Ridgecrest : Interim Results 2021 17/12/2021

17th December 2021

Ridgecrest plc

("Ridgecrest" or the "Group")

UNAUDITED HALF YEAR RESULTS

For the six months ended 30 September 2021

Chairman's statement

"Ridgecrest Plc (formerly Nakama Global Plc) became an AIM Rule 15 cash shell on 5 January 2021. On 20 January 2021 the Company announced that it had raised £2.0 million (before expenses) via a placing of 333,333,337 new shares at an issue price of 0.6p per share. At the same time Tim Sheffield (formerly Chairman of the Company) stepped down from the board and James Normand and Phil Holt were appointed as directors.

Since then, and in consultation with our advisers, the board has met with over 20 businesses across multiple sectors looking to reverse into Ridgecrest. Whilst many of these discussions ended at a preliminary stage we were able, during the first half of the year, to progress discussions with a couple of businesses to draft heads of terms stage. However, for a variety of reasons these discussions were then terminated.

As a result of not announcing a reverse takeover within 6 months of becoming an AIM Cash Shell, trading in Ridgecrest's shares was suspended on AIM on 6 July 2021, in accordance with the AIM Rules for Companies. At the same time as trading was suspended we announced that we had entered into non-binding heads of agreement with Mr Cristian Rada, as a result of which, subject to, inter alia, the execution of a legally binding share purchase agreement, Ridgecrest would acquire Airline Invest SA ("Airline Invest") and its wholly owned subsidiaries, Blue Air Aviation SA and Blue Air Technic SRL.

As a condition of this transaction Airline Invest SA was required to raise pre-IPO funding and unfortunately this was not concluded by the required extended deadline. As a result, the Board terminated discussions with Mr Rada on 25 October 2021. Subsequently we have had discussions with a technology business but again these talks broke down and the potential reverse takeover was not able to proceed.

As at today, the Company has approximately £1.7 million of cash. Currently, we are in advanced discussions to invest a significant proportion of our cash resources in a business within the hospitality sector and term sheets are being prepared. If this transaction proceeds the Board expects the hospitality business to seek a listing on the Access segment of the AQSE Growth Market in 2022 and it is currently intended that Ridgecrest's investment will be distributed to shareholders on a pro rata basis. Discussions are at a preliminary stage and there can be no guarantee that a transaction will proceed.

As it will not be possible for Ridgecrest to undertake and conclude a reverse takeover within 12 months of the Company becoming an AIM Cash Shell on 5 January 2021, admission of Ridgecrest's shares to trading on AIM market is expected to be cancelled on 7 January 2022 (before any investment in the hospitality business can be concluded). A separate announcement will be made nearer the time. As at today the Company has approximately £1.7 million of cash.

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The Board will continue to keep shareholders updated on the proposed transaction."

During the 6 months to 30 September 2021 the Company generated no revenue and incurred £206k of administrative costs. At 30 September 2021 the Company had net assets of £1,768k and this was comprised almost entirely of cash at bank (being £1,784k).

Enquiries:
Ridgecrest plc	www.ridgecrestplc.com
Robert Thesiger, Chairman	07714 502807
Allenby Capital Limited (Nominated Adviser & Joint
Broker)	www.allenbycapital.com
Nick Naylor / Liz Kirchner	020 3328 5656
Peterhouse Capital Limited (Joint Broker)
Lucy Williams / Duncan Vasey	020 7469 0930

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CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME

	6 months to
	30 Sep 21
	Unaudited
		£'000
Revenue		-
Cost of sales		-
Net fee income		-
		0%
Administrative costs		(206)
Operating loss		(206)
Finance costs		-
Group gain on sale of subsidiaries		-
Other income		-
(Loss) profit on ordinary activities
	(206)
before taxation
Tax expense		-
(Loss) profit for the period attributable to
	(206)
equity shareholders
(Loss) profit per share
Basic and diluted (loss) profit per share from			(0.08) p
continuing operations
CONSOLIDATED STATEMENT OF
RECOGNISED INCOME AND EXPENSE
(Loss) profit for the period		(206)
Foreign currency translation difference		-
Total recognised income and expense for the
(206)
period attributable to equity shareholders

6 months to		Year ended
30 Sep 20		31 Mar 21
Unaudited		Audited
£'000	£'000
3,139	4,633
(2,307)	(3,432)
832	1,201
27%	26%
(928)	(1,684)
(96)	(483)
(3)	(5)
-	437
-	88
(99)	37
-	(30)
(99)	7

(0.08) p

0.00 p

(99)	7
(2)	(9)
(101)	(2)

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
					Employee
		Share	Share	Merger	share	Currency	Retained	Total
		capital	premium	reserve	benefit	reserve	earnings	equity
					reserve
		£'000	£'000	£'000	£'000	£'000	£'000	£'000
Six months ended 30 September 2021
At 1 April 2021	1,936	4,097	90	(61)	3	(4,091)	1,974
Loss for the six months	-	-	-	-	-	(206)	(206)
At 30 September 2021	1,936	4,097	90	(61)	3	(4,297)	1,768
Six months ended 30 September 2020
At 1 April 2020	1,602		90	(61)	5	(4,014)	202
Profit for the six months	-	-	-	-	-	12	12
Other comprehensive losses	-	-	-	-	(6)	-	(6)
Total comprehensive profit (loss) for the six months	-	-	-	-	(1)	12	6
At 30 September 2020	1,602	-	90	(61)	4	(4,002)	208
Year ended 31 March 2021
At 1 April 2020	1,602		90	(61)	5	(4,014)	202
Profit for the year	-	-	-	-	-	7	7
Other comprehensive income	-	-	-	-	(9)	-	(9)
Total comprehensive income for the year	-	-	-	-	(9)	7	(2)
At 31 March 2021	1,936	4,097	90	(61)	3	(4,091)	1,974

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CONSOLIDATED BALANCE SHEET

As at 30 September 2021

	30 Sep 2021	30 Sep 2020	31 Mar 2021
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Non-current assets
Property, plant and equipment	-	13	-
Deferred tax asset	-	18	-
Total	-	31	-
Current assets
Trade and other receivables	36	771	47
Cash and cash equivalents	1,784	253	2,001
Total	1,820	1,024	2,048
Total assets	1,820	1,055	2,048
Liabilities
Current liabilities
Trade and other payables	(52)	(770)	(74)
Borrowings	-	(294)	-
Total	(52)	(1,064)	(74)
Net assets	1,768	(9)	1,974
Equity
Ordinary shares	1,936	1,602	1,936
Share premium	4,097	2,580	4,097
Merger reserve	90	90	90
Employee share benefit trust reserve	(61)	(61)	(61)
Currency reserve	3	43	3
Retained earnings	(4,297)	(4,264)	(4,091)
Total equity	1,768	(9)	1,974

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