VVV Resources Limited: Interim Results for the six months ended 30 June 2023 (1737141)
September 28 2023 - 9:00AM
UK Regulatory
VVV Resources Limited (VVV)
VVV Resources Limited: Interim Results for the six months ended 30 June 2023
28-Sep-2023 / 14:00 GMT/BST
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VVV Resources Limited
("VVV" or the "Company")
Interim Results for the six months ended 30 June 2023
VVV Resources Limited (formerly Veni Vidi Vici Limited) announces its unaudited interim results for the six months
ended 30 June 2023.
OVERVIEW
The Company's goals for the six months to 30 June 2023 were to continue its endeavours to acquire suitable mineral
projects in user-friendly jurisdictions The Company has reviewed a number of exploration opportunities during the
reporting period; some of these do not fit our investment strategy; others do. An update on this is expected shortly.
The past six months has continued to be a period of global uncertainty, volatility and conflict and the ongoing war
between Russia and Ukraine continues to cause significant direct and indirect consequences.
The Company's only current asset continues to be a 51% holding in the Shangri La polymetallic project in Western
Australia. All work commitments for this project are currently up to date.
Director changes have occurred during the past six months; Jim Williams became Executive Chairman during June and
Malcolm Macleod departed the Board in August. Currently the Board comprises two directors, Mahesh Pulandaran as a
Non-Executive and Jim Williams as an Executive.
The Board remains confident that the private and pre-IPO markets remain significantly under-served and as such
significant opportunities exist for the Company going forward.
We would like to thank all our shareholders for their continued support and look forward to updating you on further
news in due course.
Eur. Ing. Jim Williams, MSc, D.I.C., CEng, CGeol, FIMMM
Executive Chairman
FINANCE REVIEW
The loss for the period to 30 June 2023 was GBP62,000 (30 June 2022 - GBP 77,000 and 31 December 2022 - GBP156,000 loss)
which mainly related to share based payments, regulatory costs and other corporate overheads. The total revenue for the
period was nil. At 30 June 2023, the Company had cash balances of GBP159,000 (30 June 2022 - GBP 17,000 and 31 December
2022 - GBP208,000).
The interim accounts to 30 June 2023 have not been reviewed by the Company's auditors.
The Directors of the Company accept responsibility for the contents of this announcement.
For further information please contact:
The Company
Jim Williams +44 (0) 7774274836
AQSE Growth Market Corporate Adviser:
Peterhouse Capital Limited
+44 (0) 20 7469 0936
Guy Miller/Mark Anwyl Unaudited Condensed Group Statement of Comprehensive Income for the six months ended 30 June 2023
Consolidated Company Company
6 months to 6 months Year ended
to
30 June 30 June 31
December
2023 2022
2022
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Continuing operations
Revenue
Investment income - - -
Total gains on AFS investments - - -
Administrative costs (62) (77) (139)
Loss Allowance for loan - - (17)
Operating (loss) (62) (77) (156)
Finance costs - - -
(Loss) before tax (62) (77) (156)
Taxation - - -
(Loss) for the period (62) (77) (156)
Other comprehensive income
Translation exchange (loss)/gain - - -
Other comprehensive income for the period net of taxation - - -
Total Comprehensive Income for the year attributable to the owners of the (62) (77) (156)
parent company
(Loss) per share:
Basic and diluted (loss) per share (pence) 2 (1.98) (4.09) (7.46) Unaudited Condensed Group Statement of Financial Position as at 30 June 2023
Group Company Company
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Investments accounted for using the equity method 136 136 136
136 136 136
Current assets
Trade and other receivables 19 34 23
Cash and cash equivalents 159 17 208
178 51 231
Total assets 314 187 367
LIABILITIES
Current liabilities
Trade and other payables (93) (116) (83)
Total current liabilities (93) (116) (83)
Total liabilities (93) (116) (83)
Net Assets 221 71 284
EQUITY
Equity attributable to equity holders of the parent
Share capital - - -
Share premium account 1,154 863 1,154
Share based payment reserve 26 26 26
Retained earnings (959) (818) (896)
Total equity 221 71 284 Unaudited Condensed Group Statement of Cash Flows for the six months ended 30 June 2023
Consolidated Company Company
6 months to 6 months to Year to
30 June 30 June
31 December 2022
2023 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Operating (loss) (62) (77) (156)
Adjustments for:
Share based payment charge - - -
Issue of shares to settle liabilities - - -
Decrease/(increase) in trade and other receivables 3 (12) (1)
Increase/(decrease) in trade and other payables 10 19 (13)
Net cash used in operating activities (49) (70) (170)
Investing activities
Finance Costs - - -
Investment in intangible assets - - -
Net cash outflow in investing activities - - -
Financing activities
Issue of share capital - - 291
Net cash from financing activities - - 291
Net change in cash and cash equivalents (49) (70) 121
Cash and cash equivalents at beginning of period 208 87 87
Cash and cash equivalents at end of period 159 17 208 Notes to the condensed interim financial statements 1. General Information Basis of preparation and accounting
The financial information has been prepared on the historical
cost basis. The Company's business activities, together with the
factors likely to affect its future development, performance and
position are set out in the Chairman's Statement. This statement
also includes a summary of the Company's financial position and its
cash flows.
These condensed interim financial statements have been prepared
in accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union with the exception of
International Accounting Standard ('IAS') 34 - Interim Financial
Reporting. Accordingly the interim financial statements do not
include all of the information or disclosures required in the
annual financial statements and should be read in conjunction with
the Company's 2021 annual financial statements. 2. Earnings per
share
The calculation of the basic earnings per share is based on the
earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the year. The
calculation of diluted earnings per share is based on the basic
earnings per share, adjusted to allow for the issue of shares and
the post-tax effect of dividends and/or interest, on the assumed
conversion of all dilutive options and other dilutive potential
ordinary shares.
Reconciliations of the earnings and weighted average number of
shares used are set out below.
Six months Six months Year
to to ended
30 June 30 June 31
December
2023 2022
2022
(Unaudited) (Unaudited) (Audited)
(GBP'000) (GBP'000) (GBP'000)
Net loss attributable to equity holders of the company (62) (77) (156)
Number of shares Weighted average number of ordinary Shares for the purposes of basic 3,126,757 1,884,167 2,089,400
loss per share
Basic and diluted loss per share (pence) (1.98) (4.09) (7.46) 3. Events after the reporting date
There are no events after the end of the reporting date to
disclose.
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Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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ISIN: VGG9470B1004
Category Code: MSCM
TIDM: VVV
LEI Code: 213800OEUSH43X859D83
Sequence No.: 274682
EQS News ID: 1737141
End of Announcement EQS News Service
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