VALIANT INVESTMENTS PLC
(“Valiant” or the “Company”)
31 August 2016
INTERIM RESULTS FOR THE PERIOD ENDED 31 MAY 2016
CHIEF EXECUTIVE OFFICER’S STATEMENT
We are pleased to report the interim results for the 6 months to 31 May 2016 for Valiant Investments plc, the ISDX Growth Market traded investment company.
As discussed previously, we recognise that meaningful value for shareholders will be best created through the formation and development of subsidiary companies, and to this end we formed Flamethrower plc in the first half of the current financial year.
The strategy for Flamethrower is to own a portfolio of mobile apps for use on smartphones and tablets, primarily on the Apple iOS and Google Android operating systems, with revenue generated through a combination of either direct sale on an App Store, in-app purchases, or advertising.
Having commenced the construction of its portfolio of apps in May 2016, Flamethrower currently has 18 apps available for iOS, 8 for Android, and 2 for Mac OS X, with a large number of casino slot apps in development for release on iOS and Android. The intention is to build a large diversified portfolio, and Flamethrower has made great strides to achieving this since May.
The most recent additions to the portfolio are DiamPrice and MyJeweler 2, available for iOS and Android devices through direct sale, and acquired for a cash consideration of US$3,250. DiamPrice and MyJeweler 2 are leading diamond pricing calculators and inventory management apps that also provide the option of pricing gold, silver, and platinum. The apps offer pricing in over 30 automatically updated currencies, and link users’ RapNet.com accounts with Rapaport diamond pricing. The apps are supported by the website www.DiamPrice.com.
Flamethrower continues to expand its portfolio of simulated casino slot games, which generate the majority of their revenue through the publishing of adverts. The most recent releases include Pirate Treasure Slots, and Vegas Inferno Slots, for iOS and Android, and Flamethrower intends to release new casino slot apps on a regular basis.
To date, Flamethrower has been funded by way of loans from Valiant, and the decision was recently taken to capitalise certain loans made by Valiant. As such, Valiant has increased its ownership in Flamethrower to 84.7%.
GroAfrica Ltd, in which Valiant holds 2.5% of the equity, has recently executed a supply contract with Zambian Breweries, a subsidiary of FTSE-100 constituent SABMiller, whereby GroAfrica will provide a supply of cassava to Zambian Breweries for the production of cassava beer. GroAfrica is continuing with its plans to construct a bioethanol refinery in Zambia, and is currently reworking a scaled plan for the refinery with its technology partners.
ALL STAR MINERALS PLC
We have extended the convertible loan note of £20,000 with All Star Minerals plc to May 2017. The loan note carries a fixed interest of 20%, payable solely through ordinary shares in All Star at a conversion price of 0.14p, and payable on an annual basis. Valiant currently holds 7,403,570 shares in All Star.
The financial results for the six months to 31 May 2016 show a loss after taxation of £85,078 (2015: £30,439). The loss is attributable to ongoing administrative expenses, and the development of the group’s Flamethrower plc subsidiary, which has started to generate revenue in the second half of the group’s financial year.
The financial information has not been reviewed by the Company’s auditor.
We are pleased with the development of Flamethrower plc, and the ongoing construction of its portfolio of apps. This subsidiary brings a new dimension to Valiant, with the prospect of rapid revenue growth and profitability. We look forward to announcing continued growth in the portfolio through further releases, and selective acquisitions as they arise, and view the future prospects for the group with confidence and optimism.
CEO, Valiant Investments plc
30 August 2016
The Directors of Valiant Investments accept responsibility for the contents of this announcement.
Valiant Investments plc
Telephone: 01366 500722
Peterhouse Corporate Finance Limited
Guy Miller or Mark Anwyl
Telephone: 020 7220 9796
VALIANT INVESTMENTS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS ENDED 31 MAY 2016
6 month period ended 31 May 2016
30 November 2015
6 month period ended 31 May 2015
|Other non-operating income||2,000||5,867||-|
|LOSS BEFORE TAX||(85,078)||(64,465)||(30,439)|
|Income tax expense||-||-||-|
|LOSS FOR THE PERIOD/YEAR||(85,078)||(64,465)||(30,439)|
|Equity holder of the parent||(74,697)||(64,465)||(30,439)|
|LOSS PER SHARE|
|Basic & diluted (pence per share)||(0.01)||(0.01)||(0.01)|
VALIANT INVESTMENTS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2016
at 31 May 2016
At 30 November 2015
At 31 May 2015
|NON CURRENT ASSETS|
|Property, plant and equipment||-||-||50|
|Available for sale investment||31,643||33,288||20,000|
|Trade and other receivables||2,175||7,774||1,565|
|Cash and cash equivalents||4,703||61||3,789|
|EQUITY PLUS NON-CONTROLLING INTEREST|
|ISSUED SHARE CAPITAL AND RESERVES|
|Trade and other payables||19,295||33,984||27,157|
|TOTAL EQUITY AND LIABILITIES||53,918||41,123||25,404|
1. The financial information contained in the interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
2. Basic loss per share has been calculated using the weighted average number of shares of 603,708,453 (30.11.15: 500,853,378; 31.5.15: 466,293,605). Given the loss per share, there are no dilutive instruments in issue.
3. The Directors of the issuer accept full responsibility for this announcement.