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HUN Hunter Res.

0.185
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hunter Res. LSE:HUN London Ordinary Share IM00BMNQNZ42 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.185 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Hunter Resources PLC Half-year Report (3780K)

21/09/2016 7:00am

UK Regulatory


TIDMHUN

RNS Number : 3780K

Hunter Resources PLC

21 September 2016

 
                      21 September 2016 
                     Hunter Resources plc 
                 ("Hunter" or the "Company") 
                          (AIM: HUN) 
 
   Unaudited Half-Yearly Financial Results for the 6 Months 
                       to 30 June 2016 
 
 
               REPORT OF THE EXECUTIVE CHAIRMAN 
 
  I am pleased to announce the results for Hunter Resources 
      plc ('Hunter' or the 'Company') for the six months 
                     ended 30 June 2016. 
     Hunter Resources plc ("Hunter" or the "Company") is 
     currently suspended on AIM pending the satisfaction 
      of the Rule 9 conditions imposed on the Company by 
     AIM on its re-admission to trading in July 2014. The 
     conditions are that the Company must acquire 51% of 
      its Pampamali gold and base metals project in Peru 
     (details on www.hunter-resources.com). Negotiations 
     to conclude this acquisition and the transfer of the 
    tenements into a new company are at an advanced stage. 
     We anticipate that the Company's shares will return 
     from suspension on completion of the acquisition and 
     the transfer of the tenements. We expect to be able 
              to give an update on this shortly. 
     The Company announced during the period that it had 
      agreed a new financing facility of GBP100,000 with 
     Marine Investments (WA) Pty Limited ("Marine"), its 
      largest shareholder, to provide an interim funding 
      facility (the "Facility") to the Company (see Note 
      4). The Facility came in two parts. The first part 
     of the Facility (the "Initial Facility") involved a 
      loan of GBP50,000 on terms as announced on 20 June 
      2016. The second part, which included rolling over 
     the Initial Facility, into a convertible loan note, 
    was subject to the approval by shareholders of certain 
   resolutions relating to the share capital of the Company 
     at the annual general meeting held on 12 July 2016. 
    The terms of the second part of the Facility were also 
  announced on 20 June 2016. As set out in that announcement 
     the Facility is convertible into new ordinary shares 
    in the Company at a price of 0.157 pence per ordinary 
    share (being a 15% discount to the closing mid-market 
    price on 14 June 2016) at any time up until maturity. 
   As announced the Facility was to satisfy the short-term 
     general working capital requirements of the Company, 
      but the Company will look to raise further capital 
     during 2016. More details on this will be announced 
                           shortly. 
 
                         Simon D Hunt 
                      Executive Chairman 
 

For further information, please contact:

 
Hunter Resources PLC       Allenby Capital Limited 
 Simon Hunt                 (Nominated Adviser and 
 (Chairman)                 Broker) 
 +44 7733 337 755           John Depasquale/Nick Harriss/Nick 
 www.hunter-resources.com   Naylor 
 
                            +44 20 3328 5656 
 
                            www.allenbycapital.com 
 

CONSOLIDATED INCOME STATEMENT

 
                                                      6 months       6 months      12 months 
                                                         ended          ended          ended 
                                                       30 June        30 June    31 December 
                                                          2016           2015           2015 
                                                   (Unaudited)    (Unaudited)      (Audited) 
 
                                           Note        GBP'000        GBP'000        GBP'000 
                                           ----   ------------   ------------   ------------ 
 
Administrative expenses                                   (57)           (95)          (213) 
Investment revenues                                          -              -              3 
                                                  ------------   ------------   ------------ 
Loss before taxation                                      (57)           (95)          (210) 
Taxation                                                     -              -              - 
                                                  ------------   ------------   ------------ 
LOSS FOR THE PERIOD                                       (57)           (95)          (210) 
                                                  ------------   ------------   ------------ 
 
LOSS PER SHARE 
Basic and diluted loss per share - pence    2           (0.04)         (0.07)         (0.16) 
                                                  ------------   ------------   ------------ 
 
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                                                            6 months       6 months      12 months 
                                                                               ended          ended          ended 
                                                                             30 June        30 June    31 December 
                                                                                2016           2015           2015 
                                                                         (Unaudited)    (Unaudited)      (Audited) 
 
                                                                             GBP'000        GBP'000        GBP'000 
                                                                        ------------   ------------   ------------ 
 
Loss for the period                                                             (57)           (95)          (210) 
Items that will be reclassified subsequently to profit or 
loss: 
  Foreign exchange translation differences                                      (10)              -            (2) 
                                                                        ------------   ------------   ------------ 
Other comprehensive income for the year                                         (10)              -            (2) 
                                                                        ------------   ------------   ------------ 
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO OWNERS OF THE 
 PARENT COMPANY                                                                 (67)           (95)          (212) 
                                                                        ------------   ------------   ------------ 
 

All results derive from continuing operations.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 
                                                                     30 June            30 June 
                                                                        2016               2015       31 December 2015 
                                                                 (Unaudited)        (Unaudited)              (Audited) 
 
                                                     Note            GBP'000            GBP'000                GBP'000 
                                                    -----      -------------      -------------      ----------------- 
 ASSETS 
 Non-current assets 
 Exploration and evaluation assets                    3                  543                436                    495 
                                                                         543                436                    495 
                                                               -------------      -------------      ----------------- 
 Current assets 
 Prepayments                                                              11                 11                      7 
 Other receivables                                                         9                 25                      6 
 Cash and cash equivalents                                                35                272                     96 
                                                                          55                308                    109 
                                                               -------------      -------------      ----------------- 
 TOTAL ASSETS                                                            598                744                    604 
                                                               -------------      -------------      ----------------- 
 
 LIABILITIES 
 Current liabilities 
 Loan notes                                           4                   50                  -                      - 
 Trade and other payables                                                 38                 50                     27 
                                                               -------------      -------------      ----------------- 
 TOTAL LIABILITIES                                                        88                 50                     27 
                                                               -------------      -------------      ----------------- 
 NET CURRENT (LIABILITIES) / ASSETS                                     (33)                258                     82 
                                                               -------------      -------------      ----------------- 
 NET ASSETS                                                              510                694                    577 
                                                               -------------      -------------      ----------------- 
 
 Share capital                                        5                2,170              2,170                  2,170 
 Share premium                                                         5,406              5,406                  5,406 
 Currency translation reserve                                            458                470                    468 
 Accumulated losses                                                  (7,524)            (7,352)                (7,467) 
                                                               -------------      -------------      ----------------- 
 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE 
  PARENT COMPANY                                                         510                694                    577 
                                                               -------------      -------------      ----------------- 
 

These Interim financial statements were approved by the Board of Directors and authorised for issue on 20 September 2016. Signed on behalf of the Board of Directors by:

 
 Simon Hunt 
  Director and 
  Executive Chairman 
 

21 September 2016

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                                                                        Currency translation   Accumulated 
                                 Share capital   Share premium                       reserve        losses     Total 
                                       GBP'000         GBP'000                       GBP'000       GBP'000   GBP'000 
                                --------------  --------------  ----------------------------  ------------  -------- 
 
 Balance at 1 January 2015 
  (Audited)                              2,170           5,406                           470       (7,257)       789 
 Loss for the period                         -               -                             -          (95)      (95) 
                                --------------  --------------  ----------------------------  ------------  -------- 
 Total comprehensive income 
  for the period                             -               -                             -          (95)      (95) 
                                --------------  --------------  ----------------------------  ------------  -------- 
 Balance at 30 June 2015 
  (Unaudited)                            2,170           5,406                           470       (7,352)       694 
 Loss for the period                         -               -                             -         (115)     (115) 
 Other comprehensive income: 
  Exchange translation loss on 
   foreign operations                        -               -                           (2)             -       (2) 
                                --------------  --------------  ----------------------------  ------------  -------- 
 Total comprehensive income 
  for the period                             -               -                           (2)         (115)     (117) 
                                --------------  --------------  ----------------------------  ------------  -------- 
 Balance at 31 December 2015 
  (Audited)                              2,170           5,406                           468       (7,467)       577 
 Loss for the period                         -               -                             -          (57)      (57) 
 Other comprehensive income: 
  Exchange translation loss on 
   foreign operations                        -               -                          (10)             -      (10) 
                                --------------  --------------  ----------------------------  ------------  -------- 
 Total comprehensive income 
  for the period                             -               -                          (10)          (57)      (67) 
                                --------------  --------------  ----------------------------  ------------  -------- 
 Balance as at 30 June 2016 
  (Unaudited)                            2,170           5,406                           458       (7,524)       510 
                                --------------  --------------  ----------------------------  ------------  -------- 
 

CONSOLIDATED CASH FLOW STATEMENT

 
                                                             6 months ended       6 months ended       12 months ended 
                                                                    30 June              30 June           31 December 
                                                                       2016                 2015                  2015 
                                                                (Unaudited)          (Unaudited)             (Audited) 
 
                                                  Note              GBP'000              GBP'000               GBP'000 
                                                 -----      ---------------      ---------------      ---------------- 
 Cash flows from operating activities 
 Loss for the period                                                   (57)                 (95)                 (210) 
 Adjustments for: 
  Investment revenues                                                     -                    -                   (3) 
  Foreign exchange (gain) / loss                                       (42)                    5                  (13) 
 Operating cash flows before movements in 
  working capital                                                      (99)                 (90)                 (226) 
 (Increase) / decrease in receivables                                   (8)                    3                    26 
 Increase / (decrease) in trade and other 
  payables                                                               11                 (31)                  (50) 
                                                            ---------------      ---------------      ---------------- 
 Cash used in operating activities                                     (96)                (118)                 (250) 
                                                            ---------------      ---------------      ---------------- 
 
 Cash flows from investing activities 
 Acquisition of intangible assets                                      (16)                 (85)                 (131) 
 Net cash used in investing activities                                 (16)                 (85)                 (131) 
                                                            ---------------      ---------------      ---------------- 
 
 Cash flows from financing activities 
 Proceeds from the issue of loan notes             4                     50                    -                     - 
 Net cash provided by financing activities                               50                    -                     - 
                                                            ---------------      ---------------      ---------------- 
 
 Net decrease in cash and cash equivalents                             (62)                (203)                 (381) 
 Effects of exchange rate changes on the 
  balance of cash held in foreign currencies                              1                  (3)                   (1) 
 Cash and cash equivalents at the beginning of 
  the period                                                             96                  478                   478 
                                                            ---------------      ---------------      ---------------- 
 Cash and cash equivalents at the end of the 
  period                                                                 35                  272                    96 
                                                            ---------------      ---------------      ---------------- 
 

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   1.             GENERAL INFORMATION 

Hunter Resources Plc is a company incorporated and domiciled in the Isle of Man, under the Companies Act 2006, with registered number 011261V.

The Interim financial statements, which are unaudited and have not been reviewed by the Company's auditor, have been prepared in accordance with the IFRS accounting policies adopted by the Group and set out in the 2015 Financial Statements. The Group does not anticipate any change in these accounting policies for the year ended 31 December 2016.

The Interim financial statements have been prepared to comply with the requirements of the AIM Rules. In preparing the Interim financial statements, the Group has adopted the guidance in the AIM Rules for interim accounts which do not require that the Interim financial statements are prepared in accordance with IAS 34, 'Interim financial reporting'. While the financial figures included in this report have been computed in accordance with IFRSs applicable to interim periods, this report does not contain sufficient information to constitute interim financial statements as that term is defined in IFRSs.

The financial information contained in this Interim report also does not constitute statutory accounts under the Isle of Man Companies Acts 1931 to 2004 or the Isle of Man Companies Act 2006. The financial information for the year ended 31 December 2015 is based on the 2015 Financial Statements. The auditors reported on those accounts: while their report was unqualified it included a statement of emphasis of matter regarding the Company and Group's going concern status. Readers are referred to the auditors' report to the 2015 Financial Statements (available at www.hunter-resources.com).

The Interim financial statements have been prepared in accordance with the IFRS principles applicable to a going concern, which contemplate the realisation of assets and liquidation of liabilities during the normal course of operations. Having carried out a going concern review in preparing the Interim financial statements, the Directors have concluded that there is a reasonable basis to adopt the going concern principle.

The Group's presentation currency is Great British Pounds ('GBP' or GBP') which is the functional currency of the Company and the currency of the country in which the Company's Ordinary Shares are listed on AIM. Except where otherwise noted, amounts are presented in this Interim report in rounded thousands of GBP's.

   2.             LOSS PER ORDINARY SHARE 

There is no difference between the diluted loss per share and the basic loss per share presented as the Group is loss making in all periods presented.

The calculation of basic and diluted loss per share is based on the following data:

 
                                                           6 months ended       6 months ended       12 months ended 
                                                                  30 June              30 June           31 December 
                                                                     2016                 2015                  2015 
                                                              (Unaudited)          (Unaudited)             (Audited) 
 
 
 Loss for the period - GBP'000                                       (57)                 (95)                 (210) 
 Weighted average number of Ordinary Shares                   133,195,035          133,195,035           133,195,035 
                                                          ---------------      ---------------      ---------------- 
 Basic and diluted loss per Ordinary Share - pence                 (0.04)               (0.07)                (0.16) 
                                                          ---------------      ---------------      ---------------- 
 
   3.             EXPLORATION AND EVALUATION ASSETS 
 
                                   Intangible assets 
                                             GBP'000 
                                  ------------------ 
 COST AND NET BOOK VALUE 
 At 1 January 2015 (audited)                     353 
 Additions                                        85 
 Foreign exchange loss                           (2) 
                                  ------------------ 
 At 30 June 2015 (unaudited)                     436 
 Additions                                        46 
 Foreign exchange gain                            13 
 At 31 December 2015 (audited)                   495 
 Additions                                        16 
 Foreign exchange gain                            32 
                                  ------------------ 
 At 30 June 2016 (unaudited)                     543 
                                  ------------------ 
 

Exploration and evaluation assets comprise the Group's initial investments to participate in exploration and evaluation projects, including the Pampamali Project and the Prospero Project, related legal and other expenditure, and expenditure incurred by the Group in the initial and ongoing exploration and evaluation of the resource at these projects. Initial exploration and evaluation expenditure includes, inter alia, the initial geological assessment and environmental impact assessment of the project, geological analysis, drilling, trenching, sample analysis and similar expenditure. Ongoing exploration and evaluation expenditure is expenditure which is directly attributable to the exploration and evaluation of the Group's license sites, such as geological analysis, drilling, trenching, sample analysis and similar expenditure.

Expenditure incurred in the Group's general administrative activities in Peru is expensed to profit and loss as incurred.

Further details on development of the Group's exploration and evaluation assets is provided in the Report of the Executive Chairman.

   4.             BORROWINGS 
 
                             30 June            30 June       31 December 
                                2016               2015              2015 
                         (Unaudited)        (Unaudited)         (Audited) 
 
 
 Loan from Marine                 50                  -                 - 
                       -------------      -------------      ------------ 
 

On 20 June 2016, the Company agreed a new financing facility with Marine, its largest shareholder, to provide an interim funding facility to the Company. The Facility comes in two parts. The terms of the Initial Facility are as follows:

   --         an initial loan amount of GBP50,000; 
   --         interest payable at 8% per annum on the amount of the Initial Facility; 
   --         it is unsecured; and 
   --         the Initial Facility is for a term of three months. 

The Initial Facility was drawn down in full by the Company during the Period.

The second part of the Facility was subject to the resolution to remove the par value at the 2016 AGM held on 12 July 2016, which was obtained subsequent to the period end. The terms of the Second Facility are as follows:

   --      a total loan amount of GBP100,000, including a rolling over of the Initial Facility; 
   --      interest payable at 8% per annum on the full amount of the Facility; 
   --      it is unsecured; 
   --      for a term of two years, with early repayment by mutual consent; 

-- the Facility is convertible into new Ordinary Shares in the Company at a price of 0.157 pence per Ordinary Share (being a 15% discount to the closing mid-market price on 14 June 2016) at any time up until maturity; and

-- warrants to be issued on the basis of one warrant for every two Ordinary Shares issued on conversion. The warrants will entitle Marine to subscribe for new Ordinary Shares in the Company at a price of 0.157 pence per ordinary share for a period of three years following conversion.

The Second Facility was drawn down in full subsequent to the period end.

The Facility is expected to satisfy the short-term general working capital requirements of the Company, but the Company anticipates the need to raise further capital during 2016.

   5.             SHARE CAPITAL AND SHARE PREMIUM 

The authorised share capital of the Company is comprised of the following at all balance sheet dates presented:

 
                                             No.         GBP 
                                    ------------  ---------- 
 Ordinary Shares of GBP0.01 each     300,000,000   3,000,000 
 Deferred Shares of GBP0.09 each      20,000,000   1,800,000 
                                    ------------  ---------- 
                                     320,000,000   4,800,000 
                                    ------------  ---------- 
 

The Company's Ordinary Shares carry no right to fixed income. Each Ordinary Share carries the right to one vote at the general meetings of the Company. The Company's Deferred Shares do not carry voting rights or a right to receive a dividend. The holders of Deferred Shares do not have the right to receive notice of any general meeting of the Company, nor have any right to attend, speak or vote at any such meeting. In addition, holders of Deferred Shares will only be entitled to a payment on a return of capital or on a winding up of the Company after each of the holders of Ordinary Shares has received a payment of GBP100,000 in respect of each Ordinary Share. Accordingly, the Deferred Shares have no economic value. The Deferred Shares are not admitted to trading on any stock exchange.

No new Ordinary Shares were issued in any period presented. In all periods presented, the issued share capital of the Company comprised:

 
                                                          Number of Deferred Shares      Share 
                              Number of Ordinary Shares       Issued and Fully Paid    capital   Share premium 
                                  Issued and Fully Paid                                GBP'000         GBP'000 
                             --------------------------  --------------------------  ---------  -------------- 
 
 Balance at 31 December 
  2014, 30 June 2015, 31 
  December 2015 and 30 June 
  2016                                      133,195,035                   9,316,483      2,170           5,406 
                             --------------------------  --------------------------  ---------  -------------- 
 

Subsequent to the period end, at the 2016 AGM held on 12 July 2016, the Shareholders approved the removal of the par value of the Company's Ordinary Shares. Accordingly, the Company's Ordinary Shares were re-designated as Ordinary Shares of no par value with effect from that date.

   6.             ULTIMATE CONTROLLING PARTY 

As at the date of this report, the Directors are of the opinion that there is no ultimate controlling party of the Company.

   7.             EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE 
   7.1.          Drawdown on the Second Facility 

As announced on 27 July 2016, the Company completed the drawdown of the Second Facility subsequent to the period end. Further details on the Second Facility are provided in note 4.

   7.2.          Removal of the par value of the Company's Ordinary Shares 

As more fully described in note 5, the Company's Ordinary Shares were re-designated as ordinary shares of no par value at the 2016 AGM following the removal of the par value of this class of shares. The removal of the par value and re-designation was completed to permit the Company to issue new Ordinary Shares.

TERMS USED IN THIS REPORT

 
 '2015 Financial Statements'      the Group and Company audited financial statements for the year ended 31 December 
                                  2015 available 
                                  at the Company's website, www.hunter-resources.com; 
 '2016 AGM'                       The Annual General Meeting of Shareholders of the Company held on 12 July 2016. 
 'AIM'                            the market of that name operated by the London Stock Exchange; 
 'AIM Rules'                      the rules which set out the obligations and responsibilities in relation to 
                                  companies whose 
                                  shares are admitted to AIM as published and amended from time to time by the London 
                                  Stock 
                                  Exchange; 
 'Board' or 'Directors'           the directors of the Company; 
 'Company' or 'Hunter'            Hunter Resources plc; 
 'Deferred Shares'                Deferred shares of GBP0.09 each in the share capital of the Company; 
 'Facility'                       the GBP100,000 interim funding facility provided to the Company by Marine, as more 
                                  fully described 
                                  in note 4. 
 'Gold Hunter'                    Gold Hunter S.A.C., a company incorporated in Peru with certificate number 13164856; 
 'Group'                          the Company and its subsidiary undertakings; 
 'Initial Facility'               the initial GBP50,000 made available to the Company under the Facility and drawn 
                                  down by the 
                                  Company in the Period; 
 'Interim financial statements'   the condensed consolidated financial statements of the Group for the six months 
                                  ended 30 June 
                                  2016; 
 'Interim report'                 the Interim financial statements, collectively with the Report of the Executive 
                                  Chairman; 
 'Marine'                         Marine Investments (WA) Pty Limited, a company incorporated in Western Australia, 
                                  with ABN 
                                  number 57 315 206 483; 
 'Ordinary Shares'                ordinary shares of GBP0.01 each in the share capital of the Company until the 2016 
                                  AGM and 
                                  ordinary shares of no par value subsequent to the 2016 AGM; 
 'Pampamali Project'              the 8 Pampamali mineral exploration concessions located in central Peru in the 
                                  department 
                                  of Huancavelica; 
 'Period'                         the six-month period ended 30 June 2016; 
 'Propsero Project'               tenements comprising 5,000 hectares to the North West of the Pampamali Project; 
 'Second Facility'                the second part of the Facility, drawn down by the Company subsequent to the period 
                                  end; 
 'Shareholders'                   holders of the Company's Ordinary Shares and / or Deferred Shares; 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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