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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
BWA Group plc | AQSE:BWAP | Aquis Stock Exchange | Ordinary Share | GB0033877555 | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.465 | 0.45 | 0.48 | 0.00 | 13:12:33 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBWAP 30 June 2022 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS 2019/310 BWA Group PLC ("BWA" or the "Company") Final Results for the 12 months to 31 December 2021 BWA Group plc [AQSE: BWAP], which has mineral exploration licences split between Canada and Cameroon at various stages of development and is quoted on London's AQSE Growth Market, is pleased to announce its final results and the publication of its audited annual report and accounts for the year to 31 December 2021 (the "Annual Report"). A copy of the Annual Report has been posted on the Company's website, http://www.bwagroupplc.com, and can also be viewed here: https://mma.prnewswire.com/media/1851592/BWA_2021_Accounts.pdf The Company's annual general meeting ("AGM") for the year ended 31 December 2021 will be held at 11.00 am on 1 August 2022 at One Bartholomew Close, London EC1A 7BL. A copy of the notice of AGM will be posted on the Company's website. The notice of AGM, along with copies of the Annual Report for those shareholders who have requested them, is being posted to shareholders today. Key elements from the Annual Report have been extracted and can be viewed below. Ends - For further information: BWA Group PLC +44 (0)7836 238172 Richard Battersby enquiries@bwagroupplc.com Chairman Allenby Capital Limited +44 203 328 5656 Corporate Adviser Nick Harriss REVIEW OF BUSINESS The company's principal investments are a 90% interest in BWA Resources (UK) Limited and a 100% interest in Kings of the North Corp. BWA Resources (UK) Limited owns 100% of the issued capital of BWA Resources Cameroon Limited and of BWA Minerals Cameroon Limited. BWA Resources Cameroon Limited has been granted two exploration licences for Heavy Mineral Sands in Cameroon and has applied for three more similar licences. BWA Minerals Cameroon Limited has applied for two similar licences. During the year activity in Cameroon has been directed towards continuing exploration work on the two claims which have been granted and the results of this work has been announced in January, April and July 2021, culminating in the publication of an early-stage Competent Persons Report in December 2021. All these reports may be seen on the company's website (www.bwagroupplc.com). The board is pleased with the results to date and is continuing the detailed exploration programme at both Dehane and Nkoteng. Kings of the North Corp, incorporated in Quebec, has two exploration licence areas in Ontario and Quebec. Work on these areas has concentrated on ensuring that all licences are properly registered in the name of the company and that all necessary works to retain the licences have been carried out and documented. Exploration work in Canada during 2021 has necessarily been deferred because of Covid restrictions on travel and also because of the litigation which has been commenced in Canada. BWA has commenced an action against the vendors of Kings of the North Corp and certain former directors of Kings of the North Corp for a recission of the purchase and sale agreement together with associated damages. St Georges Eco-Mining Corp, one of the vendors, has made a claim for some C$300,000 (£175,000) against Kings of the North for alleged amounts due to them. This latter claim is being resisted. The main centre of activity is Cameroon which is at a more advanced stage that Canada. The present expectation is that a more detailed review of the two Canadian claim areas will be made in the last quarter of 2022. FUTURE DEVELOPMENTS The directors will use their experience to identify appropriate targets, carry out due diligence and negotiate acquisitions and investments. When appropriate, the directors may consider further fundraising to provide additional resources for the company ahead of such an acquisition or investment. EXTRACT FROM THE INDEPENT AUDITOR'S REPORT Material uncertainty related to going concern We draw attention to note 3 in the financial statements entitled "Going Concern", which indicates that for the Company to continue as a going concern, it will likely need to perform additional fundraising in the next 12 months. As stated in note 3, these events or conditions indicate that a material uncertainty exists that may cast significant doubt over the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors' assessment of the entity's ability to continue to adopt the going concern basis of accounting included: * The consideration of inherent risks to the Company's operations and specifically its business model and its ongoing cash requirements. * The evaluation of how those risks might impact on the Company's available financial resources and the need for additional fund raising. * Where additional resources may be required the reasonableness and practicality of the assumptions made and actions being taken or planned to be taken by the Directors in order to assess the feasibility of the Company raising of the required level of resources to enable the company to remain a going concern. * Liquidity considerations including examination of cash flow projections. * Solvency considerations including examination of budgets and forecasts and their basis of preparation. * Reviewing the adequacy of the disclosure made by the directors in the financial statements detailing the basis of preparation and the material uncertainty attaching to the going concern concept Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. BWA GROUP PLC INCOME STATEMENT FOR THE 12 MONTHS TO 31 DECEMBER 2021 Year Ended 31.12.21 Year Ended 31.12.20 £ £ TURNOVER - - Administrative expenses 747,430 242,788 (242,788) (747,430) Other operating income 240,000 240,000 Gain/(Loss) on revaluation of investments 56,760 (3,594,217) Gain on disposal of investments 567,529 - OPERATING PROFIT/(LOSS) 116,859 (3,597,005) Interest receivable and similar income 5,707 11 Interest payable and similar (42,876) (42,140) charges PROFIT/(LOSS) BEFORE TAXATION 79,690 (3,639,134) Tax on loss - - PROFIT/(LOSS) FOR THE FINANCIAL YEAR 79,690 (3,639,134) Profit/(Loss) per share expressed in pence per share: Basic 0.03 (1.24) Diluted 0.01 (1.24) BWA GROUP PLC OTHER COMPREHENSIVE INCOME FOR THE 12 MONTHS TO 31 DECEMBER 2021 Notes Year Ended 31.12.21 Year Ended 31.12.20 £ £ PROFIT/(LOSS) FOR THE YEAR 79,690 (3,639,134) OTHER COMPREHENSIVE INCOME - TOTAL COMPREHENSIVE PROFIT/(LOSS) 79,690 (3,639,134) FOR THE YEAR BWA GROUP PLC (REGISTERED NUMBER: 00255647) BALANCE SHEET 31 DECEMBER 2021 2021 2020 £ £ FIXED ASSETS Investments 1,980,034 1,813,948 CURRENT ASSETS Debtors 48,402 204,102 Cash at 49,952 1,383 bank
98,354 205,485 CREDITORS (120,809) (221,682) Amounts failing due within one year NET CURRENT (LIABILITIES)/ASSETS (22,455) (16,197) TOTAL ASSETS LESS CURRENT LIABILITIES 1,957,579 2,091,010 CREDITORS (45,021) (44,483) Amounts falling due within one year NET ASSETS 1,912,558 1,753,268 CAPITAL AND RESERVES Called up share capital 1,972,239 1,526,814 Share premium 23,858 15,608 Other reserve (3,243,709) (3,300,724) Capital redemption reserve 288,625 288,625 Equity reserve 4,367,983 4,742,058 Retained earnings (1,496,438) (1,519,113) SHAREHOLDERS' FUNDS 1,912,558 1,753,268 BWA GROUP PLC CASH FLOW STATEMENT FOR THE YEAR TO 31 DECEMBER 2021 Year Ended Year Ended 31.12.21 31.12.20 £ £ Cash flows from operating activities Cash generated from operations (366,287) (88,063) Interest (18,644) (23,987) paid Net cash from operating (384,931) (112,050) activities Cash flows from investing activities Purchase of fixed asset investments (321,785) (8) Proceeds from sale of fixed asset investments 1,018,595 Loans to subsidiary undertakings (273,017) (56,543) Interest received 5,707 11 Net cash from investing activities 429,500 (56,540) Cash flows from financing activities New loans in period - 91,000 Loan repayments in period (41,000) (46,500) Loan note proceeds received 45,000 12,500 Amount repaid to directors - (3,000) Share issue - 100,000 Net cash from financing activities 4,000 154,000 (Decrease)/increase in cash and cash equivalents 48,569 (14,590) Cash and cash equivalents at beginning of year/period 1,383 15,973 Cash and cash equivalents at beginning of year/period 49,952 1,383 END
(END) Dow Jones Newswires
June 30, 2022 12:45 ET (16:45 GMT)
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