We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Carlton Res. | LSE:CLN | London | Ordinary Share | GB00B0TNHV95 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.65 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMCLN
RNS Number : 9774I
Carlton Resources PLC
22 March 2010
+---------------------------------+---------------------------------+
| | |
+---------------------------------+---------------------------------+
Carlton Resources Plc
("Carlton" or the "Company")
Interim Results for the six months ended 31 December 2009
Carlton Resources Plc (AIM: CLN), announces its interim results for the six
months ended 31 December 2009.
Key points
· Revised focus and cash preservation strategy
· Board restructuring
· Announcement of signature of option agreement in relation to
potential acquisition of Mali gold company
For further information:
+--------------------------------+--------------------------------+
| Carlton Resources Plc | Tel: +44 75 4989 2425 |
+--------------------------------+--------------------------------+
| Mark Burchnall, Chief | |
| Executive Officer | |
+--------------------------------+--------------------------------+
| | |
+--------------------------------+--------------------------------+
| Strand Hanson Limited | Tel: +44 20 7409 3494 |
+--------------------------------+--------------------------------+
| Warren Pearce / Paul Cocker | |
+--------------------------------+--------------------------------+
| | |
+--------------------------------+--------------------------------+
Carlton Resources Plc
Chairman'sand Chief Executive's Statement
In the six month period to 31 December 2009, the Company continued to implement
the restructuring and rebuilding measures established by the Board in the early
part of the year with a view to preparing it for new opportunities. Following
the capital reorganisation and fundraising undertaken in June 2009, the Board of
the Company was restructured in October 2009 such that Melissa Sturgess was
appointed non-executive Chairman, Mark Burchnall moved from a non-executive
position to Chief Executive and Martyn Churchouse moved to a non-executive role.
As announced during the period, the Company continued to investigate a number of
mineral opportunities in Africa with a view to making a suitable acquisition
that would benefit shareholders. This process culminated in the announcement on
14 December 2009 that the Company had entered into an option agreement for the
potential acquisition of Tobon Tondo suarl, a Malian company holding two highly
prospective gold permits, although the Company continues to evaluate other
opportunities.
Pursuant to the AIM Rules, the announcement of the option led to the suspension
from trading of the Company's shares on AIM. Trading in the Company's shares
will be restored following completion of an acquisition (which will constitute a
reverse takeover, as defined in the AIM Rules), prior to 11 July 2010. Such an
acquisition will require the approval of shareholders.
The directors are working towards concluding such an acquisition in the near
future and look forward to delivering positive news to shareholders in this
regard.
Mark Burchnall
Chief Executive Officer
22 March 2010
INDEPENDENT REVIEW REPORT TO CARLTON RESOURCES PLC
Introduction
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31
December 2009 which comprises the statement of comprehensive income, the
statement of financial position, the statement of changes in equity, the
statement of cash flows and the related explanatory notes.
We have read the other information contained in the half-yearly financial report
and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the rules of the
London Stock Exchange for companies trading securities on the Alternative
Investment Market which require that the half-yearly report be presented and
prepared in a form consistent with that which will be adopted in the company's
annual accounts having regard to the accounting standards applicable to such
annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.
Our report has been prepared in accordance with the terms of our engagement to
assist the company in meeting the requirements of the rules of the London Stock
Exchange for companies trading securities on the Alternative Investment Market
and for no other purpose. No person is entitled to rely on this report unless
such a person is a person entitled to rely upon this report by virtue of and for
the purpose of our terms of engagement or has been expressly authorised to do so
by our prior written consent. Save as above, we do not accept responsibility
for this report to any other person or for any other purpose and we hereby
expressly disclaim any and all such liability
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity", issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 31 December 2009 is not prepared, in all
material respects, in accordance with the rules of the London Stock Exchange for
companies trading securities on the Alternative Investment Market.
BDO LLP
Chartered Accountants and Registered Auditors
Location
United Kingdom
Date
BDO LLP is a limited liability partnership registered in England and Wales (with
registered number OC305127).
Carlton Resources Plc
Statement of comprehensive income
+--------------------------------+-------+-----------+-----------+---------+
| | | Company | Group | Company |
+--------------------------------+-------+-----------+-----------+---------+
| | | Six | Six | Year |
| | | months | months | ended |
| | | to 31 | to 31 | 30 |
| | | December | December | June |
+--------------------------------+-------+-----------+-----------+---------+
| | | 2009 | 2008 | 2009 |
+--------------------------------+-------+-----------+-----------+---------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+-------+-----------+-----------+---------+
| |Notes | Unaudited | Unaudited | Audited |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Continuing operations | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Transaction related costs | | (204) | - | - |
+--------------------------------+-------+-----------+-----------+---------+
| Other administrative expenses | | (145) | (172) | (602) |
+--------------------------------+-------+-----------+-----------+---------+
| Administrative expenses | | (349) | (172) | (602) |
+--------------------------------+-------+-----------+-----------+---------+
| Loss on disposal of | | - | - | (1,527) |
| subsidiaries | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Loss from operations | | (349) | (172) | (2,129) |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Finance income | | - | 1 | 1 |
+--------------------------------+-------+-----------+-----------+---------+
| Finance expenses | | - | (1) | (4) |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Loss for the period before | | (349) | (172) | (2,132) |
| taxation | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Taxation | | - | - | - |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Loss for the period from | | (349) | (172) | (2,132) |
| continuing operations | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Discontinued operations | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Loss for the period from | 3 | - | (1,589) | - |
| discontinued operations | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Loss for the period | | (349) | (1,761) | (2,132) |
| attributable to equity holders | | | | |
| of the parent | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Foreign exchange on | | - | (229) | - |
| translation of operations | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Total comprehensive income | | (349) | (1,990) | (2,132) |
| attributable to owners of the | | | | |
| parent | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Loss per share expressed in | | | | |
| pence per share | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| From continuing operations: | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Basic and Diluted | 4 | (0.08)p | (0.15)p | (0.80)p |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| From discontinued operations: | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Basic and Diluted | 4 | - | (0.59)p | - |
+--------------------------------+-------+-----------+-----------+---------+
| | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| From all operations: | | | | |
+--------------------------------+-------+-----------+-----------+---------+
| Basic and Diluted | 4 | (0.08)p | (0.74)p | (0.80)p |
+--------------------------------+-------+-----------+-----------+---------+
Carlton Resources Plc
Statement of financial position
As at 31 December 2009
+---------------------------+-------+-----------+-----------+----------+
| | | Company | Group | Company |
+---------------------------+-------+-----------+-----------+----------+
| | | 31 | 31 | 30 June |
| | | December | December | |
+---------------------------+-------+-----------+-----------+----------+
| | | 2009 | 2008 | 2009 |
+---------------------------+-------+-----------+-----------+----------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+-------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+---------------------------+-------+-----------+-----------+----------+
| Assets | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Non-current assets | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Property, plant and | | 1 | - | - |
| equipment, including | | | | |
| mining properties | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Total non-current assets | | 1 | - | - |
+---------------------------+-------+-----------+-----------+----------+
| | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Current assets | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Trade and other | | 45 | 12 | 5 |
| receivables | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Cash and cash equivalents | | 261 | 28 | 414 |
+---------------------------+-------+-----------+-----------+----------+
| Total current assets | | 306 | 40 | 419 |
+---------------------------+-------+-----------+-----------+----------+
| | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Assets classified as held | 5 | - | 4,455 | - |
| for sale | | | | |
+---------------------------+-------+-----------+-----------+----------+
| | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Total assets | | 307 | 4,495 | 419 |
+---------------------------+-------+-----------+-----------+----------+
| | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Liabilities | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Current liabilities | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Trade and other payables | | 35 | 178 | 53 |
+---------------------------+-------+-----------+-----------+----------+
| Borrowings | | - | - | 125 |
+---------------------------+-------+-----------+-----------+----------+
| Accruals | | 190 | 78 | - |
+---------------------------+-------+-----------+-----------+----------+
| Total current liabilities | | 225 | 256 | 178 |
+---------------------------+-------+-----------+-----------+----------+
| | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Liabilities directly | 5 | - | 4,231 | - |
| associated with assets | | | | |
| classified as held for | | | | |
| sale | | | | |
+---------------------------+-------+-----------+-----------+----------+
| | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Total liabilities | | 225 | 4,487 | 178 |
+---------------------------+-------+-----------+-----------+----------+
| | | | | |
+---------------------------+-------+-----------+-----------+----------+
| Total net assets | | 82 | 8 | 241 |
+---------------------------+-------+-----------+-----------+----------+
Carlton Resources Plc
Statement of financial position
(continued)
As at 31 December 2009
+---------------------------+----+-----------+-----------+----------+
| | | Company | Group | Company |
+---------------------------+----+-----------+-----------+----------+
| | | 31 | 31 | 30 June |
| | | December | December | |
+---------------------------+----+-----------+-----------+----------+
| | | 2009 | 2008 | 2009 |
+---------------------------+----+-----------+-----------+----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+----+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+---------------------------+----+-----------+-----------+----------+
| | | | | |
+---------------------------+----+-----------+-----------+----------+
| Capital and reserves | | | | |
| attributable to owners of | | | | |
| the parent | | | | |
+---------------------------+----+-----------+-----------+----------+
| Share capital | | 1,527 | 1,341 | 1,484 |
+---------------------------+----+-----------+-----------+----------+
| Share premium reserve | | 7,980 | 7,585 | 7,842 |
+---------------------------+----+-----------+-----------+----------+
| Merger reserve | | - | 8,063 | - |
+---------------------------+----+-----------+-----------+----------+
| Foreign exchange reserve | | - | 725 | - |
+---------------------------+----+-----------+-----------+----------+
| Warrant reserve | | 54 | 54 | 54 |
+---------------------------+----+-----------+-----------+----------+
| Reverse takeover reserve | | - | (8,647) | - |
+---------------------------+----+-----------+-----------+----------+
| Other reserve | | - | 11,822 | - |
+---------------------------+----+-----------+-----------+----------+
| Accumulated losses | | (9,479) | (20,935) | (9,139) |
+---------------------------+----+-----------+-----------+----------+
| Total equity | | 82 | 8 | 241 |
+---------------------------+----+-----------+-----------+----------+
Carlton Resources Plc
Unaudited Statement of changes in equity
+-----------------+---------+---------+---------+----------+---------+----------+---------+-------------+---------+
| | Share | Share | Merger | Foreign | Warrant | Reverse | Other | Accumulated | Total |
| | capital | premium | reserve | exchange | reserve | takeover | reserve | losses | equity |
| | | | | reserve | | reserve | | | |
+-----------------+---------+---------+---------+----------+---------+----------+---------+-------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+---------+---------+---------+----------+---------+----------+---------+-------------+---------+
| Group | | | | | | | | | |
+-----------------+---------+---------+---------+----------+---------+----------+---------+-------------+---------+
| Balance as at 1 | 1,341 | 7,585 | 8,063 | 496 | 54 | (8,647) | 11,822 | (18,976) | 1,738 |
| July 2008 | | | | | | | | | |
+-----------------+---------+---------+---------+----------+---------+----------+---------+-------------+---------+
| Total | - | - | - | 229 | - | - | - | (1,990) | (1,761) |
| comprehensive | | | | | | | | | |
| income for the | | | | | | | | | |
| period | | | | | | | | | |
+-----------------+---------+---------+---------+----------+---------+----------+---------+-------------+---------+
| Share-based | - | - | - | - | - | - | - | 31 | 31 |
| payments | | | | | | | | | |
+-----------------+---------+---------+---------+----------+---------+----------+---------+-------------+---------+
| Balance as at | 1,341 | 7,585 | 8,063 | 725 | 54 | (8,647) | 11,822 | (20,935) | 8 |
| 31 December | | | | | | | | | |
| 2008 | | | | | | | | | |
+-----------------+---------+---------+---------+----------+---------+----------+---------+-------------+---------+
+-----------------+--------+--------+---------+--------+--------+--------+--------+----------+--------+
| Company | | | | | | | | | |
+-----------------+--------+--------+---------+--------+--------+--------+--------+----------+--------+
| Balance as at 1 | 1,341 | 7,585 | 8,998 | - | 54 | - | - | (17,970) | 8 |
| January 2009 | | | | | | | | | |
+-----------------+--------+--------+---------+--------+--------+--------+--------+----------+--------+
| Total | - | - | - | - | - | | | (372) | (372) |
| comprehensive | | | | | | | | | |
| income for the | | | | | | | | | |
| period | | | | | | | | | |
+-----------------+--------+--------+---------+--------+--------+--------+--------+----------+--------+
| Transfer of | - | - | (8,998) | - | - | - | - | 8,998 | - |
| reserves | | | | | | | | | |
+-----------------+--------+--------+---------+--------+--------+--------+--------+----------+--------+
| Shares issued | 143 | 257 | - | - | - | - | - | - | 400 |
| net of issue | | | | | | | | | |
| costs | | | | | | | | | |
+-----------------+--------+--------+---------+--------+--------+--------+--------+----------+--------+
| Share-based | - | - | - | - | - | - | - | 205 | 205 |
| payments | | | | | | | | | |
+-----------------+--------+--------+---------+--------+--------+--------+--------+----------+--------+
| Balance as at | 1,484 | 7,842 | - | - | 54 | - | - | (9,139) | 241 |
| 30 June 2009 | | | | | | | | | |
+-----------------+--------+--------+---------+--------+--------+--------+--------+----------+--------+
+-----------------+--------+--------+--------+--------+--------+--------+--------+---------+--------+
| Company | | | | | | | | | |
+-----------------+--------+--------+--------+--------+--------+--------+--------+---------+--------+
| Balance as at 1 | 1,484 | 7,842 | - | - | 54 | - | - | (9,139) | 241 |
| July 2009 | | | | | | | | | |
+-----------------+--------+--------+--------+--------+--------+--------+--------+---------+--------+
| Total | - | - | - | - | - | - | - | (349) | (349) |
| comprehensive | | | | | | | | | |
| income for the | | | | | | | | | |
| period | | | | | | | | | |
+-----------------+--------+--------+--------+--------+--------+--------+--------+---------+--------+
| Shares issued | 43 | 138 | - | - | - | - | - | - | 181 |
| net of issue | | | | | | | | | |
| costs | | | | | | | | | |
+-----------------+--------+--------+--------+--------+--------+--------+--------+---------+--------+
| Share-based | - | - | - | - | - | - | - | 9 | 9 |
| payments | | | | | | | | | |
+-----------------+--------+--------+--------+--------+--------+--------+--------+---------+--------+
| Balance as at | 1,527 | 7,980 | - | - | 54 | - | - | (9,479) | 82 |
| 31 December | | | | | | | | | |
| 2009 | | | | | | | | | |
+-----------------+--------+--------+--------+--------+--------+--------+--------+---------+--------+
Carlton Resources plc
Statement of cash flows
+----------------------------------+-----------+-----------+----------+
| | Company | Group | Company |
+----------------------------------+-----------+-----------+----------+
| | Six | Six | Year |
| | months | months | ended 30 |
| | to 31 | to 31 | June |
| | December | December | |
+----------------------------------+-----------+-----------+----------+
| | 2009 | 2008 | 2009 |
+----------------------------------+-----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
+----------------------------------+-----------+-----------+----------+
| | | | |
+----------------------------------+-----------+-----------+----------+
| Cash flow from operating | | | |
| activities | | | |
+----------------------------------+-----------+-----------+----------+
| Loss before tax | (349) | (2,013) | (2,132) |
+----------------------------------+-----------+-----------+----------+
| Adjustments for: | | | |
+----------------------------------+-----------+-----------+----------+
| Finance expense | - | 92 | 4 |
+----------------------------------+-----------+-----------+----------+
| Finance income | - | (27) | (1) |
+----------------------------------+-----------+-----------+----------+
| Depreciation, amortisation and | - | 648 | - |
| impairment | | | |
+----------------------------------+-----------+-----------+----------+
| Equity settled share-based | 9 | 31 | 236 |
| payment expense | | | |
+----------------------------------+-----------+-----------+----------+
| Loss on disposal of subsidiaries | - | - | 1,527 |
+----------------------------------+-----------+-----------+----------+
| Loss on disposal of fixed assets | - | - | 2 |
+----------------------------------+-----------+-----------+----------+
| Foreign exchange differences | - | 154 | - |
+----------------------------------+-----------+-----------+----------+
| Cash flow used in operating | (340) | (1,115) | (364) |
| activities before changes in | | | |
| working capital | | | |
+----------------------------------+-----------+-----------+----------+
| | | | |
+----------------------------------+-----------+-----------+----------+
| Increase / (decrease) in trade | 229 | 175 | (80) |
| and other payables | | | |
+----------------------------------+-----------+-----------+----------+
| (Increase) / decrease in trade | (41) | 142 | 34 |
| and other receivables | | | |
+----------------------------------+-----------+-----------+----------+
| Decrease in inventories | - | 170 | - |
+----------------------------------+-----------+-----------+----------+
| Increase in provisions | - | 46 | - |
+----------------------------------+-----------+-----------+----------+
| Net cash flow used in operating | (152) | (582) | (410) |
| activities | | | |
+----------------------------------+-----------+-----------+----------+
| | | | |
+----------------------------------+-----------+-----------+----------+
| Cash flow from investing | | | |
| activities | | | |
+----------------------------------+-----------+-----------+----------+
| Purchase of property, plant and | (1) | (391) | - |
| equipment | | | |
+----------------------------------+-----------+-----------+----------+
| Interest received | - | 27 | 1 |
+----------------------------------+-----------+-----------+----------+
| Proceeds from the sale of | - | - | 200 |
| subsidiaries | | | |
+----------------------------------+-----------+-----------+----------+
| Net cash flow (used in)/from | (1) | (364) | 201 |
| investing activities | | | |
+----------------------------------+-----------+-----------+----------+
| | | | |
+----------------------------------+-----------+-----------+----------+
| Cash flow from financing | | | |
| activities | | | |
+----------------------------------+-----------+-----------+----------+
| Proceeds from the issue of | - | - | 400 |
| ordinary shares net of issue | | | |
| costs | | | |
+----------------------------------+-----------+-----------+----------+
| Proceeds from loans raised | - | 1,131 | 125 |
+----------------------------------+-----------+-----------+----------+
| Repayment of loans | - | (194) | - |
+----------------------------------+-----------+-----------+----------+
| Interest paid | - | (92) | (4) |
+----------------------------------+-----------+-----------+----------+
| Net cash flow from financing | - | 845 | 521 |
| activities | | | |
+----------------------------------+-----------+-----------+----------+
| | | | |
+----------------------------------+-----------+-----------+----------+
| Net (decrease)/increase in cash | (153) | (101) | 312 |
| and cash equivalents | | | |
+----------------------------------+-----------+-----------+----------+
| Cash and cash equivalents at the | 414 | 657 | 102 |
| beginning of the period | | | |
+----------------------------------+-----------+-----------+----------+
| Exchange gains on cash and cash | - | 75 | - |
| equivalents | | | |
+----------------------------------+-----------+-----------+----------+
| Cash and cash equivalents at the | 261 | 631 | 414 |
| end of the period | | | |
+----------------------------------+-----------+-----------+----------+
+----------------------------------+----------+----------+----------+
| Classified as: | | | |
+----------------------------------+----------+----------+----------+
| Continuing operations | 261 | 28 | 414 |
+----------------------------------+----------+----------+----------+
| Discontinued operations | - | 603 | - |
+----------------------------------+----------+----------+----------+
| | 261 | 631 | 414 |
+----------------------------------+----------+----------+----------+
Carlton Resources Plc
Notes to the unaudited interim financial statements
For the half year ended 31 December 2009
1. Basis of preparation
The financial information set out above is based on the financial statements of
Carlton Resources Plc (referred to as 'Carlton' or 'Company'). The accounts of
the Company for the six months ended 31 December 2009, which are unaudited, were
approved by the Board on 22 March 2010. In accordance with s435 of the
Companies Act 2006, such unaudited results do not constitute statutory accounts
of the Company or Group.
These accounts have been prepared in accordance with the accounting policies set
out in the Report and Financial Statements of Carlton Resources Plc for the year
ended 30 June 2009. The statutory accounts for the year ended 30 June 2009 have
been filed with the registrar of Companies. The auditors' report on those
accounts was unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their report and
did not contain a statement under section 498(2) or 498(3) of the companies act
2006. These accounts have not been audited by the Company's auditors.
The Company's Report and Financial Statements for the year ended 30 June 2009
reflected the disposal of its diamond and industrial operations in January
2009. As at 30 June 2009 and as at 31 December 2009, the Company was not a
parent as defined by the Companies Act 2006. The comparative interim financial
information for the period to and as at 31 December 2008 represents the
consolidated financial information as previously reported, as a Group existed at
this time.
The Group financial statements are prepared in Great British Pounds, and all
values are rounded to the nearest thousand Pounds (GBP'000) except when
otherwise indicated.
Based upon forecasts, the Directors believe that Carlton has sufficient cash to
pay existing creditors. However, it is recognised that in order to pursue any
future opportunity, as outlined in the Chairman's and Chief Executives
Statement, there will be a need to raise finance in the form of equity or debt.
The Directors remain optimistic at this point in time of being able to raise the
required finance, providing a suitable opportunity can be sourced and therefore
these financial statements have been prepared on a going concern basis.
2. Changes in accounting policies
There were no changes in accounting policies during the six months ended 31
December 2009.
Carlton Resources Plc
Notes to the unaudited interim financial statements
For the half year ended 31 December 2009
3. Discontinued operations
On 3 December 2008, the Company entered into an agreement ("Sale Agreement") to
sell its South African and Tanzanian diamond and industrial projects and
operations (being all of the Company's operations) to Belmont Mining Limited
("Belmont"), by way of a sale of all the shares in certain Company subsidiaries
to Belmont. The Sale Agreement was conditional upon the approval of the
Company's shareholders being obtained, which occurred at the Extraordinary
General Meeting of the Company held on 8 January 2009.
The results of the discontinued operations included in the statement of
comprehensive income and the cash flows from discontinued operations included in
the statement of cash flows are set out below for the six months ended 31
December 2008.
Loss from discontinued operations
+--------------------------------+-----+-----------+
| | | Group |
+--------------------------------+-----+-----------+
| | | Six |
| | | months |
| | | to 31 |
| | | December |
+--------------------------------+-----+-----------+
| | | 2008 |
+--------------------------------+-----+-----------+
| | | GBP'000 |
+--------------------------------+-----+-----------+
| | | Unaudited |
+--------------------------------+-----+-----------+
| | | |
+--------------------------------+-----+-----------+
| Continuing operations | | |
+--------------------------------+-----+-----------+
| | | |
+--------------------------------+-----+-----------+
| Revenue | | 1,363 |
+--------------------------------+-----+-----------+
| Cost of sales | | (1,794) |
+--------------------------------+-----+-----------+
| Gross loss | | (431) |
+--------------------------------+-----+-----------+
| | | |
+--------------------------------+-----+-----------+
| Administrative expenses | | (519) |
+--------------------------------+-----+-----------+
| Other operating income | | 52 |
+--------------------------------+-----+-----------+
| | | |
+--------------------------------+-----+-----------+
| Loss from operations | | (898) |
+--------------------------------+-----+-----------+
| | | |
+--------------------------------+-----+-----------+
| Finance income | | 26 |
+--------------------------------+-----+-----------+
| Finance expenses | | (91) |
+--------------------------------+-----+-----------+
| | | |
+--------------------------------+-----+-----------+
| Loss for the period before | | (963) |
| taxation | | |
+--------------------------------+-----+-----------+
| | | |
+--------------------------------+-----+-----------+
| Taxation | | 22 |
+--------------------------------+-----+-----------+
| Loss on measurement to fair | | (648) |
| value of discontinued | | |
| operations | | |
+--------------------------------+-----+-----------+
| | | |
+--------------------------------+-----+-----------+
| Loss for the period from | | (1,589) |
| discontinued operations | | |
+--------------------------------+-----+-----------+
Cash flows from discontinued operations
+--------------------------------+-----+---------+
| Cash flows from operating | | (371) |
| activities | | |
+--------------------------------+-----+---------+
| Cash flows from investing | | (364) |
| activities | | |
+--------------------------------+-----+---------+
| Cash flows from financing | | 708 |
| activities | | |
+--------------------------------+-----+---------+
| | | (27) |
+--------------------------------+-----+---------+
Carlton Resources Plc
Notes to the unaudited interim financial statements
For the half year ended 31 December 2009
4. Loss per share
Basic loss per share is calculated by dividing the loss attributable to the
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
For diluted loss per share, the weighted average number of shares in issue is
adjusted to assume conversion of all dilutive potential ordinary shares.
Reconciliations of the loss and weighted average number of shares used in the
calculations are set out below:
+--------------------------------+-----+-----------+-----------+---------+
| | | Company | Group | Company |
+--------------------------------+-----+-----------+-----------+---------+
| | | Six | Six | Year |
| | | months | months | ended |
| | | to 31 | to 31 | 30 |
| | | December | December | June |
+--------------------------------+-----+-----------+-----------+---------+
| | | 2009 | 2008 | 2009 |
+--------------------------------+-----+-----------+-----------+---------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+-----+-----------+-----------+---------+
| | | Unaudited | Unaudited | Audited |
+--------------------------------+-----+-----------+-----------+---------+
| | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| From continuing operations | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| Earnings: | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| Loss attributable to equity | | (349) | (401) | (2,132) |
| holders of the parent | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| Basic and Diluted Loss per | | (349) | (401) | (2,132) |
| Share | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| From discontinued operations | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| Earnings: | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| Loss attributable to equity | | - | (1,589) | - |
| holders of the parent | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| Basic and Diluted Loss per | | - | (1,589) | - |
| Share | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| Total operations | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| Earnings: | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| Loss attributable to equity | | (349) | (1,990) | (2,132) |
| holders of the parent | | | | |
+--------------------------------+-----+-----------+-----------+---------+
| Basic and Diluted Loss per | | (349) | (1,990) | (2,132) |
| Share | | | | |
+--------------------------------+-----+-----------+-----------+---------+
Carlton Resources Plc
Notes to the unaudited interim financial statements
For the half year ended 31 December 2008
4. Loss per share (continued)
+--------------------------------+-----+-------------+-------------+-------------+
| | | Company | Group | Company |
+--------------------------------+-----+-------------+-------------+-------------+
| | | Six | Six | Year |
| | | months | months | ended |
| | | to 31 | to 31 | 30 |
| | | December | December | June |
+--------------------------------+-----+-------------+-------------+-------------+
| | | 2009 | 2008 | 2009 |
+--------------------------------+-----+-------------+-------------+-------------+
| | | Unaudited | Unaudited | Audited |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Weighted average number of | | 452,198,421 | 268,265,577 | 268,265,577 |
| shares for the calculation of | | | | |
| Basic and Diluted Loss per | | | | |
| Share | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Basic and diluted Loss per | | | | |
| Share - pence | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| From continuing operations | | (0.08) | (0.15) | (0.80) |
+--------------------------------+-----+-------------+-------------+-------------+
| From discontinued operations | | - | (0.59) | - |
+--------------------------------+-----+-------------+-------------+-------------+
| From all operations | | (0.08) | (0.74) | (0.80) |
+--------------------------------+-----+-------------+-------------+-------------+
The following potential issues of Ordinary Shares, which may be dilutive in
future periods, have been excluded from the calculation of diluted loss per
share for the period as these potential issues are anti-dilutive:
+--------------------------------+-----+---------+------------+------+
| | | | No. of | |
| | | | potential | |
| | | | shares | |
+--------------------------------+-----+---------+------------+------+
| | | | | |
+--------------------------------+-----+---------+------------+------+
| Share options granted to | | | 634,800 | |
| Westhouse Securities LLP on 27 | | | | |
| February 2006 | | | | |
+--------------------------------+-----+---------+------------+------+
| | | | | |
+--------------------------------+-----+---------+------------+------+
| Warrants issued to Strand | | | 2,682,656 | |
| Partners Securities and | | | | |
| Montagu Stockbrokers Pty | | | | |
| Limited on 21 September 2007 | | | | |
+--------------------------------+-----+---------+------------+------+
| | | | | |
+--------------------------------+-----+---------+------------+------+
| Warrants issued to Washington | | | 27,381,670 | |
| Resources Limited and Amarone | | | | |
| Resources Limited on 2 July | | | | |
| 2009 | | | | |
+--------------------------------+-----+---------+------------+------+
| | | | | |
+--------------------------------+-----+---------+------------+------+
| Long term incentive options | | | 8,050,000 | |
| granted under the KimCor share | | | | |
| option scheme | | | | |
+--------------------------------+-----+---------+------------+------+
| | | | | |
+--------------------------------+-----+---------+------------+------+
| Long term incentive options | | | 61,668,400 | |
| granted under the Carlton | | | | |
| Resources Plc - Global Share | | | | |
| Option Plan | | | | |
+--------------------------------+-----+---------+------------+------+
Carlton Resources Plc
Notes to the unaudited interim financial statements
For the half year ended 31 December 2009
5. Discontinued operations
As described in note 3, the Group disposed of its diamond and industrial
operations, following shareholder approval on 8 January 2009. The major classes
of assets and liabilities comprising the assets classified as held for sale at
the statement of financial position date are:
+---------------------------+----+-----------+
| | | Group |
+---------------------------+----+-----------+
| | | 31 |
| | | December |
+---------------------------+----+-----------+
| | | 2008 |
+---------------------------+----+-----------+
| | | GBP'000 |
+---------------------------+----+-----------+
| | | Unaudited |
+---------------------------+----+-----------+
| | | |
+---------------------------+----+-----------+
| Assets classified as held | | |
| for sale | | |
+---------------------------+----+-----------+
| Property, plant and | | 3,146 |
| equipment, including | | |
| mining properties | | |
+---------------------------+----+-----------+
| Receivables | | 423 |
+---------------------------+----+-----------+
| Inventories | | 283 |
+---------------------------+----+-----------+
| Cash and cash equivalents | | 603 |
+---------------------------+----+-----------+
| Assets classified as held | | 4,455 |
| for sale | | |
+---------------------------+----+-----------+
| | | |
+---------------------------+----+-----------+
| Liabilities directly | | |
| associated with assets | | |
| classified as held for | | |
| sale | | |
+---------------------------+----+-----------+
| Borrowings | | 3,069 |
+---------------------------+----+-----------+
| Trade and other payables | | 1,162 |
+---------------------------+----+-----------+
| Liabilities directly | | 4,231 |
| associated with assets | | |
| classified as held for | | |
| sale | | |
+---------------------------+----+-----------+
| | | |
+---------------------------+----+-----------+
| Net assets classified as | | 224 |
| held for sale | | |
+---------------------------+----+-----------+
In accordance with the relevant accounting standards, prior year statements of
financial position have not been restated.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DLLFLBXFFBBQ
1 Year Carlton Res. Chart |
1 Month Carlton Res. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
