VVV Resources Limited

("VVV” or the “Company”)

 

Interim Results for the six months ended 30 June 2022

 

 

VVV Resources Limited (formerly Veni Vidi Vici Limited) announces its unaudited interim results for the six months ended 30 June 2022.

 

Overview

 

On the 24 March 2022 the Company had signed a conditional Share Purchase Agreement (“SPA”) with CASS FZE and Stella Investments Limited (both private companies, incorporated and registered in the United Arab Emirates) to acquire 100% of the entire issued share capital of Anthony Vartkes Resources Limited, a BVI-registered company.  On completion of the SPA, VVV will hold a 100% interest in the Mitterberg Copper Project in Austria and the remaining 49% interest in the Shangri La polymetallic project in Western Australia. 

The Shangri La Project is a gold-copper-silver project comprising a polymetallic hydrothermal quartz vein type deposit covering an area of 10 hectares. The Shangri La Project is located 10 kilometres west of Kununurra, the central town of the Northeast Kimberley region in Western Australia.

 

Mr Lester Kemp, David Rigoll & Simon Clarke have resigned as Director in July & October 2022. At the same time, Mr Malcolm Macleod & Jim Williams were appointed as Directors in September and October 2022, respectively.

A number of projects in Western Australia are currently being reviewed, and shareholders will be provided with further news on these in the year end Report.

Financial Review

The loss for the period to 30 June 2022 was £77,000 (30 June 2021 - £ 134,000 and 31 December 2021 - £431,000 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 2022, the Company had cash balances of £17,000 (30 June 2021 - £ 346,000 and 31 December 2021 - £87,000).

The interim accounts to 30 June 2022 have not been reviewed by the Company’s auditors.

 

Mahesh s/o Pulandaran

Director

31 October 2022

 

The directors of the Company accept responsibility for the contents of this announcement.

 

 

For further information please contact:

 

The Company Mahesh s/o Pulandaran	+65 6438 8995
AQSE Growth Market Corporate Adviser: Peterhouse Capital Limited Guy Miller/Mark Anwyl	+44 (0) 20 7469 0936

 

Unaudited Condensed Company Statement of Comprehensive Income
for the six months ended 30 June 2022

 

		6 months to	6 months to	Year ended
		30 June 2022	30 June 2021	31 December 2021
		Unaudited	Unaudited	Audited
	Notes	£’000	£’000	£’000
Continuing operations
Revenue
Investment income		-	-	-
Total gains on AFS investments		-	-	-
Administrative costs		(77)	(134)	(431)
Share based payments		-	-
Operating (loss)		(77)	(134)	(431)
Finance costs				-
(Loss) before tax		(77)	(134)	(431)
Taxation				-
(Loss) for the period		(77)	(134)	(431)
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 parent company		(77)	(134)	(431)
(Loss) per share:
Basic and diluted (loss) per share (pence)	2	(4.09)	(7.12)	(22.87)

 

Unaudited Condensed Company Statement of Financial Position
as at 30 June 2022

 

		30 June 2022	30 June 2021	31 December 2021
		Unaudited	Unaudited	Audited
	Notes	£’000	£’000	£’000
ASSETS
Non-current assets
Intangible assets		136	136	136
		136	136	136
Current assets
Trade and other receivables		34	7	22
Cash and cash equivalents		17	346	87
		51	353	109
Total assets		187	489	245
LIABILITIES
Current liabilities
Trade and other payables		(116)	(44)	(97)
Total current liabilities		(116)	(44)	(97)
Total liabilities		(116)	(44)	(97)
Net Assets		71	445	148
EQUITY
Equity attributable to equity holders of the parent
Share capital		-	-	-
Share premium account		863	863	863
Share based payment reserve		26	26	26
Retained earnings		(818)	(444)	(741)
Total equity		71	445	148

 

Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2022

 

	Share capital	Share premium	Share based payment reserve	Retained earnings	Total attributable to owners of parent
Audited	£'000	£'000	£'000	£'000	£'000
At 31 December 2020	-	643	26	(310)	359
Loss for the period	-	-	-	(431)	(431)
Total comprehensive income	-	-	-	(431)	(431)
Issue of share capital	-	220	-	-	220
Transactions with owners of the company	-	220	-	-	220
At 31 December 2021	-	863	26	(741)	148
Unaudited
At 31 December 2021	-	863	26	(741)	148
Loss for the period	-	-	-	(77)	(77)
Total comprehensive income for the period	-	-	-	(77)	(77)
Issue of share capital	-	-	-	-	-
Transactions with owners of the company	-	-	-	-	-
Balance at 30 June 2022	-	863	26	(818)	71

 

Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2022

 

	6 months to	6 months to	Year to
	30 June 2022	30 June 2021	31 December 2021
	Unaudited	Unaudited	Audited
	£’000	£’000	£’000
Cash flows from operating activities
Operating (loss)	(77)	(134)	(431)
Adjustments for:
Share based payment charge	-	-	-
Issue of shares to settle liabilities	-	-	-
Decrease/(increase) in trade and other receivables	(12)	11	(4)
(Decrease)/increase in trade and other payables	19	(25)	30
Net cash used in operating activities	(70)	(146)	(405)
Investing activities
Finance Costs	-	-	-
Investment in intangible assets	-	-	-
Net cash outflow in investing activities	-	-	-
Financing activities
Issue of share capital	-	220	220
Issue costs	-	-	-
Net cash from financing activities	-	220	220
Net change in cash and cash equivalents	(70)	74	(185)
Cash and cash equivalents at beginning of period	87	272	272
Cash and cash equivalents at end of period	17	346	87

 

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 to	Six months to	Year ended
	30 June 2022	30 June 2021	31 December 2021
	(Unaudited)	(Unaudited)	(Audited)
	(£’000)	(£’000)	(£’000)
Net loss attributable to equity holders of the company	(77)	(134)	(431)
Number of shares Weighted average number of ordinary Shares for the purposes of basic loss per share	1,884,167	1,884,167	1,884,167
Basic and diluted loss per share (pence)	(4.09)	(7.12)	(22.87)

 

3.              Events after the reporting date

 

There are no events after the end of the reporting date to disclose.