On Tuesday, Black Pearl announced in a stock exchange communiqué that, after consultations with the auditor, it decided to use in its financial balance sheet for the second quarter and the entire first half of this year. the principle of prudence. – The company acknowledged the arguments that due to the lack of an active market for the quotations of the MCAN cryptocurrency, the principle of prudent valuation should be applied – it justified.
As a result, the value of several parameters related to the purchase by Black Pearl in June this year was reduced to zero. MCAN cryptocurrency package for over PLN 40 million.
The value of this currency in short-term investments and cash in assets in the balance sheet dropped to zero from PLN 352.17 million, from PLN 157.2 million profit on the settlement of the purchase of this cryptocurrency shown in the financial income item in the profit and loss account and from PLN 195.11 million liabilities for the acquisition of cryptocurrency.
As a consequence, Black Pearl’s net profit for the first half of this year. will decrease, it will shrink from PLN 157.2 million to 83.3 thousand. PLN. The company announced that the effects of this correction will be visible in its report for the third quarter of this year.
Cryptocurrency-financed acquisitions were planned
The company announced the purchase of a significant package of MCAN cryptocurrency, listed on the Latoken exchange, at the end of June. She noted that she paid over 40 million US technical dollars USD
– After the transaction, the Issuer (ie Black Pearl – note) has in its portfolio paid-without debt, foreign currency funds of the equivalent of: PLN 350,139,082.9 (three hundred and fifty million one hundred and thirty-nine thousand eighty-two zlotys and ninety groszy) according to the average US dollar exchange rate for Forex quotes – the company noted.
After this announcement, its price on the NewConnect side market of the Warsaw Stock Exchange more than doubled within a few days, from approx. PLN 17 to almost PLN 40.
In early July, Black Pearl signed a sponsorship agreement with Budowlani Łódź rugby club. – The purpose of this investment is to promote a healthy lifestyle and popularize the McAN brand in the world. Globalization of the digital currency owned by BPC (Black Pearl Capital – ed.) Is to give it a functional character – she explained.
At the same time, she announced that she was negotiating the purchase of two companies, for which she was to pay with the MCAN cryptocurrency. – Companies from the raw materials and technology industries related to the extraction and processing of Microsoft, the raw material necessary for sealing shale gas and crude oil wells, and also used in modern medicine, e.g. dentistry – she described.
At the beginning of August, its managers made an offer to a leading shareholder of an investment fund listed on the side market of the Warsaw Stock Exchange, to which the brokerage house belongs, an offer to buy this company.
– The Issuer, ahead of legislative changes in Poland in the field of digital currencies, intends to develop with the participation of the structures of Investment Funds instead of building them. The time saving and the necessity to act in a systematic manner forces the Issuer to quickly expand its administrative capacity to match the expansion possibilities of Black Pearl SA – explained Black Pearl.
– After conducting due diligence, the Issuer will announce the data of the acquired Fund. The planned closing time of the Preliminary Stage is estimated by the Management Board of the Issuer for a maximum of 6 weeks from the date of publication of this Report – it announced.
The stock exchange suspended trading, Black Pearl was considering a suit for PLN 1 billion
On August 11, Puls Biznesu announced that the fund to be taken over was to be Copernicus Securities, but its representatives denied that they were conducting talks with Black Pearl. In this situation, the management board of the Warsaw Stock Exchange suspended trading in its shares (in mid-August the price briefly reached PLN 80).
The management board of Black Pearl commented on the actions of the stock exchange authorities in statements with specific titles: long and strong theses. – Suspension of trading in BPC shares. Transparency and access to information by shareholders. The WSE should not limit the vested rights of small shareholders and affect the valuation of BPC shares. The slow operation of the Public Trust Institution creates a false image as to the Issuer’s credibility – assessed the management board in a press release of 11 August.
– The Management Board of Black Pearl SA is of the opinion that the Stock Exchange is to serve investors without dividing into better and worse. This institution has both rights and obligations. It cannot affect the Free Market. The issuer and the shareholders entrusted mutual relations in the scope of ensuring the safety of trading and financial exchange, without the will to limit it – it was written in this announcement.
– Imposing the will of an official is not justified in the opinion of the Company and raises doubts as to the legitimacy of such an action, and the lack of compliance by the Company – causes doubts as to the reliability of the Issuer as well as information provided on a regular basis, without reservations. Therefore, the Issuer’s Management Board turned to the WSE Authorities, being aware of the resulting threats. The law is equal and impartial and forces the Issuer to communicate its actions in a specific form – added.
A few days later, the management board of Black Pearl announced that it would sue the stock exchange and would demand PLN 1 billion in compensation. – Due to the multiple suspension of trading, the use of the Stock Exchange Regulations as an argument giving the freedom to interpret economic events to a natural person by creating the share price – the Company and shareholders suffered economic damage – justified.
A few days later, the company withdrew from the lawsuit, explaining that it was not supported by its supervisory board. – The Supervisory Board is aware of the real systemic flaws of the WSE. However, he hopes to improve them without having to fight, but through cooperation and understanding. Public support is a sufficient argument in this matter, it was written in the press release
Moreover, the company explained why the takeover of Copernicus Securities will not take place. – The owners of the entity being the target of the purchase did not decide to sell their assets to the Issuer. In the opinion of the Management Board, this is due to, inter alia, too early publication of the delicate matter of negotiations. The atmosphere of the business environment of the venture is the basic price factor and influences the result of the transaction, it was stated.
– The Issuer’s Management Board declares that it did not take into account a narrow group of potential entities for purchase when making the decision to buy TFI and the Brokerage House. Negotiations with another entity with parameters of interest to the Management Board of Black Pearl SA are underway – it was noted. – We will not provide any information in this regard until the completion of the possible takeover process. Confidentiality is necessary to obtain a positive economic effect of the project – added the company.
Results of the consultations with the auditor recently
At the end of August, the management board of the stock exchange obligated Black Pearl in a resolution to commission an entity from the list of authorized advisers to companies from the NewConnect side market to “analyze the economic, property and financial situation of Black Pearl SA and its prospects for the future, as well as prepare a document containing the results of the analysis. and an opinion on the possibility of taking up or continuing operating activity by this company and its prospects in the future ”.
The company was given 40 days to complete this task, the deadline was Tuesday.
Currently, the Black Pearl stock exchange price is PLN 54, which gives a capitalization of PLN 148.68 million. In recent months, Janusz Skopowski has become the company’s majority shareholder as a result of a series of package purchases. In April, it had shares of only 1.8 percent. of the company’s capital, in mid-May – already 68.1 percent, and now 80.1 percent.
In mid-July, the president of Black Pearl changed – Grzegorz Brzezicki was replaced by Dominik Poskujeła, who has been managing Argo Natural and Green Go for several years and is the head of the Zielone Jabłuszko Foundation.
Mainly thanks to the purchase of the MCAN cryptocurrency package in the second quarter of this year. Black Pearl’s net profit disclosed in the report increased year on year from 2.2 to 157.29 million PLN, while in the first quarter the net loss increased from 3.1 to 4.8 thousand. PLN. Throughout last year the company had a net profit of PLN 5.2 million, compared to PLN 79.7 thousand. PLN a year earlier.
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