Half-year Report

Vintana plc

("Vintana", the "Group" or the "Company")

Interim results for the six months ended 30 June 2019

The Board of Vintana plc (AIM: VITA) announces the Group's interim results for the six months ended 30 June 2019. These half yearly results incorporate the results of the Company's historic trading subsidiary, Cellcast UK Limited ("Cellcast UK"), which was disposed of post period end on 6 September 2019.

Highlights

·      UK interactive broadcast revenues remained broadly level at £5.4 million (H1 2018: £5.4 million)

·      Revenues from overseas gaming services of £150,000 (H1 2018: £330,000)

·      Loss before tax of £962,234 for the period (H1 2018: profit of £5,353)

·      Loss per share of £1.2p (H1 2018: earnings per share of 0.001p)

Mike Neville, Chairman of Vintana plc, commented:

"These interim accounts confirm the difficult trading conditions experienced by Cellcast UK in 2018 continued into 2019 and underscore why the Company sold its operating business to a management buyout team in September 2019. Following completion of the disposal, we are now seeking to identify a suitable reverse takeover acquisition target."

For further information:

EXECUTIVE DIRECTOR'S STATEMENT

Half year results

UK interactive broadcast revenues for the six months ended 30 June 2019 were £5.39 million (H1 2018: £5.44 million). Revenue from the overseas gaming consultancy services represented £150,000 (compared to £330,000 in H1 2018). As a result, total revenue for the period was £5.54 million, a 4% reduction on the previous period (H1 2018: £5.77 million).

With additional savings generated by the Group's improved online strategy, the cost of sales went down by £69,000 to £5.44 million, a decrease of 1% compared to the same period last year (H1 2018 cost of sales: £5.51 million)

As a result of the decrease in overseas gaming consultancy revenue, the gross profit for the period amounted to £106,000 compared to £267,000 in H1 2018.

General and administrative costs amounted to £266,000 (H1 2018: £217,000).

The post-tax loss for the period amounted to £962,000 and negative earnings per share of 1.2p. By comparison, during the period to 30 June 2018 the Group generated a net profit of £5,000 and earnings per share of 0.001p.

The Group's cash and cash equivalents at 30 June 2019 stood at £412,000 compared to a balance of £978,000 at 30 June 2018.

Post period end

Disposal of Cellcast UK

On 20 August 2019, the Company announced the proposed disposal of Cellcast UK to Com & Tel Media Limited for a consideration of £375,000, plus the contingent right to certain additional consideration (the "Disposal"). On 6 September 2019, the Company completed the Disposal following the approval of shareholders at a General Meeting. The Company's cash resources following the Disposal were approximately £230,000.

Change of name

Following the completion of the Disposal, the Company changed its name to Vintana plc, with TIDM VITA.

Board changes

On completion of the Disposal, Craig Gardiner, Emmanuelle Guicharnaud and Bertrand Folliet resigned as Directors of the Company. Following these departures, the Board consists of Mike Neville as Chairman and Sam Malin as Executive Director.

Outlook

Vintana is now deemed to be an AIM Rule 15 cash shell pursuant to the AIM Rules for Companies. The Company's strategy is to deliver shareholder value through the acquisition, before the date falling six months from 6 September 2019, of one or more companies and/or projects that constitute a reverse takeover under AIM Rule 14 and that are either cash flow generative or show significant potential for growth and a profitable exit.

Sam Malin

Executive Director

26 September 2019

UNAUDITED CONDENSED CONSOLIDATED STATEMENT of comprehensive income

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

In the above tables, the amounts are attributable to the equity holders of the company.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the 6 months ended 30 June 2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the 6 months ended 30 June 2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION

1.     General Information

Vintana plc (the 'Company'), is a public limited company incorporated and domiciled in the United Kingdom. The address of its registered office is The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU. Copies of this statement are available from this address and from the Company's website www.vintana.uk.

The Company's ordinary shares are admitted to trading on AIM, a market operated by the London Stock Exchange PLC.

This condensed consolidated interim financial information was approved for issue on 26 September 2019.

2.     Basis of preparation

This unaudited condensed consolidated interim financial information is for the six months ended 30 June 2019. This has been prepared in accordance with recognition and measurement principles of International Financial Reporting Standards (IFRS) as endorsed by the European Union and implemented in the UK. The financial information in this interim announcement is unaudited and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.

The interim financial information does not include all of the information required for full annual financial statements and accordingly, whilst the interim financial information has been prepared in accordance with the recognition and measurement principles of IFRS, it cannot be construed as being in full compliance with IFRS.

The comparative financial information for the year ended 31 December 2018 does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts of the Group for the year ended 31 December 2018 have been reported on by the Company's auditor and have been delivered to the Registrar of Companies. The auditor's report on those statutory accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement made under Section 498 of the Companies Act 2006.

The current and comparative periods to June have been prepared using accounting policies and practices consistent with those adopted in the annual financial statements for the year ended 31 December 2018.

The Group adopted IFRS 9 and IFRS 15 for periods commencing on or after 1 January 2018. IFRS 9 'Financial instruments' replaces IAS 39 'Financial Instruments: Recognition and measurement'. The adoption of IFRS 9 changed the Group's accounting policy for un-quoted equity investments. The Group's un-quoted equity investment was previously accounted for at cost less impairment, rather than fair value, using a specific exemption available under IAS 39. Under IFRS 9 there is no such exemption and the investment is required to be measured at fair value. In accordance with IFRS 9, the difference between the IAS 39 carrying value of this investment at the date of initial application of IFRS 9 (1 January 2018) and its fair value under IFRS 9 at that date was recognised in opening retained earnings (a reduction of £28,179). The Group's financial assets (previously classified as loans and receivables) and financial liabilities arising from normal operations, such as trade receivables, amounts owed by Group undertakings, trade payables and accruals, continue to be recognised under the amortised cost model and there was no adjustment to amounts previously recognised, on transition to IFRS 9. The adjustment of £28,179 was not reflected in the 30 June 2018 interim accounts and the directors do not consider it material to retrospectively adjust those numbers to include an equivalent adjustment for the 6 month period. The application of IFRS 15 did not affect the reported financial position or performance for the 6 months to June 2018 or the year to 31 December 2018.

There are no other Standards and Interpretations which were in issue but not effective at the date of authorisation of this condensed interim financial information that the directors anticipate will have a material impact on the financial statements.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION

2.     Basis of preparation (continued)

On 6 September 2019 the Company disposed of its 100% subsidiary; Cellcast UK Limited, through which all of the Group's operations were carried out (refer to note 5 for further details). The proceeds covered the costs of disposal and leave the Company with a residual cash balance. The Company's proposed strategy, following the disposal, will be to acquire one or more companies and/or projects which are either cash flow generative or show significant potential for growth and profitable exit. On this basis, the Directors have adopted the going concern basis in preparing the interim financial report.

3.     Revenue

4.     Foreign exchange gains and losses

Included in administrative expenses for the 6 months ended 30/06/19 are foreign currency gains of £10,027 (Audited year ended 31/12/18: £32,207. 6 months ended 30/06/18: £56,378).

5.     Disposal after the reporting date

On 6 September 2019, the Company disposed of its 100% subsidiary undertaking; Cellcast UK Limited for cash consideration of £375,000 plus the contingent right to certain additional consideration. Following this disposal, the Group has ceased all of its previous trading and business operations which were carried out in their entirety via Cellcast UK Limited. All of the Group's assets and liabilities form part of the disposal and consequently have been classified as 'held for sale' in the consolidated statement of financial position at 30 June 2019. The directors have carried out an impairment review of the Groups' assets at 30 June 2019 and recognised the following impairment losses in the period:

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION

6.     Earnings per share

Basic and diluted earnings per share is based on the profit or loss after tax and on the following weighted average number of shares in issue.