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ACE - Full Year Results to 31 March 2023 / Annual Report

Friday 26th May 2023

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Ascension Capital Limited (NZX: ACE ) (the Company) has released its full year results announcement, and its annual report, for the year ended 31 March 2023.


The financial result for the Company for the year ended 31 March 2023 is a loss after taxation of NZ$160,508, which is largely made up of the directors’ fees, NZX listing costs, and legal and accounting costs.


There were no changes in the board of directors or issued capital during the year.


The cashflow requirements for the year were financed through a series of loans, amounting to $70,000, from Excalibur Capital Partners Limited, a company controlled by Sean Joyce, a director of the Company.


An agreement remains with the directors to forego the payment of directors’ fees until such time as the Company has sufficient funds to make such payments.


On 17 April, post the end of the financial year, the Company issued 2,350,000 new ordinary fully paid shares at an issue price of $0.029 per share. The initiative has raised $68,150 in aggregate. The placement has been made to a number of wholesale investors.


The funds raised from the placement will be utilised to fund the ongoing working capital requirements of the Company whilst it continues to undertake investigations to find a suitable business initiative to acquire via a reverse takeover transaction.


The focus of the Board has been to continue to seek to identify a suitable business opportunity to invest in and/or acquire through a reverse takeover (“RTO”) transaction. Currently, there are no new RTO initiatives being actively investigated, but the Company will provide the market with any updates as to material developments as they may arise.


We thank you for your continued patience and support and look forward to working hard to ultimately provide you with an RTO transaction proposal to consider in the near future.

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