Source - PRN

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.

FLAMETHROWER PLC

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

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.

FINANCIALS

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.

OUTLOOK

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.

Conrad Windham

CEO, Valiant Investments plc

30 August 2016

The Directors of Valiant Investments accept responsibility for the contents of this announcement.

ENQUIRIES:

Company

Valiant Investments plc

Conrad Windham

Telephone: 01366 500722

Corporate Adviser

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

Unaudited
6 month period ended 31 May 2016
GBP
Audited
year ended
30 November 2015
GBP
Unaudited
6 month period ended 31 May 2015
GBP
Revenue - - -
Administrative expenses (87,078) (70,332) (30,439)
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)
Attributable to:
Equity holder of the parent (74,697) (64,465) (30,439)
Non-controlling interest (10,381) - -
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

Unaudited
at 31 May 2016

GBP
Audited
At 30 November 2015
GBP
Unaudited
 At 31 May 2015

GBP
NON CURRENT ASSETS
Intangible assets 15,397 - -
Property, plant and equipment - - 50
Available for sale investment 31,643 33,288 20,000
47,040 33,288 20,050
CURRENT ASSETS
Trade and other receivables 2,175 7,774 1,565
Cash and cash equivalents 4,703 61 3,789
6,878 7,835 5,354
TOTAL ASSETS 53,918 41,123 25,404
EQUITY PLUS NON-CONTROLLING INTEREST
ISSUED SHARE CAPITAL AND RESERVES
Share capital 656,184 551,977 511,977
Share premium 1,042,510 1,042,510 1,042,510
Retained profits (1,664,993) (1,590,296) (1,556,270)
Revaluation reserve 1,303 2,948 -
SUBSCRIBED CAPITAL 35,004 7,139 (1,753)
Non-controlling interest (381) - -
TOTAL EQUITY 34,623 7,139 (1,753)
CURRENT LIABILITIES
Trade and other payables 19,295 33,984 27,157
TOTAL EQUITY AND LIABILITIES 53,918 41,123 25,404


 

Notes:

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.