We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| 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 May 2019 to May 2024
TIDMPRS
RNS Number : 0877R
Paternoster Resources PLC
19 September 2017
PATERNOSTER RESOURCES PLC
("Paternoster" or the "Company")
Unaudited interim results for the 6 months ended 30 June 2017
Paternoster Resources plc is pleased to announce its unaudited interim results for the six months ended 30 June 2017.
Key points
-- Certain of Paternoster's investments have been very active during this period -- Net asset value per share was 1.7 times the share price at the period end -- Listed investments and cash represented 116% of market capitalisation at the period end -- GAEA Resources Limited became a major shareholder
Chairman's review
The Company made a loss after tax of GBP793,959 for the six months ended 30 June 2017 compared to a profit of GBP443,582 for the same period in 2016. As at 30 June 2017, the Company's net assets amounted to GBP2,790,495 or 0.27p per share, compared to GBP3,584,454 or 0.35 pence per share as at 31 December 2016. The majority of the investment portfolio comprises listed investments and cash.
Nicholas Lee, Chairman of Paternoster, commented:
"A number of the companies in Paternoster's investment portfolio have been very active. Overall, the Company's net assets have decreased during the period, principally due to the fall in the Plutus PowerGen plc ("Plutus") share price as a result of uncertainty surrounding the statement by OFGEM with respect to TRIAD payments to local embedded power generators. Plutus, however, is confident in its business model going forward and its share price has since recovered significantly, increasing by over 25% at the period end from its low point during the first quarter of 2017. Furthermore, since the period end, the Plutus share price has increased by a further 60%, adding over GBP400,000 to the Company's net assets. Ortac Resources has been restructured and refocused and, since the period end, Paternoster has now received shares in i3 Energy Limited via its investment in Glenwick plc, and these shares are now listed. Also, during the first quarter, we welcomed a new major shareholder and expect this relationship to provide significant benefits to the Company going forward."
The key unaudited performance indicators are set out below.
Hot Features
Premium
COMPANY STATISTICS 30 June 2017 31 December Change
2016
------------------------------------ ----------------- ------------ --------------
Net asset value GBP2,790,495 GBP3,584,454 * 22.2%
Net asset value - fully diluted per
share 0.274p 0.353p * 22.4%
Closing share price 0.160p 0.180p * 11.1%
Share price discount to net asset
value (41.2%) (49.0%)
Market capitalisation GBP1,627,000 GBP1,830,000 * 11.1%
------------------------------------- ---------------- ------------ --------------
The Company's principal investments are summarised below:
Category Principal investments Cost or valuation at
30 June 2017 (GBP)
---------------------- ------------------------------------ ---------------------
Metal Tiger plc, MX Oil plc,
Plutus PowerGen plc, Shumba
Energy Limited, Pires Investments
plc, Ortac Resources Limited
Listed investments and Polemos plc 1,557,968
---------------------- ------------------------------------ ---------------------
Cash resources 327,228
------------------------------------------------------------ ---------------------
Cash and listed
investments 1,885,196
------------------------------------------------------------ ---------------------
Unlisted investments 932,250
------------------------------------------------------------ ---------------------
Total 2,817,446
------------------------------------------------------------ ---------------------
Recent developments with regard to certain of the Company's investments are described below:
Plutus PowerGen plc
During Q4 2016, the Plutus share price increased from 1.5 pence to 2.6 pence, however, in Q1 2017 it fell significantly as a result of the uncertainly surrounding the OFGEM statement regarding TRIAD payments to local embedded power generators. Given that Plutus benefits from multiple earnings streams, it believes that its business model going forward continues to be attractive. It also has a number of projects in the pipeline that are expected to deliver additional fees and revenues. The company is continuing to broaden its exposure to the UK energy sector which includes looking to develop battery energy storage projects. It has also received planning for two further renewable green diesel power generation sites and has recently signed a joint venture with a leading UK supplier of gas and diesel generators. By the period end, the company's share price had already recovered by over 25% from its low point in Q1 2017 and, since the period end it is up a further 60%.
Alecto Minerals plc
The company continues to pursue the proposed acquisition of the Mowana Copper Mine in Botswana which is currently in production. Unfortunately, the completion of this acquisition has been delayed leading to the company's shares being suspended for more than six months pending the issue of an admission document and so, under the AIM rules, the company's shares have now been cancelled from listing. The company is working on progressing this transaction with a view to coming back to the market.
Ortac Resources Limited
In April 2017, the company announced that it has entered into an agreement to form a joint venture with a Slovakian company to jointly develop the Sturec Gold Project at Kremnica. These discussions continue to progress. The Sturec project has a reserve of just under 900,000 oz gold equivalent which has reached the pre-feasibility stage. The company's underground mining licence has been re-issued and mining operations have now recommenced.
In May 2017, the company raised GBP2 million before expenses and invested US$2 million in a convertible loan note issued by Casa Mining Limited ("CASA"). Following conversion and, including its existing investment, the company would become CASA's largest shareholder with around 45%. CASA is a private company that holds prospective gold mining and exploration licences in the Democratic Republic of Congo. CASA holds three contiguous mining licenses (covering a total 133km(2) ), issued in March 2015 and valid for 30 years.
In June 2017, CASA's most advanced project, the Akyanga Deposit, African Mining Consultants ("AMC") provided an updated JORC-compliant Inferred Mineral Resource of 1,046,000 oz Au at an average grade of 2.27 g/t Au, using a US$1,250/oz gold price and a conservative 1.50 g/t Au cut-off grade. Also, the Au Inferred Mineral Resources at a 0.5 g/t Au cut-off grade have increased by over 350,000 oz to 1,573,000 oz Au at an average grade of 1.65 g/t Au. In August 2017, the company announced that drilling operations had commenced at the Akyanga deposit which is expected to comprise around 5,000 metres of diamond drilling.
In June 2017, the company converted certain of the loan notes it holds in Zamsort Limited ("Zamsort"), a company based in Zambia with interests in copper and cobalt. As a result, the company now has a 14% equity interest in Zamsort.
Over this period, the board of the company has also been restructured and, more recently, the company has announced its intention to focus principally on the development of its high potential African mining assets, namely CASA and Zamsort.
Pires Investments plc
Pires Investments plc continues to actively review various investment opportunities with a view to undertaking a substantial transaction in order to deliver value to shareholders.
Polemos plc
Polemos plc invested in Oyster Oil and Gas Limited ("Oyster"), a company already listed on the TSX-V. Oyster currently operates four blocks in the Republic of Djibouti (100% interest) of which three blocks are located onshore and one block offshore. It also operates a 100% working interest in a large onshore block in the Republic of Madagascar. Oyster is expected to be listed on AIM shortly. In July 2017, the company raised around GBP500,000 for working capital purposes and to fund the seeking of investment opportunities.
In September 2017, Polemos announced the potential acquisition of a cyber security business SecurLinx Corporation, a US based cyber security company, for around GBP17.8 million. As this would constitute a reverse takeover, its shares have been suspended pending the publication of an admission document.
Glenwick plc
The principal asset of Glenwick plc ("Glenwick") comprised GBP1.1 million of pre-IPO convertible loan notes in i3 Energy Limited ("i3"). i3 has now completed its IPO, the convertible loan note has been converted and the majority of these shares in i3 have been passed through to the shareholders of Glenwick, which includes Paternoster. The investment made in connection with the listing of Cora Gold ("Cora") is expected to be exchanged for new shares in Cora which will then also be distributed to shareholders once Cora becomes listed later in 2017.
N Lee
Chairman
19 September 2017
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
PR:
Cassiopeia Services +44 (0) 7949 690338
Stefania Barbaglio
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2017
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
---------------------------------- ---------------- -------------- --------------
Net (losses)/gains on investments (627,081) 591,762 770,086
Investment income 1,871 11,437 15,090
Total income (625,210) 603,199 785,176
Administration expenses (168,749) (159,617) (299,128)
---------------------------------- ---------------- -------------- --------------
(Loss)/profit before taxation (793,959) 443,582 486,048
Taxation - - -
---------------------------------- ---------------- -------------- --------------
(Loss)/profit for the period
and total comprehensive income (793,959) 443,582 486,048
Basic (loss)/earnings per share
Continuing and total operations (0.078)p 0.048p 0.051p
Fully diluted (loss)/earnings
per share
Continuing and total operations (0.078)p 0.046p 0.051p
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2017
Called
up
share Share premium Retained Total
capital account Other reserves deficit equity
GBP GBP GBP GBP GBP
-------------------------- ---------- -------------- --------------- ------------ ----------
Balance at
1 January 2016 4,175,796 3,135,007 119,407 (4,481,804) 2,948,406
Profit for the year
and total comprehensive
expense - - - 486,048 486,048
-------------------------- ---------- -------------- --------------- ------------ ----------
Share issue 93,750 56,250 - - 150,000
Transfer on cancellation
of options - - (19,257) 19,257 -
Transactions with owners 93,750 56,250 (19,257) 19,257 150,000
-------------------------- ---------- -------------- --------------- ------------ ----------
Balance at
31 December 2016 4,269,546 3,191,257 100,150 (3,976,499) 3,584,454
Loss for the period
and total comprehensive
income - - - (793,959) (793,959)
-------------------------- ---------- -------------- --------------- ------------ ----------
Balance at
30 June 2017 4,269,546 3,191,257 100,150 (4,770,458) 2,790,495
-------------------------- ---------- -------------- --------------- ------------ ----------
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
------------------------------- ----------- ----------- ----------------
ASSETS
Non-current assets
Available for sale investments 2,490,218 2,263,408 2,949,517
------------------------------- ----------- ----------- ----------------
Total non-current assets 2,490,218 2,263,408 2,949,517
------------------------------- ----------- ----------- ----------------
Current assets
Trade and other receivables 37,009 120,348 29,142
Cash and cash equivalents 327,228 1,104,468 648,165
------------------------------- ----------- ----------- ----------------
Total current assets 364,237 1,224,816 677,307
------------------------------- ----------- ----------- ----------------
Total assets 2,854,455 3,488,224 3,626,824
------------------------------- ----------- ----------- ----------------
LIABILITIES
Current liabilities
Trade and other payables 63,960 94,640 42,370
Total current liabilities 63,960 94,640 42,370
------------------------------- ----------- ----------- ----------------
Net assets 2,790,495 3,393,584 3,584,454
------------------------------- ----------- ----------- ----------------
EQUITY
Share capital 4,269,546 4,175,796 4,269,546
Share premium account 3,191,257 3,135,007 3,191,257
Capital redemption reserve 27,000 27,000 27,000
Share option reserve 73,150 94,003 73,150
Retained losses (4,770,458) (4,038,222) (3,976,499)
------------------------------- ----------- ----------- ----------------
Total equity 2,790,495 3,393,584 3,584,454
------------------------------- ----------- ----------- ----------------
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2017
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
-------------------------------------- -------------- -------------- --------------
Cash flows from operating activities
Profit/(loss) before tax (793,959) 443,582 486,048
Net (gains)/losses on investments 627,081 (666,762) (770,086)
Share based payment expense - 1,596 -
Investment income (1,871) (11,437) (15,090)
-------------------------------------- -------------- -------------- --------------
(168,749) (233,021) (299,128)
(Increase)/decrease in trade
and other receivables (7,868) 47,497 (16,296)
Increase)/(decrease) in trade
and other payables 21,590 7,971 (44,299)
-------------------------------------- -------------- -------------- --------------
Net cash used by operating activities (155,027) (177,553) (359,723)
-------------------------------------- -------------- -------------- --------------
Cash flows from investing activities
Purchase of investments (280,800) (64,593) (527,351)
Proceeds from disposal of investments 113,019 870,607 1,055,579
Investment income received 1,871 11,437 15,090
-------------------------------------- -------------- -------------- --------------
Net cash (used in)/from investing
activities (165,910) 817,451 543,318
-------------------------------------- -------------- -------------- --------------
Net (decrease)/increase in cash
and cash equivalents (320,937) 639,898 183,595
Cash and cash equivalents at
beginning of period 648,165 464,570 464,570
-------------------------------------- -------------- -------------- --------------
Cash and cash equivalents at
end of period 327,228 1,104,468 648,165
-------------------------------------- -------------- -------------- --------------
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 2016, 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 2016. 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 loss for the period of GBP793,959 (2016: Profit GBP443,582) and a weighted average number of ordinary shares of 1,016,607,956 (2016: 922,857,956). The fully diluted earnings per share for the 6 months to 30 June 2017 is based on a weighted average number of ordinary shares of 1,016,607,956 (2016: 964,857,956).
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 OKFDBABKDBCD
(END) Dow Jones Newswires
September 19, 2017 02:00 ET (06:00 GMT)
1 Year Paternoster Resources Chart |
1 Month Paternoster Resources 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
