Quantum Blockchain Technologies PLC affirms commitment to return value to shareholders

() reported increased assets and reduced losses for the past year, which executive chairman Francesco Gardin said was a challenge but ultimately a success.

As of the end of December, the investment company’s net current assets stood at €4.9mln compared to €2.4mln a year earlier, with operating losses cut to €1.1mln from €1.4mln.

“2020 was, as for many companies, a challenging year and yet the focus of the company, to preserve the stability of its operations and investments, should be seen as a success by shareholders,” said Gardin in a statement alongside the results.

“Our commitment to return value to shareholders was strengthened in the year by favourable results in certain legal cases, but mostly by the groundwork we have laid in positioning the company squarely within the quantum computing, blockchain and cryptocurrencies sectors; the results of which, we expect to be seen in 2021 and beyond.”

He said the most important event for the company was the successful conclusion of the Mediapolis bankruptcy process, for which wholly owned subsidiary Clear Leisure 2017 (CL17), received a €1.7mln settlement with the receiver, of which €1.5mln was received during the year.

Furthermore, the receiver awarded CL17 a claim against former Mediapolis directors and members of its internal audit committee, previously valued by the receiver at above €20mln.

Along with other litigation assets held by CL17, which have moved further along the determination process, have been valued in the accounts at a fair value of €4.4mln and the company “maintains a positive outlook” for their realisation.

Building on its existing technology investments, post year end the company changed its investment strategy, with a focus on quantum computing, blockchain, cryptocurrencies and artificial intelligence sectors.

A research and development and investment programme has been launched to select “the most innovative and out-of-the-box start-ups in the blockchain and cryptocurrency sector”.