TIDMVLRM
RNS Number : 5257E
Valereum PLC
30 June 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR")
30 June 2023
Valereum Plc
("Valereum" or the "Company")
Final results for the year ended 31 December 2022
Valereum Plc, the Gibraltar technology group, is pleased to
announce its final results covering the 12 months to 31(st)
December 2022. The full set of accounts can be found on the
company's website www.valereum.gi.
Highlights
-- Secured transfer of ownership permission to acquire the
Gibraltar Stock Exchange ("GSX"), subject only to regulatory
sign-off
-- Commercially agreed total acquisition will be 100% of the GSX
-- Secured a substantially reduced price for the remaining 50%
of the GSX not acquired in the initial agreement
-- Plan to focus GSX on growth companies in the Middle East,
Africa and India remains valid as their need for capital markets
investment remains unmatched
-- Fundraising process underway with positive outcome expected imminently
-- Launched Valereum Collections building on the work done
linking NFTs to physical real world assets
-- Sold Bitcoin mining assets to Vinanz Ltd in return for shares
in Vinanz worth around GBP800,000 on its listing.
-- Raised GBP2.3m primarily from a partial drawdown on the $10m
facility announced in January 2022. Repayments during the year and
during the first half of 2023 have reduced the balance outstanding
to $800,000.
Richard Poulden, Chairman of Valereum, said: "It has been a year
of progress and patience for Valereum as we waited for the final
permission to secure ownership of the GSX. Our strategic ambitions
for the exchange remain undiminished and we expect, once the
current fundraise is completed, to be able to set about bringing
these plans to life which will deliver enhanced shareholder
value."
The Directors of the Company accept responsibility for the
contents of this announcement.
Enquiries:
Valereum Plc
Richard Poulden, Chairman
Tel: +971 4584 6284
AQSE Corporate Adviser
First Sentinel Corporate Finance
Brian Stockbridge
Tel: +44 (0) 7876 888 011
Financial PR & IR adviser
J&H Communications Limited
George Hudson
Tel: +44 (0)7803 603130
george@j-hcommunications.com
For more information, please visit the Company's website at
valereum.gi
Chairman's Statement
Year ended 31 December 2022
Dear Shareholders,
When we announced in October 2021 that we had taken an option to
acquire 80% of the Gibraltar Stock Exchange ("GSX"), we did not
anticipate that it would take another twelve months, until October
2022, to obtain the transfer of ownership permission.
Since then, the crypto markets and broader financial markets
have been in a period of flux, with increased volatility and
deteriorating investor sentiment. The high-profile collapse of FTX
led to a clamp down on crypto worldwide in the final quarter of
last year and this was followed in March 2023 with the collapse of
Silicon Valley Bank and Credit Suisse. This has impacted investor
sentiment around the world but particularly in London. Small cap
funding declined in 2022 and the first six months of 2023 has seen
very little investment overall.
This context is important because, as a financial services
business, Valereum is in the midst of this. We are in the process
of raising money to enable the roll out of our plans for the GSX
and elsewhere and I firmly believe the outcome of our ongoing
discussions will be welcomed by all shareholders.
The Gibraltar Stock Exchange ("GSX")
It has been a long road to get to this point but all of our
initial analysis which underpinned our strategy for the renewed GSX
has proven to be correct. The focus on growth companies in the
Middle East, Africa and India is correct as their need for capital
markets investment remains unmatched. We have continued our
international discussions in the Middle East and in Asia, so once
the acquisition is complete, we are well positioned to begin the
execution of our strategy.
In June 2023, we have renegotiated our agreement, subject to
contract, with the GSX group to acquire 100% of the GSX for a
substantially reduced price for the remaining 50% of the business.
As you will see in the accounts, in accordance with IAS 36, we
impair the initial investment to reduce the holding value to the
same price as the remaining tranche. We believe that accepting this
technical write-down of the value, and saving over GBP1m in cash,
is in the best interests of shareholders.
As security for the payments made thus far, Valereum holds a
fixed charge over the 50% already paid for, together with draft
blank transfer forms for the ultimate transfer of the shares.
Therefore, we view those payments as secure.
Valereum Collections
During the year we also announced the launch of Valereum
Collections. This is building on the work we have done linking NFTs
(Non-Fungible Tokens) to physical real-world assets. The
Collections strategy is separate from any linking of securities to
the blockchain through NFTs but builds on the work done on this
during last year.
Sale of Bitcoin Assets
In August 2022, we announced the conditional sale of our Bitcoin
mining assets to Vinanz Ltd for shares in Vinanz. This sale was
completed in April 2023 when Vinanz listed on the AQUIS Stock
Exchange. Valereum now holds shares in Vinanz with a current market
value of approximately GBP800,000 which are restricted for 12
months.
We believe Bitcoin remains a very attractive investment and that
Vinanz is pursuing a robust strategy to deliver this value to
shareholders.
Financing and Markets
During the year, we raised GBP2.23m ($3m) primarily from a
partial drawdown on the $10m facility announced in January 2022.
Repayments during the year and during the first half of 2023 have
reduced the balance outstanding to $800,000.
As always, I would particularly like to thank you all: staff,
shareholders and advisers for your hard work and support.
Richard Poulden
Chairman
29 June 2023
Statement of Total Comprehensive Income
for the year ended 31 December 2022
Year ended Year ended
Notes 31 December 31 December
2022 2021
GBP GBP
Administrative expenses (4,277,717) (1,860,478)
------------- -------------
Operating loss 4 (4,277,717) (1,860,478)
Foreign exchange gain/(loss) 1,536 (1,676)
Interest expense - (5,000)
Interest income 31,021 29,331
Loss before taxation (4,245,160) (1,837,823)
Tax on loss 6 - -
Loss for the financial year (4,245,160) (1,837,823)
Other comprehensive income
Items that may not be reclassified
subsequently to profit or loss:
Unrealised (loss)/gain on crypto assets (23,677) 85,957
------------- -------------
Other comprehensive income for the
year (23,677) 85,957
------------- -------------
Total comprehensive loss for the
year (4,268,837) (1,751,866)
------------- -------------
Basic and diluted loss per share 7 (0.057) (0.029)
There are no recognised gains or losses other than disclosed
above and there have been no discontinued activities during the
year.
Statement of Financial Position
as at 31 December 2022
Notes 31 December 31 December
2022 2021
GBP GBP
Current assets
Loans and other receivables 8 274,352 332,331
Cash and cash equivalents 92,528 1,432,377
366,880 1,764,708
Non-current assets
Property, plant and equipment 9 61,010 108,243
Intangible asset 10 62,280 85,957
Investments 11 750,000 777,001
-------------- --------------
873,290 971,201
Total assets 1,240,170 2,735,909
============== ==============
Current liabilities 12 1,946,556 224,948
Equity
Share capital 13 4,131,220 4,125,594
Share premium 13 22,888,797 22,066,933
Revaluation reserve 10 62,280 85,957
Translation reserve 257,478 257,478
Share-based payments reserve 14 377,500 153,500
Accumulated losses (28,423,661) (24,178,501)
-------------- --------------
(706,386) 2,510,961
Total equity and liabilities 1,240,170 2,735,909
============== ==============
The financial statements were approved by the board and
authorised for issue on 29 June 2023 and signed on its behalf
by:
Richard O'Dell Poulden Alan David Gravett
Director Director
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