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| Name | Symbol | Market | Type |
|---|---|---|---|
| Burning Rock Biotech Ltd | LSE:BNR | London | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.35 | 0 | 01:00:00 |
From Apr 2019 to Apr 2024
TIDMBNR
RNS Number : 4147V
Blenheim Natural Resources PLC
30 January 2017
30 January 2017
BLENHEIM NATURAL RESOURCES PLC
("Blenheim" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 31 OCTOBER 2016
CHAIRMAN'S REPORT
The period covered by these results and subsequent months have seen markets generally, and the minerals market in particular, become much more buoyant, adding value to our trading portfolio and bringing new strategic investment opportunities. Three transactions by Blenheim have aroused attention, notably our agreement of an option to acquire a 30% interest in the Dieba lithium exploration project in Southern Mali and a successful conditional share placing to raise gross proceeds of GBP750,000, both of which have taken place since the end of the interim period in question.
The Company's financial results for the six months ended 31 October 2016 show a loss of GBP111,658 (loss of GBP68,621 for the six months ended 31 October 2015). Revenues of GBP2,929 and net realised gains of GBP24,512 from the disposal of financial assets at fair value through profit or loss were offset by operating costs of GBP116,187, which include the costs associated with maintaining the Company's AIM quotation, and net interest costs of GBP22,926.
Borrowings of GBP260,238 represent convertible loan notes redeemable on or before 15 April 2017. The loan notes attract an interest charge of 6% per annum and, if converted by the noteholder, can be exchanged for 1 ordinary share for every 0.65p of loan notes held. These loan notes will either be converted on 15 April 2017 or repaid from the proceeds of the conditional share placing announced on 18 January 2017. Following the Company's AGM on 27 October 2016, at which all resolutions were voted down by shareholders, the two remaining directors of the Company have worked hard to identify more high quality strategic investments, raise additional capital and find potential new directors.
This exercise culminated in the announcements on 18 January 2017 that the Company had been granted an option to acquire a 30 per cent interest in the Dieba lithium exploration project in Southern Mali, an area adjacent to Birimian Limited's successful Bougouni Lithium Project and had concluded a conditional placing to raise GBP750,000. We are currently evaluating the Dieba project further, with a view to making a final investment decision by the end of February 2017. We continue to consider potential board candidates and hope shortly to be in a position to announce a new appointment.
A general meeting has been called for 7 February 2017 to give the directors of the Company the authority to complete the placing and to put again to shareholders some of the resolutions originally proposed at the most recent AGM.
In August 2016, Blenheim was granted an option for GBP1 by TAM Mining, a natural resources exploration and development company which holds the exclusive rights, via its local subsidiary Westlumba Minerals Limited, to a large, highly prospective copper/gold project in the Northwest Province of Zambia. Blenheim can exercise its option to obtain 7.5% of the fully diluted issued share capital of TAM Mining, subject to certain conditions, within 6 months of (i) TAM obtaining a NI 43-101 compliant resource statement; or (ii) from 12 months of the date of the Agreement, whichever is sooner, if the Company has used its skills and contacts to assist TAM in raising a minimum of US$5 million. TAM management reports that it expects to commence infill drilling within the next 2 months.
Blenheim increased its stake in IGS (International Geoscience Services) Limited ("IGS") to 30.1% in the period, with an investment to fund development of Xplore, IGS's cutting-edge knowledge-based system for picking targets from geoscientific data and maps. In January 2017, Blenheim's Non-executive Director Mark Parker took over the Chairmanship at IGS, bringing more commercial and geological experience to IGS as a public sector spin-out. At the date of this interim report, Blenheim's interest in IGS stands at 29.9%, as a result of a share issue by IGS to one of its directors for work undertaken on preparation of the business plan of IGS Xplore.
As an investment company, which will have significant cash resources should shareholders approve the relevant resolutions at the forthcoming general meeting, Blenheim will be well positioned to continue to take advantage of opportunities in the natural resources and agribusiness sectors. Indeed, the directors are currently considering a number of promising potential strategic investments. It remains Blenheim's policy to make investments in "good value" companies and projects in the natural resources and agribusiness sectors, by way of cash and the issue of Blenheim shares.
Chris Ells
Chairman
30 January 2017
For further information please contact:
Chris Ells Blenheim Natural Resources Plc +44 (0) 1622 844601 Colin Aaronson/Jamie Barklem/Daniel Bush Grant Thornton UK LLP +44 (0) 20 7383 5100 Nick Emerson S I Capital Ltd +44 (0)1483 413500 Lucy Williams / Duncan Vasey Peterhouse Corporate Finance Limited +44 (0) 20 7469 0932 Colin Rowbury Cornhill Capital Limited +44 (0) 20 7710 9610
BLENHEIM NATURAL RESOURCES PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED
31 OCTOBER 2016
STATEMENT OF COMPREHENSIVE INCOME
Hot Features
Premium
Six months to 31 October Six months to 31 Year ended
2016 October 2015 30 April 2016
Notes (unaudited) (unaudited) (audited)
GBP GBP GBP
Revenue 2,929 4,953 6,196
Gross profit 2,929 4,953 6,196
Administrative expenses (116,187) (56,542) (175,227)
Impairment of available
for sale financial
assets - - (82,345)
Other gains 24,512 681 51,954
Operating loss (88,746) (50,908) (199,442)
Finance income 14 19 315
Finance costs (22,926) (17,732) (35,481)
Loss before income tax (111,658) (68,621) (234,588)
Income tax expense - - -
Loss for the financial
period (111,658) (68,621) (234,588)
Items that may be reclassified
subsequently to profit or loss
Other comprehensive - - -
income
------------------------- ------------------------ ----------------
Total comprehensive
income for the period (111,658) (68,621) (234,588)
========================= ======================== ================
Earnings per share
Basic EPS (pence) 3 (0.06) (0.09) (0.23)
Diluted EPS (pence) 3 (0.06) (0.09) (0.23)
BLENHEIM NATURAL RESOURCES PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED
31 OCTOBER 2016
STATEMENT OF FINANCIAL POSITION
At 31 October 2016 At 31 October 2015 At 30 April 2016
Notes (unaudited) (unaudited) (audited)
GBP GBP GBP
ASSETS
Non-current assets
Available for sale assets 4 388,714 82,345 260,463
388,714 82,345 260,463
Current assets
Financial assets at fair value through
profit and loss 4 248,897 152,491 297,378
Cash and cash equivalents 110,774 124,278 207,503
Prepayments 10,751 10,588 22,490
370,422 287,357 527,371
TOTAL ASSETS 759,136 369,702 787,834
=================== =================== =================
EQUITY
Share capital 5 1,350,045 1,270,045 1,350,045
Share premium 5 1,383,432 904,777 1,383,432
Shares to be issued 84,298 84,298 84,298
Merger relief reserve 417,284 417,284 417,284
Retained earnings (2,858,520) (2,580,895) (2,746,862)
------------------- ------------------- -----------------
TOTAL EQUITY 376,539 95,509 488,197
------------------- ------------------- -----------------
LIABILITIES
Non-current liabilities
Borrowings - 235,995 -
- 235,995 -
Current liabilities
Borrowings 260,238 - 245,476
Trade and other payables 122,359 38,198 54,161
382,597 38,198 299,637
TOTAL LIABILITIES 382,597 274,193 299,637
------------------- ------------------- -----------------
TOTAL EQUITY AND LIABILITIES 759,136 369,702 787,834
=================== =================== =================
BLENHEIM NATURAL RESOURCES PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED
31 OCTOBER 2016
STATEMENT OF CASH FLOWS
Six months to 31 October Six months to 31 October
2016 2015 Year ended 30 April 2016
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flow from operating
activities
Loss before income tax (111,658) (68,621) (234,588)
Adjustments for:
-Other income - (3,647) -
-Revaluation on disposal - (681) -
of financial assets at
fair value through profit
and loss
-(Gain) on disposal of
financial assets at fair
value through profit and
loss - (960) (51,954)
-Impairment of available
for sale financial assets - - 82,345
-Share based payments - 8,163 8,163
-Finance income (14) (19) (315)
-Finance costs 22,926 17,732 35,481
-Decrease/(increase) in
trade and other
receivables 11,739 3,116 (8,786)
-Increase in trade and
other payables 1,478 8,803 21,166
-------------------------
Net cash outflow from
operating activities (75,529) (36,114) (148,488)
Cash from investment
activities
Purchase of investments of
available for sale assets (20,000) - (260,463)
Purchase of financial
assets at fair value
through profit and loss (61,531) (32,041) (210,757)
Proceeds from disposal of
financial assets at fair
value 68,481 22,525 106,950
Dividends received - 3,647 -
-------------------------
Net cash used in investing
activities (13,050) (5,869) (364,270)
Cash from financing
activities
Proceeds from the issue of
share capital - 141,750 781,750
Share issue expenses paid - (7,087) (84,832)
Interest paid (8,164) (8,250) (16,518)
Interest received 14 19 32
-------------------------
Net cash generated from
financing activities (8,150) 126,432 680,432
Net (decrease)/increase in
cash and equivalents (96,729) 84,449 167,674
------------------------- -------------------------- -------------------------
Cash and cash equivalents
at beginning of period 207,503 39,829 39,829
Cash and cash equivalents
at end of period 110,774 124,278 207,503
========================= ========================== =========================
BLENHEIM NATURAL RESOURCES PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED
31 OCTOBER 2016
STATEMENT OF CHANGES IN EQUITY
Merger
Share Share Shares to be relief Retained Total
capital premium issued reserve earnings Equity
GBP GBP GBP GBP GBP GBP
Balance as at 1
May 2015 1,238,545 801,614 76,135 417,284 (2,512,274) 21,304
Loss in period - - - - (68,621) (68,621)
Total
comprehensive
income for the
period - - - - (68,621) (68,621)
----------------
Issue of share
capital 31,500 110,250 - - - 141,750
Issue costs - (7,087) - - - (7,087)
Share based
payment - - 8,163 - - 8,163
Total
transactions
with owners 31,500 103,163 8,163 - - 142,826
Balance as at
31 October
2015 1,270,045 904,777 84,298 417,284 (2,580,895) 95,509
Balance as at 1
November 2015 1,270,045 904,777 84,298 417,284 (2,580,895) 95,509
Loss in period - - - - (165,967) (165,967)
Total
comprehensive
income for the
period - - - - (165,967) (165,967)
----------------
Issue of share
capital 80,000 560,000 - - - 640,000
Issue costs - (81,345) - - - (81,345)
Share based - - - - - -
payment
Total
transactions
with owners 80,000 478,655 - - - 558,655
Balance as at
30 April 2016 1,350,045 1,383,432 84,298 417,284 (2,746,862) 488,197
Balance as at 1
May 2016 1,350,045 1,383,432 84,298 417,284 (2,746,862) 488,197
Loss in period - - - - (111,658) (111,658)
---------- ---------- ---------------- -------- ------------ ----------
Total
comprehensive
income for the
period - - - - (111,658) (111,658)
---------- ---------- ---------------- -------- ------------ ----------
Balance as at
31 October
2016 1,350,045 1,383,432 84,298 417,284 (2,858,520) 376,539
BLENHEIM NATURAL RESOURCES PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED
31 OCTOBER 2016
NOTES TO INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
The principal activity of the Company is to establish strategic and portfolio investments in listed and unlisted shares, as well as in projects in the natural resources sector which encompasses the mining, oil & gas and agricultural sectors. The Company is classified as an investment entity.
Blenheim Natural Resources Plc is a public limited company incorporated in England and Wales under the Companies Act (registered number 02956279). The Company is domiciled in the United Kingdom and its registered address is Hyde Park House, 5 Manfred Road, London, SW15 2RS. The Company's shares are traded on the AIM market of the London Stock Exchange.
2. BASIS OF PREPARATION
These condensed interim financial statements for the period ended 31 October 2016 have been prepared in accordance with the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 30 April 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The interim financial information, set out above does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of IFRS as adopted by the European Union. Statutory financial statements for the year ended 30 April 2016 were approved by the Board of Directors on 28 September 2016 and delivered to the Registrar of Companies. The report of the independent auditor on those financial statements was unqualified.
The 2016 interim financial report of the Company has not been audited or reviewed by the Company's auditor, PKF Littlejohn LLP.
Going concern
The Directors, in the light of the announcement on 18 January 2017 that the Company , subject to shareholder approval, had raised GBP750,000 before expenses through the placing of 214,285,714 ordinary shares of 0.1 pence each in the Company at a price of 0.35 pence per share, consider that adequate financial resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 31 October 2016.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2016 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.blenheimnaturalresources.com.
Critical accounting estimates
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 3 of the 2016 Annual Report and
Financial Statements. The nature and amounts of such estimates have not changed during the interim period.
Accounting policies
The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Company's financial statements for the year ended 30 April 2016 and are expected to continue to apply in the preparation of the Company financial statements for the year ended 30 April 2017.
Changes in accounting policy and disclosures
New and amended standards adopted by the Company
There are no IFRSs or IFRIC interpretations that are effective for the first time for the financial year commencing 1 May 2016 which would be expected to have a material impact on the Company.
3. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable to shareholders by the weighted average number of ordinary shares ("WANS") outstanding in the period. Diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares.
Six months to 31 Oct 2016 Six months to 31 Oct 2015 Year ended 30 April 2016
Earnings (GBP) (111,658) (68,621) (234,588)
WAN (No.) 184,290,900 73,315,900 102,397,288
Basic earnings per share (pence) (0.06) (0.09) (0.23)
Basic earnings per share is considered to be the same as the diluted earnings per share as any dilutive share options and warrants in issue are considered to be 'out of the money' and therefore have a nil dilutive effect.
4. INVESTMENTS
Below are the additional funds the company has committed to the various classes of investments in the respective periods.
At 31 October 2016 At 31 October 2015 At 30
April
2016
(unaudited) (unaudited) (audited)
Available for Sale investments 388,714 82,345 260,463
Financial assets at fair value through profit and loss 248,897 152,491 297,378
=================== =================== ==========
No impairment of the value of the Available for Sale investments has been provided for in respect to this reporting period. The fair values of all financial assets at fair value through profit and loss are based on their bid prices in an active market.
5. SHARE CAPITAL
As at the end of the reporting period the issued share capital in the Company was as follows:
At 31 At 31 At 30
October October April
2016 2015 2016
(unaudited) (unaudited) (audited)
No. No. No.
Ordinary 0.1p
shares 184,290,900 104,290,900 184,290,900
Deferred GBP49
shares 23,790 23,790 23,790
------------
Number of Ordinary Deferred Total shares Share
shares shares shares premium
No. GBP GBP GBP GBP
At 1 May 2015 72,790,000 72,835 1,165,710 1,238,545 801,614
Issue of
shares 31,500,00 31,500 - - 110,250
Issue costs - - - - (7,087)
------------ ------------- ------------- -------------- ------------
At 31 October
2015 104,290,000 104,335 1,165,710 1,270,045 904,777
------------ ------------- ------------- -------------- ------------
At 1 November
2015 104,290,000 104,335 1,165,710 1,270,045 904,777
------------ ------------- ------------- -------------- ------------
Issue of shares 80,000,000 80,000 - 80,000 560,000
Issue costs - - - - (81,345)
------------ ------------- ------------- -------------- ------------
At 31 October
2016 184,290,900 184,335 1,165,710 1,350,045 1,383,432
============ ============= ============= ============== ============
6. SHARE BASED PAYMENTS
During the period the company was required to recognise an income of GBP8,163 in the income statement in respect to share options in issue or committed to issuing at the end of the reporting period. The table below represents the weighted average exercise price (WAEP) of and the movements in share options and warrants during the period:
31 October 2016 WAEP
No. of options and warrants Pence
Outstanding at beginning of the period 22,500,000 0.96
Lapsed during the period 3,500,000 0.80
---------------------------- ------
Outstanding at the end of the period 19,000,000 0.92
============================ ======
Exercisable at the end of the period 19,000,000 0.92
============================ ======
The fair values of the options and warrants granted have been calculated using the Black Scholes model and applying the inputs shown below:
Type Options Warrants Grant date 03/11/15 30/10/15 Number of options/warrants 10,000,000 9,000,000 Share price at grant date GBP0.0064 GBP0.0064 Exercise price at grant date GBP0.0080 GBP0.0065 Risk free rate 2.75% 2.75% Option life 3 years 3years Expected volatility 10.8% 10.8% Expected dividend yield 0% 0% Fair value of options/ warrants GBP0.000 GBP0.000 7. POST BALANCE SHEET EVENTS
On 18 January 2017, the Company announced that, subject to shareholder approval, it had raised GBP750,000 before expenses through the placing of 214,285,714 ordinary shares of 0.1 pence each in the capital of the Company at a price of 0.35 pence per share.
The net proceeds of the placing will be used by the Company to make further investments in accordance with its investing policy, including to fund the cash consideration, should the Company exercise its the option to acquire a 30 per cent interest in the Dieba exploration permit in Southern Mali, as set out in the Company's RNS dated 18 January 2017. The proceeds will also be used to provide Blenheim with general working capital and to redeem any loan notes that are not converted by noteholders by 15 April 2017..
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DBGDBXBDBGRC
(END) Dow Jones Newswires
January 30, 2017 02:00 ET (07:00 GMT)
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