Shareholder Update – Wealth Dragons Group PLC
Firstly, may I wish you all a Happy New Year and trust that you were able to have as good a Christmas and New Year as possible despite the present restrictions.
When I last wrote to you in October 2020, I had anticipated that the situation with the pandemic may have begun to ease but we now find ourselves in a further lockdown. Businesses in general are still experiencing tremendous difficulties and the pandemic year has been a fire-fighting situation for most companies.
However, I am pleased to report that due to the planning we did as a company in the summer of 2020 and the moving to running our events online, we have been able to generate a reasonable amount of income in the last quarter to 31 December 2020. This coupled with cutting costs means that we have managed to break even during the last three months to 31 December 2020. The year 2021 has also started in line with our expectations.
As a result of reducing our staffing levels, we then had excess office space. Our landlord has been able to accommodate us and we have moved into smaller offices, from this month, at a much reduced rent which has contributed to the cost savings.
Some shareholders may have been concerned that Companies House issued a dissolution notice against the company. We have been anticipating this as our financial statements are late and are still in the process of being audited by our auditors, UHY Hacker Young. We advised Companies House accordingly who have suspended the notice against the company.
Our financial statements are presently nearing the end of the audit and once this has been completed and we are in a position to publish the financial statements, we will then do so. We anticipate being able to do this in February/March 2021. At that time we will also issue the date of the shareholder General Meeting to which you, as a shareholder will be invited.
We applied to HMRC for the EIS3 tax certificates during August 2020 last year for the period to 5 April 2020 and these were granted to us in November 2020. All EIS3 tax certificates were prepared and issued to the relevant shareholders in December 2020.
Liquidity of our shares remains an issue and after our financial statements have been published we shall be looking to appoint appropriate advisers to ease this situation for shareholders. We will shortly be launching our new company website and there is a FAQ section which will answer many of your questions. I will notify you as soon as the website is launched.
I would like to thank all shareholders for their continued support and thank all our dedicated staff at this very difficult time.
I will write to you again once the financial statements are ready for publication.
In the meantime may you keep well and stay safe in this continued period of lockdown.
- Chairman Wealth Dragons Group PLC