from Veni Vidi Vici Limited
Veni Vidi Vici Limited: Audited Final Results to 31 December 2020
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Veni Vidi Vici Limited (VVV)
VENI VIDI VICI LIMITED
(The "Company" or "VVV")
Audited Final Results to 31 December 2020
I am pleased to present the annual report and financial statements for the period ended 31 December 2020.
OPERATIONS REVIEW
The Company completed its first investment, with the signing of the sale and purchase agreement with Goldfields Consolidated Pty Ltd for a 51 % beneficial interest in the Shangri La gold, copper and silver project in late 2018.
The Shangri La Project is a gold-copper-silver project comprising a polymetallic hydrothermal quartz vein type deposit covering an area of 10 hectares. The Shangri La Project is located 10 kilometres west of Kununurra, the central town of the Northeast Kimberley region in Western Australia.
The Company and Goldfields have also entered into a joint venture agreement ("JVA") under which VVV will be responsible for an initial expenditure fee of A$300,000 over three years from the commencement of the JVA. Goldfields will manage the joint venture ("JV") and be entitled to a 10% management fee of expenses incurred by the JV.
During the period, the Company was advised that limited work was undertaken on the Shangri la project, mainly desk studies. In addition, Mr Gordon resigned as a director in June 2020 and Mr Rigoll was appointed as executive chairman to the Company in March 2021. We anticipate further work to occur during 2021.
The Company continues to monitor covid-19 effects on the company. We believe this will have limited affect on any future work anticipated on our West Australia project as there are very few cases in this state and interruptions are somewhat less.
FINANCE REVIEW
The loss for the period to 31 December 2020 amounted to £100,000 (2019 - £107,000 loss) which mainly related to regulatory costs and other corporate overheads. The total revenue for the period was nil (2019 - nil). At 31 December 2020, the Company had cash balances of £272,000 (2019: £354,000).
The Company does not recommend the payment of a dividend.
PRIOR YEAR RESTATEMENT During the year, we have reviewed the prior year accounting treatment of the tenement interest, which was classified as an intangible asset. Following this review, we have concluded that, the sale and purchase agreement for the tenement interest and the Shangri la joint venture agreement is of a nature that they are directly linked to each other. The Company and Goldfields have joint control over the tenement area and therefore should be classified as an investment in a joint venture. The arrangement further meets the requirements to be measured using the equity method in terms of IAS 28. As a result of the above, a prior year restatement in respect of the classification of the intangible asset has been reflected within the financial statements. See Note 19 for details of the impact on the financial statements. There was no impact on profit or loss or the statement of cash flows. OUTLOOK
The Board remains confident that the private and pre-IPO markets remain significantly under-served and as such significant opportunities exist for the Company going forward. We look forward to 2021 being one in which we can acquire further investment positions, thereby realising tangible value for all shareholders.
We will continue to seek out further investments in line with the Company's investing strategy. The directors would like to take this opportunity to thank our shareholders, staff and consultants for their continued support. s172 Statement
The Directors continue to act in a way that they consider, in good faith, to be most likely to promote the success of the Company for the benefits of the members as a whole, and in doing so have regard, amongst other matters to:
* the likely consequences of any decision in the long term; * the interests of the Company's employees; * the need to foster the Company's business relationships with suppliers, customers and others; * the impact of the Company's operations on the community as well as the environment; * the need to act fairly as between members of the Company, and * the desirability of the Company maintaining a reputation for high standards of business conduct
The Board has always recognised the relationships with key stakeholders as being central to the long-term success of the business and therefore seeks active engagement with all stakeholder groups, to understand and respect their views, in particular of those with the communities in which it invests, its host governments, employees and suppliers.
The Company is an early-stage investment company quoted on a minor exchange and its members will be fully aware, through detailed announcements, shareholder meetings and financial communications, of the Board's broad and specific intentions and the rationale for its decisions. The Company pays its employees and creditors promptly and keeps its costs to a minimum to protect shareholders funds. When selecting investments, issues such as the impact on the community and the environment have actively been taken into consideration; as is clear from the portfolio set out in the Chairman's report.
The Company has incurred very little expenditure to date, has no employees other than directors and application of the s172 requirements will be better demonstrated in future periods once its investment starts exploration activity or if the Company makes further investments.
David Rigoll Executive Chairman
7 June 2021
The Directors of the Company accept responsibility for the contents of this announcement.
For further information please contact:
Financial statements
Statement of comprehensive income for the year ended to 31 December 2020__________________________________________________________________________________________
The accompanying accounting policies and notes form part of these financial statements.
Statement of financial position as at 31 December 2020__________________________________________________________________________________________
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