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Quoted Micro 13 June 2022
AQUIS STOCK EXCHANGE
Psych Capital (PSY) floated on Aquis so that it can take advantage of the opportunities in the fast-growing psychedelic medicines sector. Management is seeking to invest in early-stage companies, where it can obtain a significant minority stake. Psych Capital raised £810,000 at 5p a share. Pro forma net assets are £2m. Psych Capital has cash of £872,000 following the flotation. There is an investment in Awakn Life Sciences Corp that was valued at £584,563 at the end of June 2021. The share price is declining, and it has reached C$0.96, valuing the stake at around £260,000 at the current exchange rate. The share price fell to 4p on 9 June before recovering to 4.75p (3.5p/6p). There is limited liquidity in the shares with a free float of around 11%. Fellow Aquis company Oscillate (MUSH) holds a 16.15% shareholding in Psych Capital. Chris Akers has increased his stake in Oscillate from 9.02% to 11.4%. He also has a 4.96% stake in Psych Capital.
Capital for Colleagues (CFCP) improved interim revenues from £198,000 to £216,000, while recognised fair value gains declined from £1.04m to £297,000. There were 14 investments at the end of the period and net assets were 68.38p a share at the end of February 2022.
Rural Broadband Solutions (RBBS) had 2,851 monthly fee-paying clients by mid-May. There was net cash of £1.2m at the end of 2021 and infrastructure funding is being negotiated.
Newbury Racecourse (NYR) reopened its hotel in January and more than 105,000 racegoers have visited the racecourse so far this year. There have benefits from the catering deal with Compass and new media rights arrangement start at the beginning of 2024, which will benefit that financial year. More will be spent on prize money. Newbury is debt free, and a special dividend has been paid out of proceeds from the sale of land for housebuilding. Annual dividends may recommence next year.
Quantum technology investment company Quantum Exponential (QBIT) has made three investments at a total cost of £1.16m since it floated. There are discussions with more potential investments. There has been further progress towards setting up a fund. Anthony Lyall has been appointed as investment manager and Anna Spandl as investment analyst.
Altona Rare Earths (ANR) says that it is on track for a maiden JORC resource statement for the Monte Muambe rare earths project in Mozambique. Four new drilling targets have been identified.
Ananda Developments (ANA) had net liabilities of £288,000 at the end of January 2022. There should be further news concerning the purchase of the other 50% of DJT Plants.
Tectonic Gold (TTAU) expects to deploy drill rigs in Queensland in the next few weeks following the rainy season.
RentGuarantor Holdings (RGG) has raised £1m from a 6% unsecured loan note issue, with chief executive Paul Foy subscribing for 50% of the issue. The cash will be spent on hiring staff and marketing.
Wishbone Gold (WSBN) has commenced drilling at the Wishbone II gold copper project in Northern Queensland.
Chapel Down Group (CDGP) non-exec Jamie Brooke has bought 327,000 shares at 30.48p each. Jonathan Neame has sold 2,000 shares in Shepherd Neame (SHEP) at 806p each.
Oberon Investments has increased its stake in TruSpine Technologies (TSP) from 7.93% to 10.9%.
EPE Special Opportunities (ESO) had a NAV of 307.13p a share at the end of May 2022.
Former Aquis-quoted proton beam therapy provider Rutherford Health is being placed in liquidation. There are Rutherford Cancer Centres in Newport, Reading, Liverpool and Northumberland, plus a community diagnostics centre in Somerset. It is unclear whether there will be any buyers interested in these assets. Schroder UK Public Private Trust (SUPP) bought the remaining Woodford stake at the end of 2019. It was valued in the books at £22.8m, which will be written off. That will reduce NAV by 2p a share.
AIM
Like-for-like sales growth at City Pub Group (CPC) was 5% in May and 20% ahead over the Jubilee Bank Holiday. Management took a decision to minimise price rises so that food and drink is still relatively affordable. Two new sites have been opened with two more opening over the next few weeks.
Learning and development products and services provider Mind Gym (MIND) fell into loss in the year to March 2022. Revenues were 24% ahead at £48.7m with US revenues growing even faster. Repeat revenues from customers that have bought products and services in the past three years were 86% of the total. Overheads are higher as management anticipates future growth in demand. There were also £500,000 of non-recuring costs. The investment in digital products and services will pay off in future years when profit is expected to grow sharply.
Greater demand for foreign exchange helped Ramsdens (RFX) to move back into profit in the first half. Jewellery retail and precious metals buying also grew revenues significantly. There was modest growth in pawnbroking revenues although the growth in the loan book means that there will be a higher rate of increase in the second half. Overall revenues were £29.3m, up from £19.3m, and there was a pre-tax profit of £2.2m.
Nexus Infrastructure (NEXS) improved interim revenues from £63.7m to £80.3m and the order book is 7% higher at £306.7m. Civil engineer Tamdown’s revenues were more than one-quarter higher while utilities connections business TriConnect reported a small increase in revenues. The biggest increase came from the eSmart Networks business, but that is still less than 11% of group revenues. Nexus is on course to improve full year pre-tax profit from £2.5m to £5.7m.
Open Orphan (ORPH) has an order book worth £64.25m at the end of May 2022. Open Orphan secured a £14.7m contract for an influenza characterisation study and a follow-on human challenge study. The second half is expected to be stronger than the first and the clinical trials services provider should move into profit this year.
Electrical goods retailer Marks Electrical (MRK) reported its first full year results since flotation last November. In the year to March 2022, revenues increased 44% to £80.5m. Underlying earnings were 5.01p a share and the maiden final dividend is 0.67p a share. The company is gaining market share in the domestic appliance and televisions markets and revenues have grown by one-fifth in the first couple of months of this financial year. Brand recognition is improving, but the overall market is likely to be tough. Expanding the product range is helping growth.
Interims from Hercules Site Services (HERC) reflect a period of consolidation for the staffing business. In the six months to March 2022, revenues improved from £14m to £20m, while pre-tax profit slumped from £954,000 to £31,000. Overheads were £2m higher in anticipation of growth in the coming years. The large staff supply contract for HS2 started later in the reporting period and demand will continue to grow. More suction excavators are being delivered and utilisation rates are high.
Greenland-focused AEX Gold Inc (AEXG) has signed non-binding terms for the creation of a joint venture with ACAM that will hold the group’s strategic mineral assets. ACAM will invest £18m for a 49% stake and AEX Gold will inject the non-gold assets and cover site support, logistics and overhead costs. There is an agreement to inject a further £10m on a pro rata basis as long as certain milestones are achieved. AEX Gold’s core asset is the 100% interest in the Nalunaq project, which includes a former producing gold mine.
Plant-based polymers developer Itaconix (LSE: ITX) had already warned that due to destocking 2021 revenues would fall from $3.29m to $2.6m, which is still double the 2019 figure. Itaconix remains lossmaking, but revenues should be much higher in 2022 due to the increased number of products using its ingredients. Revenues are expected to jump back to $4.7m and the loss could halve to $1m.
Rockwood Strategic (RKW) has acquired a 8.75% stake in window ventilators and parts manufacturer Titon Holdings (TON).
Northbridge Industrial Services (NBI), which is set to change its name to Crestchic, says that trading at the core power reliability business is better than the recently upgraded expectations. Previously full year earnings of 12.1p a share were forecast and this was raised to 13.4p a share.
STM (STM) pre-tax profit halved to £1.2m in 2021 and it is expected to recover to £2.9m this year. This will be helped by the completion of investment in IT that brings the personal pension businesses onto one platform. A flow of new SIPP business is anticipated.
Coral Products (CRU) has announced a final dividend of 0.2p a share, taking the total for the year to 1.1p a share. At 17.5p, the yield is 6.3%.
Eve Sleep (EVE) is outperforming a market that has fallen by 29% in the UK in the first four months of 2022 and by 37% in France. More funding is required even though Eve Sleep and a US-based investor was interested in bidding for the mattress supplier. Talks have ended but management is considering its options.
MAIN MARKET
Citius Resources (CRES) has an initial agreement for the potential acquisition of AUC Mining, which has the Kamalenge gold project in Uganda. The proposed £2m cost would be paid in shares at 4.625p each. More cash would have to be raised at the same time. Trading in the shares was suspended at 3p.
Standard list shell GS Chain (GSC) shares have reached a new high of 6.55p, having risen steadily since flotation on 13 May via an introduction at 1p a share. Net assets were less than 0.18p a share, so the share price is at a substantial premium.
Premium listed Ross Group (RGP) shares jumped from 1.45p to 1.7p following a placing raising £163,000 at 1.79p a share, which is still a premium to the higher market price. The previous placing in October was at 2.8p a share. Ross Group is effectively a shell that has an investment in an aquaculture business and is trying to develop its supply chain management business.
Andrew Hore
Ananda Developments #ANA – New appointments at DJT Plants Limited
Ananda is pleased to announce additions to the team within its operating subsidiary, DJT Plants. Since planting of the first seeds in February, operations at site have become more complex and, under the guidance of Stuart Piccaver, the team has been expanded to include:
- Mark Spurdens MBA, BSc, CMgr, FIFST – COO; Mark was previously Operations Director of two large UK horticultural businesses supplying the main supermarket chains. He brings this experience to build DJT Plant’s medical cannabis business. He has a strong track record in building cohesive and effective teams and in developing high care production facilities within complex supply chains.
- Steve Murray BSc, BASIS – Head of Cultivation; Steve was previously managing 1.4Ha of medical cannabis growing in the UK for a cultivator under contract to GW Pharmaceuticals. He has set up and run large scale farming and intensive pharmaceutical grade production systems. His practical experience will be invaluable as DJT Plants moves towards commercial growing, subject to appropriate Home Office licencing.
- Dr. Nigel Gale – Head of Plant Science; Nigel has extensive experience in Good Agricultural and Collection Practice (GACP) and EU-GMP with a proven track record in developing genetics and successfully cultivating for EU markets, including developing top-selling genetic cultivars for both the medical and recreational cannabis markets in Canada. Nigel has moved to the UK from Canada, where he was Head/Director of Cultivation for several Canadian Licensed Producers. During his time in Canada, Nigel regularly managed the cultivation of up to 100,000 cannabis plants. Nigel is also an Associate Editor of Frontiers in Soil Sciences and the International Journal of Plant Biology.
Mark, Steve and Nigel have already commenced work on site and have begun to fine tune both the nutrition and watering regimes for the plants. Each strain has its own needs, and these are now being identified and accounted for. The team is assessing the plants for genetic traits, which can be done visually by an experienced eye by analysing the size and shape of the leaves on each plant.
Preparations are now being made for the movement of plants from the research facility to the multi-chapelles, the structures where DJT Plants will be cultivating in trial commercial conditions. The team is also engaging with DJT Plants’ consultants on the commercial storage and manufacturing facility plans.
Melissa Sturgess, Chief Executive Officer of Ananda commented; “A warm welcome from all of us at Ananda and DJT to Mark, Steve and Nigel. Building a best-in-class multidisciplinary team will be the foundation of our commercial success and we particularly look forward to being able to draw on their vast combined experience where it will matter; excellence in plant science, excellence in practical execution and excellence in managing a complex business with, as I like to say, lots of moving parts. A good strategy is of little use without first class practical execution.”
Corporate
There remains one outstanding item to complete the Circular to shareholders for the purchase of the 50% of DJT Plants not already owned by Ananda. Once final sign off is obtained, the Circular will be posted to shareholders and the General Meeting called.
-Ends-
The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations |
+44 (0)7463 686 497 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Corporate Broking |
+44 (0)20 7469 0930 |
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
About Ananda Developments
Ananda is an AQSE-listed medical cannabis company creating UK-based operations to grow and provide carbon zero, consistent, medical cannabis for the UK and international markets.
The UK medical cannabis market is predicted to be worth £450m by 2025 and the European market is predicted to be worth USD4.2bn by 2027.
Quoted Micro 14 March 2022
AQUIS STOCK EXCHANGE
Aquis Exchange (AQX) has announced that it will be joining the Aquis Apex segment with VSA as its corporate adviser. Aquis Exchange will retain its AIM quotation. This follows Invinity Energy Systems (IES), which joined the Aquis Apex segment on 9 March. This includes the ordinary shares that are quoted on AIM, as well as quotations for short-term warrants and long-term warrants that are not traded on any other markets. VSA also plans to create an index that includes all the companies on the Aquis Apex segment called the VSA Capital AQSE Apex Index.
Majestic Corporation (MCJ) is a recycler of electronic waste with a focus on extracting the precious metals from the equipment and it was introduced to the Aquis access segment on Thursday. The share price opened at 30p and then fell back to the introduction price of 25p (20p/30p). The reason for the flotation is to gain access to potential funding via share issues. Gold, silver, copper and other metals can be extracted from the electronic waste. Most of the materials that the company recycles are sent to Japan for processing and re-use in manufacturing. In the six months to June 2021, revenues increased from $14.4m to $15.5m, while pre-tax profit improved from $312,000 to $766,000. There was $1.89m in the bank at the end of June 2021 and an additional $233,000 owed by the chief executive. There are also import loans of $2.11m.
Good Energy (GOOD) investee company Zap-Map has linked up with the RAC so that it can be better placed to help electric vehicle drivers. Zap-Map will be used by 1,600 RAC patrols. The 2021 figures will be published on 29 March.
Goodbody Health Inc (GDBY) says 2021 revenues are expected to be around £17m, helped by PCR testing. That will drop off, but the revenues in the first two months of 2020 were £3.8m. There is likely to be a dip in interim revenues, but new products and services will help growth in the second half. Blood testing services have been launched in the clinic network.
Ananda Developments (ANA) says five seeds of each of 13 strains of cannabis have been planted by DJT Plants. Nine cuttings will be taken from each plant and then replanted. The shareholder circular for the acquisition of the 50% of DJT that is not owned by Ananda should soon be completed.
BWA Group (BWAP) has raised up to £500,000 at 0.6p a share. The cash will be used for exploration programmes at the Nkoteng and Dehane heavy mineral sands areas in Cameroon. This should produce initial mineral resources.
KR1 (KR1) is participating in the Interlay crowdloan and Polkadot (DOT) parachain auction. Interlay is building interBTC a Bitcoin-backed asset that enables interoperability between multiple blockchains while being resistant to censorship. KR1 contributed 250,000 DOT and this will be returned after 96 days. INTR tokens will then be issued. KR1 has also invested $509,224 in Interlay Seed-2 shares. It already owns 1,060 Seed-1 shares.
Altona Rare Earths (ANR) is not going ahead with the Malawi-based Chambre rare earths project joint venture and the potential partner’s representative on the Altona board Hilton Banda has resigned.
Walls and Futures REIT (WAFR) has launched Pax Homes, which provides homes for people with autism and their families.
AIM
Destiny Pharma (DEST) has raised £6m, with a possible £1m more to come from an open offer, at 50p a share. The companies c.diff prevention treatment NTCD-M3 addresses a market worth more than $1bn. There is a good chance that a partner can be secured this year. There is more than one pharma company that is interested. The XF-73 treatment for the prevention of post-surgical infections requires further feedback from the FDA for its phase 3 trial in the US.
MTI Wireless Edge (MWE) is closing its Russian business and that will slow progress this year, but profit should still grow. In 2021, revenues increased 6% to $43.2m, while higher transport costs and exchange rate movements meant that pre-tax profit was flat at $4.04m. Russia accounted for 6% of revenues and 5% of profit. In 2022, pre-tax profit is expected to be $4.55m.
Delivered ready meals company Parsley Box (MEAL) is raising raised £5.9m at 20p a share – 90% of the original placing price less than one year ago. An open offer could raise up to £1.1m. Revenues are expected to be flat this year, but if the cash is invested successfully then growth could accelerate.
Restaurants and bars operator Various Eateries (VARE) says trading continues to follow an improving trend following lockdowns in the past two years. In the year to 3 October 2021, revenues were 36% ahead at £22.3m and the total loss was £3.7m. That was after £2.5m of insurance proceeds. One consequence of the Covid lockdowns is that there are more potential sites available at lower rents than in the past. Coppa Clubs are hybrids that offer a bar, restaurant, event space and, on some sites, hotel rooms and more sites are being opened. As yet, Italian restaurants brand Tavolino has not opened any more sites. A new pasta restaurant concept called Noci is being launched in Islington and the prospects will be assessed.
Harvest Minerals (HMI) says that it had fertiliser orders totalling 30,161 tonnes by the end of February 2022. That is one-fifth of the sales target for the whole of 2022. There are plans to increase capacity to 200,000 tonnes a year.
Managed IT services provider CloudCoCo (CLCO) reported flat revenues of £8.1m in the year to September 2021 and reduced the loss. Contributions from recent acquisitions and organic growth will help the figures to improve this year. Monthly profitability is targeted by the end of the current financial year. A contract worth £3m over three years has been secured. Further acquisitions should supplement growth.
ThinkSmart (TSL) reported a small underlying profit in 2021. Net cash is £7m, although the main asset is 618,750 shares in Block Inc following its takeover of Afterpay. The legacy lending business is being wound down and there is still income from operating a call centre for Afterpay. Net assets were equal to 75p a share, but in recent months the Block share price has been in decline, so the NAV is lower.
Concrete levelling equipment supplier Somero Enterprises Inc (SOM) reported profit in line with expectations. Revenues increased from $88.6m to $133.3m with strong growth in North America. The supplemental dividend is 22 cents a share and the total dividend for the year is 50.7 cents a share. Growth is likely to slow this year.
NWF (NWF) is benefiting from the volatility of the oil price and additional demand for the fuels division. There have been no supply problems. Feeds price rises are covering cost increases and raw materials have been forward purchased, while the food distribution business is performing as planned. Full year figures will be significantly ahead of expectations.
MAIN MARKET
Gresham Technologies (GHT) increased full year revenues from £24.8m to £37m in 2021, including a £5.6m contribution from last year’s acquisition Electra. Underlying pre-tax profit improved from £1.8m to £4m. The final dividend was maintained at 0.75p a share. There is cash of £9.1m. The core Clareti financial control and data integrity software generated organic growth of 28%. New customers and existing clients spending more is combining to enable strong increases in Clareti revenues. Contracted revenues for 2022 have already reached £37m compared with a full year forecast of £42m. A 2022 pre-tax profit of £5.1m is forecast.
Codex Acquisitions (CODX) did not get off to a good start when it joined the standard list on Wednesday because its website was not working. Codex raised £850,000 at 10p a share. The share price did go to a premium, but the bid/offer spread was 10p/20p. It appears that there were 50 shares traded during the week. The cash shell has effectively been set up by Codex Capital and most of the shares are owned by eight shareholders, including one of the non-exec directors. The NAV is 8.2p a share. The focus of the cash shell is clean and renewable energy assets, particularly infrastructure assets.
Online furniture and housewares retailer Made.com (MADE) increased full year gross revenues by 38% but it still lost money. A 2022-23 pre-tax profit of £8.3m is forecast, even though revenues growth is likely to be slower than previously thought.
Cloudbreak Discovery (CDL) has secured an option on the Icefall project in British Columbia with 1311516 BC Ltd, which will spend C$700,000 over three years to secure a 75% interest in the project. It will also pay Cloudbreak a total of C$120,000 in cash and issue two million shares.
Fragrant Prosperity Holdings (FPP) is not going ahead with the proposed acquisition of cannabis company CiiTECH.
Andrew Hore
Ananda Developments #ANA – Shareholder Update
Ananda’s ambition is to be a leading UK grower and provider of high quality, consistent, carbon zero medical cannabis for the UK and international markets.
The Directors of Ananda provide the following update to shareholders.
Commencement of medical cannabis cultivation
The first cannabis seeds were planted yesterday at Ananda’s 50% owned company, DJT Plants Limited’s (“DJT Plants”) medical cannabis research facility. Dr Hadar Less, DJT Plants’ Lead Geneticist, and team have now started the first stage of the research programme.
The research programme is designed to create a library of stable cannabis genetics in order to ‘match’ cannabis plant profiles with clinical indications. The research plan involves self-crossing a selection of cannabis strains for six generations and then conducting field trials in the multi-chapelle structures to determine which stable strains produce chemovars with desired metabolic profiles and which thrive in DJT Plants’ growing conditions.
Ananda’s ultimate ambition is to be a commercial grower and provider of high quality, consistent cannabis medicines. There are currently around 12,000 medical cannabis patients in the UK (up from around 3,000 when DJT’s licence was granted), currently being prescribed a combination of medical cannabis flower and oils. All of these unlicenced cannabis medicines are currently imported. The directors of Ananda believe that there is an unmet need for high quality, consistent medical cannabis grown in the UK, which meets the Medicines and Healthcare products Regulatory Agency (MHRA) Good Manufacturing Practice (GMP) standards.
Acquisition of the 50% of DJT Group Limited not already owned by Ananda (“Acquisition”)
The Acquisition process is largely complete, and the Company expects to post the relevant circular to shareholders shortly.
Since announcing the Acquisition, the parties (Ananda and Anglia Salads Limited) have been working as one team to execute the construction and commissioning of the research facility. Weekly Executive Committee calls take place and more recently Operations calls have also been initiated. As a result of the experience of the past eight or so months it has been decided by DJT Plants and Ananda that Stuart Piccaver and Simon Goddard will take the positions of Chairman of DJT Plants and CFO of DJT Plants, respectively. They will both also join the board of Ananda as executive directors. Initially it was contemplated that Stuart would be appointed as Ananda’s Joint CEO and that Simon would be Ananda’s CFO. However, it is the view of all parties that this revised structure will allow Stuart to be more focused on DJT Plants, as Ananda’s most important operating entity, whilst Melissa Sturgess will maintain responsibility for public company matters. Simon’s expertise in financial operations management is crucial and his energy is also agreed to be best focused at the DJT Plants level.
Melissa Sturgess, Ananda’s CEO, commented: “Since receiving our licence to grow medical cannabis for research in May 2021, our site team has reviewed and revised the plans which were submitted to the Home Office in October 2019, completed detailed drawings, finalised costings, commenced and completed construction and commissioned our medical cannabis research facility and multi-chapelle growing structures. Credit goes to Stuart Piccaver and his team, in particular Phil Hubbert, who have delivered this result. They have used their 25 plus years’ experience in constructing high-care horticultural facilities to ensure execution of this stage of the project. We do not underestimate the importance of team loyalty, local knowledge and the strength of existing supplier relationships which has seen timely construction during well-known COVID supply chain challenges.
We have all worked very well together as a cohesive and cooperative unit, over the past 8 months in particular. As we continue towards our clear objective of growing and providing high quality, consistent UK grown cannabis medicines to patients in need, we are mindful that we are transitioning from an ‘ideas’ company to an ‘operating’ company and that a results oriented, best in class multi-disciplinary team will be one of the keys to our success.”
Ananda Developments #ANA – Exercise of Warrants
EXERCISE OF WARRANTS
Ananda announces that 416,351 ordinary shares of 0.2p each in the Company (“Ordinary Shares”) have been issued following the exercise of warrants at 0.45p per share.
Application will be made for the new Ordinary Shares to be admitted to trading on the Access segment of the AQSE Growth Market and admission is expected to become effective on Tuesday, 8 February 2022.
Following this issue, the Company has 798,931,821 Ordinary Shares in issue, each share carrying the right to one vote.
This figure of 798,931,821 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
Alan Green covers Petroteq #PQE and Ananda Developments #ANA on this week’s Stockbox Research Talks
Alan Green covers Petroteq #PQE and Ananda Developments #ANA on this week’s Stockbox Research Talks.
Ananda Developments #ANA – Exercise of Warrants
Ananda announces that 16,863 ordinary shares of 0.2p each in the Company (“Ordinary Shares”) have been issued following the exercise of warrants at 0.45p per share.
Application will be made for the new Ordinary Shares to be admitted to trading on the Access segment of the AQSE Growth Market and admission is expected to become effective on Tuesday, 11 January 2022.
Following this issue, the Company has 797,579,590 Ordinary Shares in issue, each share carrying the right to one vote.
This figure of 797,579,590 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
Ananda Developments #ANA – Interim Results to 31 July 2021
Unaudited Interim Results for the six months ended 31 July 2021
The Directors present the interim results of Ananda Developments Plc for the period from 1 February 2021 to 31 July 2021.
These interim results have not been audited nor have they been reviewed by the Company’s auditors under ISRE 2410 of the Auditing Practices Board.
UPDATE ON INVESTMENTS AND ACTIVITIES
Ananda’s ambition is to be a UK-based grower of carbon neutral, consistent, high quality medical cannabis for domestic and international markets.
ICAN Israel Cannabis Limited (“iCAN”)
In the period under review, iCAN has expanded its conference platform and increased the number of companies in its incubator group. Since the end of the reporting period, iCAN has transitioned to an online offering to maintain revenue streams during the COVID-19 pandemic. The Company has converted its convertible debt into additional equity in iCAN.
Liberty Herbal Technologies Limited (“LHT”)
LHT launched hapac®, a dry herb medicinal cannabis inhaling technology, in Italy in late 2018. LHT was founded by ex-British American Tobacco executives from the e-cigarette innovation and sales divisions, who bring with them a deep understanding of strict regulatory environments and the procedures and protocols required to develop and commercialise technologies of this nature. Sales increased from launch however due to COVID they stagnated and fell during mid 2020. The Italian operations remain open, ready for relaunch when COVID allows, and the company continues to refine the dry herb vaping device and explore opportunities to grow the business in the North American, European and UK markets.
Tiamat Agriculture Limited (“TAL”) and DJT Group Limited (“DJT”)
TAL is a wholly owned subsidiary of the Company and DJT is owned 50% by TAL and 50% by TAL’s joint venture partners Anglia Salads Limited and JEPCO Marketing Limited (together, “JEPCO”). DJTG is the 100% owner of DJT Plants Limited (“Plants”)
In October 2019, Plants submitted its application to the Home Office Drugs and Firearms Licencing Unity (“DFLU”) to grow >0.2% THC cannabis in Lincolnshire. Throughout the year Plants and its advisors continued to correspond with DFLU officials in order to progress the licence application through the various phases to the current position of awaiting a site visit from the DFLU. The Home Office made a physical site visit on 17 March 2021 and the Licence was received on 17 May 2021.
On 15 February 2021, Ananda announced that it had raised £300,000 for the build out of its research facility at the Licence location. As reported to shareholders at the time, these funds were set aside for the build out. DJT Plants will therefore immediately commence the build out and commissioning of the research facility.
On 8 June 2021, Ananda announced that it had entered into a non-binding Heads of Terms for the proposed acquisition by Ananda of the 50% shareholding in DJT currently owned by JEPCO. This transaction is ongoing.
On 14 July 2021, Ananda announced that it had raised £550,000 by way of the issue of 1p convertible loan notes (“CLNs”) with a fixed life of 2 years and an interest rate of 12.5%. The interest accrued on these notes will be rolled up and satisfied by the issue of ordinary shares at the end of the 2-year terms. The proceeds from the issue of the CLNs will be used to fund the ongoing build of Plants’ cannabis cultivation and research facility.
On behalf of the board
Melissa Sturgess, Chief Executive Officer
21 October 2021
| 6 months to 31 July 2021
Unaudited |
Year ended 31 January 2021 Audited |
6 months to 31 July 2020
Unaudited |
||
| Note | £ | £ | £ | |
| Administrative expenses | (688,498) | (496,110) | (151,089) | |
| Interest received | – | 114 | 114 | |
| Loss from operations | (668,498) | (495,996) | (150,975) | |
| Taxation | – | – | – | |
| Foreign Exchange Translation Gain / (Loss) | 1 | (149) | (887) | 1,157 |
| Total loss for the period | (688,647) | (495,109) | (149,818) |
| Earnings per share | ||||
| Basic and diluted earnings per share (pence) | 2 | (0.10p) | (0.11p) | (0.07p) |
There was no other comprehensive income in the period.
| 6 months to 31 July 2020
Unaudited |
Year ended 31 January 2021 Audited |
6 months to 31 July 2020
Unaudited |
||
| £ | £ | £ | ||
| Fixed assets | ||||
| Investments | 1,313,811 | 1,280,618 | 1,401,250 | |
| 1,313,811 | 1,280,618 | 1,401,250 | ||
| Current assets | ||||
| Debtors | 50,000 | 12,718 | 28,672 | |
| Cash at bank and in hand | – | – | 3,638 | |
| Total current assets | 50,000 | 12,718 | 32,310 | |
| Creditors: amounts falling due within one year | 863,564 | 462,299 | 308,898 | |
| Net current assets | (813,564) | (449,581) | (276,588) | |
| Total assets less current liabilities | 500,247 | 831,037 | 1,124,662 | |
| Capital and reserves | ||||
| Share capital | 1,589,004 | 928,278 | 882,194 | |
| Share premium | 766,336 | 689,229 | 689,229 | |
| Share option reserve | 67,361 | 447,337 | 441,755 | |
| Retained earnings | (1,922,454) | (1,233,807) | (888,516) | |
| Total equity and liabilities | 500,247 | 831,037 | 1,124,662 | |
The interim financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
Melissa Sturgess
Chief Executive Officer
[
21 October 2021
| Share Capital | Share Premium | Share Option Reserve | Retained Earnings | Total | |
| £ | £ | £ | £ | £ | |
| As at 1 February 2021 | 928,278 | 689,229 | 447,337 | (1,233,807) | 831,037 |
| Total comprehensive loss for the period | – | – | – | (688,647) | (688,647) |
| Proceeds from share issue | 660,726 | 77,107 | – | – | 737,833 |
| Issue of share options | – | – | (379,976) | – | (379,976) |
| Balance at 31 July 2021 | 1,589,004 | 766,336 | 67,361 | (1,922,454) | 500,247 |
| Share Capital | Share Premium | Share Option Reserve | Retained Earnings | Total | |
| £ | £ | £ | £ | £ | |
| As at 1 February 2020 | 836,111 | 689,229 | 441,755 | (738,698) | 1,228,397 |
| Total comprehensive loss for the year | – | – | – | (495,109) | (495,109) |
| Proceeds from share issue | 92,167 | – | – | – | 92,167 |
| Issue of share options | – | – | 5,582 | – | 5,582 |
| Balance at 31 January 2021 | 928,278 | 689,229 | 447,337 | (1,233,807) | 831,037 |
| Share Capital | Share Premium | Share Option Reserve | Retained Earnings | Total | |
| £ | £ | £ | £ | £ | |
| As at 1 February 2020 | 836,111 | 689,229 | 441,755 | (738,698) | 1,228,397 |
| Total comprehensive loss for the period | – | – | – | (149,818) | (149,818) |
| Proceeds from share issue | 46,083 | – | – | – | 46,083 |
| Balance at 31 July 2021 | 882,194 | 689,229 | 441,755 | (888,516) | 1,124,662 |
The following describes the nature and purpose of each reserve within owners’ equity:
| Reserve | Description and purpose |
| Share capital | This represents the nominal value of shares issued. |
| Share premium | Amount subscribed for share capital in excess of nominal value. |
| Retained earnings | Cumulative net gains and losses recognised in the statement of comprehensive income. |
ACCOUNTING POLICIES
General information
Ananda Developments Plc’s interim financial statements are presented in British Pound Sterling (GBP) which is the functional currency of the parent company. These interim financial statements were approved for issue by the Board of Directors on 21 October 2021.
The financial information set out in these interim financial statements does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Company’s statutory financial statements for the year ended 31 January 2021 have been filed with the Registrar of Companies. The auditor’s report on those financial statements was unqualified and did not contain a statement under Section 498(2) of the Companies Act 2006.
These interim results have not been audited nor have they been reviewed by the Company’s auditors under ISRE 2410 of the Auditing Practices Board.
Basis of preparation
These interim financial statements are for the six month period ended 31 July 2021. They have been prepared following the recognition and measurement principles of FRS 102. They do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements for the period ended 31 January 2021.
These interim financial statements have been prepared on a going concern basis which the Directors believe to be appropriate.
These interim financial statements have been prepared in accordance with the accounting policies adopted in the financial statements for the period ended 31 January 2021.
1. Foreign currency transactions
Transactions in foreign currencies are translated to GBP at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to GBP at the exchange rate on that date. Foreign exchange differences arising on translation are recognised in the statement of comprehensive income.
2. Earnings per share
The calculation of earnings per share is based on the loss attributable to ordinary shareholders divided by the average number of shares in issue during the period.
The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess |
+44 (0)7717 573 235 ir@anandadevelopments.com |
| Investor Relations Jeremy Sturgess-Smith |
|
| PETERHOUSE CAPITAL LIMTED Corporate Finance Mark Anwyl Guy Miller |
+44 (0)20 7469 0930 |
| Corporate Broking Lucy Williams Duncan Vasey |
|
| CELICOURT COMMUNICATIONS Mark Antelme Ollie Mills |
+44 (0)20 7520 9266 |
Market Abuse Regulation (MAR) Disclosure
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. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
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