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31 October 2022
ANANDA DEVELOPMENTS PLC
(“Ananda” or the “Company”)
Unaudited Interim Results for the six months ended 31 July 2022
The Directors current the interim outcomes of Ananda Developments Plc (“the Company” or “Ananda”) for the interval from 1 February 2022 to 31 July 2022.
UPDATE ON INVESTMENTS AND ACTIVITIES
Ananda’s ambition is to be a UK-based grower and supplier of carbon zero, constant, top quality medical hashish for home and worldwide markets.
DJT Group Limited (“DJT Group”)
DJT Group is owned 50% by the Company and 50% by Anglia Salads Limited, a member of the JEPCO group of Companies. DJT Group is the 100% proprietor of DJT Plants Limited (“DJT”).
DJT was granted a licence from the UK authorities Home Office to develop >0.2% THC medical hashish for analysis in April 2021. The building of the analysis facility comprising rising chapelles and laboratory analysis facility was accomplished in February 2022.
In February 2022, DJT commenced its Single Seed Decent (SSD) genetic stabilisation programme at its medical hashish analysis facility. This is the start line for the primary stage of DJT’s analysis programme which is designed to create a library of secure hashish genetics to be able to ‘match’ hashish plant profiles with medical indications. The analysis plan entails self-crossing a collection of hashish strains for six generations.
DJT additionally undertook discipline trials in its multi-chapelle rising constructions throughout the interval. During July 2022, the rising crew was commencing the primary harvest and compiling information for later evaluation. These trials are getting used to find out which secure strains produce chemovars with desired metabolic profiles and which thrive in DJT’s rising situations, and to assist outline rising, fertilisation, irrigation and harvesting protocols which can be helpful in a industrial rising surroundings. Ananda is rising in pure season situations with no synthetic gentle and no synthetic warmth. The capability to develop efficiently on this method will provide Ananda vital capital and working price advantages in its deliberate industrial setting.
Story continues
During the interim interval, DJT appointed two key members of its senior operational crew, spearheaded by Dr. Nigel Gale as Head of Plant Science and Steven Murray as Head of Cultivation.
The Company additionally progressed the proposed acquisition of the 50% of DJT it doesn’t personal. In this regard, the Company hopes to replace the market shortly.
The administrators thank the Ananda and DJT groups for his or her dedication and onerous work throughout the interval and thank shareholders for his or her ongoing assist.
On behalf of the board.
Melissa Sturgess, Chief Executive Officer
31 October 2022
Interim Statement of Comprehensive Income
Period Ended 31 July 2022
6 months to 31 July 2022
Unaudited
Year ended 31 January 2022
Audited
6 months to 31 July 2021
Unaudited
Note
£
£
£
Administrative bills
(330,899)
(970,038)
(688,498)
Interest obtained
–
–
–
Loss from operations
(330,899)
(970,038)
(668,498)
Taxation
–
–
Foreign Exchange Translation Gain / (Loss)
1
–
(305)
(149)
Total loss for the interval
(330,899)
(970,343)
(688,647)
Earnings per share
Basic and diluted earnings per share (pence)
2
(0.08p)
(0.13p)
(0.10p)
There was no different complete earnings within the interval.
Interim Statement of Financial Position
Period Ended 31 July 2022
6 months to 31 July 2022
Unaudited
Year ended 31 January 2022
Audited
6 months to 31 July 2021
Unaudited
£
£
£
Fixed belongings
Investments
3,173,861
2,252,192
1,313,811
3,173,861
2,252,192
1,313,811
Current belongings
Debtors
35,404
110,938
50,000
Total present belongings
35,404
110,938
50,000
Creditors: quantities falling due inside one 12 months
2,559,399
1,487,254
863,564
Net present liabilities
(2,523,995)
(1,376,316)
(813,564)
Non-Current liabilities
Convertible mortgage notes
587,860
587,860
–
Total belongings much less present liabilities
62,007
288,016
500,247
Capital and reserves
Share capital
1,641,110
1,597,031
1,589,004
Share premium
931,444
876,347
766,336
Share possibility reserve
24,502
18,788
67,361
Retained earnings
(2,535,049)
(2,204,150)
(1,922,454)
Total fairness and liabilities
62,007
288,016
500,247
Interim Statement of Changes in Equity
Period Ended 31 July 2022
Share Capital
Share Premium
Share Option Reserve
Retained Earnings
Total
£
£
£
£
£
As at 1 February 2022
1,597,031
876,347
18,788
(2,204,150)
288,016
Total complete loss for the interval
–
–
–
(330,899)
(330,899)
Proceeds from share concern
44,079
55,097
–
–
99,176
Issue of share choices
–
–
5,714
–
5,714
Balance at 31 July 2022
1,641,110
931,444
24,502
(2,535,049)
62,007
Share Capital
Share Premium
Share Option Reserve
Retained Earnings
Total
£
£
£
£
£
As at 1 February 2021
928,278
689,229
447,337
(1,233,807)
831,037
Total complete loss for the 12 months
–
–
–
(970,343)
(970,343)
Proceeds from share concern
268,753
147,142
–
–
415,895
Issuance of contingency shares
400,000
39,976
(439,976)
–
–
Issue of share choices
–
–
11,427
–
11,427
Balance at 31 January 2022
1,597,031
876,347
18,788
(2,204,150)
(288,016)
Share Capital
Share Premium
Share Option Reserve
Retained Earnings
Total
£
£
£
£
£
As at 1 February 2021
928,278
689,229
447,337
(1,233,807)
831,037
Total complete loss for the interval
–
–
–
(688,647)
(688,647)
Proceeds from share concern
660,726
77,107
–
–
737,833
Issue of share choices
–
–
(379,976)
–
(379,976)
Balance at 31 July 2021
1,589,004
766,336
67,361
(1,922,454)
500,247
Reserve
Description and function
Share capital
This represents the nominal worth of shares issued.
Share premium
Amount subscribed for share capital in extra of nominal worth.
Retained earnings
Cumulative web positive factors and losses recognised within the assertion of complete earnings.
Notes to the Interim Financial Statements
Period Ended 31 July 2022
ACCOUNTING POLICIES
General data
Ananda Developments Plc’s interim monetary statements are introduced in British Pound Sterling (GBP) which is the purposeful foreign money of the mother or father firm. These interim monetary statements had been authorized for concern by the Board of Directors on 31 October 2022.
The monetary data set out in these interim monetary statements doesn’t represent statutory accounts as outlined in Section 434 of the Companies Act 2006. The Company’s statutory monetary statements for the 12 months ended 31 January 2022 have been filed with the Registrar of Companies. The auditor’s report on these monetary statements was unqualified and didn’t comprise an announcement underneath Section 498(2) of the Companies Act 2006.
These interim outcomes haven’t been audited nor have they been reviewed by the Company’s auditors underneath ISRE 2410 of the Auditing Practices Board.
Basis of preparation
These interim monetary statements are for the six-month interval ended 31 July 2022. They have been ready following the popularity and measurement rules of FRS 102. They don’t embody all the data required for full annual monetary statements and ought to be learn together with the monetary statements for the interval ended 31 January 2022.
These interim monetary statements have been ready on a going concern foundation which the Directors consider to be acceptable.
These interim monetary statements have been ready in accordance with the accounting insurance policies adopted within the monetary statements for the interval ended 31 January 2022.
1. Foreign foreign money transactions
Transactions in foreign currency echange are translated to GBP on the alternate charges on the dates of the transactions. Monetary belongings and liabilities denominated in foreign currency echange on the reporting date are translated to GBP on the alternate price on that date. Foreign alternate variations arising on translation are recognised within the assertion of complete earnings.
2. Earnings per share
The calculation of earnings per share relies on the loss attributable to odd shareholders divided by the typical variety of shares in concern throughout the interval.
SUBSEQUENT EVENTS
The Acquisition of DJT (the ‘Acquisition’)
As shareholders can be conscious, completion of the acquisition of the remaining 50% of DJT has taken longer than initially contemplated. Despite this delay, work at DJT has nonetheless progressed quickly, evolving past the scope and prices envisioned underneath the Heads of Terms introduced on 8 June 2021. Ananda has subsequently renegotiated the phrases of the Acquisition.
In recognition of the delay, and the extent of funding supplied by Ananda to DJT, the events have agreed to amend the phrases of the Acquisition, such that the consideration payable to JEPCO will now be £3.2 million (beforehand £7.3 million), which can be glad by the allotment of 350,000,000 (beforehand 790,538,866) odd shares of 0.2p every within the Company ( “Consideration Shares”).
The Consideration Shares are nonetheless being valued at 0.925p per share, the worth prevailing at 8 June 2021, and can characterize 29.9% of the Company’s enlarged issued share capital. The decreased consideration implies that the Acquisition not requires a waiver underneath Rule 9 of the City Code on Takeovers and Mergers. However, shareholders can be given the chance to approve the Acquisition on the General Meeting to be convened in relation to the Debt Proposals introduced on 18 October 2022.
On completion of the Acquisition, one director of Anglia Salads, specifically Stuart Piccaver, will be a part of the board of Ananda, fairly than two.
-Ends-
The Directors of the Company settle for duty for the contents of this announcement.
ANANDA DEVELOPMENTS PLC
Chief Executive Officer
Melissa Sturgess
Investor Relations
Jeremy Sturgess-Smith
+44 (0)7463 686 497
PETERHOUSE CAPITAL LIMITED
Corporate Finance
Mark Anwyl
Corporate Broking
Lucy Williams
Duncan Vasey
+44 (0)20 7469 0930
Market Abuse Regulation (MAR) Disclosure
The data contained inside this announcement is deemed by the Company to represent inside data. Upon the publication of this announcement through a Regulatory Information Service, this inside data is now thought-about to be within the public area.
About Ananda Developments
Ananda is an AQSE-listed medical hashish firm creating UK-based operations to develop and supply carbon zero, constant, medical hashish for the UK and worldwide markets.
The UK medical hashish market is predicted to be price £450m by 2025 and the European market is predicted to be price USD4.2bn by 2027.
For extra data, please go to: https://anandadevelopments.com/
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