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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Emerging Mkt | LSE:EMM | London | Ordinary Share | GB00B3CMRN66 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 11.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMEMM
RNS Number : 2801H
Emerging Market Minerals PLC
30 November 2015
30 November 2015
Emerging Market Minerals PLC
("EMM" or the "Company")
Final Results for the year ended 30 June 2015
EMM (AIM: EMM), the AIM quoted uranium, thorium, base and precious metals and gemstones exploration and development company operating in Madagascar, announces its audited final results for the year ended 30 June 2015.
Chairman's Statement
I am pleased to present the Group's final results for the year ended 30 June 2015. The results show that the Group incurred a loss before and after taxation for the year of GBP227,688 (2014: GBP715,344). The loss reflects the limited essential expenditure incurred in order to maintain the good standing of our Marodambo Project, corporate running costs and expenditure associated with conducting the requisite due diligence on potential new attractive project opportunities.
During the reporting period, the Board has continued to actively identify and investigate further potential opportunities to expand the Group's asset portfolio in line with our stated strategy. However, market conditions have continued to prove extremely challenging for natural resource companies, particularly those operating in the mining sector such that the Board has not yet been able to secure a suitably compelling and attractive opportunity at a sensible valuation, to present to shareholders and potential investors.
The Group's early stage Marodambo Project in Madagascar, focused on exploration for uranium and thorium, remains on a care and maintenance footing pending receipt of the requisite approvals from the relevant Madagascan government authorities in respect of our potential Phase 2 exploration work programme and environmental impact study.
On 9 September 2014, the Company announced that it had raised GBP405,000 before expenses, via a subscription for new ordinary shares by Kijani Resources Limited ("Kijani"), an existing substantial shareholder in the Company. Kijani subscribed for 1,000,000 new ordinary shares at a price of 40.5 pence per share. The net proceeds raised from the subscription were used to repay the Group's existing indebtedness with the balance to be utilised for general working capital purposes. The Company anticipates raising additional equity and/or debt finance in the near term in order to ensure that the Group maintains an appropriate capital structure and is able to fund its ongoing working capital requirements and potential future development opportunities.
Alongside the abovementioned subscription, the Company announced the appointment of William Redford as a Non-Executive Director and representative of Kijani to assist the Group in the pursuit of its stated strategy. At the same time, I assumed the role of Executive Chairman with Roy Spencer assuming the role of Non-Executive Director.
On 21 October 2014, the Company announced the resignation of James Slade as Non-Executive Director to pursue his other business interests.
Regrettably, on 1 June 2015, the Cayman Islands Monetary Authority ("CIMA") issued a public notice stating, inter alia, that certain representatives of PwC Corporate Finance & Recovery (Cayman) Limited ("PwC") had been appointed by CIMA to assume control of the affairs of Brighton SPC and administer its affairs in the best interests of its investors and creditors. Kijani is a wholly owned special purpose vehicle of the Kijani Commodity Fund, which is a segregated portfolio of Brighton SPC, an entity regulated and licensed in the Cayman Islands. In light of the aforementioned appointment of PwC to administer the affairs of Brighton SPC, Mr. Redford no longer deemed it appropriate to remain a director of the Company and tendered his resignation with effect from 11 June 2015. So far as the Company and Board are aware, PwC remains in control of Kijani's substantial shareholding in the Company.
In order to better reflect the nature and principal activity of the Group, the Board changed the Company's name to "Emerging Market Minerals PLC" which was approved by shareholders at the Company's Annual General Meeting held on 5 December 2014 and became effective on AIM on 8 December 2014.
The Board is currently seeking to identify and recruit appropriate new board members and introduce board changes in the near future in order to assist with the Group's identification and assessment of potential new opportunities and help secure the requisite capital to invest in new projects and meet the Group's working capital requirements. As at the date of this statement, the Group has unaudited cash reserves of approximately GBP17,000 and therefore prompt action is required to secure the injection of new working capital.
Accordingly, the Board and its advisers are currently exploring various financing options with the directors deferring their salary and fee entitlements over the previous 12 months and until such time as additional working capital has been secured. If further funding cannot be secured in the near term from the Company's existing major shareholders and/or potential new investors, or alternative sources of potential funding are not available, the Board considers that it is highly likely that the Company will become insolvent and appropriate insolvency proceedings would ensue, such as entering into administration or commencing liquidation. However, the Board currently remains confident that it will be able to secure additional working capital in the short term, as required, and a further announcement will be made in due course as appropriate.
Once again, I would also like to take this opportunity to thank all of our shareholders, advisers and other stakeholders for their support and patience as we continue to seek to secure a suitable opportunity to generate long-term shareholder value.
Dr. Bernard Olivier
Executive Chairman
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2015
Hot Features
Premium
Notes As restated
2015 2014
2015 2014
GBP GBP
Administrative expenses (224,765) (690,950)
------------ ------------
Operating loss 6 (224,765) (690,950)
Finance income 21 5
Finance costs (2,944) (24,399)
------------ ------------
Loss before taxation (227,688) (715,344)
Taxation 3 - -
------------ ------------
Loss for the year (227,688) (715,344)
Since there is no other comprehensive income, the loss for the
year is the same as the total comprehensive loss for the year
and there are no items that may be subsequently reclassified
to profit or loss
Loss for the year and Total
comprehensive income attributable
to:
Equity holders of the Company (227,688) (715,344)
Non-controlling interest - -
Earnings per share attributable
to the equity holders of
the Company during the year
(pence) was:
Basic & Diluted 4 (0.58p) (2.26p)
Consolidated Statement of Financial Position
As at 30 June 2015
Notes Restated Restated
2015 2014 1 July 2013
ASSETS GBP GBP GBP
Non-current assets
Intangible Assets 703,908 703,908 1,182,745
-------------- -------------- --------------
703,908 703,908 1,182,745
-------------- -------------- --------------
Current assets
Trade and other receivables 8,652 15,528 19,268
Cash at bank and in hand 18,208 11,210 11,569
-------------- -------------- --------------
26,860 26,738 30,837
-------------- -------------- --------------
-------------- -------------- --------------
TOTAL ASSETS 730,768 730,646 1,213,582
-------------- -------------- --------------
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 126,358 303,548 394,207
-------------- -------------- --------------
126,358 303,548 394,207
-------------- -------------- --------------
Non-current liabilities
(MORE TO FOLLOW) Dow Jones Newswires
November 30, 2015 02:00 ET (07:00 GMT)
Borrowings and interest - - 200,000
bearing loans -------------- -------------- --------------
126,358 303,548 594,207
TOTAL LIABILITIES -------------- -------------- --------------
Equity attributable to equity holders
of the Company:
Share capital 5 115,982 114,982 106,679
Share premium 4,477,633 4,073,633 3,558,869
Share option reserve - - 50,467
Accumulated losses (3,989,833) (3,762,145) (3,097,268)
-------------- -------------- --------------
Total equity attributable
to equity holders of the
Company 603,782 426,470 618,747
Non-controlling interests 628 628 628
-------------- -------------- --------------
Total Equity 604,410 427,098 619,375
TOTAL EQUITY AND LIABILITIES 730,768 730,646 1,213,582
Consolidated Statement of Changes in Equity
For the year ended 30 June 2015
Share Non-controlling
Share Options Accumulated interests Total
Capital Share Premium Reserve Losses Total Equity
GBP GBP GBP GBP GBP GBP GBP
Balance at 1
July
2013 106,679 3,558,869 50,467 (3,097,268) 618,747 628 619,375
Prior year - - - - - - -
adjustment
(note 4)
At 1 July 2013
-
restated 106,679 3,558,869 50,467 (3,097,268) 618,747 628 619,375
-------------- -------------- ------------ -------------- ------------ ------------ ------------
Conversion of
loan
stock
together with
accrued
interest 8,303 514,764 - - 523,067 - 523,067
Movement in
Share
Option
Reserve - - (50,467) 50,467 - - -
-------------- -------------- ------------ -------------- ------------ ------------ ------------
Total
contributions
by and
distributions
to owners of
the
Company 8,303 514,764 (50,467) 50,467 523,067 - 523,067
-------------- -------------- ------------ -------------- ------------ ------------ ------------
Total loss
and
comprehensive
income for
the period - - - (715,344) (715,344) - (715,344)
-------------- -------------- ------------ -------------- ------------ ------------ ------------
Balance at 30
June
2014 114,982 4,073,633 - (3,762,145) 426,470 628 427,098
-------------- -------------- ------------ -------------- ------------ ------------ ------------
Issue of new
ordinary
shares 1,000 404,000 - - 405,000 - 405,000
Total
contributions
by and
distributions
to owners of
the
Company 1,000 404,000 - - 405,000 - 405,000
-------------- -------------- ------------ -------------- ------------ ------------ ------------
Total loss and
comprehensive
income for the
period - - - (227,688) (227,688) - (227,688)
-------------- -------------- ------------ -------------- ------------ ------------ ------------
Balance at 30
June
2015 115,982 4,477,633 - (3,989,833) 603,782 628 604,410
Consolidated Statement of Cash Flow
For the year ended 30 June 2015
2015 2014
GBP GBP
As restated
Cash flow from operating activities
Loss for the year before taxation (224,765) (715,344)
Impairment expense - 478,837
Finance income 21 5
Finance cost (2,944) (24,399)
Decrease in trade and other receivables 6,876 3,740
(Decrease)/Increase in trade
and other payables (177,190) 256,802
---------- ----------
Net cash used in operating activities (398,002) (359)
Cash flows from financing activities
Net proceeds from issue of shares 405,000 -
---------- ----------
Net cash generated from financing 405,000 -
activities
---------- ----------
Net (decrease)/increase in cash
and
cash equivalents 6,998 (359)
Cash and cash equivalents at
30 June 2014 11,210 11,569
---------- ----------
Cash and cash equivalents at
30 June 2015 18,208 11,210
Notes forming part of the financial information
For the year ended 30 June 2015
1. General information
Emerging Market Minerals PLC (the "Company") is currently a mineral exploration company. The Company is a public limited company quoted on AIM, a market operated by the London Stock Exchange plc, and is incorporated in England and Wales. The address of the registered office of the Company is 30 Portland Place, London W1B 1LZ. Information required by AIM Rule 26 is available in the section with that heading at www.emergingmarketminerals.com.
The principal accounting policies are summarised below. They have been applied consistently throughout the year.
2. Basis of preparation and going concern
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), and IFRIC interpretations issued by the International Accounting Standards Board (IASB) as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.
The presentation and functional currency of the Group is GBP.
Going concern
The Financial Statements have been prepared on a going concern basis. The Group's assets are not generating any revenue, an operating loss has been reported and an operating loss is expected in the 12 months subsequent to the date of these financial statements. The Directors believe, having considered all available information including cash flows prepared by management, that they will be able to raise additional funding to meet working capital requirements and to continue its exploration programme as well as perform due diligence on potential opportunities.
Based on the Board's assessment that the cash flow budgets can be achieved and that the necessary funds will be raised the Directors have a reasonable expectation that the Group and the Company will have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements for the year ended 30 June 2015.
(MORE TO FOLLOW) Dow Jones Newswires
November 30, 2015 02:00 ET (07:00 GMT)
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