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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Paternoster Res | LSE:PRS | London | Ordinary Share | GB0001636918 | 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% | 0.095 | 0.09 | 0.10 | 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
TIDMPRS
RNS Number : 9830J
Paternoster Resources PLC
16 September 2016
PATERNOSTER RESOURCES PLC
("Paternoster" or the "Company")
Unaudited interim results for the 6 months ended 30 June 2016
Paternoster Resources plc is pleased to announce its unaudited interim results for the six months ended 30 June 2016.
Key points
-- Net asset value and net asset value per share up 15% -- Net asset value per share is 2.3 times the period end share price -- Total cash held is equivalent to 75% of market capitalization at period end -- Listed investments and cash represent 195% of market capitalization at period end -- Strategic steps to be implemented to address under-valuation
Chairman's review
The Company made profits after tax of GBP443,170 for the six months ended 30 June 2016 compared to GBP274,270 for the same period in 2015. Paternoster's investment portfolio continues to make good progress with net assets at 30 June 2016 increasing by 15% to GBP3,393,584 or 0.37p per share, compared to GBP2,948,406 at 31 December 2015. The majority of the portfolio comprises listed investments and cash.
Nicholas Lee, Chairman of Paternoster, commented:
"The Company's investment portfolio continues to make very good progress, and we have taken the opportunity during the first half of 2016 to realise some of the very significant gains made by our investments. This demonstrates that not only can we achieve good investment returns but that we can also realise these returns. This performance, however, is not being reflected in our share price and we are therefore now in the process of implementing certain strategic steps to address this issue."
The key unaudited performance indicators are set out below.
Hot Features
Premium
COMPANY STATISTICS 30 June 2016 31 December Change %
2015
------------------------ ----------------- ------------ ------------
Net asset value GBP3,393,584 GBP2,948,406 +15%
Net asset value - fully
diluted per share 0.368p 0.321p +15%
Closing share price 0.160p 0.185p * 14%
Share price discount to
net asset value (57%) (42%) * 15%
Market capitalisation GBP1,477,000 GBP1,707,000 * 14%
------------------------- ---------------- ------------ ------------
The Company's principal investments are summarised below:
Category Principal investments Cost or valuation
(GBP)
---------------------- ----------------------- ------------------
Bison Energy Services
Limited, Andiamo
Exploration Limited,
MX Oil plc and
Unlisted Elephant Oil Limited 482,221
---------------------- ----------------------- ------------------
Metal Tiger plc,
MX Oil plc, Plutus
PowerGen plc, Shumba
Coal Limited and
New World Oil and
Listed Gas plc 1,781,187
---------------------- ----------------------- ------------------
Investment portfolio 2,263,408
----------------------------------------------- ------------------
Cash resources 1,104,468
----------------------------------------------- ------------------
Total 3,367,876
----------------------------------------------- ------------------
Since 31 December 2015, the Company's net asset value has increased by 15%, principally as a result of a significant increase in the Metal Tiger plc ("Metal Tiger") share price and good performance from its other investments including Plutus PowerGen plc ("Plutus PowerGen"). The Company has also realised some substantial profits by selling part of its shareholding in Metal Tiger and the shares in Plutus PowerGen that were held under option. Both have contributed significantly to the Company's cash resources. The convertible loan notes ("CULs") held in Alecto Minerals plc ("Alecto") were also converted and the company's shares are continuing to perform well.
Recent developments with regard to certain of the Company's investments are described below:
New World Oil and Gas plc
The company entered into a non-binding agreement to acquire Big Sofa Limited which operates in the high growth area of video analytics. As this acquisition would be classified as a reverse takeover, the company's shares have been suspended pending the publication of an admission document or a decision not to proceed. The company is continuing to make good progress with this possible acquisition and the board continues to believe that this acquisition is an attractive proposition for shareholders.
Metal Tiger plc
Since 31 December 2015, the company's share price has increased very significantly and Paternoster has sold over 15 million shares in Metal Tiger at an average price of 4.2 pence per share for a total consideration of over GBP650,000 before expenses. This represents a 4.6 times return on Paternoster's investment in Metal Tiger. Paternoster continues to retain a holding of Metal Tiger shares, although this is now below the 3% disclosure threshold. During the year Metal Tiger continued to make progress in a number of its business areas but in particular its joint venture with MOD Resources in Botswana, focused on copper and silver, continues to look increasingly attractive.
MX Oil plc
The Aje Field, part of MX Oil's indirect investment in OML 113 in Nigeria, has now commenced production. In Mexico, the company had agreed to assign three of the four licences it had been awarded, to its local partner, whilst retaining a 66% share in the fourth licence, subject to the satisfactory outcome of a Competent Person's Report ("CPR"). Due to certain funding issues in Mexico, this assignment could not take place. Furthermore, the outcome of the CPR was unsatisfactory so the company decided not to proceed with the fourth licence. The company still believes that Mexico represents an attractive hydrocarbon region and is actively looking at other opportunities.
Plutus PowerGen plc
Since 31 December 2015, the option held by certain members of the company's management team over 20 million Plutus PowerGen shares held by Paternoster was exercised in full at a price of 0.75 pence per share, resulting in the Company realising GBP150,000 or a 3 times multiple on its original investment. During the year, the Plutus PowerGen share price has continued to recover.
In July 2016, the company announced that it had received planning permission for two 20MW flexible stand-by power generation sites in Ipswich. It is expected that power generation from these sites will commence in 2017. The company also has three further planning permission applications for sites capable of producing 60MW in the planning process and applications for two additional sites are currently being prepared for submission.
Alecto Minerals plc
On 5 April 2016, Paternoster decided to convert the US$495,365 of CULs in Alecto at a price of 0.08 pence per share into 434 million shares in the company. Alecto is continuing to progress the putting in place of the necessary financing in order to bring the 400,000 tonnes per annum open-pit Matala Gold Project in south-central Zambia into low-cost production in the near to mid-term. In May 2016, the company raised around GBP665,000 by way of a placing and is also at an advanced stage with regard to securing vendor financing with regard to plant and infrastructure costs.
In August 2016, the company announced that it had signed a non-binding letter of intent with Ashanti Gold Corp. ("Ashanti"), a Toronto Venture Exchange listed public company for Ashanti to earn an interest in the company's Kossanto East Gold Project in western Mali, which has a JORC-Code compliant mineral resource estimate of 247,000 oz Au and significant further upside potential.
N Lee
Chairman
16 September 2016
For more information, please contact:
Paternoster Resources plc:
Nicholas Lee, Chairman +44 (0) 20 7580 7576
Nominated Adviser and Joint Broker: +44 (0) 20 7601 6100
Stockdale Securities
Antonio Bossi/David Coaten
Joint Broker: +44 (0) 20 7562 3351
Peterhouse Capital Limited
Lucy Williams
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2016
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
GBP GBP GBP
-------------------------------- -------------- -------------- --------------
Consultancy income - 3,000 2,000
Net gains/(losses) on
investments 666,762 391,522 (23,162)
Investment income 11,437 2,806 6,084
Total income 678,199 397,328 (15,078)
Administration expenses (234,617) (115,590) (293,795)
-------------------------------- -------------- -------------- --------------
Profit/(loss) before
taxation 443,582 274,240 (308,873) Taxation - - - -------------------------------- -------------- -------------- -------------- Profit/(loss) for the period and total comprehensive income 443,582 274,240 (308,873) Basic earnings/(loss) per share Continuing and total operations 0.048p 0.041p (0.044p) Fully diluted earnings/(loss) per share Continuing and total operations 0.046p 0.038p (0.044p)
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2016
Called
up Share
share premium Other Retained Total
capital account reserves deficit equity
GBP GBP GBP GBP GBP
-------------------------- ---------- ---------- ---------- ------------ -----------
Balance at
1 January 2015 3,925,796 2,901,507 104,412 (4,172,931) 2,758,784
Loss for the year
and total comprehensive
expense - - - (308,873) (308,873)
-------------------------- ---------- ---------- ---------- ------------ -----------
Share issue 250,000 250,000 - - 500,000
Share issue costs - (16,500) - - (16,500)
Share based payment
costs - - 14,995 - 14,995
-------------------------- ---------- ---------- ---------- ------------ -----------
Transactions with
owners 250,000 233,500 14,995 - 498,495
-------------------------- ---------- ---------- ---------- ------------ -----------
Balance at
31 December 2015 4,175,796 3,135,007 119,407 (4,481,804) 2,948,406
Profit for the
period and total
comprehensive
income - - - 443,582 443,582
-------------------------- ---------- ---------- ---------- ------------ -----------
Share based payments
costs - - 1,596 - 1,596
-------------------------- ---------- ---------- ---------- ------------ -----------
Transactions with
owners - - 1,596 - 1,596
-------------------------- ---------- ---------- ---------- ------------ -----------
Balance at
30 June 2016 4,175,796 3,135,007 121,003 (4,038,222) 3,393,584
-------------------------- ---------- ---------- ---------- ------------ -----------
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
GBP GBP GBP
------------------------------- ----------- ----------- ----------------
ASSETS
Non-current assets
Available for sale investments 2,263,408 2,683,283 2,402,659
------------------------------- ----------- ----------- ----------------
Total non-current assets 2,263,408 2,683,283 2,402,659
------------------------------- ----------- ----------- ----------------
Current assets
Trade and other receivables 120,348 176,723 167,846
Cash and cash equivalents 1,104,468 228,650 464,570
------------------------------- ----------- ----------- ----------------
Total current assets 1,224,816 405,373 632,416
------------------------------- ----------- ----------- ----------------
Total assets 3,488,224 3,088,656 3,035,075
------------------------------- ----------- ----------- ----------------
LIABILITIES
Current liabilities
Trade and other payables 94,640 48,134 86,669
Total current liabilities 94,640 48,134 86,669
------------------------------- ----------- ----------- ----------------
Net assets 3,393,584 3,040,522 2,948,406
------------------------------- ----------- ----------- ----------------
EQUITY
Share capital 4,175,796 3,925,796 4,175,796
Share premium account 3,135,007 2,901,507 3,135,007
Capital redemption reserve 27,000 27,000 27,000
Share option reserve 94,003 84,910 92,407
Retained losses (4,038,222) (3,898,691) (4,481,804)
------------------------------- ----------- ----------- ----------------
Total equity 3,393,584 3,040,522 2,948,406
------------------------------- ----------- ----------- ----------------
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2016
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
GBP GBP GBP
------------------------------ -------------- -------------- ----------------------
Cash flows from operating
activities
Profit/(loss) before
tax 443,582 274,240 (308,873)
Net (gains)/losses on
investments (666,762) (391,522) 23,162
Share based payment expense 1,596 7,498 14,995
Investment income (11,437) (2,806) (6,084)
------------------------------ -------------- -------------- ----------------------
(233,021) (112,590) (276,800)
(Increase)/decrease in
trade and other receivables 47,497 (4,097) 4,780
(Decrease)/increase in
trade and other payables 7,971 (16,563) 21,972
------------------------------ -------------- -------------- ----------------------
Net cash used by operating
activities (177,553) (133,250) (250,048)
------------------------------ -------------- -------------- ----------------------
Cash flows from investing
activities
Purchase of investments (64,593) - (463,828)
Proceeds from disposal
of investments 870,607 - 529,768
Investment income received 11,437 2,806 6,084
------------------------------ -------------- -------------- ----------------------
Net cash from/(used in)
investing activities 817,451 2,806 72,024
------------------------------ -------------- -------------- ----------------------
Financing activities
Gross proceeds of share
issues - - 300,000
Share issue expenses - - (16,500)
------------------------------ -------------- -------------- ----------------------
Net cash from financing
activities - - 283,500
------------------------------ -------------- -------------- ----------------------
Net increase/(decrease)
in cash and cash equivalents 639,898 (130,444) 105,476
Cash and cash equivalents
at beginning of period 464,570 359,094 359,094
------------------------------ -------------- -------------- ----------------------
Cash and cash equivalents
at end of period 1,104,468 228,650 464,570
------------------------------ -------------- -------------- ----------------------
NOTES TO THE INTERIM REPORT
1. The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The group's statutory financial statements for the period ended 31 December 2015, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 December 2015. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.
The financial statements have been prepared on a going concern basis under the historical cost convention.
The Directors believe that the going concern basis is appropriate for the preparation of the financial statements as the Company is in a position to meet all its liabilities as they fall due.
2. The calculation of basic earnings per share is based on the profit for the period of GBP443,582 (2015: Loss GBP274,240) and a weighted average number of ordinary shares of 922,857,956 (2015: 672,857,956). The fully diluted earnings per share for the 6 months to 30 June 2016 is based on a weighted average number of ordinary shares of 964,857,956 (2015: 714,857,956).
3. No interim dividend will be paid.
4. Copies of the interim report can be obtained from: The Company Secretary, Paternoster Resources plc, 30, Percy Street, London W1T 2DB and are available to view and download from the Company's website : www.paternosterresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKPDPQBKDQCD
(END) Dow Jones Newswires
September 16, 2016 02:00 ET (06:00 GMT)
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