TIDMDERR
RNS Number : 5747A
Derriston Capital PLC
12 September 2018
DERRISTON CAPITAL PLC
("Derriston" or "the Company")
Interim Report for the 6 months ended 30 June 2018
Derriston Capital (LSE: DERR) announces its unaudited interim
financial results for the six months ended 30 June 2018.
Period highlights
-- Cash of GBP2,104,034 at period end
-- On 30 May, Derriston announced the conditional acquisition of
S4 Capital Limited ('S(4) Capital'), a newly incorporated company
substantially backed by Sir Martin Sorrell
-- Trading in the Company's shares was suspended
Post period highlights
-- On 10 July, the Company announced S(4) Capital had acquired MediaMonks Multimedia Holding B.V. ("MediaMonks"). MediaMonks has revenues of c.EUR110 million and operates in 10 countries with clients including adidas, Amazon, GE, Google, Hyundai, JAB, Johnson & Johnson, Netflix, 3G and Weber
-- On 11th September, the Company published a prospectus and
circular detailing the acquisition of S(4) Capital and convening a
general meeting on 27 September 2018
-- Derriston's acquisition of S(4) Capital is conditional, inter
alia, on the publication of a prospectus, the passing of the
Whitewash Resolution by independent shareholders as described in
the announcement on 11 September and the re-admission of its shares
to listing on the standard segment of the Official List which is
expected to take place on 28 September
Harry Hyman, Chairman of Derriston said: "We are delighted to
have reached agreement with S(4) Capital, and their merger with
MediaMonks, one of the world's most exciting and progressive
digital media agencies."
For information please contact:
Walbrook PR Ltd Tel: 020 7933 8780 or derriston@walbrookpr.com
Paul McManus Mob: 07980 541 893
CHAIRMAN'S REPORT
Introduction
I am pleased to present the unaudited interim results for the
period ended 30 June 2018.
During the period, Derriston recorded a loss of GBP138,086, and
had cash assets at period end of over GBP2.1 million.
Outlook
On 30 May we announced the conditional acquisition of S(4)
Capital Limited ('S(4) Capital'), a newly incorporated company
which had recently completed a GBP51 million equity fund raise, of
which Sir Martin Sorrell contributed GBP40 million with the balance
of the funds coming from institutional and other investors.
The deal meant a change in the Company's corporate strategy into
building a multi-national communication services business and a
proposed name change to S(4) Capital plc. The time required to
publish a prospectus with full details of the deal lead to trading
in the Company's shares being suspended.
Post period end, on 10 July 2018, it was announced S(4) Capital
has acquired MediaMonks Multimedia Holding B.V. ("MediaMonks").
MediaMonks has revenues of c.EUR110 million and operates through 11
offices in 10 countries spanning the United States, the United
Kingdom, Continental Europe, Asia, Latin America and the Middle
East. The combined group, with over 750 people, has clients
including adidas, Amazon, GE, Google, Hyundai, JAB, Johnson &
Johnson, Netflix, 3G and Weber. MediaMonks services include digital
experiences, product, content and ecommerce.
The merger represents the first deal by S(4) Capital to create a
new era, new media solution embracing data, content and technology.
Following publication of a prospectus by the Company on 11th
September, Derriston's acquisition of S(4) Capital is conditional,
inter alia, on the publication of a prospectus, the passing of the
Whitewash Resolution by independent shareholders as described in
the announcement on 11 September and the re-admission of its shares
to listing on the standard segment of the Official List, which is
expected to take place on 28th September.
Harry Hyman
Chairman
11 September 2018
INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE 6 MONTHS TO 30
JUNE 2018
Period ended
30 June 2018
(Unaudited)
Notes GBP
Revenue 2 -
General & administrative expenses (144,167)
-------------------
Loss from operations before interest (144,167)
Interest income 6,081
--------------------
Loss before tax (138,086)
Tax -
---------------------
Retained Loss after tax for the
period (138,086)
=============
Retained loss attributable to:
Owners of the company (138,086)
-------------------
Loss for period (138,086)
=============
Total comprehensive loss attributable
to:
Owners of the company (138,086)
---------------------
Total comprehensive loss for the
period (138,086)
=============
Loss per share
Basic and diluted 3 (0.6p)
INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018
As at
30 June 2018
(Unaudited)
Notes GBP
ASSETS
Current assets
Cash and cash equivalents 2,104,034
-----------------------
TOTAL ASSETS 2,104,034
============
EQUITY
Share capital 4 625,000
Share premium reserve 1,689,250
Retained loss (294,095)
------------------------
TOTAL EQUITY 2,020,155
============
CURRENT LIABILITIES
Trade and other payables 83,879
----------------------
TOTAL EQUITY AND LIABILITIES 2,104,034
============
INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS TO 30
JUNE 2018
Share
Share premium Retained Total
capital account loss equity
GBP GBP GBP GBP
Balance at 1 January
2018 625,000 1,689,250 (156,009) 2,158,241
Loss for the period - - (138,086) (138,086)
------------------- ---------------------- ---------------------- ----------------------
Balance at 30 June
2018 625,000 1,689,250 (294,095) 2,020,155
========= ============ ============ ============
INTERIM STATEMENT OF CASH FLOWS FOR THE 6 MONTHS TO 30 JUNE
2018
Period ended
30 June 2018
(Unaudited)
GBP
Cash flow from operating activities
Loss for the period (138,086)
-------------------------
Operating cash flows before movements
in working capital
Interest income (6,081)
Increase in receivables 4,852
Increase in payables 65,226
----------------------
Net cash flow from operating activities 63,997
Cash flow from investing activities
Interest income 6,081
------------------------
Net cash flow from investing activities 6,801
Cash flow from financing activities
Net proceeds from issue of share capital -
------------------------
Net cash flow from financing activities -
Net cash outflow for the period (68,008)
----------------------
Cash and cash equivalents at start of
period 2,172,042
-----------------------
Cash and cash equivalents at end of period 2,104,034
============
NOTES TO THE UNAUDITED INTERIM REPORT FOR THE 6 MONTHS ENDED 30
JUNE 2018
1. BASIS OF PREPARATION
The interim financial statements have been prepared on a going
concern basis and in accordance with the recognition and
measurement principles of International Financial Reporting
Standards adopted for use in the European Union ("IFRS").
The interim financial statements for the period ended 30 June
2018 have not been audited and do not constitute statutory accounts
within the meaning of section 434 of the Companies Act 2006.
This Interim Financial Report was approved by the Board of
Directors on 11(th) September 2018.
Statement of compliance
These condensed consolidated interim financial statements have
been prepared in accordance with International Accounting Standard
("IAS") 34 - Interim Financial Reporting as adopted by the European
Union. Accordingly, the interim financial statements do not include
all of the information or disclosures required in the annual
financial statements.
2. TURNOVER AND SEGMENTAL ANALYSIS
All of the Company's activity and income and expenses in the
period ended 30 June 2018 were incurred in the United Kingdom, and
relate to Derriston's ongoing investment activities.
3. LOSS PER SHARE
The calculation of the basic and diluted earnings per share is
based on the following data:
Period to
30 June
2018
Earnings
Earnings for the purposes of basic earnings
per share net loss for the
period attributable to equity holders
of the company (138,086)
Number of shares
Weighted average number of ordinary shares
in issue 25,000,000
The denominator for the purpose of calculating the basic
earnings per share has been adjusted to reflect all capital
raisings.
4. SHARE CAPITAL Number of Nominal value Premium
shares GBP GBP
Issued and Fully Paid:
As at 30 June 2018 25,000,000 GBP625,000 GBP1,689,250
The nominal value of the
shares is GBP0.025.
5. AVAILABILITY OF INTERIM RESULTS
Copies of the Interim Results for the period to 30 June 2018 are
available from the Company's registered address and will be
available on the Company's website, later today.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR SFAFFEFASESU
(END) Dow Jones Newswires
September 12, 2018 07:12 ET (11:12 GMT)
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