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| CDN Maverick Capital Corp | CSE:CDN | CSE | Common Stock |
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RNS Number:5386K
Caledon Resources PLC
30 April 2003
Caledon Resources Plc ("Caledon" or the "Company"
(Formerly Finelot Plc)
Interim Results
for the six months
ended 31 January 2003
Chairman's Statement
Following the successful conclusion of an extraordinary general meeting held on
11 April 2003 where all resolutions where duly passed, I am pleased to announce
that the Company has successfully completed its reorganisation to become a
mining investment Company. As part of the reorganisation the company
successfully raised #1,245,592 before costs from the placing and open offer of
124,559,285 ordinary shares and acquired Blackwatch Resources limited
("Blackwatch Resources"), a BVI incorporated company, which is involved in the
exploration of various mining targets in South East Asia, with particular
emphasis on China.
New Directors
Following Caledon's successful acquisition of Blackwatch Resources it has
appointed three experienced mining executives to its Board with the addition of
Messrs. Paul Ingram, George Salamis and Graham Mascall.
As internationally recognised geologists with extensive experience working in
China, Mr. Salamis and Mr. Ingram bring to Caledon's Board of Directors a wealth
of technical and executive expertise in the field of gold exploration and
project management. Mr. Ingram will be managing the Chinese exploration efforts
of Caledon's wholly owned subsidiary, Blackwatch Resources and George Salamis
has assumed an executive role with Caledon. The addition of Mr. Mascall, given
his corporate development background as a former senior executive of BHP
Billiton PLC, serves to further complement the Board's depth of skills.
The addition of these new Board members is part of the Group's new strategic
plan focused on enhancing shareholder value through the addition of sound
technical guidance at the Board and Executive level.
Institutional exposure of any mining exploration venture is vital to its
development and I am pleased to announce that Donal Douglas, an ex-stockbroker
and smaller companies fund manager, has agreed to assume the role of Investor
and Institutional Relations Manager.
New Focus: China
The group has assembled a team of geologists whose main focus over the past 15
years has been to identify and evaluate gold occurrences and deposits throughout
East Asia on behalf of several major mining companies.
Of the 300 plus gold occurrences and districts identified and screened over the
years by our team, five distinct gold districts have emerged as top-priority
ranked targets, based on their distinct geological similarities with the
multi-million ounce gold districts found in the State of Nevada, U.S.A
('Carlin-districts").
The five highly ranked areas in Guangxi Province have become the focus of
Caledon's most recent exploration efforts in China. With the potential extent of
gold mineralisation recently identified, the group has submitted applications
for mineral titles on all five districts. The group is currently negotiating the
rights to additional areas of interest.
China: A New Day for Foreign Mining Investment
Recognising the need for foreign mining investment, in parallel with China's
entry into the World Trade Organisation, the country has adopted a number of
sweeping changes that have recently been enacted in their mining legislation. In
the country's bid to attract foreign investment and mend the fractured structure
of their mining industry, the Chinese government through powers delegated to the
provinces, allows foreign ownership of up to 90% in mineral titles and producing
gold assets. In addition, various tax incentives exist to help foreign gold
explorers and producers.
Perhaps the most relevant change recently enacted in China, involves the
evolution towards complete transparency within the Chinese gold markets.
Companies can now buy and sell gold on the Shanghai Gold Exchange, which quotes
gold prices in line with the London Gold Fix rates. Additional mechanisms are
currently in place to allow for repatriation of profits from Chinese based,
foreign operated gold mining operations. Further enhancements are expected
within the year.
The group now has all of the key primary ingredients in place in order to
position the group for maximum returns. Those key ingredients are: 1) highly
experienced, Asia based technical management with proven exploration abilities,
2) being in the process of acquiring a title lock on a number of properties
hosting potential multi-million ounce disseminated gold potential and 3) an
appropriate amount of financing in place allowing the group to conduct a
meaningful first-pass exploration programs within these districts. Given the
sweeping changes that China's mining law has recently undergone, Caledon is well
positioned to maximise gold exploration opportunities that exist in the
country."
Magazine
"FINE", the group's lifestyle magazine, was sold to Pure Imaging on 31 January
2003 for a deferred consideration of US$58,000. The cash consideration is to be
paid in 12 instalments commencing January 2003. To date no instalments have been
received.
Group Results
Loss before tax in the six months ended 31 January 2003 was #57,000 (2002:
#279,000). The loss per share was 0.23 pence, which compared to a loss per share
of 1.12 pence at 31 January 2002.
I would like to thank all the Caledon shareholders who have stayed with the
group through the difficult period of reorganisation and all of the new
shareholders who are supporting the Company in its new direction.
Mining exploration is difficult and costly but Caledon has put in place many of
the essential ingredients to a good start.
Stephen R Dattels
Chairman
Group profit and loss account for the six months ended 31 January 2003
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 Jan 31 Jan 31 July
2003 2002 2002
#'000 #'000 #'000
Turnover
- Continuing - - -
operations
- Discontinued 7 92 175
operations
------------ ----------- ---------
7 92 175
Costs of goods
sold
- Continuing - - -
operations
- Discontinued (7) (20) (154)
operations
----------- ----------- ---------
(7) (20) (154)
Gross profit - 72 21
Administrative
Expenses
- Continuing (58) (105) (177)
operations
- Discontinued - (255) (202)
operations
----------- ----------- ----------
(58) (360) (379)
Operating Loss
- Continuing (58) (105) (168)
operations
- Discontinued - (183) (190)
operations
----------- ---------- ---------
(58) (288) (358)
Loss on termination - - (104)
of operations
Interest receivable 1 9 15
and similar income
Interest payable and - - (1)
similar charges
--------- ---------- ---------
Loss on ordinary (57) (279) (448)
activities before
taxation
Tax on loss on - - -
ordinary activities
--------- --------- ---------
Retained loss for the (57) (279) (448)
financial year
====== ======= =====
Loss per share - (0.23p) (1.12p) (1.80p)
basic and diluted -
Note 4
Group Balance Sheet as at 31 January 2003
Unaudited
Unaudited 31 Jan Audited
31 Jan 2002 31 July
2003 Restated 2002
#'000 #'000 #'000
Fixed assets
Tangible fixed assets 9 126 10
======== ======= =======
Current assets
Stock - 56 18
Debtors: amounts falling due - 37 -
after one year
Debtors: amounts falling due 14 94 171
within one year
Cash at bank and in hand 148 293 168
-------- ------- -------
162 480 357
Creditors: amounts falling (60) (210) (199)
due within one year
-------- ------- -------
Net current assets 102 270 158
-------- ------- -------
-------- ------- -------
Net assets 111 396 168
======== ======= =======
Capital and reserves
Called up share capital 2,491 2,491 2,491
Share Premium 2,078 2,078 2,078
Other reserves (91) (91) (91)
Profit and loss account - (4,367) (4,082) (4,310)
deficit
-------- ------- -------
Total equity shareholders' 111 396 168
funds ======== ======= =======
Group Cashflow Statement
Unaudited Unaudited 6 Audited Year
6 months months ended
ended ended 31 July
31 Jan 2003 31 Jan 2002 2002
#'000 #'000 #'000
Net cash outflow from (14) (750) (877)
continuing operating --------- -------- -------
activities
Returns on investments
and servicing of
finance
Interest received 1 9 15
Interest paid - - (1)
--------- -------- -------
Net cash inflow from 1 9 14
returns on investments
and servicing of
finance
Capital expenditure and
financial investment
Purchase of tangible - - (1)
fixed assets
--------- -------- -------
Net cash outflow for - - (1)
capital expenditure and
financial investment
--------- -------- -------
Cash outflow before (13) (741) (864)
financing --------- -------- -------
Financing
Issue of ordinary - - -
shares
Cost of issue of - - -
shares
Repayment of loans - - -
Capital contributions - - -
--------- -------- -------
Cash inflow from - - -
financing --------- -------- -------
--------- -------- -------
Decrease in net cash in (13) (741) (864)
the period ========= ======== =======
Notes to the group cash flow statement
(a) Reconciliation of operating loss to net cash outflow from operating
activities
Unaudited 6 Unaudited 6 Audited Year
months ended months ended ended
31 Jan 2003 31 Jan 2002 31 July 2002
#'000 #'000 #'000
Operating loss (58) (288) (358)
Depreciation of tangible 1 13 25
fixed assets
Decrease/(increase) in 18 (47) (9)
stocks
Decrease/(increase) in 157 (17) (56)
debtors
(Decrease)/increase in (132) (411) (479)
creditors
-------- ------- ------
Net cash outflow from (14) (750) (877)
operating activities ======== ======= ======
(b) Analysis of net funds
At 1 Aug 2002 At 31Jan 2003
Cash flow
#'000 #'000 #'000
Cash 168 (20) 148
Bank overdraft (7) 7 -
-------- ------- ------
Net cash 161 (13) 148
======== ======= ======
Notes to the financial statements
1. Basis of preparation
The financial information set out above is based on the consolidated
financial statements of Caledon Resources PLC (formerly Finelot PLC) and
its subsidiary Finelot Trading Company Limited (together referred to as
the "Group"). The accounts of the Group for the six months ended 31st
January 2003, which are unaudited, were approved by the Board on 29th
April 2003. In accordance with s240(s) of the companies Act 1985, such
unaudited results do not constitute statutory accounts of the company or
group. These accounts have been prepared in accordance with the
accounting policies set out in the Report and Accounts of Finelot PLC
for the year ended 31st July 2002.
The consolidated financial statements incorporate the results of Caledon
Resources PLC and its subsidiary undertaking as at 31st January 2003
using the merger method of accounting.
Prior period adjustment
As disclosed in the annual report for the year ended 31 July 2002, the
group restated its 2001 comparatives to write off the development
expenditure under SSAP13 within intangible fixed assets. Accordingly,
the unaudited results for the 6 months ended 31 January 2002 have also
been restated to reflect the write off from intangible fixed assets
totalling #907,000.
Sale of Magazine
The group's lifestyle magazine "FINE" was sold to Pure Imaging its
publishing partner on 31 January 2003 for a deferred consideration of
US$58,000. The cash consideration will be paid in 12 instalments. As no
instalments have been received to date the sale will be realised on a
proportional basis, on receipt of cash.
2. Dividend
The directors do not recommend payment of a dividend for the period.
3. Post Balance Sheet Events
Following an extraordinary meeting held on 11 April 2003, the company:
- changed its name to Caledon Resources PLC;
- restructured its share capital, such that each existing 10p
ordinary share was divided into 1 new ordinary share of 0.1p each
and 99 deferred shares of 0.1p each. The new ordinary shares carry
the same rights as the existing ordinary shares whereas the deferred
shares, which will not be listed, carry no rights;
- was readmitted to the Alternative Investment Market;
- carried out a change in its principal activities to that of a
mining investment company;
- raised approx #1.25m before expenses, following a placing and
open offer of 124,559,285 new ordinary shares of 0.1p each at a
value of 1p per share;
- completed the acquisition of Blackwatch Resources Limited, a BVI
incorporated company, which is involved in the exploration of
various mining targets in South East Asia, with particular emphasis
on China.
4. Loss per share
Basic loss per share of 0.23 pence (2002: 1.12 pence) is calculated, in
accordance with FRS 14 (Earnings per share), on loss on ordinary
activities after tax of #57,000 (2002: #279,000) and on 24,911,857
(2002: 24,911,857) ordinary shares, being the weighted average number of
ordinary shares in issue during the period. The calculation of diluted
loss per share is the same as basic loss per share as the impact of any
potential ordinary shares is antidilutive.
5. Interim report
Copies of this interim report for the six months ended 31 January 2003
will be sent to shareholders. Further copies will be available from the
offices of Caledon Resources PLC, 22 Grosvenor Square, London, W1K 6LF.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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