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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Platinum Regs | LSE:PDM | London | Ordinary Share | KYG7144C1087 | ORD USD0.001 (REG S) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:7259E
Platinum Diversified Mining Inc.
28 September 2007
Platinum Diversified Mining Inc.
("PDM" or the "Company")
Interim Results
The Company is pleased to announce its interim results for the period to 30 June
2007.
Throughout the period, the directors have been exploring and negotiating a
number of potential acquisitions. On 13 September 2007, the Company
conditionally agreed to acquire the entire issued share capital of International
Consolidated Minerals Limited through the issue of 30,000,000 ordinary shares at
$7.30 per share. 641,308 Warrants were also granted as part of the
consideration.
The Company has also proposed to change its name to International Consolidated
Minerals Inc. in its 'Re-admission to trading on AIM' document dated 20 August
2007. This change of name will become effective prior to 12 October 2007.
Full details of all the reportable activities of the company in the period can
be found on our web-site www.platinumdiversified.com, which was compliant with
the AIM rules at the appropriate date of 20th August 2007.
There was a Profit on Ordinary Activities before taxation of #716,703, for the
period, essentially occurring due to interest receivable, as the company has not
traded.
Gregory Smith
Chairman
PLATINUM DIVERSIFIED MINING INC.
INCOME STATEMENT
For the period ended 30 June 2007
6 months to 6 months to Year ended
30 June 2007 30 June 2006 31 December
(unaudited) (unaudited) 2006 (audited)
Note $ $ $
Revenue - - -
Operating
expenses (1,131,489) (458,442) (7,695,098)
__________ __________ ___________
Operating
Loss (1,131,489) (458,442) (7,695,098)
Interest
receivable
and similar
income 1,848,192 1,095,533 2,926,386
__________ __________ ___________
Profit/(loss)
on Ordinary
Activities
before
Taxation 716,703 637,091 (4,768,712)
Income
tax expense - - -
__________ __________ ___________
Profit/(loss)
after taxation
attributable to
equity holders of
the Company 716,703 637,091 (4,768,712)
__________ __________ ___________
Earnings/
(loss)
per share 3 $0.06 $0.07 $(0.38)
PLATINUM DIVERSIFIED MINING INC.
BALANCE SHEET
Period ended 30 June 2007
6 months to 6 months to Year ended
30 June 2007 30 June 2006 31 December
(unaudited) (unaudited) 2006 (audited)
Note $ $ $
ASSETS
Current Assets
Investments 78,178,179 78,040,822 77,945,546
Cash and cash
equivalents 185,053 237,508 91,094
__________ _________ __________
Total Assets 78,363,232 78,278,330 78,036,640
__________ _________ __________
Equity and Liabilities
Capital and Reserves
Called up
share capital 4 12,419 12,419 12,419
Shares to be
issued under
warrant 72,907,799 72,907,799 72,907,799
Shares to be
issued under
option 1,902,553 1,902,553 1,902,553
Retained (loss)
/earnings (4,052,009) 637,091 (4,768,712)
__________ _________ __________
Total Equity 70,770,762 75,459,862 70,054,059
__________ _________ __________
Liabilities
Current Liabilities
Trade and
other payables 5,242,470 2,818,468 5,382,581
Provisions for
other liabilities
and charges 2,350,000 - 2,600,000
__________ _________ __________
Total
Liabilities 7,592,470 2,818,468 7,982,581
__________ _________ __________
Total Equity
and Liabilities 78,363,232 78,278,330 78,036,640
__________ _________ __________
PLATINUM DIVERSIFIED MINING INC.
STATEMENT OF CHANGES IN EQUITY
Period ended 30 June 2007
Called up Shares to Shares to Retained Total
share be issued be issued (loss) / shareholders
capital under under earnings Equity
warrant option
$ $ $ $ $
6 months
ended 30 June
2007
As at 1
January 2007 12,419 72,907,799 1,902,553 (4,768,712) 70,054,059
Shares issued
during the
period - - - - -
Share issue
costs - - - - -
Profit for the
period - - - 716,703 716,703
_______ _________ _______ _________ __________
Balance as at
30 June 2007 12,419 72,907,799 1,902,553 (4,052,009) 70,770,762
_______ _________ _______ _________ __________
6 months
ended 30 June 2006
As at 12
January 2006 - - - - -
Shares issued
during the
period 12,419 79,470,066 - - 79,482,485
Share issue
costs - (6,562,267) 1,902,553 - (4,659,714)
Profit for the
period - - - 637,091 637,091
_______ __________ _______ _________ __________
Balance as at
30 June 2006 12,419 72,907,799 1,902,553 637,091 75,459,862
_______ ___________ _______ _________ __________
Year ending
31 December 2006
As at 12
January 2006 - - - - -
Shares issued 12,419 79,470,066 - - 79,482,485
Share issue
costs - (6,562,267) 1,902,553 - (4,659,714)
Loss for the
period - - - (4,768,712) (4,768,712)
_______ _________ _______ _________ __________
Balance as at
31 December
2006 12,419 72,907,799 1,902,553 (4,768,712) 70,054,059
_______ _________ _______ _________ __________
PLATINUM DIVERSIFIED MINING INC. CASH FLOW STATEMENT
Period ended 30 June 2007
6 months to 6 months to Year ended
30 June 2007 30 June 2006 31 December
(unaudited) (unaudited) 2006 (audited)
$ $ $
Cash Flows
from Operating
Activities
Operating
loss (1,131,489) (458,442) (7,695,098)
Adjustments
for:
Net movements
in provision
for liabilities
and charges (250,000) - 2,600,000
Movements
in working
capital;
Trade and
other payables (340,111) 2,618,468 5,258,581
__________ _________ __________
Net Cash (used)/
generated in
Operating
Activities (1,721,600) 2,160,026 163,483
Cash Flows
from
Investing
Activities
Interest
received 1,615,559 1,095,533 2,926,386
__________ _________ __________
Net Cash
generated
from Investing
Activities 1,615,559 1,095,533 2,926,386
Cash Flows from Financing Activities
Proceeds from
shares to be
issued under
warrant - 79,482,485 79,482,485
Cost of shares
to be issued
under warrant - (4,659,714) (4,659,714)
Purchase of
treasury shares - (78,040,822) (77,945,546)
Advances from
shareholder
loan
facility 200,000 700,000 824,000
Repayment to
shareholder - (500,000) (700,000)
__________ _________ __________
Net Cash generated/
(used) in Financing
Activities 200,000 (3,018,051) 2,998,775)
__________ _________ __________
Net increase
in Cash 93,959 237,508 91,094
Cash and cash
equivalents
at beginning
of the period/year
91,094 - -
__________ _________ __________
Cash and cash
equivalents
at end of the
period/year 185,053 237,508 91,904
__________ _________ __________
PLATINUM DIVERSIFIED MINING INC.
NOTES TO THE FINANCIAL STATEMENTS
Period ended 30 June 2007
1. Financial Information
The financial information set out above does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985. It has been
prepared on a going concern basis in accordance with International Financial
Reporting Standards (IFRS). The accounting policies applied in preparing the
financial information are consistent with those that have been adopted in the
Company's 2006 statutory accounts.
2. Basis of Preparation
This financial information has been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union (EU),
IFRIC interpretations and the Companies Act 1985 applicable to companies
reporting under IFRS. The financial information has been prepared under
historical cost convention.
The preparation of this financial information in conformity with generally
accepted accounting principles requires the use of estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the
financial information and the reported amounts of revenues and expenses during
the reporting period. Although these estimates are based on management's best
knowledge of the amount, event or actions, actual results ultimately may differ
from those estimates.
The financial statements are presented in US dollars ($).
3. Earnings per Share
The calculation of basic earnings per share is based on the profit attributable
to ordinary shareholders of $716,603 (30 June 2006: $637,091; 31 December 2006:
$(4,768,712)) divided by the weighted average number of ordinary shares in issue
of 12,418,752 (30 June 2006: 9,759,680; 31 December 2006: 12,432,786). As the
Company has incurred a loss for the period, no options or warrants are
potentially dilutive, and hence basic and diluted loss per share are the same.
4. Called Up Share Capital
The authorised share capital of the Company and the called up and fully paid
amounts at 30 June 2007 follows:
Authorised $
50,000,000 ordinary shares of $0.001 each 50,000
______
Issued and fully paid
12,418,752 ordinary shares of $0.001 each 12,419
______
5. Post Balance Sheet Events
On 13 September 2007, the Company conditionally agreed to acquire the entire
issued share capital of International Consolidated Minerals Limited ('ICM')
through the issue of 30,000,000 ordinary shares at $7.30 per share. 641,308
Warrants were also granted as part of the consideration.
The Company has also proposed to change its name to International Consolidated
Minerals Inc. in its 'Re-admission to trading on AIM' document dated 20 August
2007.
As disclosed in the 'Re-admission to trading on Aim' document dated 20 August
2007, and in a Regulatory News Service (RNS) announcement released to the London
Stock Exchange on 10 September 2007, there is an ongoing litigation claim from
Precious Metal Capital Corporation, Ontario, Canada ('PMCC') which was issued to
certain companies, which include ICM and some of it's subsidiaries.
PLATINUM DIVERSIFIED MINING INC. NOTES TO THE FINANCIAL STATEMENTS (continued)
Period ended 30 June 2007
The claim seeks:
i. an order that ICM transfer its interest in the Concessions to PMCC;
ii. alternatively, a declaration that the ICM shares issued in exchange
for the Concessions are beneficially owned by PMCC and that they be
registered in the name of PMCC;
iii. a declaration that the Consideration Shares to be issued to pursuant
to the Acquisition Agreement are beneficially owned by PMCC and they be
registered in the name of PMCC;
iv. an interim injunction preventing the defendants to the Claim from
disposing the interest in the Concessions;
v. in the further alternative, damages in the sum of US$200,000,000.
In the opinion of the Board of ICM there is no foundation to these claims and,
having consulted with its Canadian solicitors Blake Cassels & Graydon LLP
('BCG'), instructed BCG to respond to the Claim vigorously on its behalf. To
this effect, BCG issued a letter to PMCC dated 6 September 2007 seeking the
dismissal of the Claim and in the alternative confirming that they will defend
the Claim vigorously and seek a substantial sum for security for costs.
PLATINUM DIVERSIFIED MINING INC. INDEPENDENT REVIEW REPORT
Period ended 30 June 2007
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2007 which comprises the income statement, the
balance sheet, the statement of changes in equity and the cash flow statement
and the related notes to the accounts and we have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
This report, including the conclusion, has been prepared for and only for the
Company for the purpose of the AIM Rules of the London Stock Exchange and for no
other purpose. We do not, in producing this report, accept or assume
responsibility for any other purpose or to any other person to whom this report
is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.
Directors' Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the Directors. The Directors are
responsible for preparing the interim report in accordance with the AIM Rules of
the London Stock Exchange which require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the annual accounts except where any changes, and the
reasons for them, are disclosed.
Review Work Performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4; the review of interim financial information issued by the Auditing
Practices Board for use in the United Kingdom. A review consists principally of
making enquiries of management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with International Standards on Auditing (UK and Ireland) and
therefore provides a lower level of assurance than an audit. Accordingly, we do
not express an audit opinion on the financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2007.
CLB Littlejohn Frazer
Chartered Accountants
1 Park Place
Canary Wharf
London E14 4HJ
This information is provided by RNS
The company news service from the London Stock Exchange
END
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