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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sovereign Mne | LSE:SMA | London | Ordinary Share | GB00B3P3XP06 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.255 | 0.23 | 0.28 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSMA
RNS Number : 8742K
Sovereign Mines of Africa PLC
27 September 2016
27 September 2016
Sovereign Mines of Africa PLC
("SMA" or "the Company")
Interim Results
Sovereign Mines of Africa PLC (AIM: SML), today announces its interim results for the six months ended 30(th) June 2016.
Enquiries:
SOVEREIGN MINES OF AFRICA PLC
Giles Clarke - c/o Billy Clegg +44 20 3757 6983
SHORE CAPITAL - NOMINATED ADVISER & BROKER
Toby Gibbs - Corporate Finance
Jerry Keen - Corporate Broking +44 207 408 4090
CAMARCO
Gordon Poole / Sean Blundell +44 20 3757 6983
CHAIRMAN'S STATEMENT
Since our appointment to the Board in December 2015, Rupert Fraser and I have been conducting a strategic review of the company's assets and activities with a view to enhancing shareholder value. We look forward to setting out our vision and strategy for the businesses in the near future. As previously stated our plans for the business may well involve the pursuit of an acquisition which would trigger a reverse takeover under the AIM Rules.
Following SMA's successful fundraise at the end of 2015, in which both Rupert and I invested in to provide additional funding to the Company, it had cash resources of approximately GBP452,000 at 30 June 2016. The Company reports a net loss of GBP43,795 for the six-month period ended 30 June 2016, compared to a loss of GBP41,351 for the corresponding period in 2015.
Post period end, we were delighted to announce the appointment of Jeremy Sparrow to the Board as a Non-executive Director. Jeremy brings over 25 years of investment experience to the Company and was most recently Head of Investec Resource Investment Banking for Asia and Australia. We are confident his deep sector knowledge and expertise will augment the board's existing skills and add significant value ahead of our next stage of growth and as we implement the new strategy.
Following careful investigations, and having taken considerable specialist professional advice, the Board has reached detailed positions and is in advanced discussions with potential parties on both our Guinean interests, currently carried in the books at nil value, and on a potential new acquisition in the mining industry. I hope to provide updates shortly.
C G Clarke
Chairman
26 September 2016
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended 30 June 2016
Notes Six months Six months Year ended ended 30/06/16 ended 30/06/15 31/12/15 Unaudited Unaudited Audited GBP GBP GBP Administrative expenses - (operating loss) (44,976) (47,333) (1,418,432) Finance income 1,181 494 557 ------------------ ------------------ ------------------ Loss on ordinary activities before taxation (43,795) (84,739) (1,417,875) Tax on loss on ordinary - - - activities Loss for the financial period (43,795) (46,839) (1,417,875) =========== =========== =========== Other comprehensive - - - income Total comprehensive income for the period (43,795) (46,839) (1,417,875) =========== =========== =========== Loss for the period and Total comprehensive loss attributable to: Owners of the parent (43,795) (46,839) (1,417,875) Non-controlling - - - interest (43,795) (46,839) (1,417,875) =========== =========== =========== Loss per ordinary share (pence) - From continuing operations: basic and diluted 4 (0. 005)p (0. 02)p (0.45)p
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 June 2016
As at As at As at 30/06/16 30/06/15 31/12/15 Note Unaudited Unaudited Audited GBP GBP GBP FIXED ASSETS Intangible assets - 1,275,059 - ------------------ ------------------ ------------------ CURRENT ASSETS Cash and cash equivalents 452,866 99,663 501,170 ------------------ ------------------ ------------------ 452,866 99,663 501,170 CURRENT LIABILITIES Trade and other payables (27,131) (65,683) (37,443) ----------------- ----------------- ------------------ NET CURRENT ASSETS 425,735 33,979 463,727 ---------------- ---------------- ------------------ NET ASSETS 425,735 1,309,039 463,727 =========== =========== =========== EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY Share capital 3,163,589 3,108,589 3,163,589 Share premium account 5,563,520 5,099,544 5,563,520 Reconstruction reserve (586,100) (586,100) (586,100) Share-based payment reserve 32,493 19,942 26,690 Retained earnings (7,747,767) (6,332,936) (7,703,972) ---------------- ---------------- ---------------- TOTAL EQUITY 425,735 1,309,039 463,727 =========== =========== =========== Net assets per share (pence) 0.054 - basic 5 0.050p 0.0042p p ======== ======== ========
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
Six months ended 30 June 2016
Six months Six months Year ended to 30/06/16 to 30/06/15 31/12/15 Unaudited Unaudited Audited GBP GBP GBP Net cash outflow from operating activities 3 (49,485) (34,621) ((149,153)) ------------------------------------------- ------------------------------------------- --------------------------------------------------- Cash flows from investing activities Purchase of intangible fixed assets - (116,161) (119,161) ------------------------------------------- ------------------------------------------- --------------------------------------------------- (49,485) (116,161) (119,161) Cash flows from financing activities Net proceeds from issue of share capital - - 518,976 Finance income 1,181 494 557 ------------------------------------------- ------------------------------------------- --------------------------------------------------- 1,181 494 519,533 Net (decrease)/ increase in cash and cash equivalents (48,304) (150,289) 251,219 Cash and cash equivalents at beginning
of period 501,170 249,951 249,951 ------------------------------------------- ------------------------------------------- --------------------------------------------------- Cash and cash equivalents at end of period 452,866 99,663 501,170 =========================================== =========================================== ===================================================
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months ended 30 June 2016
Share Share Reconstruction Retained Share-based Total capital premium reserve earnings payment reserve GBP GBP GBP GBP GBP GBP At 1 January 2015 3,108,589 5,099,544 (586,100) (6,286,097) 14,454 1,350,390 Loss and total comprehensive income for six months ended 30 June 2015 - - - (46,839) - (46,839) Share-based payment expense - - - - 5,488 5,488 ________ ________ ________ ________ _______ ________ At 30 June 2015 3,108,589 5,099,544 (586,100) (6,332,936) 19,942 1,309,039 Loss and total comprehensive income for six months ended 31 December 2015 - - - (1,371,036) - (1,371,036) Share-based payment expense - - - - 6,748 6,748 Issue of shares, net of share issue costs 55,000 463,976 518,976 ________ ________ ________ ________ ________ ________ At 31 December 2015 3,163,589 5,563,520 (586,100) (7,703,972) 26,690 463,727 Loss and total comprehensive income for six months ended 30 June 2016 (43,795) (43,795) Share-based payment expense 5,803 5,803 ________ ________ ________ ________ _______ ________ At 30 June 2016 3,163,589 5,563,520 (586,100) (7,747,767) 32,493 425,735 ======= ======== ======== ======= ======= ========
SOVEREIGN MINES OF AFRICA PLC
Notes to the interim consolidated financial information
Six months ended 30 June 2016
1. GENERAL
The interim financial information for the six-month period ended 30 June 2016 are unaudited and were approved by the Directors of the Company on 26 September 2016. The condensed financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.
The financial information contained in this report in respect of the annual financial statements for the year ended 31 December 2015 has been extracted from the report and financial statements for that year which have been filed with the Registrar of Companies. The report of the auditors on those accounts did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and was not qualified, although it included an emphasis of matter in respect of going concern.
The interim financial information is unaudited and has not been reviewed by the auditors.
The Company's operations are not subject to seasonality or cyclicality.
No dividend has been declared or paid in this interim period.
2. ACCOUNTING POLICIES
The principal accounting policies and methods of computation have remained unchanged from those used in the preparation of the Company's 2015 annual financial statements and are expected to be used for the Company's 2016 annual financial statements.
3. CASH FLOWS FROM OPERATING ACTIVITIES Six months Six months Year ended to 30/06/16 to 30/06/15 31/12/15 Unaudited Unaudited Audited GBP GBP GBP Loss before taxation (43,795) (46,839) (1,417,875) Adjustments for: Impairment losses on intangible assets - - 1,278,059 Finance income (1,181) (494) (557) Share-based payment expense 5,803 5,488 12,236 ------------------- ------------------- -------------------- (39,173) (41,845) (128,137) Decrease in financial assets - - at fair value - Increase in receivables - - - Increase/(decrease) in payables (10,312) 7,224 (21,016) ---------------- ---------------- ---------------- Net cash used in operating activities (49,485) (34,621) (149,153) ============= ============= ============= 4. LOSS PER SHARE Six months Six months Year ended to 30/06/15 to 30/06/15 31/12/15 Unaudited Unaudited Audited Weighted average number of ordinary shares in issue 860,858,859 310,858,850 312,363,590 ------------------------ ------------------------- ----------------------------- Loss after taxation GBP(43,795) GBP(46,839) GBP(1,417,875) ----------------------- ------------------------- ----------------------------- Loss per share (0. 005)p (0. 02)p (0.45)p ============== =============== ===================
Due to there being a loss during the period, the share options are anti-dilutive and therefore the diluted loss per share is the same as the loss per share.
5. NET ASSET VALUE PER SHARE
The "basic" net asset value per share figures are calculated on the basis of the net assets attributable to equity shareholders divided by the number of ordinary shares in issue at the relevant dates of 860,859,050 (30 June 2015: 310,858,850; 31 December 2015: 860,858,850).
6. SHARE CAPITAL
Issued and fully paid:
2016 2015 2016 2015 No. of No. of shares GBP GBP shares Ordinary shares of GBP0.0001 each 860,859,050 310,858,850 3,163,589 31,086 Deferred shares of GBP0.099 each - 310,858,850 - 3,077,503 --------------- --------------- ------------ ------------ 621,717,700 310,858,850 3,163,589 3,108,589 ======== ======== ====== ======
The deferred shares carry no voting or dividend rights. Deferred shareholders are entitled to receive the amount paid up or credited as paid up on their respective holdings of deferred shares only after there has been paid on each ordinary share the nominal amount paid up on such share plus a further GBP1 per ordinary share. The holders of the deferred shares shall not be entitled to participate further in any distribution of the assets or the capital of the Company.
7. COPIES OF INTERIM REPORT
Copies of the interim report are available to the public free of charge from the Company at Lakeside Fountain Lane, St Mellons, Cardiff, United Kingdom, CF3 0FB during normal office hours, Saturdays and Sundays excepted, for 14 days from today and are available on the website at www.sovmines.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DQLFLQKFEBBV
(END) Dow Jones Newswires
September 27, 2016 02:00 ET (06:00 GMT)
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