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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Stratex | LSE:STI | London | Ordinary Share | GB00B0T29327 | 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% | 0.425 | 0.40 | 0.45 | 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
TIDMSTI
RNS Number : 9685M
Stratex International PLC
03 August 2017
Stratex International Plc
("Stratex", the "Company" or the "Group")
Interim Results
for the six-month period ended 30 June 2017
Stratex International Plc, the AIM-quoted gold exploration and development company, announces its unaudited Interim Results for the six-month period ended 30 June 2017 (the "Period").
Financial Highlights:
-- The Group's pre-tax profit for the 6 months to 30 June 2017 was GBP880,216, which compares to a loss in the same period for 2016 of GBP1,984,573;
-- The profit for the Period resulted from the successful sale of the Group's 45% interest in the Altıntepe Gold Mine, which was completed in April 2017 and raised a total of US$8m in cash, net of all taxes and costs. A book gain of GBP2.9m was recorded in the current period, with GBP1.6m profit included in FY2016 for services rendered to Altıntepe;
-- The total Group cash balance at 30 June was GBP6.08m;
-- Stratex has reduced its representation on the Goldstone Resources Limited ("Goldstone") board and Goldstone is now treated in the financial statements as an associate company rather than being fully consolidated. As at 30(th) June Stratex's holding in Goldstone was 23.36%.
Operational Highlights:
-- Altıntepe:
o In April Stratex announced the sale of its 45% interest in Altıntepe Madencilik Sanayi ve Ticaret AS, the holding company for the Altıntepe Gold Mine. The Stratex Group has received an aggregate amount of US$8m in cash, net of all taxes and costs, as consideration for the sale (see announcement dated 24 April 2017);
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-- Thani Stratex Resources Limited ("TSR"):
o Drilling programmes at the Anbat prospect ("Anbat") in Egypt and the Pandora project in Djibouti both returned encouraging intersections;
o TSR completed a US$1m placement, of which Stratex invested $390,000. The funds were primarily raised for further drilling at Anbat. Stratex's holding in TSR currently stands at 30.5%;
-- Goldstone Resources Limited ("Goldstone"):
o In Q1-2017 Goldstone reported encouraging exploration results at their Homase-Akrokerri project in Ghana;
o In April this year, Goldstone entered into a convertible loan agreement for US$0.4m to progress the Homase-Akrokerri project;
-- Crusader Resources Limited ("Crusader"):
o On 18 May 2017, Stratex announced the proposed acquisition of Crusader in an all share transaction. In June, the Company announced that it had entered into a scheme implementation deed with Crusader through which it is proposed that Stratex will acquire the entire issued share capital of Crusader, subject to, inter alia, court, regulatory and shareholder approvals. Completion of the deal would see Stratex acquire a number of assets in Brazil, including two gold projects, Borborema and Juruena, which host a combined JORC-compliant resource of 2.7 Moz in aggregate.
Marcus Engelbrecht, CEO of Stratex, said: "There has been significant activity across the reporting period with the sale of our Altıntepe investment in Turkey and the opportunity to acquire two significant exploration and development assets as part of the proposed Crusader Resources transaction. I expect further positive news from our exploration portfolio and the potential to acquire near development assets will bring us closer to realising our strategy of building a gold producing Company."
Chairman's Statement:
The first six months of the year has been a period of operational progress for the Company as we have refined our strategy of becoming a significant gold producing company. We continue to focus on developing our portfolio of exploration projects and assets in Africa while seeking new acquisition opportunities that complement this portfolio.
The Group has posted an encouraging pre-tax profit for the period of GBP880,216 (2016 - loss GBP1,984,573). This has largely resulted from the sale of our joint venture interest in Altıntepe in April 2017 for US$8 million in cash. The sale is aligned with our long-term strategy.
During the Period we continued our commitment to TSR and increased our interest to 30.5% by subscribing for new shares as part of a total share placement to raise funds for further drilling at the Pandora epithermal gold project in Djibouti. As already announced, the initial drilling results reported for Pandora are exciting and confirm our confidence in the prospectivity of this project.
Goldstone Resources Limited continues to report encouraging exploration results at its Homase-Akrokerri project in Ghana, which hosts an existing 602,000 oz gold JORC compliant resource. Since 30(th) June, the Company's interest has been diluted to 23.22% as a result of a shares issue to the Goldstone directors in lieu of salary.
In June 2017, the Company announced that it proposed to acquire the entire issued share capital of Crusader Resources Limited. Crusader is an Australian listed company with gold exploration assets at Borborema and Juruena in Brazil hosting some 2.7 million oz gold JORC compliant resources and with more than 12 years' operating experience in Brazil. The transaction, which will be effected by way of a Scheme of Arrangement under Australian Law, will constitute a reverse takeover and will require Stratex shareholder approval and the publication of an AIM Admission Document. This acquisition will significantly increase the scale and market capitalisation of the enlarged group and offers the platform for management to implement its long-term strategy of becoming a gold production and exploration company, whilst presenting an opportunity to provide significant value to shareholders.
The AIM Admission Document is expected to be published at the beginning of September 2017 (following Court hearings in Australia). The Admission Document will give full information regarding the acquisition of Crusader. Subject to shareholder, court and regulatory approvals, the acquisition is expected to become effective and dealings in the enlarged share capital of Stratex are expected to commence in October 2017. I look forward to updating shareholders on this exciting phase of the Company's development.
Peter Addison
Non-Executive Chairman
2nd August 2017
Statement of Consolidated Comprehensive
Income
Notes 6 months 6 months
to to
30 June 30 June
2017 2016
Unaudited Unaudited
GBP GBP
Continuing operations
Revenue - -
------------------------------------------------------- ---------------- --------------------
Cost of sales - -
======================================================= ================ ====================
Gross Profit - -
================================================= ==== ================ ====================
Administration expenses (1,488,300) (1,240,506)
================================================= ==== ================ ====================
Exchange gains/(losses) - net (414,740) 54,687
------------------------------------------------- ---- ---------------- --------------------
Operating loss (1,903,040) (1,185,819)
================================================= ==== ================ ====================
Finance income 3,996 9,768
================================================= ==== ================ ====================
Share of profits/(losses) of investments
accounted for using the equity method (33,702) 1,412,631
================================================= ==== ================ ====================
Loss on change of ownership status (70,390) -
================================================= ==== ================ ====================
Net losses on sale of associate companies - (2,221,153)
================================================= ==== ================ ====================
Profit on sale of Available-for-sale
financial assets 6 2,883,352 -
------------------------------------------------- ---- ---------------- --------------------
Profit/(Loss) before income tax 880,216 (1,984,573)
================================================= ==== ================ ====================
Income tax - -
------------------------------------------------- ---- ---------------- --------------------
Profit/(Loss) for the period 880,216 (1,984,573)
================================================= ==== ================ ====================
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss:
================================================= ==== ================ ====================
Share of comprehensive income of
investments accounted for using the
equity method - (246,457)
================================================= ==== ================ ====================
Exchange differences on translation
of foreign operations (367,640) 2,340,803
------------------------------------------------- ---- ---------------- --------------------
Other comprehensive income net of
tax (367,640) 2,094,346
------------------------------------------------- ---- ---------------- --------------------
Total comprehensive income for the
period 512,576 109,773
================================================= ==== ================ ====================
Profit/(Loss) for the period attributable
to:
================================================= ==== ================ ====================
Owners of the Parent Company 926,560 (1,875,835)
================================================= ==== ================ ====================
Non-controlling interest (46,344) (108,738)
------------------------------------------------- ---- ---------------- --------------------
Profit/(Loss) for the period 880,216 (1,984,573)
================================================= ==== ================ ====================
Total comprehensive income attributable
to:
================================================= ==== ================ ====================
Owners of the Parent Company 700,594 (9,686)
================================================= ==== ================ ====================
Non-controlling interest (188,018) 119,459
------------------------------------------------- ---- ---------------- --------------------
Total comprehensive income for the
period 512,576 109,773
================================================= ==== ================ ====================
Earnings per share - continuing operations:
================================================= ==== ================ ====================
Basic (pence) 8 0.20 (0.40)
================================================= ==== ================ ====================
Diluted (pence) 8 0.19 (0.40)
================================================= ==== ================ ====================
Statement of Consolidated
Financial Position
Notes 30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
ASSETS
=================================== ====== ============ ============ ============
Non-current assets
=================================== ====== ============ ============ ============
Property, plant and equipment 7,894 20,253 13,874
=================================== ====== ============ ============ ============
Intangible assets 4 6,418,676 9,679,159 10,490,725
=================================== ====== ============ ============ ============
Investments in equity-accounted
associates 5 6,688,683 6,965,034 5,757,578
=================================== ====== ============ ============ ============
Available-for-sale financial
assets 6 1,117,942 1,038,400 2,912,829
=================================== ====== ============ ============ ============
Trade and other receivables 1,388,618 1,120,413 1,358,639
=================================== ====== ============ ============ ============
Deferred tax asset 244,336 307,992 257,380
----------------------------------- ------ ------------ ------------
15,866,149 19,131,251 20,791,025
----------------------------------- ------ ------------ ------------ ------------
Current assets
=================================== ====== ============ ============ ============
Trade and other receivables 230,660 864,853 1,740,208
=================================== ====== ============ ============ ============
Cash and cash equivalents 6,084,884 2,728,190 1,688,619
----------------------------------- ------ ------------ ------------ ------------
6,315,544 3,593,043 3,428,827
=================================== ====== ============ ============ ------------
Total assets 22,181,693 22,724,294 24,219,852
=================================== ====== ============ ============ ------------
EQUITY
Capital and reserves attributable
to owners of the Company
=================================== ====== ============ ============ ============
Ordinary share capital 4,673,113 4,673,113 4,673,113
=================================== ====== ============ ============ ============
Share premium 20,426,431 20,426,431 20,426,431
=================================== ====== ============ ============ ============
Other reserves 2,389,694 1,592,512 2,588,762
=================================== ====== ============ ============ ============
Retained earnings (5,830,482) (6,527,206) (6,757,042)
----------------------------------- ------ ------------ ------------ ------------
Total equity attributable
to owners of the Company 21,658,756 20,164,850 20,931,264
=================================== ====== ============ ============ ============
Non-controlling interests 48,185 2,371,191 2,860,169
----------------------------------- ------ ------------ ------------ ------------
Total Equity 21,706,941 22,536,041 23,791,433
------------
LIABILITIES
Non-current liabilities
=================================== ====== ============ ============ ============
Employee termination benefits 38,054 31,170 35,710
=================================== ====== ============ ============ ============
Deferred tax liabilities - 308 2,691
----------------------------------- ------ ------------ ------------ ------------
38,054 31,478 38,401
----------------------------------- ------ ------------ ------------ ------------
Current liabilities
=================================== ====== ============ ============ ============
Trade and other payables 436,698 156,775 390,018
=================================== ====== ============ ============ ============
Total liabilities 474,752 188,253 428,419
----------------------------------- ------ ------------ ------------
Total equity and liabilities 22,181,693 22,724,294 24,219,852
=================================== ====== ============ ============ ------------
Statement of Consolidated Changes in Equity
Shares Non-controlling
Share Share Merger option Retained Translation Interest Total
Capital Premium Reserve reserve earnings reserve Total equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
As at 1 January 2017 4,673,113 20,426,431 (485,400) 590,297 (6,757,042) 2,483,865 20,931,264 2,860,170 23,791,434
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
Share based payments - - - 26,898 - - 26,898 - 26,898
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
Disposal of Non-controlling
interest - - - - - - - (2,623,967) (2,623,967)
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
Comprehensive income
for the period:
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
* Profit/(Loss) for the period - - - - 926,560 - 926,560 (46,344) 880,216
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
* Other comprehensive income - - - - - (225,966) (225,966) (141,674) (367,640)
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
Total comprehensive
income for the period - - - - 926,560 (225,966) 700,594 (188,018) 512,576
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
As at 30 June 2017 4,673,113 20,426,431 (485,400) 617,195 (5,830,482) 2,257,899 21,658,756 48,185 21,706,941
========================================== ========= ========== ========= ========= =========== =========== =========== =============== ===========
As at 1 January 2016 4,673,113 20,426,431 (485,400) 709,299 (4,807,122) (349,613) 20,166,708 2,251,732 22,418,440
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
Share based payments - - - 7,828 - - 7,828 - 7,828
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
Share options cancelled - - - (155,751) 155,751 - - - -
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
Total contributions
by and distributions
to owners of the Company - - - (147,923) 155,751 - 7,828 - 7,828
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
Comprehensive income
for the period:
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
* Loss for the period - - - - (1,875,835) - (1,875,835) (108,738) (1,984,573)
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
* Other comprehensive income - - - - - 1,866,149 1,866,149 228,197 2,094,346
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
Total comprehensive
income for the period - - - - (1,875,835) 1,866,149 (9,686) 119,459 109,773
------------------------------------------ --------- ---------- --------- --------- ----------- ----------- ----------- --------------- -----------
As at 30 June 2016 4,673,113 20,426,431 (485,400) 561,376 (6,527,206) 1,516,536 20,164,850 2,371,191 22,536,041
========================================== ========= ========== ========= ========= =========== =========== =========== =============== ===========
Statement of Consolidated
Cash Flows
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
Cash flow from operating
activities
================================== ============ ============ ==============
Profit/(Loss) before income
tax 880,216 (1,984,573) (2,644,175)
=================================== ============ ============ ==============
Issue of share options 26,898 7,828 36,749
=================================== ============ ============ ==============
Depreciation 2,148 15,137 22,247
=================================== ============ ============ ==============
Share of losses/(profits)
of associates 375,356 (1,412,631) 162,261
=================================== ============ ============ ==============
(Profit)/Net loss on sale
of associates (2,535,644) 2,221,153 444,087
=================================== ============ ============ ==============
Impairment of intangible
assets - - 121,019
=================================== ============ ============ ==============
Fixed assets write-off - - 807
=================================== ============ ============ ==============
Increase in employee termination
benefit fund 4,147 836 9,101
=================================== ============ ============ ==============
Other income (interest
received) (3,996) (9,768) (16,185)
=================================== ============ ============ ==============
Foreign exchange movements
on operating activities (74,855) 351,974 672,088
=================================== ============ ============ ==============
Changes in working capital,
excluding the effects of
exchange differences on
consolidation:
================================== ============ ============ ==============
Trade and other receivables 1,582,057 235,941 (903,014)
=================================== ============ ============ ==============
Trade and other payables 44,127 (228,157) 5,086
----------------------------------- ------------ ------------ --------------
Net cash used in operating
activities 300,454 (802,260) (2,089,929)
----------------------------------- ------------ ------------ --------------
Cash flows from investing
activities
================================== ============ ============ ==============
Purchase of property, plant,
and equipment (2,044) (774) (2,436)
=================================== ============ ============ ==============
Purchase of intangible
assets (32,177) (396,032) (780,139)
=================================== ============ ============ ==============
Investment in related companies (301,438) (214,585) (214,585)
=================================== ============ ============ ==============
Interest received 3,996 9,768 16,185
----------------------------------- ------------ ------------ --------------
Net cash used in investing
activities (331,663) (601,623) (980,975)
----------------------------------- ------------ ------------ --------------
Cash flows from financing
activities
================================== ============ ============ ==============
Funds received from issue
of shares by subsidiary - - 627,450
=================================== ============ ============ ==============
Funds received from sale
of associate 4,427,474 - -
---------------------------------- ------------ ------------ --------------
Net cash generated from
financing activities 4,427,474 - 627,450
----------------------------------- ------------ ------------ --------------
Net decrease in cash and
cash equivalents 4,396,265 (1,403,883) (2,443,454)
=================================== ============ ============ ==============
Cash and cash equivalents
at beginning of the period 1,688,619 4,132,073 4,132,073
----------------------------------- ------------ ------------
Cash and cash equivalents
at end of the period 6,084,884 2,728,190 1,688,619
=================================== ============ ============ --------------
Notes to the unaudited financial statements
1. Basis of preparation
The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
2. Financial Information
The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Except as described below, the accounting policies applied in preparing the interim financial information are consistent with those that have been adopted in the Group's 2016 audited financial statements. Statutory financial statements for the year ended 31 December 2016 were approved by the Board of Directors on 15 May 2017 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.
Risks and uncertainties
The key risks that could affect the Group's short and medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2016 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.stratexinternational.com. The Group's key financial risks are the availability of adequate funding and foreign exchange movements.
Accounting Policies
Critical accounting estimates and judgements:
The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 2016 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period. The condensed consolidated interim financial statements have been prepared under the historical cost convention as modified by the measurement of certain investments at fair value.
There have been no changes in accounting policy during the period and no new and amended standards have been adopted by the Group during the period.
The financial information for the 6 months ended 30 June 2017 and the 6 months ended 30 June 2016 has not been audited.
The business is not subject to seasonal variations. No dividends have been paid in the period (2016: GBPnil).
3. Operating Segments
Operating segments are reported in a manner which is consistent with internal reports provided to the Board and are used by the Directors to make strategic decisions. The management structure reflects these segments. The Group's exploration operations and investments are based in three geographical areas, namely Turkey, East Africa and West Africa. The Group's head office is located in the UK and provides corporate and support services to the Group and researches new areas of exploration opportunities.
The allocation of profits, losses, assets and liabilities by operating segment is as follows:
Loss/(Profit)
for the period:
Turkey East Africa West UK Total
Africa
6 months to 30
June 2017
=========================== ============ ============ ========= ========== ============
Administrative
costs 183,766 121,861 186,734 993,802 1,486,163
=========================== ============ ============ ========= ========== ============
Inter-segment
charges 116,007 - 334,788 (450,795) -
=========================== ============ ============ ========= ========== ============
Finance income - - (294) (3,702) (3,996)
=========================== ============ ============ ========= ========== ============
Depreciation 958 - 966 213 2,137
=========================== ============ ============ ========= ========== ============
Exchange losses 64,608 - 34,072 316,060 414,740
=========================== ============ ============ ========= ========== ============
Share of (profits)/losses
of associates - 24,042 9,660 - 33,702
=========================== ============ ============ ========= ========== ============
Net loss on disposal
of associates (2,883,352) (130,964) 201,354 - (2,812,962)
=========================== ============ ============ ========= ========== ============
(Profit)/Loss
before Income
Tax (2,518,013) 14,939 767,280 855,578 (880,216)
--------------------------- ------------ ------------ --------- ---------- ------------
6 months to 30
June 2016
=========================== ============ ============ ========= ========== ============
Administrative
costs 282,605 3,361 412,946 530,105 1,229,017
=========================== ============ ============ ========= ========== ============
Inter-segment
charges 89,213 - 334,036 (423,249) -
=========================== ============ ============ ========= ========== ============
Finance income - - (287) (9,481) (9,768)
=========================== ============ ============ ========= ========== ============
Depreciation 1,955 - 5,235 4,299 11,489
=========================== ============ ============ ========= ========== ============
Exchange losses (36,870) - (11,906) (5,911) (54,687)
=========================== ============ ============ ========= ========== ============
Share of (profits)/losses
of associates (1,636,081) 223,450 - - (1,412,631)
=========================== ============ ============ ========= ========== ============
Net loss on disposal
of associates 319,414 1,901,739 - - 2,221,153
=========================== ============ ============ ========= ========== ============
(Profit)/Loss
before Income
Tax (979,764) 2,128,550 740,024 95,763 1,984,573
--------------------------- ------------ ------------ --------- ---------- ------------
Assets and liabilities:
Turkey East Africa West UK Total
Africa
6 months to 30
June 2017
========================= ============ ============ ============= =========== ===========
Intangible assets - - 6,418,676 - 6,418,676
========================= ============ ============ ============= =========== ===========
Property, plant
and equipment 5,705 - 146 2,043 7,894
========================= ============ ============ ============= =========== ===========
Equity-accounted
associates - 5,736,826 951,857 - 6,688,683
========================= ============ ============ ============= =========== ===========
Cash and other
assets 994,991 406,869 1,471,387 6,193,193 9,066,440
========================= ============ ============ ============= =========== ===========
Liabilities (50,179) - (20,289) (404,284) (474,752)
========================= ============ ============ ============= =========== ===========
Inter-segment (1,133,860) - (10,495,600) 11,629,460 -
------------------------- ------------ ------------ ------------- ----------- -----------
Net Assets (183,343) 6,143,695 (1,673,823) 17,420,412 21,706,941
------------------------- ------------ ------------ ------------- ----------- -----------
6 months to 30
June 2016
========================= ============ ============ ============= =========== ===========
Intangible assets - - 9,679,159 - 9,679,159
========================= ============ ============ ============= =========== ===========
Property, plant
and equipment 9,903 - 9,029 1,321 20,253
========================= ============ ============ ============= =========== ===========
Equity-accounted
associates 1,757,304 5,207,730 - - 6,965,034
========================= ============ ============ ============= =========== ===========
Cash and other
assets 1,122,273 381,492 1,282,663 3,273,420 6,059,848
========================= ============ ============ ============= =========== ===========
Liabilities (79,516) - (39,025) (69,712) (188,253)
========================= ============ ============ ============= =========== ===========
Inter-segment (3,607,229) - (9,891,562) 13,498,791 -
------------------------- ------------ ------------ ------------- ----------- ----------- Net Assets (797,265) 5,589,222 1,040,264 16,703,820 22,536,041 ------------------------- ------------ ------------ ------------- ----------- -----------
Cash and other assets include cash and cash equivalents amounting to GBP6,084,884 at 30 June 2017, (2016: GBP2,728,190).
4. Intangible assets
2017 2016
At 1 January 10,490,725 8,323,340
Exchange movements (64,157) 959,787
Disposal due to change
in ownership status (4,040,067) -
Additions 32,175 396,032
At 30 June 6,418,676 9.679,159
------------------------ ----------- ---------
On 2 June 2017, Goldstone Resources Limited ceased to be accounted for as controlled subsidiary (see note 5) and the Goldstone Homase-Akrokerri project was removed as an intangible asset from the balance sheet, and replaced as an equity accounted associate.
5. Investments in equity-accounted associates
2017 2016
At 1 January 5,757,578 7,645,184
Exchange movements (313,077) 750,483
Share of (losses)/profits (33,702) 1,412,630
Addition due to change in ownership
status 1,318,885 -
Additions 301,438 189,208
Disposals (671,126) (3,726,261)
Share of new capital 328,687 693,790
===================================== ========= ===========
At 30 June 6,688,683 6,965,034
------------------------------------- --------- -----------
a) On 2 June 2017, Goldstone Resources Limited ceased to be accounted for as controlled subsidiary as a result of the reduction in the Stratex representation on the Board of Directors. Goldstone Resources Limited was recategorised as an equity-accounted associate with a carrying value of GBP1,318,885.
b) During the Period, Stratex's shareholding interest in Goldstone Resources Limited was reduced to
23.36% as at 30 June 2017, resulting in a net loss through the consolidated statement of comprehensive income of GBP351,542.
c) Stratex's shareholding interest in Thani Stratex Resources Limited reduced during the period to 29.5%. The Company subsequently injected a further GBP301,438 into share capital increasing its interest to 30.5% shareholding interest. These transactions resulted in a net gain through the consolidated statement of comprehensive income of GBP9,103.
6. Available-for-sale financial assets
The sale of the Group's 45% interest in Altıntepe was completed in April 2017 for US$8 million in cash, net of any taxes and costs. A book gain of GBP2,883,352 has been recorded in the current period following recording a GBP1.6m profit in the 2016 annual results for services rendered to Altıntepe.
7. Related party transactions
Directors of the Company received total remuneration of GBP364,004 for the six months ended 30 June 2017 (six months ended 30 June 2016 - GBP242,046).
8. Earnings per share
The calculation of earnings per share is based on the following:
2017 2016
---------------------------- --------------- -------------
Profit/(loss) attributable
to equity holders (GBP) 926,560 (1,875,835)
Weighted average number
of shares basic 467,311,276 467,311,276
Earnings per share basic
(pence) 0.20 (0.4)
Weighted average number
of shares diluted 497,316,420 487,589,420
Earnings per share diluted
(pence) 0.19 (0.4)
As the Group incurred a loss for the period to 30 June 2016, no options or warrants are potentially dilutive in accordance with IAS 33 and hence basic and diluted earnings per share are the same.
9. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors on 2 August 2017.
The information contained within this announcement is deemed by Stratex to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
** ENDS **
For further information please visit www.stratexinternational.com, @StratexPLC on Twitter, email info@stratexplc.com, or contact:
Stratex International Plc Tel: +44 (0)20 7830 9650 Marcus Engelbrecht / Claire Bay Grant Thornton UK LLP Tel: +44 (0)20 7383 5100 Philip Secrett / Samantha Harrison / Daniel Bush Hannam & Partners Tel: +44 (0)20 7907 8500 Neil Passmore/ Andrew Chubb Camarco Tel: +44 (0)20 3757 4980 Gordon Poole / Nick Hennis
Notes to Editors:
Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver, as well as 186,000 tonnes of copper. The Company owns 15% of a copper-gold project at feasibility stage and an exciting exploration project in Senegal. The Company also has significant interests in Goldstone Resources Ltd, Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Ghana, Djibouti and Egypt, and Tanzania respectively.
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
August 03, 2017 02:01 ET (06:01 GMT)
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