TIDMWJA
RNS Number : 5380X
Wameja Limited
01 September 2020
Appendix 4D
Wameja Limited
ABN 59 052 947 743
Half-year report and appendix 4D for the half-year ended 30 June
2020
The half-year financial report does not include notes of the
type normally included in an annual financial report and should be
read in conjunction with the 31 December 2019 financial report.
Half-year report & Appendix 4D for the half year ended
30 June 2020
Contents
Results for announcement to the market 1
Directors' report 2
Auditor's independence declaration 5
Independent review report 6
Directors' declaration 8
Condensed consolidated statement of profit or loss and other
comprehensive income 9
Condensed consolidated statement of financial position 10
Condensed consolidated statement of changes in equity 11
Condensed consolidated statement of cash flows 12
Notes to the condensed consolidated financial statements 13
Results for announcement to the market
Results A$ '000
Loss after tax from ordinary activities
attributable to members down 70% to 3,205
Loss after tax attributable to members down 70% to 3,205
------------------------------------------- ---------------------- --------------- --------- -------
Dividends (distributions) Amount per Franked amount
security per
security
--------------------------------------- ------------------
Current period
Interim dividend declared Final dividend
paid Nil c Nil c 0%
0%
----------------------------------------------------------------------------------- ------------------
Previous corresponding period (i)
Interim dividend declared Final dividend
paid Nil c Nil c 0%
0%
----------------------------------------------------------------------------------- ------------------
Record date for determining entitlements N/A
to the dividend.
Brief explanation of Key Information and Dividends
The Company is partnering with Mastercard to build the HomeSend
global payments hub. HomeSend enables cross-border transfer between
bank accounts, cards, mobile wallets, or cash outlets from anywhere
in the world. As a founding partner in the HomeSend hub, Wameja
helped conceive and bring the opportunity to market. HomeSend is a
joint venture of Wameja (35.68%) and Mastercard (64.32%).
The net result of the consolidated entity from continuing and
discontinuing operations for the half year ended 30 June 2020 was a
loss after tax and minority interest for the period of $3.205
million (2019:
$10.434 million loss). Loss per share was 0.3 cents (2019: loss
per share 0.9 cents).
During the period, there was a net cash outflow of $6.331
million primarily resulting from a net outflow from investing
activities (mainly in relation to investment and advances to
HomeSend) of $6.090 million. Cash at 30 June 2020 was $5.305
million.
Directors' report
The Directors of Wameja Limited (the Company) submit herewith
the financial report of Wameja Limited and its controlled entities
(the Group) for the half-year ended 30 June 2020. In order to
comply with the provisions of the Corporations Act 2001, the
Directors report as follows:
Directors
The names of the Directors who held office during or since the
end of the half year are:
John Conoley Non-executive Chairman
James Brooke Non-executive Director Stephen Baldwin
Non-executive Director
James Hume Non-executive Director
Thomas Rowe Company Secretary and non-executive Director
Review of Operations
This report is to be read in conjunction with other reports
issued contemporaneously.
Wameja Limited is a public company listed on the Australian
Securities Exchange (ASX:WJA) and the London Stock Exchange (AIM)
(LSE:WJA).
The Company is partnering with Mastercard to build the HomeSend
global payments hub. HomeSend enables cross-border transfer between
bank accounts, cards, mobile wallets, or cash outlets from anywhere
in the world. As a founding partner in the HomeSend hub, Wameja
helped conceive and bring the opportunity to market. HomeSend is a
joint venture of Wameja (35.68%) and Mastercard (64.32%).
The net result of the consolidated entity from continuing and
discontinued operations for the half year ended 30 June 2020 was a
loss after tax and minority interest of $3.205 million (2019:
$10.434 million loss). Loss per share was 0.3 cents (2019: loss per
share 0.9 cents).
During the period, there was a net cash outflow of $6.331
million primarily resulting from a net outflow from investing
activities (mainly in relation to investment and advances to
HomeSend) of $5.954 million. Cash at 30 June 2020 was $5.305
million.
Subsequent events
(a) Repayment of HomeSend Liquidity Facility
The current loan facility agreement ("the Facility") provided by
the Company to HomeSend had been extended from 31 March 2020 to 15
August 2020. The Facility was repaid in full on 12 August 2020.
(b) COVID-19
The outbreak of COVID-19 and the subsequent quarantine measures
imposed by the Australian and other governments as well as the
travel and trade restrictions imposed by Australia and other
countries in early 2020 and since, have caused disruption to
businesses and economic activity globally.
As the situation remains fluid (due to evolving changes in
government policy and business and customer reactions thereto) as
at the date these financial statements are authorised for issue,
the directors of the Company considered that the financial effects
of COVID-19 on the Group's consolidated financial statements cannot
be reasonably estimated for future financial periods. This includes
the Group's investment in the HomeSend associate.
Based on the information available to the directors as at the
date of this report, there are no significant factors identified
which would impact on the carrying value of the Group's investment
in associate due to COVID-19. However, the directors consider that
prolonged general economic impacts arising from COVID- 19 may have
a negative impact on the operations of the Group's associate. This
in turn may impact the recoverability of the Group's carrying value
of the investment in associate going forward.
No other matter or circumstance has occurred subsequent to year
end that has significantly affected, or may significantly affect,
the operations of the Company, the results of those operations or
the state of affairs of the entity in subsequent financial
years.
Directors' report
Subsequent events (continued)
(c) Warranty claim
On 3 July 2020, the company received notification of a purported
warranty claim from Seamless Distribution Systems AB in relation to
a French employee of eServGlobal SAS whose employment was
terminated subsequent to completion of the sale of eServGlobal
Holdings SAS to Seamless Distribution Systems AB. The notification
seeks to claim EUR519,967 ($843,007) under the warranties contained
within the sale and purchase agreement for the sale of eServGlobal
Holdings SAS ("the SPA"), being the amount including taxes, that
the employee is seeking from eServGlobal SAS for compensation for
loss of employment.
The Directors consider the purported warranty claim to be
without merit and have advised Seamless Distribution Systems AB as
such, and rejected the suggestion that the liability to the
employee is subject to the warranties in the SPA. The purported
warranty claim has been disclosed in the half year financial report
due to the requirements of AASB 137 'Provisions, Contingent
Liabilities and Contingent Assets'.
Future developments
To the extent that the disclosure of information regarding
likely developments in the operations of the Group in future
financial years, and the expected results of those operations is
likely to result in unreasonable prejudice to the consolidated
entity, such information has not been disclosed in this report.
Environmental regulations
The consolidated entity operates primarily within the technology
and telecommunication sector and conducts its business activities
with respect for the environment while continuing to meet the
expectations of shareholders, customers, employees and
suppliers.
During the year under review, the Directors are not aware of any
particular or significant environmental issues which have been
raised in relation to the consolidated entity's operations.
Dividends
No dividends were declared or paid during this half year (2019:
nil).
Share Options
Wameja Limited Executive and Employee Share Option Plan
The Company has an ownership-based remuneration scheme for
executive directors, key management personnel and employees. In
accordance with the provisions of the scheme, executive directors
and employees may be granted options to acquire ordinary shares in
the Company. The exercise of any share options is not dependent on
any performance criteria, however, is dependent on a period of
service relative to the vesting dates.
Wameja Limited Performance Options
In addition to the Executive and Employee share options, the
Company had issued Performance Options to executive directors and
key management personnel. The exercise of the Performance Options
is subject to performance criteria for vesting and the exercise
price is GBP0.09 ($0.16).
Share options granted to directors and senior management
During this half year and up to the date of this report the
Company did not grant additional shares or options.
Directors' report
Details of unissued shares under option as at the date of this
report are:
Number of shares
Issuing Entity under option Class of Exercise price Expiry date of
shares of option options
Wameja Limited 2,350,000 Ordinary $0.21 14 Mar 2021
Wameja Limited 5,225,000 Ordinary $0.21 08 Aug 2021
Wameja Limited 6,000,000 Ordinary $0.21 13 Mar 2022
Wameja Limited 4,000,000 Ordinary $0.21 24 Nov 2022
Wameja Limited 20,000,000 Ordinary $0.16 31 Oct 2022
During the financial year and up to the date of this report,
there were no options exercised, expired or lapsed during the
year.
Auditor's Independence Declaration
The lead auditor's independence declaration under s 307C of the
Corporations Act 2001 is set out on page 5 for the half-year ended
30 June 2020.
Rounding of Amounts
The Consolidated Group has applied the relief available to it in
ASIC Corporations (Rounding in Financial/Directors' Reports)
Instrument 2016/191 and accordingly certain amounts in the
financial report and the directors' report have been rounded off to
the nearest $1,000.
John Conoley
Non-executive Chairman London, 31 August 2020
Deloitte Touche Tohmatsu ABN 74 490 121 060
Grosvenor Place 225 George Street
Sydney, NSW, 2000 Australia
Phone: +61 2 9322 7000
www.deloitte.com.au
The Board of Directors Wameja Limited
c/- Simpsons Solicitors Level 2, Pier 8/9
23 Hickson Road Millers Point NSW 2000
31 August 2020
Dear Board Members
Wameja Limited
In accordance with section 307C of the Corporations Act 2001, I
am pleased to provide the following declaration of independence to
the directors of Wameja Limited.
As lead audit partner for the review of the financial statements
of Wameja Limited for the half year ended 30 June 2020, I declare
that to the best of my knowledge and belief, there have been no
contraventions of:
(i) the auditor independence requirements of the Corporations
Act 2001 in relation to the review; and
(ii) any applicable code of professional conduct in relation to the review.
Yours sincerely
DELOITTE TOUCHE TOHMATSU
John Bresolin Partner
Chartered Accountants
Deloitte refers to one or more of Deloitte Touche Tohmatsu
Limited ("DTTL"), its global network of member firms, and their
related entities (collectively, the "Deloitte organisation"). DTTL
(also referred to as "Deloitte Global") and each of its member
firms and related entities are legally separate and independent
entities, which cannot obligate or bind each other in respect of
third parties. DTTL and each DTTL member firm and related entity is
liable only for its own acts and omissions, and not those of each
other. DTTL does not provide services to clients. Please see
www.deloitte.com/about to learn more.
Liability limited by a scheme approved under Professional
Standards Legislation. Member of Deloitte Asia Pacific Limited and
the Deloitte organisation.
Deloitte Touche Tohmatsu ABN 74 490 121 060
Grosvenor Place 225 George Street
Sydney, NSW, 2000 Australia
Phone: +61 2 9322 7000
www.deloitte.com.au
Independent Auditor's Review Report to the Members of Wameja
Limited
We have reviewed the accompanying half-year financial report of
Wameja Limited, which comprises the condensed consolidated
statement of financial position as at 30 June 2020, the condensed
consolidated statement of profit or loss and other comprehensive
income, the condensed consolidated statement of cash flows and the
condensed consolidated statement of changes in equity for the
half-year ended on that date, notes comprising a summary of
significant accounting policies and other explanatory information,
and the directors' declaration of the consolidated entity
comprising the company and the entities it controlled at the end of
the half-year or from time to time during the half-year.
Directors' Responsibility for the Half-Year Financial Report
The directors of the company are responsible for the preparation
of the half-year financial report that gives a true and fair view
in accordance with Australian Accounting Standards and the
Corporations Act 2001 and for such internal control as the
directors determine is necessary to enable the preparation of the
half-year financial report that gives a true and fair view and is
free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express a conclusion on the half-year
financial report based on our review. We conducted our review in
accordance with Auditing Standard on Review Engagements ASRE 2410
Review of a Financial Report Performed by the Independent Auditor
of the Entity, in order to state whether, on the basis of the
procedures described, we have become aware of any matter that makes
us believe that the half-year financial report is not in accordance
with the Corporations Act 2001 including: giving a true and fair
view of the consolidated entity's financial position as at 30 June
2020 and its performance for the half-year ended on that date; and
complying with Accounting Standard AASB 134 Interim Financial
Reporting and the Corporations Regulations 2001. As the auditor of
Wameja Limited, ASRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial
report.
A review of a half-year financial report consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
Auditor's Independence Declaration
In conducting our review, we have complied with the independence
requirements of the Corporations Act 2001. We confirm that the
independence declaration required by the Corporations Act 2001,
which has been given to the directors of Wameja Limited, would be
in the same terms if given to the directors as at the time of this
auditor's review report.
Liability limited by a scheme approved under Professional
Standards Legislation.
Member of Deloitte Asia Pacific Limited and the Deloitte
organisation. 6
Conclusion
Based on our review, which is not an audit, we have not become
aware of any matter that makes us believe that the half-year
financial report of Wameja Limited is not in accordance with the
Corporations Act 2001, including:
(a) Giving a true and fair view of the consolidated entity's
financial position as at 30 June 2020 and of its performance for
the half-year; and
(b) Complying with the Accounting Standard AASB 134 Interim
Financial Reporting and the Corporations Regulations 2001.
DELOITTE TOUCHE TOHMATSU
John Bresolin Partner
Chartered Accountants Sydney, 31 August 2020
7
Directors' declaration
In accordance with a resolution of the directors of Wameja
Limited, the directors of the Entity declare that:
1. the financial statements and notes thereto, are in accordance
with the Corporations Act 2001, including:
a. complying with Accounting Standard AASB 134: Interim Financial
Reporting; and
b. give a true and fair view of the financial position as
at 30 June 2020 and of the performance for the half year
ended on that date of the Consolidated Group;
2. in the directors' opinion there are reasonable grounds
to believe that the Company will be able to pay its debts
as and when they become due and payable; and
At the date of this declaration, there are reasonable grounds
to believe that the companies which are party to this deed of
cross guarantee will be able to meet any obligations or liabilities
to which they are, or may become, subject to by virtue of the
deed.
On behalf of the Directors
John Conoley
Non-executive Chairman London 31 August 2020
Wameja Limited Half Year Report 30 June 2020 8
Condensed consolidated statement of profit or loss and other
comprehensive income for the half-year ended 30 June 2020
Consolidated
Half-Year Half-Year
Ended 30 June Ended 30 June
2020 2019
$'000 $'000
Note
Continuing operations
Finance and other costs (17) -
Foreign exchange gain/ (loss) 660 (163)
Administration expenses (659) (1,970)
Restructure and transaction related costs - (1,413)
Share of profit/(loss) of associate 7 (3,189) (3,221)
---------------------------- ----------------------------
Loss before tax (3,205) (6,767)
Income tax expense - (3)
---------------------------- ----------------------------
Loss for the period from continuing operations (3,205) (6,770)
---------------------------- ----------------------------
Discontinued operations
---------------------------- ----------------------------
Loss for the period from discontinued
operations - (3,531)
---------------------------- ----------------------------
Loss for the period (3,205) (10,301)
---------------------------- ----------------------------
Other comprehensive income, net of tax
Items that may be reclassified subsequently
to profit or loss
Exchange differences arising on the translation
of foreign operations (nil tax impact) 116 (513)
---------------------------- ----------------------------
Total comprehensive income for the period (3,089) (10,814)
============================ ============================
Loss attributable to:
Equity holders of the parent (3,205) (10,434)
Non-controlling interest - 133
---------------------------- ----------------------------
(3,205) (10,301)
============================ ============================
Total comprehensive income attributable
to:
Equity holders of the parent (3,205) (10,947)
Non-controlling interest - 133
---------------------------- ----------------------------
(3,205) (10,814)
============================ ============================
Earnings/(Loss) per share:
From continuing and discontinuing operations
- Basic (cents per share) (0.3) (0.9)
- Diluted (cents per share) (0.3) (0.9)
From continuing operations
- Basic (cents per share) (0.3) (0.6)
- Diluted (cents per share) (0.3) (0.6)
Notes to the Financial Statements are included on pages 13 to
16
Condensed consolidated statement of financial position as at 30
June 2020
Consolidated
30 June 2020 31 December 2019
Note $'000 $'000
Current Assets
Cash and cash equivalents 5,305 11,636
Other financial assets 8 4,103 4,239
------------ ----------------
Total Current Assets 9,408 15,875
Non-Current Assets
Investment in associates 7 28,777 25,463
------------ ----------------
Total Non-Current Assets 28,777 25,463
------------ ----------------
Total Assets 38,185 41,338
------------ ----------------
Current Liabilities
Trade and other payables 9 127 271
------------ ----------------
Total Current Liabilities 127 271
------------ ----------------
Non-Current Liabilities
Provisions - -
------------ ----------------
Total Liabilities 127 271
------------ ----------------
Net Assets 38,058 41,067
============ ================
Equity
Issued capital 4 212,326 212,326
Reserves 5 5,118 4,922
Accumulated losses 10 (179,386) (176,181)
------------ ----------------
Equity attributable to owners
of the parent 38,058 41,067
Non-controlling interest - -
------------ ----------------
Total Equity 38,058 41,067
============ ================
Notes to the Financial Statements are included on pages 13 to
16
Condensed consolidated statement of changes in equity for the
half-year ended 30 June 2020
Foreign Equity-
Currency settled Attributable Non
Issued Translation benefits Accumulated to owners controlling
Capital Reserve Reserve Losses of the Interest Total
$'000 $'000 $'000 $'000 parent $'000 $'000
$'000
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Consolidated
Balance at 1
January
2020 212,326 879 4,043 (176,181) 41,067 - 41,067
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Loss for the
period - - - (3,205) (3,205) - (3,205)
Exchange
differences
arising on
translation
of foreign
operations - 116 - - 116 - 116
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Total
comprehensive
income/(loss)
for
the period - 116 - (3,205) (3,089) - (3,089)
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Payment of - - - - - - -
dividends
Equity settled
payments - - 80 - 80 - 80
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Balance at 30
June
2020 212,326 995 4,123 (179,386) 38,058 - 38,058
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Balance at 1
January
2019 212,326 1,905 3,748 (162,991) 54,988 120 55,108
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Loss for the
period - - - (10,434) (10,434) 133 (10,301)
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Exchange
differences
arising on
translation
of foreign
operations - (513) - - (513) - (513)
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Total
comprehensive
income/(loss)
for
the period - (513) - (10,434) (10,947) 133 (10,814)
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Payment of
dividends - - - - (120) (120)
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Equity settled
payments - - 163 - 163 - 163
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Balance at 30
June
2019 212,326 1,392 3,911 (173,425) 44,204 133 44,337
------------ ------------ ------------- ------------- -------------------- --------------- -----------
Notes to the Financial Statements are included on pages 13 to
16
Condensed consolidated statement of cash flows for the half-year
ended 30 June 2020
Consolidated
Half-Year Ended 30 June Half-Year Ended
2020 30 June 2019
$'000 $'000
------------------
Continuing and Discontinued Operations
Cash Flows from Operating Activities
Receipts from customers - 7,085
Payments to suppliers and employees (357) (9,417)
Tax (paid)/ refund - (410)
---------------------------------- ------------------
Net cash used in operating activities (357) (2,742)
---------------------------------- ------------------
Cash Flows from Investing Activities
Investment in HomeSend joint venture Company (6,090) (3,478)
Payment for property, plant and equipment - (29)
Advances to Homesend joint venture Company - (1,157)
Software development costs - (1,367)
---------------------------------- ------------------
Net cash used in investing activities (6,090) (6,031)
---------------------------------- ------------------
Cash Flows from Financing Activities
Payment of dividends - (120)
---------------------------------- ------------------
Net cash used in financing activities - (120)
---------------------------------- ------------------
Net Decrease in Cash and Cash Equivalents (6,447) (8,893)
Cash at the beginning of the period 11,636 27,451
Cash and cash equivalents transferred to
assets classified as held for sale - (1,516)
Effects of exchange rate changes on the
balance of cash held in foreign currencies 116 649
---------------------------------- ------------------
Cash and Cash Equivalents at the end of
the period 5,305 17,691
================================== ==================
Notes to the Financial Statements are included on pages 13 to
16
Notes to the condensed consolidated financial statements
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation
These general purpose interim financial statements for half-year
reporting period ended 30 June 2020 have been prepared in
accordance with requirements of the Corporations Act 2001 and
Australian Accounting Standard AASB 134: Interim Financial
Reporting. The Group is a for-profit entity for financial reporting
purposes under Australian Accounting Standards.
This interim financial report is intended to provide users with
an update on the latest annual financial statements of Wameja
Limited and its controlled entities (referred to as the
"Consolidated Group" or "Group"). As such, it does not contain
information that represents relatively insignificant changes
occurring during the half-year within the Group. It is therefore
recommended that this financial report be read in conjunction with
the annual financial statements of the Group for the year ended 31
December 2019, together with any public announcements made during
the following half-year.
These interim financial statements were authorised for issue on
31 August 2020.
(b) Accounting Policies
The same accounting policies and methods of computation have
been followed in this interim financial report as were applied in
the most recent annual financial statements.
The Group has considered the implications of new and amended
Accounting Standards, but determined that their application to the
financial statements is either not relevant or not material.
2. SEGMENT INFORMATION
AASB 8 requires operating segments to be identified on the basis
of internal reports about components of the Group that are
regularly reviewed by the chief operating decision maker in order
to allocate resources to the segment and to assess its
performance.
The Group operates in a single segment being the
telecommunications software solutions business. Accordingly,
all reported information in the financial report relates to this single segment.
3. ISSUANCES, REPURCHASED ANS REPAYMENT OF SECURITIES
During the current period the Company did not issue any shares
(2019: nil).
No employee share options were exercised or cancelled in the
period (2019: nil).
4. ISSUED CAPITAL
30 June 2020 31 December 2019
$'000 $'000
1,210,850,662 fully paid ordinary
shares (2019: 1,210,850,662) 212,326 212,326
30 June 2020 31 December 2019
No. '000 $'000 No. '000 $'000
---------- --------- ------------- ---------
Fully Paid Ordinary Shares
Balance at the beginning of the
financial period 1,210,851 212,326 1,210,851 212,326
Balance at the end of the financial
period 1,210,851 212,326 1,210,851 212,326
Notes to the condensed consolidated financial statements
5. RESERVES
30 June 2020 31 December 2019
$'000 $'000
Employee equity-settled benefit 4,123 4,043
Foreign currency translation 995 879
5,118 4,922
6. DIVIDS
No dividend has been declared in respect of this half year.
7. INVESTMENT IN ASSOCIATES
Details of the material investment in associates at the end of
the reporting period are as follows:
Name of Principal activity Place of incorporation Proportion of ownership interest
associate and and voting rights held by
principal place the Group
of business
30 June 2020 31 December 2019
---------------------------- -------------------------- --------------- --------------------
HomeSend Provision of international
SRCL (a) mobile money services Brussels, Belgium 35.68% 35.68%
---------------------------- -------------------------- --------------- --------------------
a) HomeSend SRCL was formed on 3 April 2014. The Directors have
determined that the Group exercises significant influence over
HomeSend SRCL by virtue of its 35.68% voting power in shareholders
meetings and its contractual right to appoint two out of six
directors to the board of Directors of that Company.
The associate is accounted for using the equity method in these
condensed consolidated financial statements.
b) Reconciliation of the carrying amount of the investment in associate:
30 June 31 December
2020 2019
$000 $000
Opening balance 25,463 25,791
Investment in associate (i) 6,090 6,480
Share of current period loss of the
associate (3,189) (6,596)
Effects of foreign currency exchange
movements 413 212
Closing balance 28,777 25,463
(i) In April 2020, the Company participated in the HomeSend
capital raise to maintain its 35.68% holding in the Joint Venture.
The Company contributed $6.09 million (EUR3.57 million) towards the
total capital raise.
Notes to the condensed consolidated financial statements
8. OTHER FINANCIAL ASSETS
Consolidated
31 December
30 June 2020 2019
$'000 $'000
Advances to Homesend SCRL (i) 4,103 4,239
(i) During the 2019 financial year, the Company entered into a
loan facility agreement with HomeSend SCRL for the sole permitted
purpose of funding the pre- payment timing gaps in HomeSend's
settlement model (the "Facility"). Mastercard had entered into a
similar loan facility agreement with HomeSend SCRL. The Facility
was for a total of $31.16 million (EUR20 million) between the
Company and Mastercard with the Company providing approximately
$11.57 million (EUR7.1 million) in proportion to its shareholding
in HomeSend SCRL.
The Facility was a revolving credit line providing HomeSend the
ability to draw and re-draw the funds as required, with an
obligation to return amounts drawn if not required, based on
HomeSend's forecasts. The Facility was unsecured and interest was
payable quarterly at 1.916% per annum on the amount drawn.
There was no establishment or commitment fee. The facility was
set to expire on 15 August 2020.
As at balance date, the company has provided its proportionate
share in total drawdowns amounting to
$4.103 million.
The Facility was fully repaid on 12 August 2020.
9. TRADE AND OTHER PAYABLES
Consolidated
31 December
30 June 2020 2019
$'000 $'000
Accruals and other payables 127 271
10. ACCUMULATED LOSSES
31 December
30 June 2020 2019
$'000 $'000
Balance at beginning of the financial year (176,181) (162,991)
Loss for the year attributable to equity holders
of the parent (3,205) (13,190)
Balance at end of financial year (179,386) (176,181)
11. SUBSEQUENT EVENTS
(a) Repayment of HomeSend Liquidity Facility
HomeSend had previously requested that the loan facility
agreement ("the Facility") provided by the Company to HomeSend be
extended from 31 March 2020 to 15 August 2020. The Company had
indicated that it would agree to the extension on the basis that no
further draw-downs be made on the Facility and HomeSend used best
endeavours to procure alternative funding of the Facility. The
Facility of $4.103 million as shown on the 30 June 2020 Condensed
Consolidated Statement of Financial Position was repaid on 12
August 2020.
11. SUBSEQUENT EVENTS (continued)
(b) COVID-19
The outbreak of COVID-19 and the subsequent quarantine measures
imposed by the Australian and other governments as well as the
travel and trade restrictions imposed by Australia and other
countries in early 2020 and since, have caused disruption to
businesses and economic activity globally.
As the situation remains fluid (due to evolving changes in
government policy and business and customer reactions thereto) as
at the date these financial statements are authorised for issue,
the directors of the Company considered that the financial effects
of COVID-19 on the Group's consolidated financial statements cannot
be reasonably estimated for future financial periods. This includes
the Group's investment in the HomeSend associate.
Based on the information available to the directors as at the
date of this report, there are no significant factors identified
which would impact on the carrying value of the Group's investment
in associate due to COVID-19. However, the directors consider that
prolonged general economic impacts arising from COVID- 19 may have
a negative impact on the operations of the Group's associate. This
in turn may impact the recoverability of the Group's carrying value
of the investment in associate going forward.
No other matter or circumstance has occurred subsequent to year
end that has significantly affected, or may significantly affect,
the operations of the Company, the results of those operations or
the state of affairs of the entity in subsequent financial
years.
(c) Warranty claim
On 3 July 2020, the company received notification of a purported
warranty claim from Seamless Distribution Systems AB in relation to
a French employee of eServGlobal SAS whose employment was
terminated subsequent to completion of the sale of eServGlobal
Holdings SAS to Seamless Distribution Systems AB. The notification
seeks to claim EUR519,967 ($843,007) under the warranties contained
within the sale and purchase agreement for the sale of eServGlobal
Holdings SAS ("the SPA"), being the amount including taxes, that
the employee is seeking from eServGlobal SAS for compensation for
loss of employment.
The Directors consider the purported warranty claim to be
without merit and have advised Seamless Distribution Systems AB as
such, and rejected the suggestion that the liability to the
employee is subject to the warranties in the SPA. The purported
warranty claim has been disclosed in the half year financial report
due to the requirements of AASB 137 'Provisions, Contingent
Liabilities and Contingent Assets'.
Notes to the condensed consolidated financial statements
12. Other information required to be given to ASX under listing
rule 4.2A.3
Net tangible assets per Current period 31 December 2019
security
------------------------
Net tangible assets per 3.14 cents 3.39 cents
security
-------------- ----------------
Dividends
Amount Amount Franked Amount Date
per amount per paid/
security per security payable
security of
at 30% foreign
tax source
dividend
Interim dividend: Current Nil N/A N/A N/A N/A
year
Previous Nil N/A N/A N/A N/A
period
----------- ------------------- -------------- ----------------- ----------------
Final dividend paid in
respect of previous financial
year: Nil N/A N/A N/A N/A
Current period:
Final dividend
Nil N/A N/A N/A N/A
Previous corresponding
period:
Special dividend Final
dividend
----------- ------------------- -------------- ----------------- ----------------
The dividend or distribution plans shown below are in
operation.
The last date(s) for receipt of election notices for the
dividend or distribution plans
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END
IR FLFSITTILVII
(END) Dow Jones Newswires
September 01, 2020 02:00 ET (06:00 GMT)
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