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Name | Symbol | Market | Type |
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IQ Merger Arbitrage ETF | AMEX:MNA | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-0.01 | -0.03% | 32.13 | 32.18 | 32.11 | 32.15 | 17,564 | 18:14:38 |
RNS Number:5589M Monterrico Metals PLC 20 June 2003 20 June 2003 MONTERRICO METALS PLC Announcement of preliminary results for the nine month period ending 31 DECEMBER 2002 Monterrico Metals plc ("Monterrico" or the "Group" or the "Company"), the London based resource development company that operates exclusively in Peru, announces its preliminary results for the year ended 31 December 2002. Highlights to date * Raised #3.0 million and was admitted to AIM on 21 June 2002 * Commenced resource definition drilling and pre-feasibility study at Rio Blanco. * Rio Blanco drill intercepts include; 106m at 1.44% copper, 222m at 1.19% copper and 88m at 1.43% copper * Company's interest in Rio Blanco increased to 100%. * Completed scout drilling at the Mamanina copper-zinc-gold project * Entered into farm-in agreements with Minera Calipuy and Newmont Peru on the Pico Machay and Conaviri gold projects respectively. Monterrico has a total of 11 minerals properties in Peru. The Company's strategy is to work toward the development of the Rio Blanco Copper Project and to engage in joint venture / farm-in type agreements on the other properties. In doing so, the projects can progress and add further shareholder value, without diverting Company funds and management's attention from Rio Blanco. In line with this policy Minera Calipuy will spend up to US$ 4,000,000 to earn a 75% interest in Monterrico's wholly-owned Pico Machay gold project in southern central Peru. Newmont Peru may earn an initial 60% interest in the Conaviri property by spending a minimum of US$4,000,000 during the initial four years and may elect to acquire a further 15% interest, and increase it's participation to 75%, by spending an additional US$6,000,000. Financial Results Monterrico raised #3.0 million (#2.57 million net of costs) by placement of 5.55 million ordinary fully paid 10p shares at a price of 54p in June 2002. The proceeds of the capital raising are being used to fund project development and administration costs. Monterrico continued feasibility studies for the development of copper mining operation at the Rio Blanco Project and the geological investigation of the Company's other minerals projects in Peru. Monterrico's total investment in minerals projects in 2002 was #614,768. The group is working towards development of mining operations and had no income during the period. The Company recorded a loss of #367,234 for the 9 month period up to 31 December 2002. Outlook for 2003 During 2002 and into 2003, Monterrico Metals has made considerable progress in assessing the development potential of the Rio Blanco Copper Project. Resource definition drilling has confirmed the presence of a significant tonnage of soluble copper mineralisation at grades well above industry norms. The pre-feasibility study of the Rio Blanco project is nearing completion and Monterrico will work towards the completion of a full engineering feasibility study for the Rio Blanco Copper Project during 2004. For further information: Chris Eager, Chief Executive Tel: 020 7448 5088 / Mobile: 07903 158 301 Monterrico Metals plc Keith Irons Tel: 020 7444 4155 / Mobile: 07885 356 639 Bankside Consultants MONTERRICO METALS PLC CONSOLIDATED SUMMARISED PROFIT AND LOSS ACCOUNT For the period ended 31 DECEMBER 2002 9 months Period from ended incorporation to 31 December 31 March Note 2002 2002 # # Administrative expenses (366,433) (53,000) Exploration costs written off (29,000) Operating loss (395,433) (53,000) Net interest 27,717 47 Loss on ordinary activities before taxation 2 (367,716) (52,953) Tax on loss on ordinary activities 3 - - Profit on ordinary activities after taxation (367,716) (52,953) Equity minority interest 482 Loss for the financial period transferred from reserves 9 (367,234) (52,953) Basic and diluted loss per share (pence) 4 (4.2)p (1.3)p All transactions arise from continuing operations. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 9 months Period from ended incorporation 31 December to 31 March 2002 2002 # # Loss for the financial period (367,234) (52,953) Exchange loss on foreign currency net investments (34,927) (9,257) Total recognised gains and losses for the year (402,161) (62,210) MONTERRICO METALS PLC CONSOLIDATED SUMMARISED BALANCE SHEET AT 31 DECEMBER 2002 31 December 31 March Note 2002 2002 # # Fixed assets Intangible assets 5 329,032 213,590 Tangible assets 18,043 935 Investments 6 614,768 - 961,843 214,525 Current assets Debtors 246,205 192,169 Cash at bank and in hand 1,462,982 76,081 1,709,187 268,250 Creditors: amounts falling due within one year (60,728) (40,833) Net current assets 1,648,459 227,417 Total assets less current liabilities 2,610,302 441,942 2,610,302 441,942 Capital and reserves Called up share capital 7 1,030,472 472,076 Share premium account 8 2,044,683 32,076 Profit and loss account 8 (464,371) (62,210) Shareholders' funds 9 2,610,784 441,942 Minority interest (482) - 2,610,302 441,942 MONTERRICO METALS PLC CONSOLIDATED SUMMARISED CASH FLOW STATEMENT For the period ended 31 DECEMBER 2002 9 months Period from ended incorporation 31 December to 31 March Note 2002 2002 # # Net cash inflow from operating activities 10 (434,965) (28,354) Returns on investments and servicing of finance Interest received 29,217 47 Interest paid (1,500) - Net cash inflow from returns on investments and servicing of 27,717 47 finance Capital expenditure and financial investment Purchase of tangible fixed assets (17,644) (1,190) Purchase of intangible fixed assets (144,442) (15,852) Acquisition of other investments (614,768) (23,816) Net cash outflow from capital expenditure and financial (776,854) (40,838) investment Management of liquid resources Short-term deposits (1,403,288) (150) Net cash outflow from management of liquid resources (1,403,288) (150) Net cash outflow before financing (2,587,390) (69,315) Financing Issue of shares 3,002,840 144,152 Share issue costs (431,837) - Net cash inflow from financing 2,571,003 144,152 (Decrease)/increase in cash 11 (16,387) 74,837 MONTERRICO METALS PLC NOTES TO THE PRELIMINARY ANNOUNCEMENT For the period ended 31 DECEMBER 2002 1. BASIS OF PREPARATION The preliminary announcement has been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards. The year end of the holding company, Monterrico Metals plc, was previously 31 March. With effect from 20 May 2002 the year end was changed to 31 December, to be coterminous with that of the trading subsidiaries. Consequently, these financial statements present current period information for the 9 months to 31 December 2002, and comparative information drawn up for the first accounting period ended 31 March 2002. The principal accounting policies of the Group are set out in the Group's 2002 annual report and financial statements, and the policies have remained unchanged from the previous period. 2. SEGMENTAL INFORMATION Geographical segments All the Group's activities are related to exploration for base and precious metals mining projects in Peru. 9 months Period from ended incorporation 31 December to 31 March 2002 2002 # # Loss before tax: United Kingdom 332,769 48,022 Cayman Island 5,947 1,053 Peru 29,000 3,878 Total 367,716 52,953 Net assets: United Kingdom 1,784,837 44,120 Cayman Island (651) (4,872) Peru 826,116 402,694 Total 2,610,302 441,942 3. TAX ON LOSS ON ORDINARY ACTIVITIES The tax charge/credit represents: 9 months Period from ended incorporation 31 December to 31 March 2002 2002 # # United Kingdom corporation tax at 30% (2002: 30%) - - TAX ON LOSS ON ORDINARY ACTIVITIES (CONTINUED) The tax assessed for the period is different than the standard rate of corporation tax in the UK of 30% (31 March 2002: 30%). The differences are explained as follows: 9 months Period from ended incorporation to 31 December 31 March 2002 2002 # # Loss on ordinary activities before tax (367,716) (52,953) Loss on ordinary activities multiplied by standard rate of corporation (110,315) (15,886) tax in the UK of 30% (31 March 2002: 30%). Effect of: Expenses not deductible for tax purposes 15,410 2,040 Difference between capital allowances and depreciation 160 242 Other timing differences - tax losses carried forward 92,961 12,125 Other 1,784 1,480 Current tax charge for period - - Excess management expenses in the UK of #296,000 (31 March 2002: #40,000) remain available to carry forward against future non-trading income of the company. 4. LOSS PER SHARE The calculation of the loss per ordinary share is based on a loss of #367,234 to 31 December 2002 (loss of #52,953 to 31 March 2002) and the weighted average number of ordinary shares outstanding of 8,660,814 at 31 December 2002 (4,100,710 at 31 March 2002). There is no difference between the diluted loss per share and the loss per share presented. 5. INTANGIBLE FIXED ASSETS Mining concessions and capitalised pre-operating costs # Cost At 1 April 2002 213,590 Additions 144,442 At 31 December 2002 358,032 Amortisation At 1 April 2002 - Write down in the year (29,000) At 31 December 2002 (29,000) Net book amount at 31 December 2002 329,032 Net book amount at 31 March 2002 213,590 Intangible fixed assets consist of acquisition costs of rights on mining concessions, exploration rights and exploration and development costs. 6. FIXED ASSET INVESTMENTS The fixed asset investment of #614,768 (31 March 2002: #nil) represents the Group's investment in the Rio Blanco Project, which has been acquired by the Group since the year end. 7. SHARE CAPITAL At 31 December 2002 At 31 March 2002 Number # Number # Authorised Ordinary shares of 10p (31 March 100,000,000 10,000,000 200,000,000 10,000,000 2002: 5p) each Allotted, called up and fully paid Ordinary shares of 10p (31 March 10,304,715 1,030,472 4,720,761 472,076 2002: 5p) each Authorised share capital On 24 May 2002 authorised ordinary shares were re-valued to 10p each (31 March 2002: 5p). The authorised number of ordinary shares were reduced by 100,000,000. Consolidation and issue of share capital On 24 May 2002, the Company's issued share capital was consolidated 2:1 into 4,720,761 ordinary shares of 10p each. On 13 June 2002, the Company issued 28,399 fully paid ordinary shares of 10p each at 54p per share. On 21 June 2002, the Company listed on the Alternative Investment Market (AIM) and issued 5,555,555 fully paid ordinary shares of 10p each at 54p per share, to raise proceeds of #3,000,000 gross of expenses. 8. SHARE PREMIUM ACCOUNT AND RESERVES Share Profit premium and loss account account # # At 1 April 2002 32,076 (62,210) Retained loss for the year - (367,234) Exchange loss on foreign currency net investments - (34,927) Premium received on shares net of costs 2,012,607 - At 31 December 2002 2,044,683 (464,371) 9. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS At 31 At 31 December March 2002 2002 # # Loss for the financial period (367,234) (52,953) Exchange loss on foreign currency net investments (34,927) (9,257) New share capital subscribed 2,571,003 144,152 Shares issued for investment - 360,000 Net increase in shareholders' funds 2,168,842 441,942 Shareholders' funds at beginning of period 441,942 - Shareholders' funds at end of period 2,610,784 441,942 10. NET CASH OUTFLOW FROM OPERATING ACTIVITIES At 31 At 31 December March 2002 2002 # # Operating loss (395,433) (53,000) Depreciation 536 255 Write down of intangibles 29,000 - (Increase)/decrease in debtors (54,036) 4,782 Increase in creditors 19,895 28,866 Foreign exchange losses (34,927) (9,257) Net cash outflow from operating activities (434,965) (28,354) 11. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS At 31 At 31 December March 2002 2002 # # Decrease/(increase) in cash in the period (16,387) 74,837 Cash inflow from increase in liquid resources 1,403,288 150 Change in net funds resulting from cash flows 1,386,901 74,987 Net funds at 1 April 2002 76,081 1,094 Net funds at 31 December 2002 1,462,982 76,081 12. ANALYSIS OF CHANGES IN NET FUNDS At 1 At 31 April December 2002 Cash flow 2002 # # # Cash in hand and at bank 75,931 (16,387) 59,544 75,931 (16,387) 59,544 Short-term deposits 150 1,403,288 1,403,438 76,081 1,386,901 1,462,982 13. PUBLICATION OF NON-STATUTORY ACCOUNTS The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The summarised balance sheet at 31 December 2002 and the summarised profit and loss account, summarised cash flow statement and associated notes for the period then ended have been extracted from the Group's 31 December 2002 statutory financial statements upon which the auditor's opinion is unqualified and does not include any statement under Section 237 of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END FR FLMLTMMBBBJJ
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