207 628 3396
Roland Cornish/Michael Cornish
Smaller Company Capital Limited (Broker)
Jeremy Woodgate +44 (0) 203 651 2910
Cassiopeia Ltd (Investor Relations) stefania@cassiopeia-ltd.com
Stefania Barbaglio
STRATEGIC REPORT
The Directors present their Strategic Report for the year ended
30 June 2021.
The strategy for the Group is that of an incubator and developer
of businesses in internet and information-based technologies
including developers, administrators and custodians of blockchains
and cryptocurrencies.
We founded ADVFN www.advfn.com and today we still have a holding
of 17.64% in ADVFN plc.
Online Blockchain plc continues to consider new related
opportunities, particularly crypto currencies and blockchain
opportunities.
Principal risks and uncertainties
The management of the Company and the nature of the Company's
strategy are subject to a number of risks. The directors have set
out below the principal risks facing the business. The directors
have adopted a thorough risk management process which involves the
formal review of all the risks identified below. Where possible,
processes are in place to monitor and mitigate such risks.
Investment in our associate ADVFN Plc
The investment of approximately 17.64% in the associate ADVFN
Plc results in a significant proportion of the revenue as well as
the largest asset held by the company. The performance of this
investment is of great importance and volatility in ADVFN Plc's
markets and results may affect the income statement and balance
sheet of the company.
Blockchain and crypto currency
It's an unpredictable and volatile market that can be illiquid
in many cases apart from the major products such as Bitcoin. Whilst
the situation has improved in the last 12 months, for the smaller
crypto-currencies, the transfer between crypto-currency and fiat
currencies can be complex and risky.
Economic volatility
Many things around the world can affect a stock market; the
COVID-19 pandemic has had an enormous impact on the last year and
will continue to do so into the foreseeable future. Brexit still
has an impact on our day to day lives and together with the general
economic situation, politics and other such conflicts, this makes
it a volatile place to carry on our business. It is usually true
that upheaval is beneficial for Online Blockchain as a result of
our investment in ADVFN, as ADVFN's customers need to know what is
happening to their investments using ADVFN as a tool for this. The
success or failure of the world's stock markets will probably
affect our business as a result given the sector within which ADVFN
operates.
US Dollar and Euro exchange rates have recently been improving
but still have the power to surprise in reaction to economic
downturns. They continue to be affected by Brexit and that
potential for volatility may well affect our business.
High proportion of fixed overheads
A large proportion of the Company's overheads are fixed and
there is the risk that any significant changes in revenue may lead
to the inability to cover such costs. We continue to closely
monitor fixed overheads against budget on a monthly basis and cost
saving exercises are implemented on a constant review basis.
Investment in Encryptid Gaming
Our investment in Encryptid Gaming Inc has not proved a success,
the technical difficulties we encountered last year have proved
insurmountable and so, as there is no ready market for the shares
in this company, we have decided that the asset must be reduced to
zero by means of a further impairment charge (2020: GBP18,000).
www.onlineblockchain.io
STRATEGIC REPORT (continued)
Performance
The performance of the Company is closely linked to ADVFN plc.
The Company supplies management services and makes advertising
recharges to ADVFN which forms the turnover of the Company. As a
result of this reliance the extract of the ADVFN accounts on page 5
will give necessary information and background on the factors
affecting the performance of the Company. For the future we will
look forward to our investments in Blockchain bearing fruit.
The following financial KPIs may prove helpful:
2021 2021 2020 2020
Actual Target Actual Target
------- ------- --------- -------
Turnover from continuing
operations (GBP'000) 65 90 60 90
------- ------- --------- -------
Operating (loss)/profit
(GBP'000) (241) 12 (169) 12
------- ------- --------- -------
Basic (loss)/earnings
per share (pence) 0.18p 0.16 p (2.32 p) 0.16 p
------- ------- --------- -------
The very welcome improvement in ADVFN's performance in this
financial year has brought the prospect of the first dividend.
The financial indicators are designed to offer a dashboard check
of the significant measures of the company's operations. The change
in focus in 2019 meant a short-term downturn in these Key
Performance measures and the company bounced back from this in
2020. In the current year the dashboard shows turnover at GBP65,000
and the operating loss at GBP241,000. The company does not
currently monitor non-financial KPI's and will do so when they can
offer additional clarity to the financial performance measures.
Operating costs
Our costs remain reasonably fixed and predictable and we do not
see that changing in the immediate future. They are firmly under
control.
Research and development
We believe in trying to get the best from all areas that we work
in. It is very important that Online Blockchain continues to invest
in the quality and design of our products. We believe continued
investment in our research and development is fundamental to the
continuing growth of the business.
Environmental policy
This has always been important to the Company and as a whole we
continue to look for ways to develop our environmental policy. We
have a very small carbon footprint and try to reduce any waste we
create; we are a small team working from home which makes this task
easier. Most of our communications are electronic which again cuts
our use of non-environmentally friendly products.
Future developments for the business
We continue to work with our investment in ADVFN and assist it
with its growth as well. The continued growth and development of
ADVFN in the medium term provides the incentive to go on
concentrating on this business in the immediate future.
We are constantly examining other investment opportunities as
they present themselves and the Directors will continue to do
this.
STRATEGIC REPORT (continued)
Directors' statement of responsibilities under section 172
Companies Act 2006
The Directors have considered the requirements of Section 172(1)
of the Companies Act 2006 to prepare a statement explaining how the
Directors have considered the wider stakeholder needs when
performing their duties under Section 172 of the Companies Act
2006.
The Directors consider the stakeholders to be the people who
work for us, work with us, invest with us, own us, regulate us and
live in the societies we serve. The Directors recognise that
building strong relationships with our stakeholders will help
deliver the Company's strategy in line with the long-term values.
The Directors are committed to effective engagement with all of our
stakeholders and seek to understand the interests and views of the
Company's stakeholders by engaging with them directly as
appropriate.
Depending on the nature of the issue in question, the relevance
of each stakeholder group may differ and, as such, as part of
Company's engagement with stakeholders, the Directors seeks to
understand the relative interests and priorities of each group and
to have regard to these, as appropriate, in their decision making.
The Directors acknowledge, however, that not every decision it
makes will necessarily result in a positive outcome for all
stakeholders. The directors also challenge management to ensure all
stakeholder interests are considered in the day to day management
and operations of the Company.
As part of their deliberations and decision making process, the
Directors take into account the following:
-- the likely consequences of any decisions in the long
term;
-- interests of the company's employees and consultants;
-- need to foster the company's business relationships with
suppliers, customers and others;
-- impact of the company's operations on the community and
environment;
-- desirability of the company maintaining a reputation for high
standards of business conduct; and
-- need to act fairly as between members of the company.
As a result of these activities, the Directors believe that they
have demonstrated compliance with their legal obligations under
s.172 of the Companies Act 2006
Business
The Directors' aim for the Group be and remain a contributing
and good "Corporate Citizen".
Our business does not have a high carbon footprint and we
consider it a sustainable business. We try to ensure that our
planet's precious resources are used appropriately for the benefit
of current and future generations. The Board considers that the
business and strategic decisions which it takes now, in furtherance
of the Group's business objectives, do not damage the global
environment.
Employees
The Group has a small number of employees and consultants but
those it has are situated and are deployed on the Group's business
around the World. We ensure that we comply with all local labour
laws and apply what the Directors believe are appropriate standards
and systems to monitor and to ensure the welfare of those
employees.
Stakeholder engagement
The Company is entirely owned and controlled by the shareholders
of Online Blockchain Plc and the shares of the company are traded
on AIM. The stakeholders of the Company consist predominantly of
the shareholders, employees, advisers and suppliers. The Directors
recognise the importance of these relationships and take active
steps to develop and strengthen them through dialogue and
engagement. These relationships are regularly monitored at Board
level.
Governance
Each Board meeting addresses compliance by the Company with its
corporate governance codes and reinforces the Board's requirement
that its business be conducted with integrity and with due regard
for ethical standards.
Approved and signed on behalf of the Board of Directors
Clement Chambers
CEO
30 November 2021
Consolidated income statement
30 June 30 June
2021 2020
Notes GBP'000 GBP'000
Revenue 65 60
Cost of sales (5) -
-------- ---------
Gross profit 60 60
Other administrative expenses (425) (243)
-------- ---------
Total administrative expenses (425) (243)
Other operating income 124 -
-------- ---------
Operating loss (241) (183)
Finance expense (1) (2)
Impairment of investment in Encryptid
Gaming (18) (18)
Share of post-tax profit/(loss) of equity
accounted associate 285 (40)
Profit/(loss) before tax 25 (243)
Taxation 4 -
-------- ---------
Profit/(loss) from continuing operations 29 (243)
(Loss)/profit from discontinued operations (8) 42
-------- ---------
Total profit/(loss) for the period attributable
to shareholders of the parent 21 (201)
Profit/(loss) per share from continuing
operations
Basic 3 0.25 p (2.81 p)
Diluted 3 0.26 p (2.81 p)
Profit/(loss) per share from total operations
Basic 3 0.18 p (2.32 p)
Diluted 3 0.19 p (2.32 p)
======== =========
Consolidated statement of comprehensive
income
30 June 30 June
2021 2020
GBP'000 GBP'000
Profit/(loss) for the period 21 (201)
Other comprehensive income:
Items that will be reclassified subsequently
to profit or loss:
Exchange differences on translation of
foreign operations (6) 1
Total other comprehensive income (6) 1
Total comprehensive income for the year
attributable to shareholders of the parent 15 (200)
======== ========
There is no other comprehensive income for either the current or
prior year.
Consolidated balance sheet
30 June 30 June
2021 2020
GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 1 30
Other receivables - 6
Investment in associate 1,419 1,137
Financial asset held at fair value through
profit and loss - 18
1,420 1,191
Current assets
Trade and other receivables 33 114
Cash and cash equivalents 1,497 17
-------- --------
1,530 131
Total assets 2,950 1,322
Equity and liabilities
Equity
Issued capital 3,574 3,292
Share premium 4,484 3,155
Share based payment reserve 65 64
Foreign exchange reserve (5) 1
Retained earnings (see page 33 Accounting
policy) (5,199) (5,269)
-------- --------
2,919 1,243
Current liabilities
Borrowings - bank overdraft - 27
Borrowings - lease liabilities - 13
Trade and other payables 31 39
Total liabilities 31 79
Total equity and liabilities 2,950 1,322
======== ========
Consolidated statement of changes in equity
Share Share Share Foreign Retained Total
capital premium based exchange earnings equity
payment reserve
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2019 3,292 3,155 64 - (5,072) 1,439
Net asset movements of
associate - - - - 4 4
Loss for the year after
tax - - - - (201) (201)
Other comprehensive income
Exchange differences on
translation of foreign
operations - - - 1 - 1
--------- --------- --------- ---------- ---------- --------
Total other comprehensive
income - - - 1 - 1
--------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - 1 (201) (200)
--------- --------- --------- ---------- ---------- --------
At 30 June 2020 3,292 3,155 64 1 (5,269) 1,243
Transactions with equity
shareholders:
Share issue 282 1,470 - - - 1,752
Recycle option cost - - (52) - 52 -
Share based payment (issue
costs) - (53) 53 - - -
Share issue costs - (88) - - - (88)
Net asset movements of
associate - - - - (3) (3)
Profit for the year after
tax - - - - 21 21
Other comprehensive income
Exchange differences on
translation of foreign
operations - - - (6) - (6)
--------- --------- --------- ---------- ---------- --------
Total other comprehensive
income - - - (6) - (6)
--------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - (6) 21 15
--------- --------- --------- ---------- ---------- --------
At 30 June 2021 3,574 4,484 65 (5) (5,199) 2,919
========= ========= ========= ========== ========== ========
Consolidated cash flow statement
12 months 12 months
to to
30 June 30 June
2021 2020
GBP'000 GBP'000
Cash flows from operating activities
Profit/(loss) for the year from continuing
operations 29 (229)
(Loss)/profit for the year from discontinued
operations (8) 28
(Profit)/loss from equity accounted associate (285) 40
Net finance charge in the income statement 1 2
Impairment of investment in Encryptid
Gaming 18 18
Depreciation of property, plant & equipment 29 36
Decrease/(increase) in trade and other
receivables 87 (19)
Decrease in trade and other payables (8) (22)
Net cash used by continuing operations (137) (146)
Net cash used by operating activities (137) (146)
Cash flows from financing activities
Share issues 1,664 -
(Repay)/draw bank overdraft (27) 27
Repay lease (13) (16)
Interest paid (1) (2)
Net cash generated by financing activities 1,623 9
Cash flows from investing activities
Payments for property plant and equipment - (1)
Net cash used by investing activities - (1)
Net increase/(decrease) in cash and cash
equivalents 1,486 (138)
Foreign exchange difference (6) 1
Cash and cash equivalents at the start
of the period 17 154
---------- ----------
Cash and cash equivalents at the end of
the period 1,497 17
========== ==========
1. Basis of preparation
The consolidated and company financial statements are for the
year ended 30 June 2021. They have been prepared in compliance with
International Financial Reporting Standards (IFRSs) and IFRS
Interpretations Committee (IFRIC) interpretations as adopted by the
European Union as at 30 June 2021. The consolidated and company
financial statements have been prepared under the historical cost
convention and are presented in Sterling rounded to the nearest
thousand (GBP'000) except where indicated otherwise.
Going concern
The financial statements have been prepared on the going concern
basis which assumes the Group will continue in existence for the
foreseeable future. The Directors have prepared a detailed forecast
of future trading, the Directors believe that this will gradually
improve over the next 12 months. We have undertaken a significant
fund raise during the year and this has provided us with the
ability to continue our pursuit of new and potentially profitable
projects. The Group cash balance at the year end is GBP1,497,000.
In addition, to maintain liquidity, the Group has access to an
overdraft facility amounting to GBP50,000 which has been utilised
this year and, if necessary, the option is available to raise
additional funds on the market or, ultimately, to sell shares in
ADVFN Plc. Accordingly, the Directors have prepared these financial
statements on the going concern basis.
Standards and amendments to existing standards adopted in these
accounts
IAS 1 Presentation of Financial Statements and IAS 8 Accounting
policies, Changes in Accounting Estimates and Errors (Amendment -
Definition of Material)
Interest Rate Benchmark Reform - IBOR 'phase 2' (Amendments to
IFRS 7)
IFRS 3 Business Combinations (Amendment - Definition of
Business)
Revised Conceptual Framework for Financial Reporting
The standards and amendments adopted in these accounts had no
material effect on the financial statements.
Standards, amendments and interpretations to existing standards
that are not yet effective and have not been early adopted by the
Company in the 30 June 2021 financial statements
Onerous Contracts - Cost of Fulfilling a Contract (Amendments to
IAS 37)
Property Plant and Equipment: Proceeds before intended use.
(Amendments to IAS 16)
Annual improvements to IFRS Standards 2018-2020
References to Conceptual Framework (Amendments to IFRS 3)
Classification of liabilities as Current or Non-current
(Amendments to IAS 1)
IFRS 17 - Insurance Contracts
Amendments to IFRS 17 - Insurance Contracts; and Extension of
the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4
Insurance Contracts)
Disclosure of Accounting Policies (Amendments to IAS 1
Presentation of Financial Statements and IFRS Practice Statement 2
Making Materiality Judgements)
Definition of Accounting Estimates (Amendments to IAS 8
Accounting Policies, Changes in Accounting Estimates and
Errors)
Deferred Tax related to Assets and Liabilities arising from a
Single Transaction (Amendments to IAS 12 Income Taxes)
COVID-19 Related Rent Concessions (Amendments to IFRS 16)
The Directors continue to monitor developments in the relevant
accounting standards but do not believe that these changes will
significantly impact the Group.
2. Segmental analysis
The Directors identify operating segments based upon the
information which is regularly reviewed by the chief operating
decision maker. The Group considers that the chief operating
decision makers are the executive members of the Board of
Directors.
The Group has two reportable operating segments, being that of
Faucet subscription and the provision of management services. The
'Other' segment includes the remaining income from mining and a
small amount of advertising. Segment information can be analysed as
follows for the reporting period under review:
2021 Provision Other Continuing Discontinued Total
of management operations Faucet subscriptions
services
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue from third party 4 4 24 28
Revenue from related
party 53 - 53 - 53
Revenue from mining - 8 8 - 8
Depreciation and amortisation (16) (13) (29) - (29)
Other operating expenses (396) (5) (401) (32) (433)
Other operating income - 124 124 - 124
--------------- -------- ------------ ---------------------- --------
Segment operating loss (359) 118 (241) (8) (249)
Profit after tax from
equity accounted associate 285 - 285 - 285
Interest income - - - - -
Interest expense (1) - (1) - (1)
=============== ======== ============ ====================== ========
Segment assets 2,928 15 2,943 7 2,950
Segment liabilities (31) - (31) - (31)
Purchases of non-current - - - - -
assets
=============== ======== ============ ====================== ========
2020 Provision Mining Continuing Discontinued Total
of management crypto operations Faucet subscriptions
services currency
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue from related
party 60 - 60 - 60
Revenue from subscriptions - - - 49 49
Depreciation and amortisation (36) - (36) - (36)
Other operating expenses (193) - (193) (7) (200)
--------------- ---------- ------------ ---------------------- --------
Segment operating loss (169) - (169) 42 (127)
Loss after tax from
equity accounted associate (40) - (40) - (40)
Interest income - - - - -
Interest expense (2) - (2) - (2)
=============== ========== ============ ====================== ========
Segment assets 1,317 - 1,317 5 1,322
Segment liabilities (79) - (79) - (79)
Purchases of non-current
assets 1 - 1 - 1
=============== ========== ============ ====================== ========
For detail of the discontinued operations please see note
24.
Mining activity continued into the current year but had been put
on hold by the 30 June 2021. The assets have been re-allocated to
the management services segment and the income generated from
mining during the current year is now shown under the 'Other'
segment. There will be no further income from mining
cryptocurrency.
During both 2021 and 2020 a related party accounted for more
than 10% of the Group's total revenues.
3. Earnings per share
12 months 12 months
to to
30 June 30 June
2021 2020
GBP'000 GBP'000
Profit/(loss) from continuing operations 29 (229)
Profit/(loss) for the year attributable to equity
shareholders 21 (201)
Loss per share for continuing operations
Basic 0.25 p (2.81 p)
Diluted 0.26 p (2.81 p)
Total loss per share
Basic 0.18 p (2.32 p)
Diluted 0.19 p (2.32 p)
Shares Shares
Weighted average number of Ordinary shares in
issue for the year 11,423,439 8,662,348
Dilutive effect of options (164,090) -
----------- ----------
Weighted average shares for diluted earnings
per share 11,259,350 8,662,348
=========== ==========
Where a loss has been recorded for the year the diluted loss per
share does not differ from the basic loss per share as the exercise
of share options would have the effect of reducing the loss per
share and is therefore not dilutive under the terms of IAS 33.
Where a profit has been recorded but the average share price for
the year remains under the exercise price the existence of options
is likewise not dilutive.
4. Issued share capital
GROUP AND COMPANY Deferred shares of Ordinary shares of
45p each 5p each
Number GBP'000 Number GBP'000
At 1 July 2019 6,352,539 2,859 8,662,348 433
Share issue - - - -
----------- -------- ----------- --------
At 30 June 2020 6,352,539 2,859 8,662,348 433
17 December 2020 - Share
placing - - 1,818,181 91
7 January 2021 - Share
placing - - 2,717,391 136
7 January 2021 - Option
exercise - - 338,636 17
18 January 2021 - Option
exercise - - 613,635 30
17 February 2021 - Option
exercise - - 161,518 8
----------- -------- ----------- --------
At 30 June 2021 6,352,539 2,859 14,311,709 715
=========== ======== =========== ========
Deferred shares of 45p each 6,352,539 2,859
Ordinary shares of 5p each 14,311,709 715
20,664,248 3,574
=========== ========
Share placings
The share placings of Ordinary shares of 5 pence each were
completed on 17 December 2020 and 7 January 2021 at 22 pence per
share and 36.8 pence per share respectively. Total costs amounted
to GBP53,000.
Share option exercises
The share options exercises were completed on 7 and the 18
January 2021 and 17 February 2021. The exercise prices were as
follows:
7 January 2021- 100,000 at 22 pence per share and 238,636 at 32
pence per share
18 January 2021- 613,635 at 32 pence per share
17 February 2021- 100,000 at 36.8 pence per share, 56,820 at 32
pence per share and 4,698 at 40 pence per share
Share price
The market value of the Ordinary shares at 30 June 2021 was
38.00 p (2020: 15.00 p). The range during the year was 12.00p to
99.00 p (2020: 7.00p to 22.00 p). Shareholders are entitled to one
vote per Ordinary share held and dividends will be apportioned and
paid proportionately to the amounts paid up on the Ordinary shares
held.
The Deferred Shares do not entitle the holders thereof to
receive any dividend or other distribution nor to receive
notice of nor to attend nor vote at any General Meeting of the
Company. On a return of capital on a winding up the
holders of Deferred Shares are only entitled to receive the
amount paid up on such shares after the holders of the
Ordinary Shares have received the sum of GBP100,000 for each
Ordinary Share held by them and shall have no other
right to participate in the assets of the Company.
5. Events after the balance sheet date
There were no significant events to report after the balance
sheet date.
6. Publication of Non-Statutory Accounts
The financial information set out in this preliminary
announcement does not constitute statutory accounts as defined in
section 435 of the Companies Act 2006.
The balance sheet at 30 June 2020 and the income statement,
statement of changes in equity, the statement of cashflows and
associated notes for the year then ended have been extracted from
the Company's 2020 statutory financial statements upon which the
auditors' opinion is unqualified and does not include any statement
under Section 498(2) or (3) of the Companies Act 2006.
ENDS
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END
FR BMBMTMTJJTMB
(END) Dow Jones Newswires
December 01, 2021 02:00 ET (07:00 GMT)
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