REG - Dispensa Group PLC - Interim Results
30/11/2023 14:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231130:nRSd2416Va&default-theme=true
RNS Number : 2416V Dispensa Group PLC 30 November 2023
30 November 2023
DISPENSA GROUP PLC
SECOND UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2023
Dispensa Group plc (LON: DISP), ("Dispensa" or "The Company") the acquisitive
holding company developing a portfolio of international luxury food brands, is
pleased to announce its unaudited interim results for the six month period
from 1 March 2023 to 31 August 2023.
These are the second set of Interim Results announced by the Company following
its announcement on 24 August 2023 that it had changed its year-end from 31
August to 31 December to align itself with the accounting reference date of
its operating subsidiaries. As such, the next full set of audited annual
financial statements will cover the 16-month period from 1 September 2022 to
31 December 2023 and are expected to be published in April 2024.
Key Highlights for the six month period from 1 March 2023 to 31 August 2023:
· Change of Company name from Zamaz plc to Dispensa Group plc and
updated strategy and focus on the acquisition and digitization of luxury foods
brands as well as vertical integration within each brand business.
· After three acquisitions in the luxury foods sector in Italy
completed since Listing and in the previous six month period, management has
concentrated on building its team, consolidating operations, expanding
distribution channels and achieving efficiencies. Administration costs have
fallen following the restructuring of the UK team and closing the UK
warehouse, moving all logistics to Italy.
· There is significant seasonality in the business which is reflected
by a fall in revenues - Summer is a slower period and Christmas tends to be
much busier. Revenues are lower also due to the legacy Amazon business
having experienced persistent cost increases and operational challenges from
Amazon.
· Overall, the loss position over the last 12 months to August 2023 has
improved compared to the previous 12 months To August 2022.
· Exciting organic growth opportunities through product development and
enhanced store openings for existing brand distribution. Pipeline of
accretive acquisition opportunities.
Commenting on the second Interim Results, Chairman Dr Niccolò Caderni said:
"The Dispensa Group is rolling out its integration and expansion plans for the
acquired businesses including adding senior team members. While revenue has
fallen compared to the first six months of the year, this is mainly, as
expected, due to the seasonality of the business. The arriving Christmas
trading period has generally significantly higher revenues than the same
summer trading period for our brands. Our revenue is however also lower
following difficulties with the Amazon platform and Ecomoist brand which has
under-performed and which is being addressed. Organic growth through brand
development and distribution of products through store openings continues
while our focus on acquisition of additional brand businesses is ongoing. We
are also considering minority investments in brands and related businesses to
accelerate growth. Fully to exploit the opportunities in the market, the
Company would naturally need to access further capital."
Dispensa Group plc
Dr Niccolò Caderni n.caderni@dispensagroup.com
VSA Capital +44(0)20 3005 5000
Andrew Raca, Alexander Cabral (Corporate Finance)
Peter Mattsson (Corporate Broking)
Walbrook PR Limited +44 20 7933 8780 or
+44 07768 807631
Paul Vann/Nick Rome/Joe Walker dispensa@walbrookpr.com
About Dispensa Group plc:
Dispensa Group plc is an international Holding Company whose shares are listed
on the Main Market of The London Stock Exchange. It acquires majority and
minority stakes-in businesses which have ethically sourced luxury food brands
of exceptional quality, but which are undervalued by dint of not having been
exposed to global markets. We add value and international reach to such brands
by digitalization and our own e-commerce expertise, via online distribution
channels and specialist stores. To date, our strategy has focused on the
Italian market; however, we believe there are many more expansion, partnership
and acquisition opportunities throughout Europe and beyond.
CEO's Report
Dear Shareholder
The Company, (previously Zamaz plc) listed its shares on the Main Market of
the London Stock Exchange on 2 September 2022, since then the Group, via its
wholly owned subsidiary, Bella Dispensa S.r.l. ("Bella Dispensa"), based in
Milan, Italy, has made three acquisitions in the luxury foods sector. These
acquisitions are being integrated and we are beginning to see positive
operational synergies which we expect will be reflected in the financial
performance from FY 2024. There is an increasing focus on Bella Dispensa to
diversify products, markets and distribution channels, achieve efficiencies
and capture the opportunity afforded by a well-considered pipeline of organic
and investment growth opportunities.
The Group is also now at the end of its geographical re-organisation. It has
closed its UK warehouse and reduced its UK team, transferring operations and
warehouse to the Milan area. This has reduced costs significantly and
improved internal controls and communications.
Within the team at both Plc and operating level there has been a focus on team
building in both senior management and operational roles to enable the
execution of the growth plan, enable the digitization of existing businesses
acquired as well as the optimization of operations to reduce costs and
increase sales. In common with our peers in the industry, the acquisition and
retention of good people at every level remains a challenge in the current
climate.
Income
Revenue fell in the six month period to £1.74m (£3.48m for the previous six
months) leading to a Gross Profit of £0.37m (£1.68m). Admin expenses fell
to £0.90m (£1.67m) delivering an Operating Loss of £0.53m (gain of
£0.01m).
Finance costs increased to £0.18m (£0.09m) following an increase in the bond
amount issued from £1.4 million on listing in early September 2022 to £3.1
million at 31 August 2023, plus an increase in bond coupon from 6% p.a. to
7.5% p.a. following the bondholder meeting held in March 2023.
The Loss before Tax was lower at £1.19 million for the six month period
(previous period £1.64 million)
Financial Position
The key points on the assets side of the balance sheet are as follows.
Inventories fell to £0.24m (£0.79m) as stocks were reduced in the Ecomoist
business and not replenished, as well as resulting from the seasonality of the
business.
Receivables fell to £1.28m (February 2023: £2.05m) as collections improved
to a more sustainable level.
Key points on the liabilities side of the balance sheet are as follows.
Current liabilities were significantly reduced to £2.46m (February 2023:
£4.56m) as cash inflows increased, while Non-current liabilities increased to
£4.36m (£2.75m) mainly due to successful additional placings of the Dispensa
Plc Bond.
Bond Restructuring
On 9 March 2023 Dispensa Plc convened a meeting of the Bondholders of the
Company's € 3,000,000 6% Fixed Rate Bonds due 30 April 2023. It was agreed
that the maturity of the 6% Bond would be extended to 20 April 2026 from 30
April 2023, the Nominal Value of the Bond could be increased from €3,000,000
to €15,000,000, and the rate of interest was increased to 7.5% from 6% per
annum.
Following the Resolution, additional Bonds have been issued bringing an extra
€530,000 into the Company for a total of €3,530,000 (£3,141,891)
outstanding.
Board Changes
On 24 August 2023 the Company announced that Martin Groak, who was Independent
Chairman of the Board and who had led the listing process, would relinquish
his Chairmanship and remain an Independent Non-Executive Director. Martin
was replaced by Niccolo Caderni who was until that point an Independent
Non-Executive Director.
On 20 October, the Company announced the appointment of Alessandro Colombo to
take over the CEO role from Daniele Besnati. On 21 November, Mr Colombo
stepped down for personal reasons. Daniele Besnati, who had remained on the
Board as Executive Director of Operations, returned to his previous role as
CEO.
Vision
Our company's vision is to be a fast-growing player in the international
Luxury Foods sector. It believes that it can achieve this through a
well-planned strategy of organic growth through store openings and product
development, as well as external growth via acquisitions, and majority and
minority investments in brand businesses and associated sectors.
In recent months the company has expanded its operations and diversified its
product and geographic presence within Italy. The financial results of the
implementation of this strategy are expected to come through in FY 2024.
We look forward to being able to report on further progress across the board
for our 16-month audited financial year ending 31 December 2023 next April.
Forward looking statements:
This announcement contains statements that are or may be forward-looking
statements. All statements other than statements of historical facts included
in this announcement may be forward-looking statements, including statements
that relate to the Company's future prospects, developments and strategies.
The Company does not accept any responsibility for the accuracy or
completeness of any information reported by the press or other media, nor the
fairness or appropriateness of any forecasts, views or opinions express by the
press or other media regarding the Group. The Company makes no representation
as to the appropriateness, accuracy, completeness or reliability of any such
information or publication.
Forward-looking statements are identified by their use of terms and phrases
such as "believe", "targets", "expects", "aim", "anticipate", "projects",
"would", "could", "envisage", "estimate", "intend", "may", "plan", "will" or
the negative of those, variations or comparable expressions, including
references to assumptions. The forward-looking statements in this announcement
are based on current expectations and are subject to known and unknown risks
and uncertainties that could cause actual results, performance and
achievements to differ materially from any results, performance or
achievements expressed or implied by such forward looking statements. Factors
that may cause actual results to differ materially from those expressed or
implied by such forward looking statements include, but are not limited to,
those described in the Risk Management Framework section of the Company's most
recent Annual Report. These forward-looking statements are based on numerous
assumptions regarding the present and future business strategies of the Group
and the environment in which it is and will operate in the future. All
subsequent oral or written forward-looking statements attributed to the
Company or any persons acting on its behalf are expressly qualified in their
entirety by the cautionary statement above. Each forward-looking statement
speaks only as at the date of this announcement. Except as required by law,
regulatory requirement, the Listing Rules and the Disclosure Guidance and
Transparency Rules, neither the Company nor any other party intends to update
or revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
Financial Results & Review
The loss for the six month period ending 31 August 2023 was £1,191,459
including exceptional listing costs (£1,642,336 loss).
The Board monitors the activities and performance of the Group on a regular
basis. The Board uses financial indicators based on budget versus actual to
assess the performance of the Group. The indicators set out below will
continue to be used by the Board to assess performance over the period
to 31 August 2023. The main KPIs for the Group are as follows. These allow
the Group to monitor costs and plan future activities:
Six Month Period ended 31 August 2023 Six Month period ended
(unaudited) 28 February 2023 (unaudited)
Revenue £'000 £1,744 £3,480
Gross Margin £'000 £372 £1,683
% 21.33% 48.36%
£10
EBITDA £'000- excluding listing costs
(£526)
Financial Position
The Group's Statement of Financial Position as at 31 August 2023 and
comparatives at 28 February 2022 are summarized below.
31 August 28 February 2023
2023
Current assets 2,292,406 3,633,125
Non-current assets 23,839,599 24,142,460
Total assets 26,132,005 27,775,585
Current liabilities 2,495,288 4,555,545
Non-current liabilities 4,362,905 2,749,810
Total liabilities 6,858,193 7,305,355
Net assets 19,273,813 20,470,230
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the Group's strategy are
subject to a number of risks. The key business risks affecting the Group are
set out below.
Risks are formally reviewed by the Board, and appropriate processes are put in
place to monitor and mitigate them. If more than one event occurs, it is
possible that the overall effect of such events would compound the possible
adverse effects on the Group.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its
financial obligations as they. The Group's policy during the year has been to
ensure that it has adequate liquidity to meet its liabilities when due by
careful management of its working capital.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or a
counterparty to a financial instrument fails to meet its contractual
obligations.
In accordance with the Group's policy, the Board monitors the Group's exposure
to credit risk on n ongoing basis. The risk is largely mitigated by the use of
Amazon trading platform, which is regarded as an extremely low credit risk.
Market risk
Market risk is the risk that changes in market prices, such as commodity
prices, foreign exchange rates, interest rates and equity prices will affect
the Group's and Company's income or value of its holdings in financial
instruments.
Capital Management
The Company's capital consists wholly in ordinary shares, The Board's policy
is to preserve a strong capital base in order to maintain investor, creditor,
and market confidence and to safeguard the future development of the business,
whilst balancing these objectives with the efficient use of capital.
Responsibility Statement
We confirm that to the best of our knowledge:
§ the 6 Month Unaudited Report and its comparative have been prepared in
accordance with International Accounting Standard 34 'Interim Financial
Reporting'; and
§ gives a true and fair view of the assets, liabilities, financial position
and loss of the Group; and
§ the 6 Month Unaudited Report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the set of interim financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
§ the 6 Month Unaudited Report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the
information required on related party transactions.
The 6 Month Unaudited Report was approved by the Board of Directors on 29
November 2023 and the above responsibility statement was signed on its
behalf by:
Daniele Besnati
Chief Executive Officer
Dispensa Group Plc
DISPENSA GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 12 MONTH PERIOD ENDED 31 AUGUST 2023
6 months to 6 months to Year ended
31 Aug 2023 28 Feb 2023 31 Aug 2022
(unaudited) (unaudited) (audited)
£ £ £
Continuing operations
Income
Revenues 1,744,204 3,479,564 1,679,105
Cost of sales (1,372,617) (1,796,435) (1,363,822)
Gross Profit 371,587 1,683,129 315,283
Administrative expenses (898,562) (1,672,650) (1,511,652)
Operating Result (526,975) 10,479 (1,196,369)
Finance Costs (179,964) (92,152) (128,023)
Exceptional Item: Listing costs (484,520) (1,560,663) -
Profit/(Loss) before tax (1,191,459) (1,642,336) (1,324,392)
Taxation - - (847)
Profit/(Loss) for the period attributable to equity shareholders of the (1,191,459) (1,642,336) (1,325,239)
Company
Other comprehensive income / (expenditure) for the period net of tax - - -
Total comprehensive income/(expenditure) for the (1,191,459) (1,642,336) (1,325,239)
period
Loss per ordinary share
Basic and diluted income (loss) per share attributable to the equity (0.17) (0.23) (0.30)
shareholders of the parent (pence)
The unaudited net loss for the 12 months to 31 August 2023, excluding the
extraordinary listing costs, is (£788,612)
DISPENSA GROUP PLC As at As at As at 31
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 Aug 2023 28 Feb 2023 (unaudited) August 2022 (audited)
(unaudited)
£ £ £
ASSETS
Non-current assets
Intangibles 1,182,914 1,191,986 223,853
Goodwill 21,998,500 22,285,391 20,454,876
Receivables - Non current 235,876 -
235,876
Property, Plant, & Equipment 429,208 30,130
422,309
Total non-current assets 23,839,599 24,142,460 20,708,859
Current assets
Inventories 245,935 785,522 321,457
Trade and other receivables 1,280,971 2,053,178 767,092
Cash and cash equivalents 765,500 794,425 26,818
Total current assets 2,292,406 3,633,125 1,115,367
TOTAL ASSETS 26,132,005 27,775,585 21,824,226
LIABILITIES
Current Liabilities 2,495,288 4,555,545 2,837,341
Non current Liabilities 4,362,905 2,749,810 874,618
TOTAL LIABILITIES 6,858,193 7,305,355 3,711,959
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY
Called up share Capital 188,299 188,299 178,031
Share premium 23,322,318 23,324,638 19,568,774
Translation reserve 263,159 220,151 5,278
Retained earnings (4,744,627) (3,550,529) 287,671 (1,639,816)
Minorities 244,662
interest
19,273,813 20,470,230 18,112,267
TOTAL EQUITY
TOTAL EQUITY AND LIABILITIES 26,132,006 27,775,585 21,824,226
As at
31 Aug 2023
(unaudited)
As at
28 Feb 2023 (unaudited)
As at 31
August 2022 (audited)
£
£
£
ASSETS
Non-current assets
Intangibles
1,182,914
1,191,986
223,853
Goodwill
21,998,500
22,285,391
20,454,876
Receivables - Non current
235,876
235,876
-
Property, Plant, & Equipment
422,309
429,208
30,130
Total non-current assets
23,839,599
24,142,460
20,708,859
Current assets
Inventories
245,935
785,522
321,457
Trade and other receivables
1,280,971
2,053,178
767,092
Cash and cash equivalents
765,500
794,425
26,818
Total current assets
2,292,406
3,633,125
1,115,367
TOTAL ASSETS
26,132,005
27,775,585
21,824,226
LIABILITIES
Current Liabilities
2,495,288
4,555,545
2,837,341
Non current Liabilities
4,362,905
2,749,810
874,618
TOTAL LIABILITIES
6,858,193
7,305,355
3,711,959
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY
Called up share Capital
188,299
188,299
178,031
Share premium
23,322,318
23,324,638
19,568,774
Translation reserve
263,159
220,151
5,278
Retained earnings
Minorities
interest
(4,744,627)
244,662
(3,550,529) 287,671
(1,639,816)
TOTAL EQUITY
19,273,813
20,470,230
18,112,267
TOTAL EQUITY AND LIABILITIES
26,132,006
27,775,585
21,824,226
DISPENSA GROUP PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2023 AND 31 AUGUST 2022
Called up Share premium Translation Retained Third parties Total Equity
Share Capital Reserve Earnings
Balance at 1 September 2021 50,000 - - (314,577) 264,577
Loss of the year - - - (1,325,239) (1,325,239)
Exchange differences on consolidation - - 5,278 - 5,278
Issue of share Capital 128,031 19,568,774 - - 19,696,805
Balance at August 31 2022 178,031 19,568,774 5,278 (1,639,816) 0 18,112,267
At August 31 2022 178,031 19,568,774 5,278 (1,639,816) 18,112,267
Issue of shares 10,268 10,268
Share 3,753,544 3,753,544
premium
Exchange differences on translation - - 257,881 257,881
Third parties 244,662 244,662
Total comprehensive income for the period - - - (3,104,811) (3,104,811)
Balance at August 31 2023 188,299 23,322,318 263,159 (4,744,627) 244,662 19,273,811
DISPENSA GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
NOTE 1: ACCOUNTING POLICIES
General Information
The Company is a public limited company incorporated and domiciled in England
(registered number: 12167179), which is listed on the London Stock Exchange.
The registered office of the Company is Eastcastle House, 27/28 Eastcastle
Street, London W1W 8DH.
Accounting policies
The accounting policies, presentation and methods of computation applied by
the Group in these condensed interim financial statements are the same as
those applied by the Group in its consolidated financial information in its
2022 Annual Report and Accounts.
Basis of Preparation of Financial Statements
The condensed consolidated interim financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting'. The accounting policies
adopted in this report are consistent with those of the annual financial
statements for the year to 31 August 2022 as described in those financial
statements
Basis of consolidation
The consolidated financial statements comprise the financial statements of
Zamaz Plc and its subsidiaries as at 31 August 2023. The financial statements
of the subsidiaries are prepared for the same reporting period as the parent
company, using consistent accounting policies.
All intra-group balances, transactions, income and expenses and profits and
losses resulting from intra-group transactions that are recognized in assets,
are eliminated in full.
Subsidiaries are fully consolidated from the date of acquisition, being the
date on which the Group obtains control, and continue to be consolidated until
the date that such control ceases. Zamaz plc owns the majority of the
shareholdings and has operational control over all its subsidiaries. Please
refer to Note 4 for information on the consolidation of Zamaz Plc
Going Concern
The Group Financial Statements have been prepared on a going concern basis.
Although the Group's assets are not currently generating sufficient revenues
and an operating loss has been reported, the Directors are of the view that,
the Group has funds to meet its planned expenses over the next 12 months from
the date of these Financial Statements.
In assessing whether the going concern assumption is appropriate, the
Directors have taken into account all relevant available information about
the current and future position of the Group, including current level of
resources and the required level of spending on corporate activities. As part
of the assessment, the Directors have also taken into account the ability to
raise new funding whilst maintaining an acceptable level of cash for the Group
to meet all commitments.
The Directors are confident that the measures they have available will result
in sufficient working capital and cash flows to continue in operational
existence. Taking these matters in consideration, the Directors continue to
adopt the going concern basis of accounting in the preparation of the
financial statements.
NOTE 2: INTERIM FINANCIAL INFORMATION
The condensed consolidated interim financial statements are for the six-month
period ended 31 August 2023. The condensed consolidated interim financial
statements do not include all the information required for full annual
financial statements and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 31 August 2022, which
were prepared under International Financial Reporting Standards (IFRS).
The condensed consolidated interim financial statements have not been audited
nor have they been reviewed by the Group's auditors under ISRE 2410 of the
Auditing Practices Board. These condensed consolidated interim financial
statements do not constitute statutory accounts as defined in Section 434of
the Companies Act 2006. The Group's statutory financial statements for the
year ended 30 June 2021 prepared under IFRS have been filed with the Registrar
of Companies. The auditor's report on those financial statements was
unqualified and did not contain a statement under Section 498(2) of the
Companies Act 2006.
NOTE 3: CRITICAL ACCOUNTING ESTIMATE AND JUDGEMENTS
The preparation of the financial statements in conformity with International
Financial Reporting Standards requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the
process of applying the Company's accounting policies. Actual results may
differ from these estimates.
In preparing these condensed interim financial statements, the significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those applied to
the consolidated financial statements for the year ended 31 August 2022.
NOTE 4: LOSS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
In accordance with IAS 33, no diluted earnings per share is presented, so
there is no difference between the basic and the diluted loss per share
Basic and Diluted EPS
Loss attributable to ordinary shareholders (0.17) pence,
based on a weighted average number of shares in issue of 711,530,255
Ordinary shares
February 2023: Loss per shares (0.23) based on a weighted average
number of shares in issue of 710,763,588 Ordinary shares
NOTE 5: BORROWINGS
As at 31 August 2023 31 August 2022
Bond 3,141,891 1,482,816
Lease Liability 0 1,800
Short Term borrowings 0 47,722
Total 3,141,891 1,532,338
On 9 March 2023 Dispensa Plc (previously Zamaz Plc) convened a meeting of the
Bondholders of the Company's € 3,000,000 6% Fixed Rate Bonds due 30 April
2023, to consider and approve a proposal to modify the terms of conditions of
the 6% Bonds by way of an Extraordinary Resolution.
The meeting was then adjourned to the 21 March 2023 and the following
Resolution was put to the Bondholders and approved:
- the maturity of the 6% Bond was extended to 20 April 2026 from
30 April 2023;
- the Nominal Value of the Bond was increased from €3,000,000 to
€15,000,000;
- the rate of interest was increased to 7.5% from 6% per annum.
Following the Resolution additional Bonds have been issued bringing a total of
Euros 530,000 into the Company resulting in a total of €3,530,000
(£3,141,891) outstanding.
NOTE 6: INVESTMENTS
Investments Held- Company
Financial assets at fair value through profit or loss are as follows:
Bella Dispensa Srl Total
1 September 2021
Cost 20,487,259 20,487,259
31 August 2022 20,487,259 20,487,259
Additions 2,419,301 1,798,132
31 August 2023 22,906,560 22,285,391
As at August 31, 2023, investments were classified as held for trading and
recorded at their fair values based on quoted market prices (if available).
Investments that do not have quoted market prices are measured at cost less
impairment.
Last 26 September 2022 Bella Dispensa agreed to acquire the entire
issued share capital of Ecocarni Srl, a purveyor of
premium quality meats and associated products sourced from Italy and
Argentina to both wholesale and retail customers
from its managed general store in Milan.
On 10 October 2022 Bella Dispensa agreed to acquire a 72.61 per cent
stake in Eccellenze Srl, a luxury food products
business based at its flagship store in one of Milan's premier districts.
On 11 February 2023, the Company exercised an option and acquired the
entire issued share capital of Dallatte Italia
Srl
NOTE 7: SHARE CAPITAL AND RESERVES
Share Capital and Share Premium
Issued Share Capital Share Premium
At 1 September 2021 50,000
Issue of Shares 128,031
Share Premium thereon 19,568,774
At 31 August 2022 178,031 19.568.774
Issue of shares 10,268
Share Premium thereon 3,753,544
At 31 August 2023 188,299 23,322,318
NOTE 8: RELATED PARTIES
Two directors of Zamaz: Messrs. White and Groak are also directors of the Holding Company of Innovative Finance Srl. ("Innovative") and Epsion Capital Ltd. ("Epsion")
Innovative provided advisory services to Zamaz plc for its listing and Bella Dispensa for its acquisition strategy.
Epsion provided advisory services for the Company's prospectus for listing on the London stock exchange.
Expenses in these accounts include
Fees to Innovative £ 704,577
Fees to Epsion £ 260,000
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FDMFFSEDSEEFRecent news on Dispensa
See all newsREG - Official List Dispensa Group PLC - Removal - Dispensa Group Plc
AnnouncementREG - Stock Exch Notice Dispensa Group PLC - Cancellation - Dispensa Group plc
AnnouncementREG - Dispensa Group PLC - Cancellation of Trading
AnnouncementREG - Dispensa Group PLC - Result of Meeting & Update on Last Day of Trading
AnnouncementREG - Dispensa Group PLC - Publication of Delisting Circular & Notice of GM
Announcement