États financiers intermédiaires - 31 décembre 2023
CETTE ANNONCE ET LES INFORMATIONS CONTENUES NE DOIVENT PAS DIFFUSION, PUBLICATION OU DISTRIBUTION, EN TOTALITÉ OU EN PARTIE, DIRECTEMENT OU INDIRECTEMENT, AUX ÉTATS-UNIS, EN AUSTRALIE, AU CANADA, EN RÉPUBLIQUE D'AFRIQUE DU SUD, AU JAPON, DANS TOUT ÉTAT MEMBRE DE LA ESPACE ÉCONOMIQUE EUROPÉEN OU TOUTE JURIDICTION DANS LAQUELLE IL SERAIT ILLÉGAL DE LE FAIRE.
LEI : 254900YT8SO8JT2LGD15
Marwyn Acquisition Company III Limitée
(l'entreprise")
États financiers intermédiaires pour la période close le 31 décembre 2023
La Société annonce la publication de ses états financiers intermédiaires pour la période close le 31 décembre 2023.
The Interim Financial Statements are also available on the 'Shareholder Documents' page of the Company's website at www.marwynac3.com.
Enquêtes
Secrétaire de la Société
Antoinette Vanderpuije - 020 7004 2700
WH Irlande - Entreprise Broker +020 (7220)1666
Harry Ansel
Katy Mitchell
Marwyn Acquisition Company III Limitée
Intérimaire non audité
États financiers consolidés résumés au 31 décembre 2023
RAPPORT DE GESTION
We present to shareholders the unaudited interim condensed consolidated financial statements (the "États financiers intermédiaires") of Marwyn Acquisition Company III Limited (the "Entreprise") for the six months to 31 December 2023, consolidating the results of Marwyn Acquisition Company III Limited and its subsidiary MAC III (BVI) Limited (collectively, the "Réservation de groupe"Ou"MAC").
de Marketing
The Company was incorporated on 31 July 2020 and subsequently listed on the Main Market of the London Stock Exchange on 4 December 2020. The Company has been formed for the purpose of effecting a merger, share exchange, asset acquisition, share or debt purchase, reorganisation, or similar business combination with one or more businesses. The Company's objective is to generate attractive long term returns for shareholders and to enhance value by supporting sustainable growth, acquisitions, and performance improvements within the acquired companies.
Même si un large éventail de secteurs seront pris en compte par les administrateurs, ceux qui, selon eux, offriront les plus grandes opportunités et sur lesquels la Société se concentrera dans un premier temps comprennent :
? Automotive & Transport;
? Clean Technology;
? Consumer & Luxury Goods;
? Banking & FinTech;
? Insurance, Reinsurance & InsurTech & Other Vertical Marketplaces;
? Media & Entertainment;
? Healthcare & Diagnostics; and
? Business-to-Business Services.
Les Administrateurs peuvent envisager d'autres secteurs s'ils estiment que ces secteurs présentent une opportunité appropriée pour la Société.
The Company will seek to identify situations where a combination of management expertise, improving operating performance, freeing up cashflow for investment, and implementation of a focussed buy and build strategy can unlock growth in their core markets and often into new territories and adjacent sectors.
Activités
During the period, the Directors have noted a marked increase in the volume of inbound opportunities and introductions to potential management partners, a number of whom the Company has engaged in discussions with. The Directors believe that in the current constrained financing environment, a listed cash shell becomes an increasingly attractive vehicle for industry-leading management partners to execute buy and build strategies.
Résultats
The Group's profit after taxation for the period to 31 December 2023 was £237,150 (31 December 2022: loss of £509,128). The Group held a cash balance at the period end of £10,032,534 (as at 30 June 2023: £10,079,604). The Group has not yet acquired an operating business and as such is not yet generating income from trading activities.
Administration
Les administrateurs de la Société ont exercé les fonctions d'administrateurs pendant la période et jusqu'à la date du présent rapport comme indiqué ci-dessous :
James Corsellis (Président)
Antoinette Vanderpuje
Tom Basset
Politique de dividende
La Société n'a pas encore acquis d'activité commerciale et il est donc inapproprié de faire des prévisions quant à la probabilité de dividendes futurs. Les Administrateurs ont l'intention de déterminer la politique de dividendes de la Société après la réalisation d'une acquisition et, en tout état de cause, ne commenceront le paiement des dividendes que lorsqu'il deviendra commercialement prudent de le faire.
Gouvernance d'entreprise
As a company with a Standard Listing, the Company is not required to comply with the provisions of the UK Corporate Governance Code and given the size and nature of the Group the Directors have decided not to adopt the UK Corporate Governance Code. Nevertheless, the Board is committed to maintaining high standards of corporate governance and will consider whether to voluntarily adopt and comply with the UK Corporate Governance Code as part of any Business Acquisition, taking into account the Company's size and status at that time.
La Société se conforme actuellement aux principes suivants du UK Corporate Governance Code :
· The Company is led by an effective and entrepreneurial Board, whose role is to promote the long term sustainable success of the Company, generating value for shareholders and contributing to wider society;
· The Board ensures that it has the policies, processes, information, time and resources it needs in order to function effectively and efficiently; and
· The Board ensures that the necessary resources are in place for the company to meet its objectives and measure performance against them.
Given the size and nature of the Company, the Board has not established any committees and intends to make decisions as a whole. If the need should arise in the future, for example following any acquisition, the Board may set up committees and may decide to adopt the UK Corporate Governance Code.
Risques
The Company's Audited Annual Report and Consolidated Financial Statements for the year ended 30 June 2023, which are available on the Company's website, set out the risk management and internal control systems for the Group and identifies the risks that the Directors consider to be most relevant to the Company based on its current status. The Directors are of the opinion that there have been no changes to the risks faced by the Company since the publication of the Annual Report and Consolidated Financial Statements and that these remain applicable for the remaining six months of the year.
Outlook
The Directors continue to progress discussions with a number of potential management partners and investment opportunities across a range of sectors. As a listed cash shell, with the flexibility of the MAC structure, the Directors believe the Company is well-positioned to execute a buy and build strategy, once the management partner has been appointed and the investment hypothesis narrowed to a specific sectoral opportunity. The Directors look forward to updating shareholders in due course.
Chacun des Administrateurs confirme qu'à sa connaissance :
(a) les présents états financiers intermédiaires, qui ont été préparés conformément à IAS 34 »Rapports financiers intermédiaires« tels qu'adoptés par l'Union européenne, donnent une image fidèle de l'actif, du passif, de la situation financière et du résultat de la Société ; et
(b) ces états financiers intermédiaires sont conformes aux exigences du DTR 4.2.
Ni la Société ni les Administrateurs n'acceptent aucune responsabilité envers quiconque en relation avec le rapport financier intermédiaire, sauf dans la mesure où une telle responsabilité pourrait survenir en vertu de la loi applicable.
Details on the Company's Board of Directors can be found on the Company website at www.marwynac3.com.
James Corsellis
Président
27 mars de l'année précédente 2024
ÉTAT CONSOLIDÉ RÉSUMÉ DU RÉSULTAT GLOBAL
| Six mois terminé |
| Six mois terminé | |
| 31 décembre |
| 31 décembre | |
| 2023 |
| 2022 | |
| Notes | Non audité |
| Non audité |
| £ |
| £ | |
|
|
|
| |
Dépenses administratives | 6 | (271,560) |
| (358,238) |
Perte totale d'exploitation | (271,560) |
| (358,238) | |
|
| |||
Revenus financiers | 254,710 | 103,110 | ||
Variation de la juste valeur des warrants | 13 | 254,000 |
| (254,000) |
Profit / (loss) for the period before tax | 237,150 |
| (509,128) | |
|
| |||
Impôt sur le revenu | 7 | - |
| - |
Bénéfice / (perte) de la période | 237,150 |
| (509,128) | |
Total des autres éléments du résultat global | - |
| - | |
Bénéfice / (perte) global total pour la période | 237,150 |
| (509,128) | |
|
|
| ||
Profit / (loss) per ordinary share | ||||
Basic | 8 | 0.0187 | (0.0401) | |
Dilué | 8 | (0.0011) | (0.0401) |
Les activités du Groupe découlent des activités poursuivies.
ÉTAT DE LA SITUATION FINANCIÈRE CONSOLIDÉE RÉSUMÉE
| Comme à 31 décembre 2023 |
| Comme à Juin 30 2023 | |
Notes | Non audité |
| Vérifié | |
£ |
| £ | ||
Outils | ||||
Actifs actuels | ||||
Autres créances | 10 | 23,781 | 20,780 | |
Trésorerie et équivalents de trésorerie | 11 | 10,032,534 | 10,079,604 | |
Total des actifs courants |
| 10,056,315 |
| 10,100,384 |
Total des actifs |
| 10,056,315 |
| 10,100,384 |
Passifs et capitaux propres | ||||
Équité | ||||
Actions ordinaires | 14 | 326,700 | 326,700 | |
A Actions | 14 | 10,320,000 | 10,320,000 | |
Part des sponsors | 14 | 1 | 1 | |
Réserve de paiement en actions | 15, 17 | 169,960 | 169,960 | |
Défaites accumulées | 15 | (2,988,075) | (3,225,225) | |
Total des capitaux propres |
| 7,828,586 |
| 7,591,436 |
| ||||
Passif à court terme | ||||
Fournisseurs et autres créditeurs | 12 | 68,729 | 95,948 | |
Mandats | 13 | 2,159,000 | 2,413,000 | |
Total du passif |
| 2,227,729 |
| 2,508,948 |
Total capitaux propres et passifs |
| 10,056,315 |
| 10,100,384 |
Les comptes semestriels ont été arrêtés par le Conseil d'administration du 27 mars 2024 et ont été signés en son nom par :
James Corsellis Président | Antoinette Vanderpuje Directeur |
ÉTAT CONSOLIDÉ RÉSUMÉ DES VARIATIONS DES CAPITAUX PROPRES
| Ordinaire part |
| A Partages |
| Sponsor Partager |
| Partager basé Paiement réserve |
| Accumulé pertes |
| Total équité |
£ |
| £ |
| £ |
| £ |
| £ |
| £ | |
Solde au 1er juillet 2022 | 326,700 | 10,320,000 | 1 |
| 169,960 | (1,773,103) | 9,043,558 | ||||
Total du résultat global de la période | - | - | - | - | (509,128) | (509,128) | |||||
Solde au 31 décembre 2022 | 326,700 |
| 10,320,000 |
| 1 |
| 169,960 |
| (2,282,231) |
| 8,534,430 |
| Ordinaire part |
| A Partages |
| Sponsor Partager |
| Partager basé Paiement réserve |
| Accumulé pertes |
| Total équité |
£ |
| £ |
| £ |
| £ |
| £ |
| £ | |
Solde au 1er juillet 2023 | 326,700 |
| 10,320,000 |
| 1 |
| 169,960 |
| (3,225,225) |
| 7,591,436 |
Résultat global total de la période | - |
| - |
| - |
| - |
| 237,150 |
| 237,150 |
Solde au 31 décembre 2023 | 326,700 |
| 10,320,000 |
| 1 |
| 169,960 |
| (2,988,075) |
| 7,828,586 |
TABLEAU DES FLUX DE TRÉSORERIE CONSOLIDÉ CONDENSÉ
Six mois terminé 31 décembre 2023 |
| Six mois terminé 31 décembre 2022 | ||
Notes | Non audité |
| Non audité | |
| £ |
| £ | |
Activités d'exploitation | ||||
Bénéfice / (perte) de la période | 237,150 | (509,128) | ||
Adjustments to reconcile total operating profit / (loss) to net cash flows: | ||||
Revenus financiers | (254,710) | (103,110) | ||
Fair Value (gain) / loss on warrant liability | 13 | (254,000) | 254,000 | |
Ajustements du fonds de roulement : | ||||
Augmentation des créances commerciales et autres créances et paiements anticipés | 10 | (3,001) | (9,257) | |
Diminution des dettes commerciales et autres dettes | 12 | (27,219) | (38,532) | |
Flux de trésorerie nets utilisés dans les activités opérationnelles | (301,780) |
| (406,027) | |
Activités d'investissement | ||||
Intérêt reçu | 254,710 | 103,110 | ||
Flux de trésorerie nets utilisés dans les activités d'investissement | 254,710 |
| 103,110 | |
Diminution nette de la trésorerie et des équivalents de trésorerie | (47,070) | (302,917) | ||
Trésorerie et équivalents de trésorerie en début de période | 10,079,604 | 10,483,374 | ||
Trésorerie et équivalents de trésorerie à la fin de la période | 11 | 10,032,534 |
| 10,180,457 |
NOTES ANNEXES AUX COMPTES CONSOLIDÉS RÉSUMÉS
1. INFORMATIONS GÉNÉRALES
Marwyn Acquisition Company III Limited was incorporated on 31 July 2020 in the British Virgin Islands ("BVI") as a BVI business company (registered number 2040967) under the BVI Business Company Act, 2004. The Company was listed on the Main Market of the London Stock Exchange on 4 December 2020 and has its registered address at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, VG1110, British Virgin Islands and UK establishment (BR022832) at 11 Buckingham Street, London WC2N 6DF.
The Company has been formed for the purpose of effecting a merger, share exchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with one or more businesses. The Company has one wholly owned subsidiary, MAC III (BVI) Limited (together with the Company the "Réservation de groupe").
2. CONVENTIONS COMPTABLES
(a) Base de préparation
Ces états financiers consolidés résumés («États financiers intermédiaires") have been prepared in accordance with the IAS 34 Interim Financial Reporting and are presented on a condensed basis.
The Interim Financial Statements do not include all the information and disclosures required in the Annual Financial Statements and should be read in conjunction with the Group's Annual Report and Financial Statements for the year ended 30 June 2023 (the "2023 Annual Report"), which is available on the Company's website, www.marwynac3.com. Accounting policies applicable to these Interim Financial Statements are consistent with those applied in 2023 Annual Report.
(b) Continuité d’exploitation
The Interim Financial Statements have been prepared on a going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due within twelve months from the date of approval. The Directors have considered the financial position of the Group and have reviewed forecasts and budgets for a period of at least 12 months following the approval of the Interim Financial Statements.
At 31 December 2023 the Group has net assets of £7,828,586 (30 June 2023: £7,591,436), net assets excluding warrant liabilities of £9,987,586 (30 June 2023: £10,004,436) and a cash balance of £10,032,534 (30 June 2023: £10,079,604). The Company has sufficient resources to continue to pursue its investment strategy which may include effecting a merger, share exchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with one or more businesses.
Subject to the structure of any acquisition, the Company may need to raise additional funds to finance the acquisition in the form of equity and/or debt. The capital structure of the Company enables it to issue different types of shares in order to raise equity to fund an acquisition. The ability of the Company to raise additional funds in relation to an acquisition may affect its ability to complete that acquisition. Other factors outside of the Company's control may also impact on the Company's ability to complete that acquisition. The key risks relating to the Company's ability to execute its stated strategy are set out in its 2023 Annual Report, which is available on the Company's website.
The Company entered into a forward purchase agreement ("FPA") on 27 November 2020 with Marwyn Value Investors II LP (''MVI II LP'') of up to £20 million, which may be drawn for general working capital purposes and to fund due diligence costs. Any drawdown is subject to the prior approval of MVI II LP and the satisfaction of conditions precedent. At 31 December 2023 £12 million had been drawn down under the FPA.
Bien que le FPA fournisse un mécanisme permettant à la Société de lever des fonds supplémentaires, étant donné que tout prélèvement n'est pas sous le contrôle exclusif de la Société, toutes les prévisions de flux de trésorerie et de fonds de roulement ont été préparées sans qu'aucun prélèvement supplémentaire sur le FPA ne soit pris en compte.
Les administrateurs ont examiné le contexte macroéconomique et les coûts d'exploitation courants qui devraient être supportés par l'entreprise au cours des 12 prochains mois au moins. Sur la base de leur examen, les administrateurs ont conclu qu'il n'existe pas d'incertitudes significatives liées à la continuité d'exploitation du Groupe et, par conséquent, les états financiers intermédiaires ont été préparés sur une base de continuité d'exploitation, ce qui suppose que le Groupe continuera à être en mesure de respecter ses objectifs. passifs à mesure qu'ils deviennent exigibles dans les 12 prochains mois à compter de la date d'approbation des états financiers intermédiaires.
(c) Nouvelles normes et amendements aux Normes internationales d’information financière
New standards and amendments to International Reporting Standards
The International Financial Reporting Standards ("IFRS") applicable to the Interim Financial Statements of the Group for the six-month period to 31 December 2023 have been applied.
Normes publiées mais pas encore entrées en vigueur
The following standards are issued but not yet effective. The Group intends to adopt these standards, if applicable, when they become effective. It is not expected that these standards will have a material impact on the Group.
Standard | Date effective |
Accords de financement des fournisseurs (Amendements à IAS 7 et IFRS 7*) ; | 1 Janvier 2024 |
Passifs non courants avec covenants (Amendements à IAS 1) ; | 1 Janvier 2024 |
Amendements à IFSR 16 - Obligation locative en cas de cession-bail ; | 1 Janvier 2024 |
Amendements à IAS 1 Présentation des états financiers : Classement des passifs en courants ou non courants* ; et | 1 Janvier 2024 |
Amendements à IAS 21 Manque d'échangeabilité. | 1 Janvier 2025 |
*Subject to EU endorsement |
3. JUGEMENTS ET ESTIMATIONS COMPTABLES CRITIQUES
The preparation of the Group's Interim Financial Statements under IFRS requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Estimations et jugements comptables importants
Valuation of warrants
The Company, has issued matching warrants for both its issues of ordinary shares and A shares. For every share subscribed for, each investor was also granted a warrant ("Mandat") to acquire a further share at an exercise price of £1.00 per share (subject to a downward adjustment under certain conditions). Previously, the Warrants were exercisable at any time until five years after the issue date; effective 29 April 2022, the exercise date for the Warrants was extended to the 5th anniversary of a Business Acquisition, as defined in Note 13.
The Warrants are valued using the Black-Scholes option pricing methodology which considers the exercise price, expected volatility, risk free rate, expected dividends, and expected term of the Warrants.
4. INFORMATIONS SECTORIELLES
The Board of Directors is the Group's chief operating decision-maker. As the Group has not yet acquired an operating business, the Board of Directors considers the Group as a whole for the purposes of assessing performance and allocating resources, and therefore the Group has one reportable operating segment.
5. EMPLOYÉS ET DIRECTEURS
The Group does not have any employees. During the six months ended 31 December 2023, the Company had three serving Directors: James Corsellis, Antoinette Vanderpuije, and Tom Basset, no Director received remuneration or fees under the terms of their director service agreements.
James Corsellis, Antoinette Vanderpuije, and Tom Basset have a beneficial interest in the incentive shares issued by the Company's subsidiary as detailed in Note 17.
6. DÉPENSES ADMINISTRATIVES
| Pour six mois fin 31 Décembre 2023 |
| Pour six mois fin 31 Décembre 2022 |
| Non audité |
| Non audité |
| £ |
| £ |
Dépenses de groupe par nature |
|
|
|
Le soutien professionnel | 258,879 | 267,791 | |
Coûts non récurrents du projet, professionnels et de due diligence | - | 74,943 | |
Audit Fees | 11,647 | 9,750 | |
Autres dépenses | 1,034 | 5,754 | |
271,560 |
| 358,238 |
7. IMPOSITION
| Pour six mois fin 31 Décembre 2023 |
| Pour six mois fin 31 Décembre 2022 |
| Non audité |
| Non audité |
| £ |
| £ |
Analysis of tax in period |
|
|
|
Impôt courant sur les bénéfices de la période | - | - | |
Impôt courant total | - | - |
Reconciliation of effective rate and tax charge:
| Pour six mois fin 31 Décembre 2023 |
| Pour six mois fin 31 Décembre 2022 |
| Non audité |
| Non audité |
| £ |
| £ |
Profit / (loss) on ordinary activities before tax | 237,150 |
| (509,128) |
Dépenses non déductibles fiscalement | (252,922) | 696,064 | |
(Loss)/ profit on ordinary activities subject to corporation tax | (15,772) |
| 186,936 |
(Loss)/ profit on ordinary activities multiplied by the rate of corporation tax in the UK of 25% (2022: 19%) | (3,943) | 35,518 | |
Les effets de: | |||
(Loss)/ profit carried forward for which no deferred tax recognised | 3,943 | (35,518) | |
Charge fiscale totale | - | - |
The Group is tax resident in the UK. As at 31 December 2023, cumulative tax losses available to carry forward against future trading profits were £1,249,554 subject to agreement with HM Revenue & Customs. There is currently no certainty as to future profits and no deferred tax asset is recognised in relation to these carried forward losses. Under UK Law, there is no expiry for the use of tax losses.
8. PERTE PAR ACTION ORDINAIRE
Basic earnings per share ("EPS") is calculated by dividing the profit attributable to equity holders of the company by the combined weighted average number of ordinary shares and A shares in issue pendant la période. Diluted EPS is calculated by adjusting the combined weighted average number of ordinary shares and A shares outstanding to assume conversion of all instruments that are potentially dilutive to the ordinary shares and A shares.
As the Company has made a profit in the period 31 December 2023, the Warrants are considered potentially dilutive. Details on the Warrants in issue are given in Note 13. In the prior year, due to the Company making a loss, the potential exercise of the Warrants has had an antidilutive impact on EPS, resulting in both basic and diluted EPS being the same in the prior year.
The Company has also issued Incentive Shares as detailed in Note 17, which may, in the future, also be dilutive to the ordinary and A shareholders. The Incentive Shares have not been included in the calculation of diluted EPS in the current period as per IAS 33, they should be treated as outstanding until the date from which all necessary vesting conditions are satisfied. Incentive shares to not become exercisable until 3 to 7 years post completion of the platform acquisition (unless certain other events have occurred as detailed in Note 17) and therefore, as the Company has yet to complete its platform acquisition, the Incentive Shares are not currently dilutive.
The Company maintains different share classes, of which ordinary shares, A shares and sponsor shares were in issue in the current and prior period. The key difference between ordinary shares and A shares is that the ordinary shares are traded with voting rights attached. The ordinary share and A share classes both have equal rights to the residual net assets of the Company, which enables them to be considered collectively as one class per the provisions of IAS 33. The sponsor share has no distribution rights so has been ignored for the purposes of IAS 33.
| Pour six mois clos le 31 décembre 2023 |
| Pour six mois clos le 31 décembre 2022 |
| Non audité |
| Non audité |
Basic | |||
Profit / (loss) attributable to owners of the parent (£'s) | 237,150 | (509,128) | |
Moyenne pondérée des actions en circulation | 12,700,000 | 12,700,000 | |
Basic profit / (loss) per ordinary share (£'s) | 0.0187 |
| (0.0401) |
Dilué | |||
Profit / (loss) attributable to owners of the parent (£'s) | 237,150 | (509,128) | |
Effect of warrants in issue | (254,000) | - | |
Adjusted loss attributable to owners of the parent (£'s) | (16,850) | (509,128) | |
Moyenne pondérée des actions en circulation | 12,700,000 | 12,700,000 | |
Adjustment to number of shares for warrants | 2,159,000 | - | |
Adjusted weighted average shares in issue | 14,859,000 | 12,700,000 | |
Diluted loss per ordinary share (£'s) | (0.0011) |
| (0.0401) |
The adjustment to earnings of £254,000 is required under IAS 33 for the purposes of the calculating the diluted EPS as these are required to be calculated as being converted at the start of the year, resulting the no fair value gain. The adjusted weighted average shares adjustment arises from the treasury share method using a fair value of £0.83 per share for 12,000,000 warrants over A shares and 700,00 warrants over ordinary shares respectively, as these warrants are fully vested and represent potential ordinary shares. Please refer to Note 13 for further information on warrants in issue.
9. FILIALE
Marwyn Acquisition Company III Limited is the parent company of the Group, the Group comprises of the Company and the following subsidiary as at 31 December 2023:
Nom de l’entreprise | Nature de l'entreprise | Pays de constitution | Proportion of ordinary shares held directly by parent |
MAC III (BVI) Limited | Véhicule incitatif | Îles Vierges britanniques | 100% |
The share capital of MAC III (BVI) Limited (the "Filiale") consists of both ordinary shares and Incentive Shares. The Incentive Shares are non-voting and disclosed in more detail in Note 17.
There are no restrictions on the Company's ability to access or use the assets and settle the liabilities of the Company's subsidiary. The registered office of MAC III (BVI) Limited is Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, VG1110, British Virgin Islands and its UK Establishment address is 11 Buckingham Street, London, WC2N 6DF.
10. AUTRES CRÉANCES
| Comme à 31 décembre 2023 |
| Comme à Juin 30 2023 |
| Non audité |
| Vérifié |
| £ |
| £ |
Créances à un an : |
|
|
|
Prépaiements | 18,420 | 14,372 | |
Due from a related party (Note 18) | 1 | 1 | |
TVA à recevoir | 5,360 | 6,407 | |
23,781 |
| 20,780 |
Il n’existe pas de différence significative entre la valeur comptable et la juste valeur des créances. Les créances sont considérées comme étant en souffrance une fois qu’elles ont dépassé la date d’échéance contractuelle. Les autres créances sont toutes courantes.
11. TRÉSORERIE ET ÉQUIVALENTS DE TRÉSORERIE
| Comme à 31 décembre 2023 |
| Comme à Juin 30 2023 |
| Non audité |
| Vérifié |
| £ |
| £ |
Trésorerie et équivalents de trésorerie |
|
|
|
Argent à la banque | 10,032,534 | 10,079,604 | |
10,032,534 |
| 10,079,604 |
Le risque de crédit est géré au niveau du groupe. Le risque de crédit découle de la trésorerie et des équivalents de trésorerie ainsi que des dépôts auprès des banques et des institutions financières. Pour les banques et les institutions financières, seules les parties notées de manière indépendante avec une notation de crédit à court terme minimale de P-1, telle qu'émise par Moody's, sont acceptées.
12. FOURNISSEURS ET AUTRES CRÉDITEURS
| Comme à 31 Décembre 2023 |
| Comme à Juin 30 2023 |
| Non audité |
| Vérifié |
| £ |
| £ |
Sommes exigibles à moins d'un an : |
|
|
|
Dettes commerciales | 3,162 | 6,054 | |
Due à une partie liée (Note 18) | 29,451 | 28,656 | |
Accumulation | 36,116 | 61,238 | |
68,729 | 95,948 |
There is no material difference between the book value and the fair value of the trade and other payables. All trade payables are non-interest bearing and are usually paid within 30 days.
13. WARRANT LIABLITY
Amounts falling due within one an | |
£ | |
|
|
Fair value of warrants at 30 June 2022 | 2,032,000 |
Fair value movement of warrants: |
|
Warrant liability - ordinary warrants | 14,000 |
Warrant liability - A warrants | 240,000 |
Total fair value movement | 254,000 |
Fair value of warrants at 31 December 2022 | 2,286,000 |
Fair value movement of warrants: |
|
Warrant liability - ordinary warrants | 7,000 |
Warrant liability - A warrants | 120,000 |
Total fair value movement | 127,000 |
Fair value of warrants at 30 June 2023 | 2,413,000 |
Fair value movement of warrants: | |
Warrant liability - ordinary warrants | (14,000) |
Warrant liability - A warrants | (240,000) |
Total fair value movement | (254,000) |
Fair value of warrants at 31 December 2023 | 2,159,000 |
On 4 December 2020, the Company issued 700,000 ordinary shares and matching warrants at a price of £1 for one ordinary share and matching warrant. Under the terms of the warrant instrument ("Mandat"), warrant holders are able to acquire one ordinary share per warrant at a price of £1 per ordinary share, subject to a downward price adjustment depending on the price of future shares issued prior to or in conjunction with an initial acquisition. Warrants are fully vested at the period end.
On 20 April 2021, the Company issued 12,000,000 A shares and matching warrants at a price of £1 for one A share and matching A warrant. Under the terms of the A warrant instrument ("A Warrant Instrument"), warrant holders are able to acquire one ordinary share per warrant at a price of £1 per ordinary share, subject to a downward price adjustment depending on the price of future shares issued prior to or in conjunction with an initial acquisition. Warrants are fully vested at the period end.
Effective 29 April 2022, both the Warrant Instrument and A Warrant Instrument were amended such that the long stop date was extended to the fifth anniversary of an initial acquisition by a member of the Group (which may be in the form of a merger, share exchange, asset acquisition, share or debt purchase, reorganisation or similar transaction) of a business ("Acquisition d'entreprise"). Previously the warrants were exercisable for 5 years from the date of issue.
Warrants are accounted for as a level 3 derivative liability instruments and are measured at fair value at grant date and revalued at each subsequent balance sheet date. The warrants and A warrants were separately valued at the date of grant. For both the warrants and A warrants, the combined market value of one share and one Warrant was considered to be £1, in line with the price paid by investors. A Black-Scholes option pricing methodology was used to determine the fair value, which considered the exercise prices, expected volatility, risk free rate, expected dividends and expected term.
On 31 December 2023, the fair value was assessed as 17p per warrant, the result of which is a fair value gain £254,000 (31 December 2022: loss of £254,000). The Directors are responsible for determining the fair value of the warrants at each reporting date, the underlying calculations are prepared by Deloitte LLP.
The key assumptions used in determining the fair value of the Warrants are as follows:
Comme à | Comme à | ||
Non audité |
| Vérifié | |
Combined price of a share and warrant | £1 | £1 | |
Prix de l'exercice | £1 | £1 | |
Volatilité attendue | 25.0% | 25.0% | |
Taux sans risque | 3.30% | 4.70% | |
Dividendes attendus | 0.0% | 0.0% | |
Durée prévue | 5th anniversary of the completion of a Business Acquisition | 5th anniversary of the completion of a Business Acquisition |
14. STATED CAPITAL
Paiement de | |||
Actions ordinaires illimitées sans valeur nominale | |||
Unlimited A shares of no par value | |||
100 actions sponsor sans valeur nominale | |||
Comme à | Comme à | ||
Non audité | Vérifié | ||
£ | £ | ||
Publié | |||
700,000 XNUMX actions ordinaires sans valeur nominale | 326,700 | 326,700 | |
12,000,000 XNUMX actions A sans valeur nominale | 10,320,000 | 10,320,000 | |
1 action sponsor sans valeur nominale | 1 | 1 | |
10,646,701 | 10,646,701 |
On incorporation, the Company issued 1 ordinary share of no par value to MVI II Holdings I LP. On 30 September 2020, it was resolved that updated memorandum and articles ("Fusions et acquisitions mises à jour") sera adopté par la Société et, à compter du moment où la fusion et acquisition mise à jour sera enregistrée auprès du registraire des affaires corporatives des îles Vierges britanniques, la 1 action ordinaire qui était émise par la Société sera redésignée comme 1 action sponsor sans valeur nominale. valeur (le "Partage du sponsor").
On 4 December 2020, the Company issued 700,000 ordinary shares and matching warrants at a price of £1 for one ordinary share and matching warrant. As a result of the fair value exercise of the warrants, 14p was attributed to the warrants and therefore each ordinary share was initially valued at 86p per share. Costs of £275,300 directly attributable to this equity raise were taken against stated capital during the period ended 30 June 2021.
On 20 April 2021, the Company issued 12,000,000 A shares and matching A warrants at a price of £1 for one A share and matching A warrant. As a result of the fair value exercise of the A warrants, 14p was attributed to the A warrants and therefore each ordinary share was initially valued at 86p per share. There were no costs directly attributable to the issue of these shares.
There has been no issue of any share capital in the six months ending 31 December 2023.
The ordinary shares and A shares are entitled to receive a share in any distribution paid by the Company and a right to a share in the distribution of the surplus assets of the Company on a winding-up. Only ordinary shares have voting rights attached. The Sponsor Share confers upon the holder no right to receive notice and attend and vote at any meeting of members, no right to any distribution paid by the Company and no right to a share in the distribution of the surplus assets of the Company on a winding-up. Provided the holder of the Sponsor Share holds directly or indirectly 5 per cent. or more of the issued and outstanding shares of the Company (of whatever class other than any Sponsor Shares), they have the right to appoint one director to the Board.
The Company must receive the prior consent of the holder of the Sponsor Share, where the holder of the Sponsor Share holds directly or indirectly 5 per cent. or more of the issued and outstanding shares of the Company, in order to:
? Issue any further Sponsor Shares;
? issue any class of shares on a non pre-emptive basis where the Company would be required to issue such share pre-emptively if it were incorporated under the UK Companies Act 2006 and acting in accordance with the Pre-Emption Group's Statement of Principles; or
? amend, alter or repeal any existing, or introduce any new share-based compensation or incentive scheme in respect of the Group; and
? take any action that would not be permitted (or would only be permitted after an affirmative shareholder vote) if the Company were admitted to the Premium Segment of the Official List.
The Sponsor Share also confers upon the holder the right to require that: (i) any purchase of ordinary shares; or (ii) the Company's ability to amend the Memorandum and Articles, be subject to a special resolution of members whilst the Sponsor (or an individual holder of a Sponsor Share) holds directly or indirectly 5 per cent. or more of the issued and outstanding shares of the Company (of whatever class other than any Sponsor Shares) or are a holder of incentive shares.
15. RÉSERVES
Ce qui suit décrit la nature et l'objet de chaque réserve composant les capitaux propres :
Défaites accumulées
Pertes cumulées comptabilisées dans l’état consolidé du résultat global.
Réserve de paiement basée sur des actions
La réserve pour paiement fondé sur des actions correspond au montant cumulé comptabilisé en relation avec le plan de paiement fondé sur des actions réglé en actions, comme décrit plus en détail dans la note 17.
16. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS
The Group has the following categories of financial instruments at the period end:
Comme à 31 Décembre 2023 | Comme à Juin 30 | ||
Non audité | Vérifié | ||
£ | £ | ||
Actifs financiers évalués au coût amorti | |||
Trésorerie et équivalents de trésorerie (note 11) | 10,032,534 | 10,079,604 | |
Due from related party (Note 18) | 1 | 1 | |
10,032,535 |
| 10,079,605 |
Comme à 31 Décembre 2023 |
| Comme à Juin 30 | |
Non audité |
| Vérifié | |
£ |
| £ | |
Passifs financiers évalués au coût amorti | |||
Trade payables (Note 12) | 3,162 | 6,054 | |
Accruals (Note 12) | 36,116 | 61,238 | |
Due à une partie liée (Note 18) | 29,451 | 28,656 | |
68,729 |
| 95,948 | |
|
|
| |
Financial liabilities measured at fair value through profit and loss | |||
Responsabilité des bons de souscription | 2,159,000 | 2,413,000 | |
2,159,000 |
| 2,413,000 |
La juste valeur et la valeur comptable des actifs et passifs financiers sont sensiblement équivalentes.
Les politiques de gestion des risques du Groupe sont établies pour identifier et analyser les risques auxquels le Groupe est confronté, pour fixer des limites et des contrôles de risque appropriés, et pour surveiller les risques et les limites de respect. Les politiques et systèmes de gestion des risques sont revus régulièrement pour refléter l'évolution des conditions de marché et des activités du Groupe.
Treasury activities are managed on a Group basis under policies and procedures approved and monitored by the Board. These are designed to reduce the financial risks faced by the Group which primarily relate to movements in interest rates. As the Group's assets are predominantly cash and cash equivalents, market risk and liquidity risk are not currently considered to be material risks to the Group.
17. PAIEMENTS BASÉS SUR DES ACTIONS
Accords d'incitation à long terme pour la direction
Le Groupe a mis en place un plan d'intéressement à long terme («LTIP"), to ensure alignment between Shareholders, and those responsible for delivering the Company's strategy and to attract and retain the best executive management talent.
The LTIP will only reward the participants if shareholder value is created. This ensures alignment of the interests of management directly with those of Shareholders. As at the balance sheet date, an executive management team is not yet in place and as such Marwyn Long Term Incentive LP ("MLTI") (in which James Corsellis, Antoinette Vanderpuije and Tom Basset are indirectly beneficially interested) is the only participant in the LTIP. Once an executive management team is appointed, they will participate in the LTIP and this will be dilutive to MLTI. Under the LTIP, A ordinary shares ("Actions incitatives") are issued by the Subsidiary.
As at the statement of financial position date, MLTI had subscribed for redeemable A ordinary shares of £0.01 each in the Subsidiary entitling it to 100 per cent of the incentive value.
Retour préféré
The incentive arrangements are subject to the Company's shareholders achieving a preferred return of at least 7.5 per cent. per annum on a compounded basis on the capital they have invested from time to time (with dividends and returns of capital being treated as a reduction in the amount invested at the relevant time) (the "Retour préféré").
Valeur incitative
Sous réserve d'un certain nombre de dispositions détaillées ci-dessous, si le Rendement Préférentiel et au moins une des conditions d'acquisition sont remplies, les détenteurs d'Actions Incitatives peuvent notifier le rachat de leurs Actions Incitatives contre des actions ordinaires de la Société ("Actions ordinaires") pour une valeur globale équivalente à 20 pour cent. du "Croissance", où Croissance désigne l'excédent de la valeur totale des capitaux propres de la Société et des autres rendements des actionnaires par rapport à son capital social libéré total (20 pour cent de la Croissance étant le "Valeur incitative").
Date d'attribution
The grant date of the Incentive Shares will be deemed to be the date that such shares are issued.
Rachat / Exercice
Unless otherwise determined and subject to the redemption conditions having been met, the Company and the holders of the Incentive Shares have the right to exchange each Incentive Share for Ordinary Shares in the Company, which will be dilutive to the interests of the holders of Ordinary Shares. However, if the Company has sufficient cash resources and the Company so determines, the Incentive Shares may instead be redeemed for cash. It is currently expected that in the ordinary course Incentive Shares will be exchanged for Ordinary Shares. However, the Company retains the right but not the obligation to redeem the Incentive Shares for cash instead. Circumstances where the Company may exercise this right include, but are not limited to, where the Company is not authorised to issue additional Ordinary Shares or on the winding-up or takeover of the Company.
Tout détenteur d'Actions d'incitation qui exerce ses Actions d'incitation avant les autres détenteurs a droit à sa part de la Valeur d'incitation à la date à laquelle il exerce mais pas plus. Leur proportion est déterminée par le nombre d'Incentive Shares qu'ils détiennent par rapport au nombre total d'actions émises de la même catégorie.
Conditions d’acquisition et période d’acquisition
Les actions incitatives sont soumises à certaines conditions d'acquisition, dont au moins une doit être (et continuer d'être) remplie pour qu'un détenteur d'actions incitatives puisse exercer son droit de rachat.
Les conditions d'acquisition sont les suivantes :
i. it is later than the third anniversary of the initial Business Acquisition and earlier than the seventh anniversary of the Business Acquisition;
ii. a sale of all or substantially all of the revenue or net assets of the business of the Subsidiary in combination with the distribution of the net proceeds of that sale to the Company and then to its shareholders;
iii. a sale of all of the issued ordinary shares of the Subsidiary or a merger of the Subsidiary in combination with the distribution of the net proceeds of that sale or merger to the Company's shareholders;
iv. where by corporate action or otherwise, the Company effects an in-specie distribution of all or substantially all of the assets of the Group to the Company's shareholders;
v. aggregate cash dividends and cash capital returns to the Company's Shareholders are greater than or equal to aggregate subscription proceeds received by the Company;
vi. a winding up of the Company;
vii. a winding up of the Subsidiary; or
viii. a sale, merger or change of control of the Company.
Si l'une des conditions d'acquisition décrites aux paragraphes (ii) à (viii) ci-dessus est remplie avant le troisième anniversaire de l'acquisition initiale, les Actions A seront considérées comme ayant été entièrement acquises.
Détention d’actions d’intéressement
MLTI holds Incentive Shares entitling them to aggregate to 100 per cent. of the Incentive Value. Any future management partners or senior executive management team members receiving Incentive Shares will be dilutive to the interests of existing holders of Incentive Shares, however the share of the Growth of the Incentive Shares in aggregate will not increase.
The following shares were in issue at 31 December 2023:
Prix nominal | Prix d'émission par action A ordinaire en £ | Nombre d'actions ordinaires A | Valeur marchande sans restriction à la date d'attribution en £ | IFRS 2 Juste valeur en £ | |
Marwyn Incitatif à Long Terme LP | £0.01 | 7.50 | 2,000 | 15,000 | 169,960 |
Valorisation des actions incitatives
Valuations were performed by Deloitte LLP using a Monte Carlo model to ascertain the unrestricted market value and the fair value at grant date. Details of the valuation methodology and estimates and judgements used in determining the fair value are noted herewith and were in accordance with IFRS 2 at grant date.
There are significant estimates and assumptions used in the valuation of the Incentive Shares. Management has considered at the grant date, the probability of a successful first Business Acquisition by the Company and the potential range of value for the Incentive Shares, based on the circumstances on the grant date.
The fair value of the Incentive Shares granted under the scheme was calculated using a Monte Carlo model with the following inputs:
Date d'émission | Share designation at balance sheet date | Volatilité | Taux sans risque | Expected term* (years) |
25 Novembre 2020 | A Actions | 25% | 0.0% | 7.0 |
*The expected term assumes that the Incentive Shares are exercised 7 years post acquisition.
The Incentive Shares are subject to the Preferred Return being achieved, which is a market performance condition, and as such has been taken into consideration in determining their fair value. The model incorporates a range of probabilities for the likelihood of an Business Acquisition being made of a given size.
Expense related to Incentive Shares
There are no service conditions attached to the MLTI shares and as result the fair value at grant date of £169,960, less the subscription price of £15,000 (a net amount of £154,960) was expensed to the profit and loss account on issue, with the total fair value being recorded in the share-based payment reserve.
18. PARTIES LIÉES
James Corsellis, Antoinette Vanderpuije and Tom Basset have served as directors of the Company during the period. Funds managed by Marwyn Investment Management LLP ("MIMLLP"), of which James Corsellis is a managing partner and Antoinette Vanderpuije and Tom Basset are both partners, hold 75 per cent. of the Company's issued ordinary shares and warrants and 100% of the A shares and A warrants at the period end date as well as the Sponsor Share. The £1 due for the Sponsor Share is remains unpaid at the period end (30 June 2023: unpaid).
James Corsellis, Tom Basset, and Antoinette Vanderpuije have a beneficial interest in the Incentive Shares through their indirect interest in Marwyn Long Term Incentive LP which owns 2,000 A ordinary shares in the capital of MAC III (BVI) Limited which are disclosed in Note 17.
James Corsellis is the managing partner of Marwyn Capital LLP, and Antoinette Vanderpuije and Tom Basset are also both partners. Marwyn Capital LLP provides corporate finance support, company secretarial, administration and accounting services to the Company. On an ongoing basis a monthly fee of £25,000 per calendar month charged for the provision of the corporate finance services and managed services support is charged on a time spent basis. The total amount charged in the period ended 31 December 2023 by Marwyn Capital LLP for services was £182,690 (31 décembre 2022: £191,522) and they had incurred expenses on behalf of the Company of £21,423 (31 décembre 2022: £25,753) and of this £29,451 (30 June 2023: £28,656) was outstanding as at the period end.
19. COMMITMENTS AND CONTINGENT LIABILITIES
Il n’y avait aucun engagement ou passif éventuel en cours au 31 décembre 2023 (31 décembre 2022 : XNUMX £) qui nécessiterait une divulgation ou un ajustement dans ces états financiers intermédiaires.
20. POST BALANCE SHEET EVENTS
Il n’y a eu aucun événement important postérieur à la clôture qui nécessiterait la divulgation ou l’ajustement de ces états financiers intermédiaires.
CONSEILLERS
Entreprise Broker | Conseillers juridiques BVI de la Société |
WH Irlande Limitée | Conyers Aneth & Pearman |
24, allée Martin | Maison du Commerce |
London | Wickhams Cay 1 |
EC4R 0DR | Ville de route |
+ 44 (0) 20 7220 1666 | VG1110 |
Tortola | |
Îles Vierges britanniques | |
Secrétaire de la Société | Dépôt |
Antoinette Vanderpuje | Lien Market Services Trustees Limited |
11, rue Buckingham | Le greffe |
London | 34, chemin Beckenham |
WC2N 6DF | Beckenham |
Courriel : [email protected] | Kent |
BR3 4TU | |
Agent enregistré et secrétaire adjoint de la société | Enregistrer |
Conyers Corporate Services (BVI) Limitée | Link Market Services (Guernesey) Limited |
Maison du Commerce | Maison du Mont Crevelt |
Wickhams Cay 1 | Avenue Bulwer |
Ville de route | Saint-Sampson |
VG1110 | Guernsey |
Tortola | GY2 4LH |
Îles Vierges britanniques | |
|
|
Conseillers juridiques anglais de la Société | Auditeur indépendant |
Travers Smith LLP | Baker Tilly Channel Islands Limited |
10 Colline de neige | First floor, Kensington Chambers |
London | 46-50 Kensington Place |
EC1A2AL | St Helier |
Jersey | |
JE4 0ZE | |
Bureaux physiques / domiciliation | +44 (0) 1534 755150 |
Maison du Commerce |
|
Wickhams Cay 1 |
|
Ville de route | |
VG1110 | |
Tortola | |
Îles Vierges britanniques |
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