TIDMNAK
RNS Number : 4594I
Nakama Group Plc
14 December 2020
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR")
14 December 2020
Nakama Group plc
("Nakama" or the "Company")
Final results for the year ended 31 March 2020
Nakama (AIM:NAK) announces its final audited results for the
year ended 31 March 2020, together with the publication of its
annual report and accounts (the "Annual Report").
The Company will post the Annual Report to shareholders this
week and make a copy available on its website
www.nakamagroupplc.com .
Financial Overview
-- Group revenue decreased by 27.5 per cent. to GBP9.7m (2019: GBP13.4m)
-- Net fee income reduced by 29.5 per cent. to GBP2.9m (2019: GBP4.1m)
-- Net fee income percentage decreased to 30.0 per cent. (2019: 30.8 per cent.)
-- Operating profit moved to a loss of GBP182,000 (2019: profit GBP91,000)
Enquiries:
Nakama Group plc www.nakamaglobal.com
Tim Sheffield, Chairman 00 44 20 7236 2400
Robert Thesiger, Chief Executive
Officer 00 44 20 3588 4560
Allenby Capital Limited (Nominated
Adviser and Broker) 00 44 20 3328 5656
Nick Naylor / Liz Kirchner
CHAIRMAN'S STATEMENT
Strategy
Nakama Group's strategy is to support the talent acquisition
programmes of high growth companies across multiple industries. We
provide permanent and contract recruitment solutions to a broad
range of clients across Europe and Asia Pacific geographies.
The primary objective of the executive management team is to
focus on delivering acceptable returns for shareholders and take
advantage of the opportunities in the sectors in which we
operate.
2020 has been another challenging period for the Group: the
onset of COVID 19 has had an immediate impact on the group and has
seen trading decline accordingly. As a business we took immediate
and decisive action which saw us take advantage of the various
government support schemes. We immediately implemented a working
from home strategy and reduced our cost base in line with our
reduced levels of trading.
In the UK the proposed changes to IR35 (since revised) also had
a big impact on our contractor business and the deferral of these
changes came too late. As a result, our UK contractor business
declined during the year.
Financial
Due to the Covid-19 pandemic the Group's revenues for the year
ended 31 March 2020 were lower by 27.6% compared to the prior year
at GBP9.7m (2019: GBP13.4m) and Net Fee Income ("NFI") was 29.3%
lower at GBP2.9m (2019: GBP4.1m). This reduction in revenue was
primarily a result of poor overall consultant performance. We are
disappointed not to increase revenues and saw a reduction in EBITDA
to negative GBP76,000 (2019: GBP424,000).
Outlook and summary
2020 has been an incredibly challenging year, however, I am very
proud of the way we have met these challenges and continued to
trade. We have recently announced a sale of our trading businesses
to Sanderson Group as it has become increasingly clear that without
an injection of capital the Group may not be able to continue to
trade. Further details of the proposed disposal are set out in a
circular sent to shareholders on 10 December 2020. Should the
proposed disposal, which is subject to shareholder approval,
proceed the Company will become an AIM Rule 15 cash shell. As such,
the Company , will either be required to make an acquisition or
acquisitions constituting a reverse takeover under AIM Rule 14 on
or before the date falling six months from the date of becoming a
cash shell or be re-admitted to trading on AIM as an investing
company under the AIM Rules (which requires the raising of at least
GBP6 million) failing which, the Company's shares would then be
suspended from trading on AIM pursuant to AIM Rule 40. Admission to
trading on AIM would be cancelled six months from the date of any
suspension should the suspension not have been lifted
beforehand.
This has been a difficult journey for the Company and our teams
across the Group have worked hard in trying to reposition the
business onto a more positive footing. I would like to thank our
valued members of staff for their hard work during a prolonged
challenging period.
Tim Sheffield
Chairman
11 December 2020
CEO'S STATEMENT
Financial review
2020 2019
GBP'000 GBP'000
Revenue 9,719 13,408
NFI (Net fee income) 2,914 5,134
EBITDA * (92) 424
Operating (loss) / profit for the
financial year (182) 91
Profit from discontinued operations - 266
(Loss) / profit for the financial
year before tax (114) 354
Net current assets 56 176
Equity 87 202
Earnings/(loss) per share (0.10)p 0.27 p
* EBITDA - Earnings before interest, tax, depreciation and
amortization
2019/20 proved a challenging year for the business as a whole
and there were many factors both internal and external that
materially affected performance.
Internally, the business had to replace all three Nakama MD's
primarily due to performance issues. This is turn saw a further
reduction in headcount across the Nakama businesses due to
performance related issues. In Hong Kong, H2 was materially
impacted by the onset of anti-government demonstrations which saw
business confidence decline quickly. In the UK, the Nakama business
struggled to find a stranglehold on the market and with the
Company's cash constraints hiring was not possible. As such, the
business reduced headcount significantly during the year.
Nakama Singapore had a satisfactory H1, however, H2 saw a
dramatic decrease in activity and revenues and as such management
changes were needed. Unfortunately, the replacement MD took office
at the outset of COVID 19 and as such has had a limited amount of
time to re-grow the business.
Highams continued to trade in line with expectations but was
impacted by the onset (now deferred) of changes to IR35. This had
an immediate impact on our contractor revenue base.
COVID-19
As mentioned in previous market updates, the onset of COVID-19
had an immediate and material impact on the Group's trading in Q1
2020 especially in APAC. This combined with the proposed changes to
IR35 (later revised) saw the Group's revenue decrease almost
immediately, particularly in Hong Kong and Singapore.
Furthermore, the impact of BREXIT negotiations has also seen
client confidence reduce during 2020 and this has had an impact on
volumes of business particularly in Highams.
Robert Thesiger
Chief Executive Officer
11 December 2020
Material uncertainty related to going concern
The independent auditor's report in the Annual Report contains a
section regarding material uncertainty related to going concern,
which is reproduced below.
In forming our opinion on the financial statements we have
considered the adequacy of the disclosures made in the financial
statements concerning the Company's and Group's ability to continue
as a going concern. We draw your attention to the Group's Strategic
Report and Note 2 to the financial statements (The "Going Concern"
wording from Note 2 in the Annual Report is reproduced in full at
the start of the Notes section of this announcement) which explain
that the Company's and Group's ability to continue as a going
concern relies on the proposed sale of the Group's trading
businesses to Sanderson Group. The completion of the sale is
conditional on the passing by shareholders of a resolution agreeing
to the terms and conditions of sale, and there not having occurred
any material adverse change in the business, operations, assets,
liabilities, financial or trading condition or operating results of
the trading businesses, and that the sale will complete by 4
January 2021.
Completion of the sale is inherently uncertain which casts
significant doubt on the Group and ability to continue as a going
concern. These financial statements do not include the adjustments
that would result if the Group and the Parent Company were unable
to continue as a going concern. Our opinion is not modified in
respect of this matter.
Given the judgements involved in assessing the going concern
assertion, we considered going concern to be a Key Audit
Matter.
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2020
Continuing Discontinued Total Continuing Discontinued Total
operations operations operations operations
2020 2020 2020 2019 2019 2019
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- ----------- ------------ --------- ----------- -------------------- ---------
Revenue 9,719 - 9,719 12,315 1,093 13,408
Cost of sales (6,805) - (6,805) (8,692) (582) (9,274)
--------------------------------- ----------- ------------ --------- ----------- -------------------- ---------
Net fee income 2,914 - 2,914 3,623 511 4,134
Administrative costs (3,096) - (3,096) (3,498) (544) (4,042)
--------------------------------- ----------- ------------ --------- ----------- -------------------- ---------
Operating (loss)/profit (182) - (182) 125 (34) 91
Finance costs (14) - (14) (37) (15) (52)
Exceptional Item 82 - 82 - 315 315
--------------------------------- ----------- ------------ --------- ----------- -------------------- ---------
(Loss)/profit before tax (114) - (114) 88 266 354
Tax expense (8) - (8) (31) - (31)
--------------------------------- ----------- ------------ --------- ----------- -------------------- ---------
(Loss)/profit for the period
attributable to owners of
the parent (122) - (122) 57 266 323
--------------------------------- ----------- ------------ --------- ----------- -------------------- ---------
Earnings per share
Basic and diluted (loss)/profit
per share attributable to
owners of the parent (0.10)p - (0.10)p 0.05p 0.22p 0.27p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2020
2020 2019
GBP'000 GBP'000
============================================================== ======== ========
(Loss)/profit for the year (122) 323
============================================================== ======== ========
Exchange difference on translation of foreign operations 7 18
============================================================== ======== ========
Total comprehensive (loss)/profit for the period attributable
to owners of the parent (115) 341
============================================================== ======== ========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
2020 2019
GBP'000 GBP'000
================================================= ======= =======
Assets
Non-current assets
Property, plant and equipment 13 8
Deferred tax asset 18 18
================================================= ======= =======
Total 31 26
Current assets
Trade and other receivables 1,497 1,599
Cash and cash equivalents 190 166
================================================= ======= =======
Total 1,687 1,765
================================================= ======= =======
Total assets 1,718 1,791
================================================= ======= =======
Current Liabilities
Trade and other payables (830) (1,151)
Borrowings (801) (438)
================================================= ======= =======
Total (1,631) (1,589)
================================================= ======= =======
Net Assets 87 202
================================================= ======= =======
Equity
Share capital 1,602 1,602
Share premium account 2,580 2,580
Merger reserve 90 90
Employee share benefit trust reserve (61) (61)
Currency reserve 12 5
Retained earnings (4,136) (4,01
4)
================================================= ======= =======
Total equity attributable to the shareholders of
the Company 87 202
================================================= ======= =======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 MARCH 2020
Employee
share benefit
Share Share Merger Currency Retained Total
=====================
capital premium reserve reserve reserve earnings equity
=====================
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
===================== ======= ======= ======== ============================== ========== ========== =======
At 1 April 2018 1,602 2,580 90 (61) (13) (4,337) (139)
Profit for the
year - - - - - 323 323
Other comprehensive
income - - - - 18 - 18
===================== ======= ======= ======== ============================== ========== ========== =======
Total comprehensive
income for 2018 - - - - 18 323 341
At 1 April 2019 1,602 2,580 90 (61) 5 (4,014) 202
Comprehensive income
for the year
Profit for the
year - - - - - (122) (122)
Other comprehensive
income - - - - 7 - 7
===================== ======= ======= ======== ============================== ========== ========== =======
Total comprehensive
income for the
year - - - - 7 (122) (115)
===================== ======= ======= ======== ============================== ========== ========== =======
At 31 March 2020 1,602 2,580 90 (61) 12 (4,136) 87
===================== ======= ======= ======== ============================== ========== ========== =======
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2020
Continuing Discontinued Total Continuing Discontinued Total
Operations Operations Operations Operations
2020 2020 2020 2019 2019 2019
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Operating activities
(Loss)/profit for the
year before tax (114) - (114) 88 266 354
Depreciation of property,
plant and equipment 8 - 8 12 6 18
Loss on disposal of fixed
assets - - - 1 5 6
Loss on abandonment of
fixed assets - - - - 5 5
Impairment and amortization - - - - - -
of intangible assets
Net finance costs 14 - 14 37 15 52
Tax credit/( paid) (8) - (8) 5 - 5
Decrease in trade and
other receivables 102 - 102 1,078 194 1,272
Decrease in trade and
other payables (321) - (321) (296) (578) (874)
-
=============================== === =========== ============ ======== =========== ============== ========
Net cash generated by
operating activities (319) - (319) 924 (86) 838
=============================== === =========== ============ ======== =========== ============== ========
Cash flows from investing
activities
Purchase of property,
plant and equipment (13) - (13) - - -
Net cash outflow from
investing activities (13) - (13) - - -
=============================== === =========== ============ ======== =========== ============== ========
Financing activities
(Increase)/decrease in
invoice discounting facility 363 - 363 (678) (101) (779)
Finance cost paid (14) - (14) (37) (15) (52)
=============================== === =========== ============ ======== =========== ============== ========
Net cash outflow from
financing activities 349 - 349 (715) (116) (831)
=============================== === =========== ============ ======== =========== ============== ========
Net changes in cash and
cash equivalent 17 - 17 209 (202) 7
Cash and cash equivalents,
beginning of year 166 - 166 120 21 141
Effect of foreign exchange
rate movements 7 - 7 (13) 31 18
Cash and cash equivalents
at end of year 190 - 190 316 (150) 166
=============================== === =========== ============ ======== =========== ============== ========
Cash and cash equivalents
for the purpose of the
statement of cash flows
comprises:
Cash at bank 190 - 190 316 (150) 166
-
=============================== === =========== ============ ======== =========== ============== ========
Cash and cash equivalents
at end of year 190 - 190 316 (150) 166
=============================== --- ----------- ------------ -------- =========== ============== ========
NOTES TO THE FINANCIAL STATEMENTS
A full set of notes to the Financial Statements is included in
the Annual Report.
Basis of Preparation
This announcement and the financial information were approved by
the Board on 11 December 2020. The financial information set out in
this announcement does not constitute the Company's statutory
accounts for the years ended 31 March 2020 and 31 March 2019.
Statutory accounts for the years ended 31 March 2020 and 31 March
2019 have been reported on by the Independent Auditors.
The Independent Auditors' Reports on the Annual Report and
Financial Statements for the year ended 31 March 2020 was
unqualified, did not contain a statement under 498(2) or 498(3) of
the Companies Act 2006, but included a Material Uncertainty Related
to Going Concern paragraph, as the group's ability to continue as a
going concern relies on the proposed sale of the Group's trading
businesses.
The Independent Auditors' Report on the Annual Report and
Financial Statements for the year ended 31 March 2019 was
unqualified, did not draw attention to any matters by way of
emphasis, and did not contain a statement under 498(2) or 498(3) of
the Companies Act 2006.
Statutory accounts for the year ended 31 March 2019 have been
filed with the Registrar of Companies. The statutory accounts for
the year ended 31 March 2020 will be delivered to the Registrar in
due course.
The financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union ("IFRS"), IFRIC interpretations and the parts of the
Companies Act 2006 applicable to companies reporting under IFRS.
The Financial Statements have been prepared under the historical
cost convention.
The preparation of Financial Statements in conformity with IFRS
require the use of estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
information, including the reported amounts of revenues and
expenses during the reporting period. Although these estimates are
based on management's best knowledge of current events and actions,
actual results may ultimately differ from those estimates.
Copies of the statutory accounts for the year ended 31 March
2020 will be posted to all shareholders. Additional copies will be
available from the Company Secretary, Nakama Group plc, Bourne
House, 475 Godstone Road, Whyteleafe, Surrey, CR3 0BL and will be
available to download from the investor relations section on the
Company's website www.nakamagroupplc.com .
Going concern
The directors have recently announced the sale of the Group's
trading businesses to Sanderson Group as it has become increasingly
clear that without an injection of capital the Group may not be
able to continue to trade. Further details of the proposed sale are
set out in a circular sent to shareholders on 10 December 2020.
Should the proposed sale proceed, which is subject to shareholder
approval, the Company will because an AIM Rule 15 cash shell. As
such, the Company will either be required to make an acquisition or
acquisitions constituting a reverse takeover under AIM Rule 14 on
or before the date falling six months from the date of becoming a
cash shell or be re-admitted to trading on AIM as an investing
company under the AIM rules (which requires the raised of at least
GBP6m million) failing which, the Ordinary Shares, would then be
suspended from trading on AIM pursuant to AIM Rule 40. Admission to
trading on AIM would be cancelled six months from the date of any
suspension should the suspension not have been lifted
beforehand.
Should the sale of the trading businesses not proceed, the
directors believe that without additional funding and a material
improvement in market conditions it will not be possible to grow
the trading businesses further or to maintain the Group as a going
concern. Should the sale of the Trading Businesses not proceed, the
Directors believe they will be forced to take steps to protect the
interests of the Group's creditors. However, the directors are
confident that the proposed sale will proceed and subsequently the
Company will make an acquisition and therefore they continue to
adopt the going concern basis of accounting in preparing the
financial statements.
1. Operating segments
Operating segments are reported on a geographical basis.
The Group has two main reportable segments based on the location
revenue is derived from:
-- Asia Pacific - This segment includes Australia (discontinued), Hong Kong and Singapore.
-- UK - The UK segment includes candidates placed in the UK and Europe.
These segments are monitored by the Board of Directors and are
reported in a manner consistent with the internal reporting
provided to them. The Board of Directors are considered to be the
chief operating decision makers. All revenue is derived from the
supply of recruitment and human resource services.
Factors that management used to identify the Group's reportable
segments
The Group's reportable segments are strategic business units
that, although supplying the same product offerings, operate in
distinct markets and are therefore managed on a day to day basis by
separate teams.
Measurement of operating segment profit or loss, assets and
liabilities
The accounts policies of the operating segments are the same as
those described in the summary of significant accounting
policies.
The Group evaluates performance on the basis of profit or loss
from operations before tax not including overhead costs incurred by
the head office such as plc AIM related costs not recharged,
exceptional items, amortisation and share based payments.
The Board does not review assets and liabilities by segment.
Asia Pacific USA UK Total
2020 2020 2020 2020
GBP'000 GBP'000 GBP'000 GBP'000
Revenue from external customers 1,626 - 8,093 9,719
Segment profit before interest, tax
and exceptional items 129 - 74 203
========================================== ============== ======== ======== =============
The comparisons for 2019:
========================================== ============== ======== ======== =============
Asia Pacific USA UK Total
2019 2019 2019 2019
GBP'000 GBP'000 GBP'000 GBP'000
========================================== ============== ======== ======== =============
Revenue from external customers 2,980 - 10,428 13,408
========================================== ============== ======== ======== =============
Segment profit/(loss) before interest,
tax and exceptional items 36 - - 55 91
========================================== ============== ======== ======== =============
Reconciliation of reportable segment
profit to the Group's corresponding
amounts:
========================================== ============== ======== ======== =============
2020 2019
Profit or loss after income tax expense GBP'000 GBP'000
========================================== ============== ======== ======== =============
Total profit or loss for reportable
segments 203 91
========================================== ============== ======== ======== =============
PLC costs not cross charged (385) (51)
========================================== ============== ======== ======== =============
Interest (14) (52)
========================================== ============== ======== ======== =============
Profit/(Loss) before tax and exceptional
items (196) 39
========================================== ============== ======== ======== =============
Exceptional items 82 315
========================================== ============== ======== ======== =============
Corporation taxes (8) (31)
========================================== ============== ======== ======== =============
Profit/(Loss) after income tax expense (122) 323
========================================== ============== ======== ======== =============
2. Revenue
The Group makes sales to Europe and Asia. Operations in USA and
Australia have been discontinued. All revenue is derived from the
provision of services. An analysis of sales revenue by country is
given below:
Revenue by country 2020 2019
GBP'000 GBP'000
United Kingdom 8,093 10,260
Europe - 168
Hong Kong 1,351 1,449
Singapore 275 439
Australia - 1,093
9,719 13,408
=================== ======== ========
There was one client in the United Kingdom who accounted for
GBP1.4 million or 14% of Group revenue (2019: GBP2.3 million:
17%).
3. Operating profit/(loss)
The profit/(loss) on ordinary activities before taxation is
stated after charging:
The analysis of auditor's remuneration is as follows:
2020 2019
GBP'000 GBP'000
---------------------------------------------------------- --- -------- --------
Remuneration received by Company's auditor or an
associate of the Company's auditor:
Company annual accounts 6 5
Group annual accounts 11 10
Money purchase pension contributions
=============================================================== ======== ========
17 15
-------------------------------------------------------------- -------- --------
Other fees payable to the Company's auditors:
Audit of subsidiary companies 10 8
Tax compliance 5 5
Other compliance 9 -
--------------------------------------------------------------- ======== ========
41 28
============================================================== ======== ========
Depreciation of equipment 8 18
Loss on disposal of fixed asset and exchange - 11
Foreign exchange gain/(loss) 15 24
Operating lease rentals: 266 140
Property - 2
Plant and equipment 1,783 3,034
Staff costs
=============================================================== ======== ========
4. Income tax expense
2020 2019
GBP'000 GBP'000
------------------------------------------------------------------- --- -------- --------
Comprising
Current tax charge 8 (6)
Deferred tax from timing difference between depreciation
and capital allowance - (2)
Deferred tax from trading losses - 39
======================================================================== ======== ========
8 31
----------------------------------------------------------------------- -------- --------
The relationship between the expected tax expense based on the
effective tax rate of the Group at 19% (2019: 19%) and the tax
expense actually recognised in the income statement can be
reconciled as follows:
2020 2019
GBP'000 GBP'000
----------------------------------------------------- --- -------- --------
Result for the year before taxation (114) 354
Expected tax expense (22) 67
Expenses / (income) not deductible for tax purposes (115) (66)
Unrecognised deferred tax 145 33
Difference in tax rates between UK and overseas - (3)
---------------------------------------------------------- -------- --------
Total income tax expense 8 31
========================================================== ======== ========
5. Earnings/(Loss) per share
2020 2019
========== ========== ======= ======== ==========
Weighted Weighted
average average
number Earnings number Earnings
of of
Profit / (Loss) shares per share Profit shares per share
GBP'000 '000 p GBP'000 '000 p
============================= ========== ========== ======= ======== ==========
Basic profit/(loss)
per share (122) 117,607 (0.10) 323 117,607 0.27
====================== ===== ========== ========== ======= ======== ==========
Diluted profit/(loss)
per share * (122) 120,027 - 323 120,027 0.27
---------------------- ----- ---------- ---------- ------- -------- ----------
The weighted average number of shares excludes 183,953 (2019:
183,953) shares held by the Employee Share Benefit Trust.
* No diluted earnings per share is shown where the effect would
be anti-dilutive.
6. Trade and other receivables
2020 2019
GBP'000 GBP'000
=============================== =================== ===================
Trade receivables 1,398 1,488
Other receivables - -
Prepayments and accrued income 99 111
=============================== =================== ===================
1,497 1,599
=============================== =================== ===================
All amounts are receivable within one year. The carrying value
of trade receivables is considered a reasonable approximation of
fair value. All of the receivables have been reviewed for
indicators of impairment and no provision (2019: GBPnil) has been
considered necessary. Some of the receivables are past due as at
the reporting date. The age of trade receivables past due but not
impaired is as follows:
2020 2019
GBP'000 GBP'000
More than one month but not more than
3 months 392 250
More than 3 months but not more than
6 months 29 87
421 337
====================================== ======== ===================
7. Trade and other payables
2020 2019
GBP'000 GBP'000
====================================== =================== ===================
Trade payables 311 654
Other taxes and social security costs 304 273
Other creditors 14 -
====================================== =================== ===================
Accruals and deferred income 200 224
====================================== =================== ===================
830 1,151
====================================== =================== ===================
All amounts are payable within one year. The carrying values are
considered to be a reasonable approximation of fair value. The
contractual maturity trade payables are as follows:
2020 2019
GBP'000 GBP'000
=============== =================== ================
0 to 30 days 281 77
31 to 60 days 9 31
61 to 120 days 21 -
=============== =================== ================
311 108
=============== =================== ================
At the time of signing these financial statements, there is an
ongoing claim for the repayment of intercompany balances with
Nakama Sydney. The group has obtained professional opinion and been
advised that the amount is not due. Consequently, no provision has
been included within these financial statements. All other
financial liabilities including borrowings are repayable on
demand.
8. Borrowings
2020 2019
GBP'000 GBP'000
-------------------- ------------------- -------------------
Current liabilities 801 438
==================== =================== ===================
Invoice discounting 801 438
==================== =================== ===================
The Group has confidential invoice discounting facilities of
GBP2,500,000 (2019: GBP2,500,000). The facilities are secured by
cross guarantees and debentures. The carrying values are to be
considered to be a reasonable approximation of fair value. All the
borrowings relate to the UK operations.
9. Contingent Liability
At the time of signing these financial statements, there is an
ongoing claim for the repayment of intercompany balances with
Nakama Sydney. The group has obtained professional opinion and been
advised that the amount is not due. Consequently, no provision has
been included within these financial statements.
10. Post Balance Sheet Event
The company has been affected post year end by the Coronavirus
pandemic and there is a proposed sale of the trading
businesses.
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