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DJ PCG Entertainment plc Interim Results

TIDMPCGE

RNS Number : 2176E

PCG Entertainment plc

26 February 2020

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").

26 February 2020

PCG Entertainment Plc

("PCGE" or the "Company")

PCG Entertainment Plc / NEX: PCGE

Financial results for the six months to 30 September 2019

PCG Entertainment Plc (NEX: PCGE) announces its financial results for the six months ending 30 September 2019.

Interim results' highlights

   1.     Company cash balances at 30 September 2019 of US$ 23,594 (30 September 2018: US$912,844) 

2. The operational loss for the Company for the 6 months to 30 September 2019 was US$ 319,485 (30 September 2018: US$1,291,347)

Director's Summary

During the period the Company surrendered its AIM listing and kept the NEX listing. Following the resignation of Allenby Capital as NOMAD and broker on 31(st) May 2019, we did not seek to find a replacement NOMAD and appointed First Sentinel Corporate Finance Limited as NEX Corporate Adviser.

For most of the period under review the Company focused on achieving a reverse merger with VOX Markets Ltd ("VOX") and Align Research Ltd ("Align"). Unfortunately this transaction did not proceed and we announced on 10th October that VOX had withdrawn from the transaction. In the event VOX proceeded with a round of private financing as an alternative.

Following this announcement on 10th October we moved the Company into care and maintenance mode. Accordingly on 14 October 2019, Professor Michael Mainelli resigned as a director and we agreed the resignation of First Sentinel as Corporate Adviser. Following the resignation of First Sentinel the Company's shares were automatically suspended from NEX.

On 15 October 2019, we agreed the resignation of Bob McDowall as a director.

The remaining directors are Richard Poulden and Alan Gravett who currently receive no remuneration for their services. We have remained in close contact with First Sentinel and with NEX and we hope to be able to announce a new strategy and new management for the Company in the coming weeks.

Richard Poulden Alan Gravett

Chairman Director

For further information:

 
 PCG Entertainment Plc 
 Christal Enriquez, Public Relations   Tel: +971 4 566 7423 
                                       info@pcge.com 
 
 
 PCG Entertainment Plc 
 Statement of Total Comprehensive 
  Income 
 for the six months ended 30 
  September 2019 
 
 
                                           Unaudited      Unaudited        Audited 
                                          Six Months     Six Months     Year ended 
                                               Ended          Ended 
                                        30 September   30 September       31 March 
                                                2019           2018           2019 
                                                 US$            US$            US$ 
 
 Cost of sales                                     -              -              - 
 
 Gross profit                                      -              -              - 
 
 Administration expenses                   (319,485)      (673,009)    (1,065,396) 
 Costs associated with termination                 -      (542,160)              - 
  of financing arrangements 
                                       -------------  -------------  ------------- 
 
 Operating loss                            (319,485)    (1,215,169)    (1,065,396) 
 
 Loss on equity sharing agreement                  -              -      (542,159) 
 Loss on disposal of subsidiary 
  - net                                            -              -       (25,000) 
 Foreign exchange gain/(loss)                  5,829       (76,178)       (82,966) 
 Interest payable                                  -              -       (15,512) 
 
 Loss on ordinary activities 
  before taxation                          (313,657)    (1,291,347)    (1,731,033) 
 
 Tax on loss on ordinary activities                -              -              - 
 
 Loss for the financial period             (313,657)    (1,291,347)    (1,731,033) 
 
 Loss for the year from discontinued 
  operations                                       -              -      (166,478) 
 
 Retained loss for the financial 
  period                                   (313,657)    (1,291,347)    (1,897,511) 
 
 Change in foreign currency                        -          3,800              - 
 
 Total comprehensive loss for 
  the financial period                     (313,657)    (1,287,547)    (1,897,511) 
                                       -------------  -------------  ------------- 
 
 
 PCG Entertainment Plc 
 Statement of Financial Position 
 as at 30 September 2019 
                                            Unaudited           Unaudited         Audited 
                                     Six Months Ended    Six Months Ended      Year ended 
                                    30 September 2019   30 September 2018   31 March 2019 
                                                  US$                 US$             US$ 
 
 Current assets 
 Trade and other receivables                   32,201              81,480         370,477 
 Cash and cash equivalents                     23,594             912,844          14,390 
                                               55,795             994,324         384,867 
                                   ------------------  ------------------  -------------- 
 
 Non-current assets 
 Intangible assets                                  -              25,000               - 
 Property, plant and equipment                      -                  44               - 
                                                    -              25,044               - 
                                   ------------------  ------------------  -------------- 
 
 Total assets                                  55,795           1,019,368         384,867 
                                   ==================  ==================  ============== 
 
 Current liabilities                          127,478             201,425         144,417 
 
 Capital and reserves 
 Share capital                              5,642,408           5,775,145       5,642,408 
 Share premium                             25,088,706          24,955,969      25,088,705 
 Foreign exchange reserve                           -              91,636               - 
 Share based payment reserve                  309,408             309,408         309,408 
 Retained earnings                       (31,112,205)        (30,314,215)    (30,800,071) 
                                             (71,683)             817,943         240,450 
 
 Total equity and liabilities                  55,795           1,019,368         384,867 
                                   ------------------  ------------------  -------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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February 26, 2020 06:41 ET (11:41 GMT)