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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 Apr 2019 to Apr 2024
TIDMEMM
RNS Number : 6160T
Emerging Market Minerals PLC
31 March 2016
31 March 2016
Emerging Market Minerals Plc
("Emerging Market Minerals" or "the Company")
Interim Results for the six months ended 31 December 2015
Emerging Market Minerals (AIM: EMM), the AIM quoted uranium, thorium, base and precious metals and gemstones exploration and development company operating in Madagascar, announces its interim results for the six months ended 31 December 2015.
Highlights:
-- Continued identification and assessment of attractive project opportunities for potential acquisition in order to expand the Group's asset portfolio.
-- Loss before and after taxation for the period of GBP100,000 (31 December 2014: GBP100,000).
-- Mr Martin Nicholls appointed as Executive Chairman in December 2015 with Dr Bernard Olivier assuming the role of Non-Executive Director.
-- Unsecured GBP100,000 working capital loan facility provided by a company wholly beneficially owned by Mr Nicholls post the reporting period end.
For further information, please contact:
Emerging Market Minerals Plc Tel: +44 (0)20 Martin Nicholls, Executive Chairman 7610 2117 Strand Hanson Limited (Nominated Tel: +44 (0)20 Adviser) 7409 3494 James Harris Matthew Chandler James Dance Parento Securities Limited (Broker) Tel: +44 (0)20 Guy Wilkes 7786 4370
or visit: www.emergingmarketminerals.com
Chairman's Statement
I am pleased to present the Group's interim results for the six months ended 31 December 2015.
The Group incurred a loss before and after taxation for the six month period ended 31 December 2015 of GBP100,000 (2014: GBP100,000). This loss reflects the limited essential expenditure required to maintain the good standing of our Marodambo Project in Madagascar, 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 identify and assess further potential opportunities to expand the Group's asset portfolio in line with the Company's stated strategy. Market conditions have once again proven to be extremely challenging for companies operating in the mining and natural resources sectors, such that the Board has yet to secure a suitably compelling proposition, at a sensible valuation, to present to shareholders and potential investors to raise the requisite funding to pursue such an opportunity.
The Group's early stage Marodambo Project, focused on exploration for uranium and thorium, remains on a care and maintenance footing, pending receipt of the requisite environmental clearances and approvals from the relevant Madagascan government authorities in respect of the potential Phase 2 exploration work programme for the project.
On 30 March 2016, the Company entered into a working capital loan facility (the "Facility") with Matryoshka Ltd ("Matryoshka"), a company wholly beneficially owned by myself, for an amount of GBP100,000, which has been drawn down in full. The Facility is unsecured and has a fixed term of eighteen months, at which point it will be repayable in full, together with interest, accruing daily at the rate of five percent per annum.
The Group anticipates raising additional equity and/or debt finance in the near term in order to ensure that it maintains an appropriate capital structure and is able to fund its ongoing working capital requirements and potential future development opportunities. The Board currently remains confident that it will be able to secure additional working capital in the short term, as required.
I was delighted to be appointed as Executive Chairman on 16 December 2015 with my predecessor, Dr Bernard Olivier, reverting to his previous role of Non-Executive Director.
I would like to take this opportunity to thank all of our shareholders, advisers and other stakeholders for their continued support and patience as we endeavour to progress our objective of securing an additional project(s) capable of generating long-term shareholder value.
Mr Martin Nicholls
Executive Chairman
31 March 2016
Consolidated Statement of Comprehensive Income
For the half year ended 31 December 2015
Hot Features
Premium
Notes Unaudited Unaudited Audited
Half Year Half Year Year
ended ended ended
31 Dec 31 Dec 30 June
2015 2014 2015
GBP'000 GBP'000 GBP'000
Revenue - - -
Total administrative
expenses and loss from
operations (100) (97) (225)
Finance income - - -
Finance costs - (3) (3)
------------------- ---------------------- ---------------------
Loss before taxation (100) (100) (228)
Tax 2 - - -
Loss for the financial
period attributable to
owners of the parent (100) (100) (228)
=================== ====================== =====================
Since there is no other comprehensive income, the loss for the period is the same as the total comprehensive income for the period and there are no items that may be subsequently reclassified.
Loss of the period and
total comprehensive income
attributable to:
Equity holders of the
Company (100) (100) (228)
Non-controlling interest - - -
======== ======== ========
Earnings per share
- Basic and diluted 3 (0.26p) (0.26p) (0.58p)
Consolidated Statement of Financial Position
As at 31 December 2015
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2015 2014 2015
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 704 704 704
Total Non-current assets 704 704 704
------------------ ------------------- -------------------
Current assets
Trade and other receivables 9 15 9
Cash and cash equivalents 4 66 18
Total Current assets 13 81 27
------------------ ------------------- -------------------
TOTAL ASSETS 717 785 731
------------------ ------------------- -------------------
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 212 52 126
Total Current liabilities 212 52 126
------------------ ------------------- -------------------
Total liabilities 212 52 126
------------------ ------------------- -------------------
Capital and reserves
attributable to the equity
holders of the Parent
Share capital 116 116 116
Share premium 4,478 4,478 4,478
Retained losses (4,090) (3,862) (3,990)
------------------ ------------------- -------------------
Total Equity attributable
to equity holders of
the company 504 732 604
------------------ ------------------- -------------------
Non-controlling interest 1 1 1
Total equity 505 733 605
------------------ ------------------- -------------------
TOTAL EQUITY AND LIABILITIES 717 785 731
------------------ ------------------- -------------------
Consolidated Statement of Cashflows
(MORE TO FOLLOW) Dow Jones Newswires
March 31, 2016 02:00 ET (06:00 GMT)
For the half year ended 31 December 2015
Unaudited Unaudited Audited
Half Year Half Year Year
ended ended ended
31 Dec 31 Dec 30 June
2015 2014 2015
GBP'000 GBP'000 GBP'000
Operating activities
Loss before taxation (100) (347) (225)
Finance income - - -
Finance costs - (3) (3)
(Increase)/ decrease in receivables - - 7
(Decrease)/increase in payables
and provisions 86 - (177)
Cash used in operations (14) (350) (398)
Financing activities
Issue of new shares - 405 405
-------------------- -------------------- ----------------------
Net cash inflow from financing
activities - 405 405
-------------------- -------------------- ----------------------
Net (decrease)/increase in
cash and cash equivalents (14) 55 7
Cash and cash equivalents
at beginning of period/year 18 11 11
-------------------- -------------------- ----------------------
Cash and cash equivalents
at end of period/year 4 66 18
-------------------- -------------------- ----------------------
Consolidated Statement of Changes in Equity
For the half year ended 31 December 2015
Share Share Retained Total Non- Total
capital premium losses controlling equity
Interests
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 30 June
2014 115 4,074 (3,762) 427 1 428
------------------------ --------- --------- --------------- ------------ ------------- ------------
Total loss and
comprehensive income
for the period - - (100) (100) - (100)
Issue of new shares 1 404 - 405 - 405
Balance at 31 December
2014 116 4,478 (3,862) 732 1 733
------------------------ --------- --------- --------------- ------------ ------------- ------------
Total loss and
comprehensive income
for the period - - (128) (128) - (128)
Balance at 30 June
2015 116 4,478 (3,990) 604 1 605
------------------------ --------- --------- --------------- ------------ ------------- ------------
Total loss and
comprehensive income
for the period - - (100) (100) - (100)
Balance at 31 December
2015 116 4,478 (4,090) 504 1 505
------------------------ --------- --------- --------------- ------------ ------------- ------------
Notes to the Interim Financial Information
For the half year ending 31 December 2015
1. GENERAL INFORMATION
Emerging Market Minerals Plc is a mineral exploration and development company. The Company is a public limited company incorporated in England and Wales. The company number is 05980987 and it is quoted on AIM, a market operated by the London Stock Exchange Plc.
The condensed consolidated interim financial statements of the Group for the six months ended 31 December 2015 comprise the result of the Company and its subsidiaries (together referred to as the "Group").
The consolidated interim financial information for the period 1 July 2015 to 31 December 2015 is unaudited. In the opinion of the Directors, the condensed interim financial information for the period presents fairly the financial position, and results from operations and cash flows for the period, in conformity with the generally accepted accounting principles consistently applied. The condensed interim financial information incorporates unaudited comparative figures for the interim period 1 July 2014 to 31 December 2014 and extracts from the audited financial statements for the year to 30 June 2015.
The financial information contained in this interim report does not constitute statutory accounts as defined by section 435 of the Companies Act 2006. The financial information has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards as adopted by the European Union.
The comparatives for the full year ended 30 June 2015 are not the Company's full statutory accounts for that year. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on those financial statements was unqualified but did include a reference to the uncertainties surrounding going concern, to which the auditors drew attention by way of emphasis and did not contain a statement under s498 (2) - (3) of Companies Act 2006.
2. TAXATION
The Group has recognised a GBPNil tax credit (31 December 2014: GBPNil and 30 June 2015: GBPNil) in respect of the concession for research and development available to the Group. No current taxation has been provided due to losses incurred in the period.
3. EARNINGS PER SHARE
The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2015 2014 2015
Loss for the period
(GBP'000) (100) (100) (228)
Weighted average number
of shares - expressed
in millions 39 39 39
Basic and diluted loss
per share - expressed
in pence (0.26p) (0.26p) (0.58p)
As the inclusion of the potential ordinary shares would result in a decrease in the loss per share they are considered to be anti-dilutive and, as such, the diluted loss per share calculation is the same as the basic loss per share.
4. POST BALANCE SHEET EVENTS
On 30 March 2016, the Company announced that it had entered into a working capital loan facility (the "Facility") with Matryoshka Ltd ("Matryoshka"), a company wholly beneficially owned by the Executive Chairman, Martin Nicholls, for an amount of GBP100,000, which has been drawn down in full. The Facility is unsecured and has a fixed term of eighteen months, at which point it will be repayable in full, together with interest, accruing daily at the rate of five per cent. per annum.
5. AVAILABILITY OF INTERIM FINANCIAL STATEMENTS
A copy of these unaudited interim results will be made available from the Company's registered office at 30 Portland Place, London W1B 1LZ during normal business hours on any weekday. The interim results will also be made available on the Company's website at www.emergingmarketminerals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QBLFXQXFEBBK
(END) Dow Jones Newswires
March 31, 2016 02:00 ET (06:00 GMT)
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