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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tri-star Resources Plc | LSE:TSTR | London | Ordinary Share | GB00BGDLPW84 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.80 | 1.50 | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTSTR
RNS Number : 1447L
Tri-Star Resources PLC
29 September 2016
TRI-STAR RESOURCES PLC
("Tri-Star" or the "Company")
Interim Results for the six month period ended 30 June 2016
Tri-Star (AIM: TSTR), the integrated antimony development company, is pleased to announce results for the six months ended 30 June 2016.
Results for the Interim Period
Following the successful implementation of restructuring initiatives undertaken in the latter part of 2015 and the first half of 2016, Tri-Star is pleased to report a significantly reduced operating loss for the six months to 30 June 2016 of GBP485,000 (2015: GBP1,083,000). Total comprehensive loss amounts to GBP931,000 (2015: GBP1,924,000).
Administration and exploration expenses have been cut by 55% in the first half to GBP478,000 (2015: GBP1,072,000).
Business Review
Activity during the first half has focussed on the continued development of the Oman Antimony Roaster Project ("OAR"). The OAR is being developed by Strategic & Precious Metals Processing LLC ("SPMP"), an Omani company. The OAR is being built by SPMP in Sohar, Oman. Tri-Star has a 40% interest in SPMP.
The OAR has continued to show good progress in 2016. SPMP's most notable developments announced to date include: the strengthening of its management team, confirmation that the project is now entering the procurement and implementation phase, and the strategically important and exciting inclusion of a revenue-enhancing gold plant within the overall specification for the facility.
Tri-Star will continue to keep the market updated with developments in relation to this crucial project.
Market Abuse Regulations
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
Tri-Star Resources plc Tel: +44 (0) 20 3470 0470
Guy Eastaugh, Chief Executive Officer
SP Angel Corporate Finance (Nomad and Broker) Tel: +44 (0) 20 3470 0470
Robert Wooldridge / Jeff Keating
Yellow Jersey PR Limited (Media Relations) Tel: +44 (0) 7825 916 715
Dominic Barretto / Alistair de Kare-Silver
TRI-STAR RESOURCES PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2016
Notes Unaudited Unaudited Period ended Period ended 30 June 30 June 2016 2015 GBP'000 GBP'000 Share based payment charge (5) (11) Exploration expenditure and other administrative expenses (478) (1,072) Amortisation of intangibles (2) - Total administrative expenses and loss from operations (485) (1,083) Share of loss in associated companies (305) (93) Finance income 848 180 Finance cost (990) (638) -------------- -------------- Loss before taxation (932) (1,634) Taxation 4 - - Loss after taxation, and loss attributable to the equity holders of the Company (932) (1,634) Loss before and after taxation attributable to Non-controlling interest - (3) Equity holders of the parent (932) (1,631) Other comprehensive (expenditure)/income Items that will be reclassified subsequently to profit and loss Exchange differences on translating foreign operations 1 (290) Other comprehensive (expenditure)/income for the period, net of tax 1 (290) -------------- -------------- Total comprehensive loss for the year, attributable to owners of the Company (931) (1,924) ============== ============== Total comprehensive loss attributable to Non-controlling interest - (3) Equity holders of the parent (931) (1,921) Loss per share Basic and diluted loss per share (pence) 5 (0.01) (0.02) ============== ==============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2016
30 June 31 December 2016 2015 (Unaudited) (Audited) Assets Notes GBP'000 GBP'000 Non-current Intangible assets 20 - Investment in associates 1,947 2,252 Property, plant and equipment 57 62 -------------- ------------ 2,024 2,314 Current Cash and cash equivalents 580 1,308 Trade and other receivables 59 148 Total current assets 639 1,456 Total assets 2,663 3,770 ============== ============ Liabilities Current Trade and other payables 49 373 Derivative financial liability 6 253 1,100 Total current liabilities 302 1,473 Liabilities due after one year Loans 6 9,309 8,318 Deferred tax liability 176 176 Total liabilities 9,787 9,967 Equity Issued share capital 2,601 2,601 Share premium 14,519 14,515 Share based payment reserve 1,074 1,074 Other reserves (6,156) (6,156) Translation reserve (757) (758) Retained earnings (18,402) (17,470) -------------- ------------ (7,121) (6,194) -------------- ------------ Non-controlling interest (3) (3) Total equity (7,124) (6,197) Total equity and liabilities 2,663 3,770 ============== ============
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2016
Unaudited Unaudited Period ended Period ended 30 June 30 June 2016 2015 GBP'000 GBP'000 Cash flows from operating activities Loss after tax (932) (1,634) Amortisation of intangibles 2 - Depreciation 10 10 Finance income (1) (1) Finance cost 991 638 Loss from associates 305 93 Fees paid by shares 5 11 Equity settled share-based payments - 11 Movement on fair value of derivatives (847) (178) Decrease/(increase) in trade and other receivables 97 (3) (Decrease) in trade and other payables (368) (68) Net cash outflow from operating activities (738) (1,121) -------------- -------------- Cash flows from investing activities Purchase of property, plant and equipment (2) (15) Purchase of intangible assets (22) - Cash invested in associates - (27) Finance income 1 1 Net cash outflow from investing activities (23) (41) -------------- -------------- Net (decrease) in cash and cash equivalents (761) (1,162) Cash and cash equivalents
at beginning of period 1,308 1,496 Exchange differences on cash and cash equivalents 33 (7) Cash and cash equivalents at end of period 580 327 -------------- --------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2016
Share Share Other Share-based Translation Retained Total Non-controlling Total capital premium reserves payment reserve earnings attributable interest equity account reserve to owners of parent GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 January 2015 (audited) 2,525 13,179 (6,156) 767 (256) (10,140) (81) (235) (316) Issue of share capital - 11 - - - - 11 - 11 Share based payments - - - 11 - - 11 - 11 Transactions with owners - 11 - 11 - - 22 - 22 ------------- ------------------- ----------------- ---------------- ----------------------- ----------------- ------------------------- ---------------- ------------------------- Loss for the period - - - - - (1,631) (1,631) (3) (1,634) Exchange difference on translation of foreign operations - - - - (290) - (290) - (290) Total comprehensive loss for the period - - - - (290) (1,631) (1,921) (3) (1,924) ------------- ------------------- ----------------- ---------------- ----------------------- ----------------- ------------------------- ---------------- ------------------------- Balance at 30 June 2015 (unaudited) 2,525 13,190 (6,156) 778 (546) (11,771) (1,980) (238) (2,218) ------------- ------------------- ----------------- ---------------- ----------------------- ----------------- ------------------------- ---------------- ------------------------- Issue of share capital 76 1,438 - - - - 1,514 - 1,514 Share issue costs - (113) - - - - (113) - (113) Share based payments - - - 326 - - 326 - 326 Transfer on lapse of warrants - - - (30) - 30 - - - ---------------- Transactions with owners 76 1,325 - 296 - 30 1,727 - 1,727 ------------- ------------------- ----------------- ---------------- ----------------------- ----------------- ------------------------- ---------------- ------------------------- Loss for the period - - - - - (5,729) (5,729) 235 (5,494) Exchange difference on translation of foreign operations - - - - (212) - (212) - (212) Total comprehensive loss for the period - - - - (212) (5,729) (5,941) 235 (5,706) ------------- ------------------- ----------------- ---------------- ----------------------- ----------------- ------------------------- ---------------- ------------------------- Balance at 31 December 2015 (audited) 2,601 14,515 (6,156) 1,074 (758) (17,470) (6,194) (3) (6,197) ------------- ------------------- ----------------- ---------------- ----------------------- ----------------- ------------------------- ---------------- ------------------------- Issue of share capital - 4 - - - - 4 - 4 Share based payments - - - - - - - - - ---------------- Transactions with owners - 4 - - - - 4 - 4 ------------- ------------------- ----------------- ---------------- ----------------------- ----------------- ------------------------- ---------------- ------------------------- Loss for the period - - - - - (932) (932) - (932) Exchange difference on translation of foreign operations - - - - 1 - 1 - 1 Total comprehensive loss for the period - - - - 1 (932) (931) - (931) ------------- ------------------- ----------------- ---------------- ----------------------- ----------------- ------------------------- ---------------- ------------------------- Balance at 30 June 2016 (unaudited) 2,601 14,519 (6,156) 1,074 (757) (18,402) (7,121) (3) (7,124) ------------- ------------------- ----------------- ---------------- ----------------------- ----------------- ------------------------- ---------------- -------------------------
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHSED 30 JUNE 2016
1. GENERAL INFORMATION
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 statutory financial statements of the Company and its subsidiaries (the "Group") for the year ended 31 December 2015 have been completed and filed at Companies House. The auditor's report on the annual financial statements was unqualified and did not contain statements under section 498(2) or section 498(3) of the Companies Act 2006.
2. ACCOUNTING POLICIES
BASIS OF PREPARATION
The Company's ordinary shares are quoted on the AIM market of the London Stock Exchange and the Company applies the Companies Act 2006 when preparing its annual financial statements.
The annual financial statements for the year ended 31 December 2016 will be prepared under International Financial Reporting Standards as adopted by the European Union (IFRS) and the principal accounting policies adopted remain unchanged from those adopted in preparing its financial statements for the year ended 31 December 2015.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.
GOING CONCERN
The Directors have prepared cash flow forecasts for the period ending 30 September 2017. The forecasts identify unavoidable third party running costs of the Group and demonstrate that the Group will have sufficient cash resources available to allow it to continue in business for a period of at least twelve months from the date of approval of these interim financial statements. Accordingly, the accounts have been prepared on a going concern basis. The forecasts assume receipt of the US$ 2million contingent asset referred to in Note 7 of these interim financial statements.
3. SEGMENTAL REPORTING
An operating segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group's chief operating decision maker to make decisions about the allocation of resources and assessment of performance and about which discrete financial information is available. The chief operating decision maker has defined that the Group's only reportable operating segment during the period is mining.
The Group has not generated any revenues from external customers during the period.
In respect of the non-current assets as at 30 June 2016 of GBP2,024,000, GBP35,000 arise in the UK (30 June 2015: GBP48,000, 31 December 2015: GBP41,000), and GBP1,989,000 arise in the rest of the world (30 June 2015: GBP4,467,000, 31 December 2015: GBP2,273,000).
4. TAXATION
Unrelieved tax losses of approximately GBP15.30 million as at 30 June 2016 (30 June 2015: GBP9.61 million, 31 December 2015: GBP14.92) remain available to offset against future taxable trading profits. The unprovided deferred tax asset at 30 June 2016 is GBP3,447,000 (30 June 2015: GBP2,197,000, 31 December 2015: GBP3,269,000) which has not been provided on the grounds that it is uncertain when taxable profits will be generated by the Group to utilise those losses.
5. LOSS PER SHARE
The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.
Unaudited Unaudited six months six months ended ended 30 June 2016 30 June 2015 GBP'000 GBP'000 Loss on ordinary activities after tax (GBP'000) (932) (1,634) --------------------- --------------------- Weighted average number of shares for calculating basic loss per share 8,461,899,843 6,944,959,686 --------------------- --------------------- Basic and diluted loss per share (pence) (0.01) (0.02) --------------------- ---------------------
Diluted earnings per share is the same as basic loss per share in each year because the potential shares arising under the share option scheme, share warrants and convertible bonds are anti-dilutive.
The weighted average number of ordinary shares excludes deferred shares which have no voting rights and no entitlement to a dividend.
6. CONVERTIBLE SECURED LOAN NOTES
The Company has issued three tranches of convertible secured loan notes ("Notes") to Odey European Inc. ("OEI"). The Notes carry a non-cash coupon of 15% per annum which compounds half yearly and are secured by way of a guarantee and debenture granted by Tri-Star Antimony Canada Inc. The Notes are redeemable at 100% of their principal amount plus accrued interest by way of the issue of new Tri-Star Resources plc ordinary shares on 19 June 2018 (unless otherwise previously so converted).
On 19 June 2013, Tri-Star made the initial issuance of GBP4.0 million of Notes to OEI (the "2013 Notes"). These Notes were drawn down in two tranches of GBP1.33 million on 20 June 2013 and of GBP2.67 million on 27 September 2013.
On 27 August 2014, Tri-Star issued additional GBP2.0 million of Notes to OEI under the same terms as in 2013 (the "2014 Notes"). On 11 August 2015, Tri-Star issued a further GBP2.0 million of Notes, again, under the same terms (the "2015 Notes").
The conversion price is fixed at GBP0.0020. On maturity in June 2018, if a conversion notice has not been served previously, the Notes will convert into new Tri-Star ordinary shares at the conversion price of GBP0.0020. Up to maturity, OEI has the option to serve a conversion notice (at the conversion price) at any time. If the conversion of Notes in the period to maturity results in OEI holding more than 29.9% of the Company's enlarged voting share capital, OEI has the option of either continuing to hold those notes the conversion of which would increase its holding of shares above 29.9% or otherwise to have those notes redeemed in cash.
The Directors consider that the use of the Black-Scholes model is the most appropriate method of valuing the derivative component of the Notes. The following assumptions were used in calculating the fair value:
- the option to convert the Notes into equity will be exercised on 31 December 2016
- share price volatility for a Tri-Star Resources plc share of 117%, which is based on historic volatility
- conversion price of GBP0.0020 - Tri-Star Resources plc share price of GBP0.0009 - the effects of potential dilution have been ignored
The carrying value of the host debt component of the Notes at 30 June 2016 amounted to GBP9,309,000 (31 December 2015: GBP8,318,000; 30 June 2015: GBP5,711,000). The increase in fair value in the six month period, amounting to GBP991,000, has been recorded in finance cost in the Consolidated Statement of Comprehensive Income for the period ended 30 June 2016 (30 June 2015: GBP638,000).
The conversion option is an embedded derivative treated as a liability at fair value through profit and loss. At 30 June 2016 the fair value of the embedded derivative, calculated using the Black-Scholes option valuation model, was GBP253,000 (31 December 2015: GBP1,100,000; 30 June 2015: GBP448,000). The decrease in fair value in the six month period, amounting to GBP847,000, has been recorded in finance income in the Consolidated Statement of Comprehensive Income for the period ended 30 June 2016 (30 June 2015: GBP178,000).
The Notes are recorded in the Consolidated Statement of Financial Position as follows:
Carrying value of At 30 Profit At 31 At 30 Profit At 31 host debt June and loss December June and loss December instrument 2016 movement 2015 2015 movement 2014 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 2013 Notes (4,862) (582) (4,280) (3,748) (459) (3,289) 2014 Notes (2,380) (218) (2,162) (1,963) (179) (1,784) 2015 Notes (2,067) (191) (1,876) - - - TOTAL (9,309) (991) (8,318) (5,711) (638) (5,073) ------- --------- --------- ------- --------- --------- Fair value At 30 Profit At 31 At 30 Profit At 31 of derivative June and loss December June and loss December 2016 movement 2015 2015 movement 2014 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 2013 Notes (140) 468 (608) (313) 124 (437) 2014 Notes (60) 203 (263) (135) 54 (189) 2015 Notes (53) 176 (229) - - - TOTAL (253) 847 (1,100) (448) 178 (626) ------- --------- --------- ------- --------- ---------
7. CONTINGENT ASSET
Under the agreement to sell the Roaster intellectual property to SPMP, there remains a balance of US$ 2million to be paid to Tri-Star by SPMP. This payment is contingent upon the successful completion of a pilot plant and has not been recognised as an asset in the financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEAEFAFMSESU
(END) Dow Jones Newswires
September 29, 2016 02:01 ET (06:01 GMT)
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