FY 2019 trading update Dutch Star Companies ONE
Dutch Star Companies ONE N.V. (Euronext - DSC1 / ISIN code NL0012747059) - Regulatory news
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Dutch Star Companies ONE N.V. ("DSCO"), a special purpose acquisition company, listed on Euronext Amsterdam (symbol: DSC1) that has announced on 9 January 2020 to pursue a business combination with CM.com B.V. (together with its subsidiaries, “CM.com”), today publishes its annual results 2019.
HIGHLIGHTS DSCO 2019DSCO and CM.com
CM.com B.V. a global Conversational Commerce platform that provides enterprises full-scale CPaaS (Communication Platform as a Service) services with integrated payment solutions announced that they had entered into a non-binding heads of agreement on 18 December 2019. This was followed by an announcement that DSCO and CM.com had reached an agreement for a business combination on 9 January 2020. The business combination is expected to become effective on 21 February 2020, subject to customary approvals having been obtained.
SUMMARY 2019 FY RESULTSDSCO
has suffered an after-tax loss of € 2,178,657 over the period of 1 January 2019 through 31 December 2019. DSCO has not recorded any operational revenues or cost. The result is attributable to the negative interest rates for large commercial deposits and for a large portion to the fair value recognition of the Warrant liabilities on DSCO’s balance sheet, which is expensed through the profit and loss. This Warrant expense is a non-cash item. Due to the negative interest, the money held in escrow and on the Company’s bank account marginally decreased towards € 55,039,075 at 31 December 2019.
P&L AND BALANCE SHEET DSCO 2019
An overview of the main financial statement of DSCO in 2019 is provided in the following 4 tables:
Table 1. Statement of profit and loss and other comprehensive income
Table 2. Statement of financial position
Table 3. Statement of changes in equity
Table 4. Statement of cash flows
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Dutch Star Companies ONE N.V. (the Company or DSCO) is a special purpose acquisition company incorporated on 3 January 2018, under the laws of the Netherlands as a public limited liability company (naamloze vennootschap) for the purpose of acquiring a minority stake in a business with principal business operations in Europe, preferably in the Netherlands.