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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Westmount Energy Limited | LSE:WTE | London | Ordinary Share | GB00B0S5KR31 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.025 | -1.72% | 1.425 | 1.40 | 1.45 | 1.45 | 1.425 | 1.45 | 75,095 | 12:44:45 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | -2.7M | -2.97M | -0.0206 | -0.69 | 2.05M |
From Apr 2019 to Apr 2024
TIDMWTE
RNS Number : 2182Q
Westmount Energy Limited
25 November 2016
25 November 2016
Westmount Energy Limited
("Westmount" or the "Company")
Final Results
The Company is pleased to announce its Final Results for the year ended 30 June 2016. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders today.
Notice is hereby given that the Annual General Meeting of Westmount will be held at No 2 The Forum, Grenville Street, St Helier, Jersey JE1 4HH, Channel Islands on 20 December 2016 at 11:00 am.
CHAIRMAN'S REVIEW
The Year under review has been another difficult and volatile year for the Oil & Gas industry and in particular the junior E & P sector in which your Company invests.
As previously reported, last December your Company successfully raised a total of GBP509,602 by way of an Open Offer to existing shareholders and a Placing with two new investors, Mr John Craven and Mr Dermot Corcoran. Following the Annual General Meeting on 11 December 2015, the share capital was also amended to Nil Par Value. The amendments to our share capital, addition to our working capital and strengthening of our shareholder base has provided a strong platform to move the Company forward and continue to assess investment opportunities within the energy sector.
The Financial Statements show a loss for the year of GBP434,023, the majority of which relates to a reduction in value of our investment portfolio. The reduction is a non cash item and I comment on the portfolio separately below. Administrative expenses of GBP173,112 include legal and secretarial costs relating to the share subscription and Open Offer documentation, referred to above. The Company's corporate overhead has been reduced as much as possible to an annual rate of approximately GBP100,000 and myself and fellow board member Tom O'Gorman, who invested significantly in the December 2015 Open Offer, have in an effort to preserve cash and save on costs, provided our services free of charge to the Company for the past three years while we actively seek and evaluate an appropriate transaction for the Company.
Portfolio
As reported at the interim stage your Company's portfolio of energy shares is mainly focused on the Falkland Islands. Following an all share merger in January 2016, our holding in Falkland Oil & Gas was exchanged for a holding in Rockhopper Exploration plc. In spite of positive news events and the recent improved oil price, the valuations have not recovered. Your Company recorded a paper loss in the portfolio of GBP260,911 which arose mainly in the first half of the year from the market depreciation in our holding in Falkland Oil and Gas/Rockhopper. The share price performance has been very disappointing, should the share prices of the portfolio increase in the future, the valuations uplift will be shown in our income statement.
FUTURE
The oil price has recovered from the recent lows set in January of this year and recently traded in the $45-$55 range. There is hope that short term supply issues can be resolved by an agreement at the forthcoming OPEC meeting. The recent commodity price improvement and market stability has helped investor sentiment. We have recently seen significant and successful fundraisings from companies such as Providence and Hurricane, which I would have thought was not possible only a short time ago. These fundraising efforts and other such examples in our sector provide confidence that on finding the right opportunity, funding should be available.
When Messrs Craven and Corcoran joined the share register last December, we indicated that we would focus on repositioning your Company as a niche exploration and production investor in the conventional oil and gas sector, to position investors to benefit from a likely price upswing in the next two to five years.
We have reviewed a number of investment and corporate opportunities and shown them to our new shareholders Messrs Craven and Corcoran, for some technical evaluation and input. While we have identified a number of opportunities, including opportunities in the Atlantic Margin arena, we have been unable to conclude a transaction to date.
Westmount has sufficient cash resources on hand to continue to evaluate new opportunities and will revert to shareholders when we have a transaction that we feel will increase shareholder value, has the support of our key shareholders, advisors and importantly can be financed in the market place.
GERARD WALSH
Chairman
Enquiries:-
David King
Westmount Energy Limited Tel: 01534 823028
Nicholas Wells/Elizabeth Bowman
Nomad and Broker
Cenkos Securities plc Tel: 020 7397 8900
www.cenkos.com
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 30 JUNE 2016
Hot Features
Premium
Year ended Year
30 June 2016 ended
30 June
2015
Note GBP GBP
Net loss on financial assets
held at fair value through
profit or loss (260,911) (95,485)
Administrative expenses (173,112) (126,754)
Operating loss (434,023) (222,239)
Loss before and after tax (434,023) (222,239)
Comprehensive loss for the
year (434,023) (222,239)
============== ==========
Basic loss per share (pence) 4 (2.59) (2.26)
-------------- ----------
Diluted loss per share (pence) 4 (2.59) (2.26)
-------------- ----------
All results are derived from
continuing operations.
The Company has no items of other comprehensive
income.
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
As at As at
30 June 2016 30 June
2015
Notes GBP GBP
ASSETS
Non-Current Assets
Financial assets at fair
value through profit or
loss 5 216,299 536,821
------------- --------------
Current Assets
Other receivables 6 10,023 9,721
Cash and cash equivalents 7 402,716 7,291
------------- --------------
412,739 17,012
------------- --------------
Total assets 629,038 553,833
============= ==============
LIABILITIES AND EQUITY
Current Liabilities
Trade and other payables 8 31,387 31,760
------------- --------------
EQUITY
Share capital 9 3,027,221 1,966,060
Share premium account 10 - 551,560
Share option account 10 349,906 349,906
Retained earnings (2,779,476) (2,345,453)
------------- --------------
Total equity 597,651 522,073
------------- --------------
Total liabilities and equity 629,038 553,833
============= ==============
STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 30 JUNE 2016
Share Share
Share premium option Retained Total
capital account account earnings equity
GBP GBP GBP GBP GBP
As at 1 July 2014 1,966,060 516,778 349,906 (2,123,214) 709,530
Comprehensive income
Loss for the year
ended 30 June 2015 - - - (222,239) (222,239)
Transaction with owners
Expired redemption
of B shares not taken
up - 34,782 - - 34,782
At 30 June 2015 1,966,060 551,560 349,906 (2,345,453) 522,073
---------- ------------ -------- ------------ ----------
Comprehensive income
Loss for the year
ended 30 June 2016 - - - (434,023) (434,023)
Transaction with owners
Open offer at 4p per
20p ordinary share 509,601 - - - 509,601
Conversion of 20p
ordinary shares to
nil par value shares 551,560 (551,560) - - -
At 30 June 2016 3,027,221 - 349,906 (2,779,476) 597,651
---------- ------------ -------- ------------ ----------
STATEMENT OF CASH FLOWS
FOR THE YEARED 30 JUNE 2016
Year ended Year ended
30 June 30 June 2015
2016
Note GBP GBP
Cash flows from operating
activities
Total comprehensive loss
for the year (434,023) (222,239)
Adjustment for net loss
on financial assets at fair
value through profit or
loss 260,911 95,485
Increase in other receivables (302) (2,114)
Decrease in trade and other
payables (373) (26,071)
Proceeds from sale of investments 59,611 50,582
----------- --------------
Net cash outflows from operating
activities (114,176) (104,357)
----------- --------------
Cash flows from financing
activities
Proceeds from issue of ordinary 509,601 -
shares
Expired redemption of B
shares not taken up 10 - 34,782
----------- --------------
Net cash generated from
financing activities 509,601 34,782
Net increase / (decrease)
in cash and cash equivalents 395,425 (69,575)
----------- --------------
Cash and cash equivalents
at beginning of year 7,291 76,866
Cash and cash equivalents
at end of year 7 402,716 7,291
----------- --------------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARED 30 JUNE 2016
1. GENERAL INFORMATION AND STATEMENTS OF COMPLIANCE
WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS
AS ADOPTED BY THE EUROPEAN UNION
Westmount Energy Limited (the "Company") operates
solely as an energy investment company. The investment
strategy of the Company is to provide seed capital
to small companies that are identified as having
significant growth possibilities.
The Company was incorporated in Jersey on 1 October
1992 under the Companies (Jersey) Law 1991, as amended,
and is a public company with registered number 53623.
The Company is listed on the London Stock Exchange
Alternative Investment Market ("AIM").
Basis of Preparation
The financial statements have been prepared under
the historical cost convention with the exception
of investments measured at fair value and are in
accordance with International Financial Reporting
Standards ("IFRSs") as adopted by the European Union,
including standards and interpretations issued by
the International Accounting Standards Board ("IASB").
2. ACCOUNTING POLICIES
The significant accounting policies that have been
applied in the preparation of these financial statements
are summarised below. These accounting policies
have been used throughout all periods presented
in the financial statements.
Standards, amendments and interpretations to existing
standards that are not yet effective and have not
been adopted early by the Company
At the date of authorisation of these financial
statements, certain new standards, amendments and
interpretations to existing standards have been
published by the IASB but are not yet effective,
and have not been adopted early by the Company.
Management anticipates that all of the relevant
pronouncements will be adopted in the Company's
accounting policies for the first period beginning
after the effective date of the pronouncement. Information
on new standards, amendments and interpretations
that are expected to be relevant to the Company's
financial statements is provided below. Certain
other new standards and interpretations have been
issued but are not expected to have a material impact
on the Company's financial statements.
IFRS 9 'Financial Instruments' (2014)
The IASB released IFRS 9 'Financial Instruments'
(2014), representing the completion of its project
to replace IAS 39 'Financial Instruments: Recognition
and Measurement'. The standard introduces extensive
changes to IAS 39's guidance on the classification
and measurement of financial assets and introduces
a new 'expected credit loss' model for the impairment
of financial assets. IFRS 9 also provides new guidance
on the application of hedge accounting.
Management has started to assess the impact of IFRS
9 but is not yet in a position to provide quantified
information. At this stage the main areas of expected
impact are as follows:
-- the classification and measurement of the Company's
financial assets will need to be considered based
on the new criteria that considers the assets' contractual
cash flows and the business model in which they
are managed;
-- an expected credit loss-based impairment will
need to be recognised on the Company's trade receivables
and investments in debt-type assets currently classified
as available for sale and held to maturity, unless
classified as at fair value through profit or loss
in accordance with the new criteria; and
-- it will no longer be possible to measure equity
investments at cost less impairment and all such
investments will instead be measured at fair value.
Changes in fair value will be presented in profit
or loss unless the Company makes an irrevocable
designation to present them in other comprehensive
income.
IFRS 9 is effective for annual reporting periods
beginning on or after 1 January 2018.
Use of estimates and judgements
The preparation of financial statements in conformity
with IFRS requires the use of accounting estimates
and exercise of judgement by the management while
applying the Company's accounting policies in relation
to the value of options issued, as set out in note
10. These estimates are based on the management's
best knowledge of the events which existed at the
date of issue of the financial statements and at
the Statement of Financial Position date however,
the actual results may differ from these estimates.
Functional and presentational currency
The functional currency of the Company is United
Kingdom Sterling ("Sterling"), the currency of the
primary economic environment in which the Company
operates. The presentation currency of the Company
for accounting purposes is also Sterling.
Transactions and balances
Foreign currency monetary assets and liabilities
are translated into Sterling at the rate of exchange
ruling on the last day of the Company's financial
year. Foreign currency transactions are translated
at the exchange rate ruling on the date of the transaction.
Gains and losses arising on the currency translation
are included in administrative expenses in the Statement
of Comprehensive Income in the year in which they
arise.
Financial assets
The Company classifies its financial assets at fair
value through profit or loss.
The classification depends on the purpose for which
the financial assets were acquired. Management determines
the classification of its financial assets at initial
recognition.
Financial assets at fair value through profit or
loss
The Company designates its financial assets as at
fair value through profit or loss as the financial
assets are managed and their performance is evaluated
on a fair value basis. Financial assets carried
at fair value through profit or loss are initially
recognised at fair value and any transactions costs
are recognised in the Statement of Comprehensive
Income. Regular purchases and sales of financial
assets are recognised on the trade date, the date
on which the Company commits to purchase or sell
the investment.
Financial assets are derecognised when the rights
to receive cash flows from the investments have
expired or the Company has transferred substantially
all the risks and rewards of ownership. Financial
assets at fair value through profit or loss are
subsequently carried at fair value. Any gains or
losses on derecognition of financial assets is calculated
after setting the proceeds against the fair value
and, in respect of a part disposal, against the
fair value at the date of sale. The surplus or loss
on realisation is transferred to the Statement of
Comprehensive Income.
Gains or losses arising from changes in the fair
value of the 'financial assets at fair value through
profit or loss' are presented in the statement of
comprehensive income in the period in which they
arise.
Financial liabilities
Financial liabilities are trade and other payables
and are financial liabilities with fixed or determinable
payments that are not quoted in an active market.
They arise when the Company either receives services
from another entity or purchases any security the
settlement of which remains outstanding as at the
reporting date. Payables are recognised initially
at fair value less transaction costs, if any. These
are subsequently measured at amortised cost using
the effective interest method. Given the short term
nature of payables, (period between their origination
and settlement), their amortised cost is considered
a reasonable estimate of their fair value.
Share capital
Shares are classified as equity when there is no
obligation to transfer cash or other assets.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and
deposits held at call with banks. For the purpose
of the Statement of Cash Flows, cash and cash equivalents
are considered to be all highly liquid investments
with maturity of three months or less at inception.
Equity, reserves and dividend payments
Ordinary shares are classified as equity. Share
premium includes any premiums received on issue
of share capital. Transaction costs associated with
the issuing of shares are deducted from share premium.
Retained earnings include all current and prior
period retained profits.
Revenue Recognition
Revenue comprises interest income from short term
deposits and is recognised on an accruals basis.
Expenditure
The expenses of the Company are recognised on an
accruals basis in the Statement of Comprehensive
Income.
Share options
Equity-settled share based payment transactions
are measured at the fair value of the goods and
services received unless that cannot be reliably
estimated, in which case they are measured at the
fair value of the equity instruments granted. Fair
value is measured at the grant date and is estimated
using valuation techniques as set out in note 10.
The fair value is recognised in the Statement of
Comprehensive Income, with a corresponding increase
in equity via the share option account. When options
are exercised, the relevant amount in the share
option account is transferred to the share premium
account.
3. TAXATION
The Company is subject to income tax at a rate
of 0%. The Company is registered as an International
Services Entity under the Goods and Services Tax
(Jersey) Law 2007 and a fee of GBP200 has been paid,
which has been included in administrative expenses.
4. LOSS PER SHARE
The calculation of basic loss per ordinary share
is based on the comprehensive loss for the year
of (GBP434,023) (2015: (GBP222,239)). The weighted
average number of shares in issue during the year
was 16,765,990 (2015: 9,830,300). As explained in
note 10 there are share options in issue over the
Company's ordinary shares. The options would decrease
the basic loss per share and as a result there is
no dilution effect on the loss per share, therefore
the diluted loss per share is the same as the basic
loss per share.
5. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT
OR LOSS
2016 2015
GBP GBP
Sterling Energy plc ("Sterling") 45,750 52,500
Argos Resources Ltd ("Argos") 37,500 81,300
Falkland Oil & Gas Ltd
("Falkland") - 394,198
Rockhopper Exploration
plc ("Rockhopper") 128,036 -
Pancontinental Oil & Gas NL
("Pancontinental") 5,013 8,823
---------------- ----------------
Total investments 216,299 536,821
---------------- ----------------
On 18 January 2016 Falkland entered into an all
share merger agreement with Rockhopper. After the
merger, the Company received 0.2993 Rockhopper shares
for each Falkland share, therefore 1,196,600 Falkland
shares were converted to 358,142 Rockhopper shares.
On 30 June 2016, the market value of the Company's
holding of 358,142 (2015: 1,446,600) ordinary fully
paid shares in Rockhopper (2015: Falkland), representing
0.08% (2015: 0.27%) of the issued share capital
of the company, was GBP128,036 (2015: GBP394,198)
(35.75p per share (2015: 27.25p)). 250,000 Falkland
shares were disposed in the current year.
On 30 June 2016, the market value of the Company's
holding of 300,000 (2015: 300,000) ordinary fully
paid shares in Sterling, representing 0.14% (2015:
0.14%) of the issued share capital of the Company,
was GBP45,750 (2015: GBP52,500) (15.25p per share
(2015: 17.50p per share)). No (2015: 200,000) shares
were disposed in the current year.
On 30 June 2016, the market value of the Company's
holding of 1,000,000 (2015: 1,000,000) ordinary
fully paid shares in Argos, representing 0.46% (2015:
0.46%) of the issued share capital of the company,
was GBP37,500 (2015: GBP81,300) (3.75p per share
(2015: 8.13p per share)). No shares were disposed
in the current or prior year.
On 30 June 2016, the market value of the Company's
holding of 3,000,000 (2015: 3,000,000) ordinary
fully paid shares in Pancontinental, representing
0.26% (2015: 0.26%) of the issued share capital
of the company, was GBP5,013 (2015: GBP8,823) (0.17p
per share (2015: 0.29p per share)). No shares were
disposed in the current or prior year.
6. OTHER RECEIVABLES
2016 2015
GBP GBP
Prepayments 10,023 9,721
---------------- ----------------
7. CASH AND CASH EQUIVALENTS
2016 2015
GBP GBP
Fixed deposit 400,256 -
Cash at bank 2,460 7,291
---------------- ----------------
402,716 7,291
---------------- ----------------
Cash is held on fixed deposit for a term of one
month.
Cash and cash equivalents are considered to be highly
liquid, so that book cost is considered equivalent
to fair value.
8. TRADE AND OTHER PAYABLES
2016 2015
GBP GBP
Accrued expenses 31,387 31,760
---------------- ----------------
9. SHARE CAPITAL
2016 2015
GBP GBP
Authorised:
200,000,000 (2015: 200,000,000)
nil par ordinary shares (2015:
20p each) - 40,000,000
------------ -----------
200,000,000 (2015: 200,000,000)
redeemable "B" shares of nil par
each (2015: 1p each) - 2,000,000
------------ -----------
Allotted, called up and fully paid: Ordinary Ordinary
shares shares
No. GBP
1 July 2015 9,830,300 1,966,060
Additions 12,740,035 509,601
Conversion of share premium account - 551,560
At 30 June 2016 22,570,335 3,027,221
On 14 December 2015, the Company raised further
capital in the form of a subscription in conjunction
with an open offer. The Subscription raised GBP240,000
before expenses with 6,000,000 ordinary shares at
4 pence per share. The open offer raised GBP269,601
before expenses with 6,740,035 ordinary shares at
4 pence per share.
There were no redemptions of share issues during
the year ended 30 June 2016.
10. SHARE PREMIUM AND SHARE OPTIONS
Share Share
Premium option
Account Account
GBP GBP
1 July 2015 551,560 349,906
Conversion to Nil Par value shares (551,560) -
At 30 June
2016 - 349,906
On 22 September 2009 the Company granted 250,000
share options at a weighted average exercise price
of 62p per share.
In 2011 the terms of the options were changed, to
give a weighted average exercise price of 17p per
share. In 2012 this was changed to 20p per share.
On 5 December 2011 the Company granted 1,500,000
share options at a weighted average exercise price
of 20p per share. The fair value of those options
granted, after adjusting for the changes in the
exercise price, was GBP184,590 using the Black Scholes
valuation model.
As at 30 June 2016, options were outstanding over
1,650,000 (2015: 1,650,000) ordinary nil par shares,
with a weighted average exercise price of 20p (2015:
20p). The options vested in the year ended 31 December
2012 and are exercisable at the option of the option
holder, expiring 31 December 2016. During the year
nil (2015: nil) options were exercised and GBPnil
(2015: GBPnil) of the option reserve was released
to share premium.
During the year, as part of the open offer, the
Company converted its nominal and issued share capital
to nil par value. As a consequence of the re-designation
of the shares as nil par value, the Company has
transferred the amount of the share premium account
to share capital.
11. FINANCIAL RISK
The Company's investment activities expose it to
a variety of financial risks: market risk (including
foreign exchange risk, price risk and interest rate
risk), credit risk and liquidity risk. The Company's
overall risk management programme focuses on the
unpredictability of financial markets and seeks
to minimise potential adverse effects on the Company's
financial performance.
a) Market Risk
i) Foreign exchange risk
The Company is not exposed to significant currency
risk as it invests in companies listed on the London
Stock Exchange, predominately denominated in Sterling
and has cash balances denominated in Sterling. The
Company does have exposure to currency risk through
its investment in Pancontinental, the directors
do not deem the exposure significant and have not
hedged this exposure.
ii) Price risk
Price risk is the risk that the fair value of the
future cash flows of a financial instrument will
fluctuate due to changes in market prices. The Company
is exposed to price risk on the investments held
by the Company and classified by the Company on
the Statement of Financial Position as fair value
through profit or loss. To manage its price risk
management closely monitor the activities of the
underlying investments.
The Company's exposure to price risk is as follows:
Fair Value
Fair Value Through Profit or
Loss, as at 30 June 2016 216,299
Fair Value Through Profit or
Loss, as at 30 June 2015 536,821
The Company's investments are all publicly traded
and listed on either the Alternative Investment
Market ("AIM") or on the Australian Stock Exchange.
The Company's sensitivity to a 15% increase/(decrease)
in market price would be GBP32,445/(GBP32,445) (2015:
GBP80,523/(GBP80,523)). A positive number indicates
an increase in the net assets attributable to ordinary
shareholders and a negative number indicates a decrease.
The 15% increase/(decrease) on the net assets attributable
to ordinary shareholders would have the same impact
on the post-tax profit for the year. 15% represents
management's assessment of a reasonably possible
change in the market prices.
iii) Interest rate risk
Interest rate risk is the risk that the fair value
or future cash flows of a financial instrument will
fluctuate because of changes in market interest
rates. The Company is not significantly exposed
to interest rate risk as it does not have any borrowings,
however, the Company does have short term (<3 months)
cash deposits, which exposes the Company to effects
of fluctuations in the prevailing levels of market
interest rates on its cash flow.
An increase in the interest rates of 0.5% (2015:
1%) would cause the Company's net financial assets
to increase by GBP2,014 (2015: GBP73). An equal
change in the opposite direction would have decreased
the net assets attributable to shareholders by an
equal but opposite amount. 0.5% represents the management's
assessment of a reasonably possible change in interest
rates.
The following table summarises the Company's exposure
to interest rate risks:
Interest rate risk profile
As at 30 June 2016
Up Over Non-interest Total
to 1 bearing GBP
1 year
year
Assets
Other
receivables - - 10,023 10,023
Cash and
cash
equivalents 402,716 - - 402,716
---------------- ------------- ------------------ ------------------
402,716 - 10,023 412,739
---------------- ------------- ------------------ ------------------
Liabilities
Trade and
other
payables - - 31,387 31,387
---------------- ------------- ------------------ ------------------
As at 30 June 2015
Up Over 1 Non-interest Total
to year Bearing GBP
1
year
Assets
Other
receivables - - 9,721 9,721
Cash and
cash
equivalents 7,291 - - 7,291
---------------- ------------- ------------------ ------------------
7,291 - 9,721 17,012
---------------- ------------- ------------------ ------------------
Liabilities
Trade and
other
payables - - 31,760 31,760
---------------- ------------- ------------------ ------------------
b) Credit Risk
Credit risk is the risk that an issuer or counterparty
will be unable or unwilling to meet commitments
it has entered into with the Company. The carrying
amounts of the financial assets best represent the
maximum credit exposure at the end of the reporting
period. This also relates to the financial assets
carried at cost, as they have a short term to maturity.
The Directors do not believe the Company is subject
to any significant credit risk exposure regarding
trade receivables. At the period end date the Company
was exposed to credit risk on the investments of
which the shareholders are aware. The Directors
regularly review the investments held by the Company.
At the end of the reporting period, the Company's
financial assets exposed to credit risk amounted
to the following:
2016 2015
GBP GBP
Financial assets at fair value
through profit or loss 216,299 536,821
Other receivables 10,023 9,721
Cash and cash equivalents 402,716 7,291
---------------------- -------------
629,038 553,833
---------------------- -------------
The Company considers that all the above financial
assets are not impaired or past due for each of
the reporting dates under review and are of good
credit quality.
c) Liquidity Risk
Liquidity risk is the risk that the Company cannot
meet its liabilities as they fall due. The Company's
primary source of liquidity consists of cash and
cash equivalents and financial assets held at fair
value through profit or loss. The Company's financial
assets at fair value through profit or loss are
publicly traded and are deemed highly liquid.
The following table details the contractual, undiscounted
cash flows of the Company's financial liabilities:
As at 30 June 2016
Up to 3 Up to Over Total
months 1 year 1 GBP
year
Financial liabilities
Accrued expenses 31,387 - - 31,387
31,387 - - 31,387
------------------------------- ------------------------------ ------------------- -------------
As at 30 June 2015
Up to 3 Up to Over Total
Months 1 year 1 GBP
year
Financial liabilities
Accrued expenses 31,760 - - 31,760
31,760 - - 31,760
Capital Management
The Company's objective when managing capital is
to safeguard the Company's ability to continue as
a going concern in order to provide optimum returns
for shareholders and benefits for other stakeholders
and to maintain an optimal capital structure to
reduce cost of capital.
In order to maintain or adjust the capital structure,
the Company may issue new shares, return capital
to shareholders or sell assets. The Company does
not have any debt nor is the Company subject to
any external capital requirements.
Fair Value Estimation
The Company has classified its financial assets
as fair value through profit or loss and fair value
is determined via one of the following categories:
Level I - An unadjusted quoted price in an active
market provides the most reliable evidence of fair
value and is used to measure fair value whenever
available. As required by IFRS 7, the Company will
not adjust the quoted price for these investments,
(even in situations where it holds a large position
and a sale could reasonably impact the quoted price).
Level II - Inputs are other than unadjusted quoted
prices in active markets, which are either directly
or indirectly observable as of the reporting date,
and fair value is determined through the use of
models or other valuation methodologies.
Level III - Inputs are unobservable for the investment
and include situations where there is little, if
any, market activity for the investment. The inputs
into the determination of fair value require significant
management judgment or estimation.
The investments held by the Company fall within
Level 1 as they are valued by unadjusted quoted
prices.
12. DIRECTORS' REMUNERATION AND SHARE OPTIONS
2016 2015 2016
Directors' Directors' Options
fees fees outstanding
GBP GBP GBP
D R King 12,000 14,750 -
M Bradlow 8,000 8,000 550,000
G Walsh - - 500,000
T O'Gorman - - 500,000
P J Richardson (resigned
9(th) January 2015) - 4,000 50,000
----------- ----------- -------------
20,000 26,750 1,600,000
----------- ----------- -------------
At the year end the Company owed GBP3,000 (2015:
GBP1,000) in outstanding directors' fees.
No share options were issued during the year ended
30 June 2016 (2015: nil) and nil (2015: nil) options
were exercised during the year. All outstanding
options are due to expire 31 December 2016.
The Company does not employ any staff except for
its Board of Directors. The Company does not contribute
to the pensions or any other long-term incentive
schemes on behalf of its Directors.
13. RELATED PARTIES
The preparation of the financial statements of the
Company, and Company Secretary services are undertaken
by Stonehage Fleming Corporate Services Limited.
During the year fees totalling GBP46,792 (2015:
GBPnil) were paid to Stonehage Fleming Corporate
Services Limited of which GBP22,287 (2015: GBPnil)
was outstanding at the year end.
Stonehage Fleming Corporate Services Limited was
appointed as Company Secretary on 17(th) September
2015. The previous Company Secretary was Crestbridge
Corporate Services Limited. During the year fees
totalling GBPnil (2015: GBP46,471 were paid to Crestbridge
Corporate Services Limited of which GBPnil (2015:
GBP12,360) was outstanding at the year end.
Fees paid to the Directors are disclosed in note
12.
14. CONTROLLING PARTY
In the opinion of the Directors the Company does
not have a controlling party.
15. SUBSEQUENT EVENTS
On 15 November 2016, the market value of the investments
that were held at 30 June 2016 was GBP182,954, which
represents a material decline in the value of the
investments from the end of the reporting period.
The decline reflects the current market conditions
on investments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR AKPDDPBDDDDB
(END) Dow Jones Newswires
November 25, 2016 10:13 ET (15:13 GMT)
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