ROR Holdings PLC Offers Trading Report and Updates on the Current Situation
Jan 2, 2024
Milano, Lombardia Jan 2, 2024 (Issuewire.com) - RoR Holdings PLC discloses the trading report to offer updates on the current situation of the company to the shareholders and Bondholders. The company has not issued any news or communications to Shareholders and Bondholders since 2020 so, this current update should resume the new company strategy. The lack of news and lack of information was mainly caused by the time and effort spent on the main asset of the company The Reputation Exchange PLC which seeks a lot of time and monetary investment. RoR Holdings PLC's Board of Directors and major shareholder representatives have decided that now is the time to restructure and give a new direction to the Company. They want to stay fully concentrated on RoR development and growth as just a financial holding company. With the help of this trading report, the shareholder can easily assess how the company has performed earlier and how promising the future aspects are.
According the to Trading Report, RoR Holdings PLC's performance is actually dependent on its investments namely in The Reputation Exchange PLC (REPX), BSS One, and The Fool Srl.
Since 2020, the Company has stopped operating in its original Business Model and Business Plan and has become a dormant holding of the above assets. During the period between 2020 and 2023, the Company and its Directors have ceased to have any direct control over the 3 company owned and none of RoR Directors has any roles in the subsidiaries. Because the company did not have any RoR representative in the company owned at more than 50% as a result, they can be considered just as a financial investment. For these reasons, RoR Directors have then chosen not to consolidate on its yearly Financials the ones of the Companies owned at more than 50%, namely The Reputation Exchange Plc and Bss-One. The company has decided to evaluate them at a supposed fair market value.
Due to this change of strategy and to better reflect the new mission of the company, the company has changed its name from Right of Reply Plc to ROR Holdings Plc and this change has been already made at Company House. Two new Directors and a new Auditor will be nominated soon to restore the minimum legal requirements for a PLC.
ROR Holdings PLC had 3 stakes in 3 operating companies. Two of them are still owned and one was cancelled for contractual reasons in November 2023. RoR Holding Assets include:
2'246'000 shares of The Reputation Exchange PLC, representing 65% of Right of Reply PLC's (REPX) shareholder equity base. Repx is listed on the Cyprus Stock Exchange at a price of 11.25 Euros per share. Based on this price the value of the ROR stake is over 22 million euros. The company, as a prudent stance, has decided to use a price of 2.25 euro per share to be reported in the company Financials, which is a price that represents the price used by Repx on a recent option deal offered only to the existing shareholder in February 2023. The company has also signed an agreement with a consulting company to try to put the Repx shares on sale in a private transaction.
50.1% of BSS- One, a Romanian software company, with a market value that is considered to be at least 500'000 euros for the entire share capital. This stake will be maintained in RoR Holdings considering the strategic value of Bss-One in the future strategy.
10% of The Fools, an Italian data company. The overall deal with The Fool was cancelled in November 2023. The cancellation of The Fool deal had then no effect on the Balance Sheet or generated any costs or losses to ROR.
ROR's major liabilities are an unpaid nominal bond of 650'000 euros, which has expired running since 2019 at a cumulative interest of 7%, and a 200'000 euros short-term shareholder loan. Also, a provision of 200'000 euros of potential negative changes has been introduced in our Financials.
The company is currently embarking on a New Strategy by implementing a list of actions like:
Nominate 2 new Directors chosen by the new investors. Nominate a new Auditor chosen by the new BoD. Launching a new Website and Company Documents for shareholders and investors and pursuing a better communication strategy. Pay all the former debts and become a debt-free holding company. Launching an equity placement of up to 1.5 million euros, to be used to pay the debt and acquire new stakes in promising tech companies. Complete some acquisitions to diversify our asset base. Eventually, sell or reduce the Repx stake. List the company on TISE https://tisegroup.com/ or Madrid Stock Exchange https://www.bolsasymercados.es/bme-exchange/en/Listing/Equities/BME-Scaleup
The major goal of the coming year is to raise 1.5 Mio Euros, to pay all the former ROR debt, become a debt-free company, have some working capital in hand to support the new strategy and acquire the following stakes in some promising, already chosen tech companies:
The majority stake of a Crypto Exchange Deal and Blockchain development for 100'000 euros. A minority stake in a medium-sized Italian company active in the food delivery sector for 250'000 euros. A minority stake in a new concept payment company for 150'00 euros. A majority stake in a new App in the fashion sector for 50'000 euros. A majority stake in a new concept online newspaper for 50'00 euros
Those companies, mainly based and run in Italy, have been selected and will be developed with the help of a Milan start-up Consulting Company and Incubator, which was already signed and that will help the growth of those start-ups. Based on our success in raising such equity investment, we will achieve our goal to have repaid all the former debts and diversified our holdings, not to be so dependent on Repx and with this, trying to bring value for our shareholders in investing small amounts of money into more companies with great potentials.
We do aim to have a completely different attitude in the new year and in this coming 2024 to return at the full speed and control of RoR's financial destiny and success, with a proactive attitude that was stopped, for various reasons, from 2020.
Source :ROR Holdings PLC
This article was originally published by IssueWire. Read the original article here.
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