Share Name Share Symbol Market Type Share ISIN Share Description
PEMBRIDGE RESOURCES PLC NEX:PERE.GB NEX Ordinary Share GB00B3ZW6Z85
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p - - - - - - - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Pembridge Resources plc Condensed Interim financial statements

28/09/2018 7:00am

UK Regulatory (RNS & others)


PEMBRIDGE RESOURCES (NEX:PERE.GB)
Historical Stock Chart

2 Years : From Oct 2017 to Oct 2019

Click Here for more PEMBRIDGE RESOURCES Charts.

TIDMPERE

RNS Number : 2158C

Pembridge Resources plc

28 September 2018

PEMBRIDGE RESOURCES PLC

Condensed Interim financial statements

for the period from 1 January 2018 to 30 June 2018

Registered number: 07352056 (England and Wales)

Pembridge Resources plc

("Pembridge Resources", "Pembridge" or the "Company")

Interim Results

Pembridge Resources plc (LON: PERE), the mining focused company listed on the Official List of the Financial Conduct Authority and the main market for listed securities of London Stock Exchange plc, is pleased to announce its interim results for the six months ended 30 June 2018.

Highlights:

-- Signed a Sales and Purchase Agreement (the "SPA") on 14 February 2018 to acquire Minto Explorations Ltd ("Minto") from Capstone Mining Corporation ("Capstone") (the "Minto Acqusition"). Minto is a producing copper-gold-silver mine located in Yukon, Northern Canada. Since signing the SPA work has been ongoing to finalise the transaction, including completion of the legal process.

-- Upon successful closure of the Minto Acquisition, the Company's strategy will be to seek other opportunities in copper and base metals mining. Focus regions will be the Americas, Australia, Europe and sub-Saharan Africa.

David Linsley, CEO said:

"Minto is located in the mining friendly Yukon territory in Canada and has a 10-year production history with all key infrastructure, facilities and operating teams in place. Minto fits perfectly with our stated goal to acquire a producing and profitable mining operation to which our team can add further value. This acquisition will represent a core asset to Pembridge and will be used as a platform for future growth."

For further information contact:

 
      Pembridge Resources plc                        T: +44 (0) 207 917 2968 
       David Linsley, Chief Executive Officer 
       Paul Fenby, Chief Financial Officer 
            SI Capital Limited -Broker               T: +44 (0) 1483 413 500 
             Nick Emerson 
      Tavistock Public Relations                     T: +44 (0) 207 920 3150 
       Charles Vivian 
       Gareth Tredway 
 

Chairman's statement

I am pleased to present the condensed interim financial statements for Pembridge Resources plc's results for the half year ended 30 June 2018. On 14 February 2018 the Company signed the SPA to acquire Minto from Capstone. Minto is a producing copper-gold-silver mine located in Yukon, Northern Canada. Since signing the SPA, work has been ongoing to finalise the transaction, including completion of the legal process.

During the period, the Company made a loss of US$2.20 million. The losses during the period are costs associated with the Minto Acquisition (including legal and professional fees, travel, and consultancy), together with costs incurred in managing the head office in the United Kingdom.

As at 30 June 2018, the Company had US$0.12 million in cash reserves.

Francis McAllister

Chairman

21 September 2018

Statement of comprehensive income

for the period 1 January to 30 June 2018

 
                                               6 months          6 months              Year 
                                                  ended             ended             ended 
                                                30 June           30 June       31 December 
                                                   2018              2017              2017 
                                     Note       US$'000           US$'000           US$'000 
                                            (unaudited)       (unaudited)         (audited) 
 
 
 Administrative, legal 
  and professional expenses                     (2,231)             (619)           (1,768) 
 Other income                                        31                31                 - 
 
   Loss on disposal of financial 
   assets                                             -             (158)             (157) 
 
 
 Operating loss                                 (2,200)             (746)           (1,925) 
 
 Finance cost                                         -                 -                 - 
 
 
 Loss before taxation                           (2,200)             (746)           (1,925) 
 
 Income tax                                           -                 -                 - 
 
 
 Loss for the period attributable 
  to the equity holders 
  of the parent                                 (2,200)             (746)           (1,925) 
 
 
 Other comprehensive income                           -                 -                 - 
                                            ___________        __________   _______________ 
 Total comprehensive income 
  for the period                                (2,200)             (746)           (1,925) 
 
 Earnings per share expressed 
  in cents 
 
 Basic and diluted earnings 
  per share attributable 
  to the equity holders 
  of the company                      3         (0.98c)           (0.92c)            (1.4c) 
 

Statement of financial position

as at 30 June 2018

 
                                               At             At            At 
                                                                   31 December 
                                     30 June 2018   30 June 2017          2017 
                                          US$'000        US$'000       US$'000 
                                      (unaudited)    (unaudited)     (audited) 
 Assets 
 Non-current assets 
    Property, plant and equipment              16              2             2 
 
 Total non-current assets                      16              2             2 
 
 Current assets 
   Trade and other receivables                737            207           354 
   Cash and cash equivalents                  119            366         2,027 
 
                                              856            573         2,381 
 
 Total assets                                 872            575         2,383 
 
 Current liabilities 
   Trade and other payables                 (902)           (66)         (213) 
 
 Total liabilities                          (902)           (66)         (213) 
 
 Net assets                                    30            509         2,170 
 
 Equity 
   Share capital                            1,306          1,123         1,306 
   Share premium                            2,902            287         2,902 
   Other reserve                              165            121           165 
   Retained deficit                       (4,403)        (1,022)       (2,203) 
 
 Equity attributable to 
  shareholders of the parent 
  company                                      30            509         2,170 
 
 

Statement of changes in equity

for the period 1 January to 30 June 2018

 
                                   Share      Share      Other   Retained     Total 
                                 capital    premium    reserve    deficit 
                                 US$'000    US$'000    US$'000    US$'000   US$'000 
 
 Balance at 1 January 
  2018                             1,306      2,902        165    (2,203)     2,170 
 Loss for the period                   -          -          -    (2,200)   (2,200) 
                               ---------  ---------  ---------  ---------  -------- 
 Total comprehensive income 
  for the period                       -          -          -    (2,200)   (2,200) 
 
 Balance at 30 June 2018           1,306      2,902        165    (4,403)      (30) 
                               =========  =========  =========  =========  ======== 
 
 
 
 Balance at 1 January 
  2017                             1,048        138        112      (278)     1,020 
 Loss for the period                   -          -          -    (1,925)   (1,925) 
                               ---------  ---------  ---------  ---------  -------- 
 Total comprehensive income 
  for the period                       -          -          -    (1,925)   (1,925) 
                               ---------  ---------  ---------  ---------  -------- 
 
 Proceeds from shares 
  issued                             182      2,772          -          -     2,954 
 Direct cost of shares 
  issued                               -      (153)          -          -     (153) 
 Share based payments                 76        151          -          -       227 
 Value of placing warrants             -        (6)          6          -         - 
 Value of share options                -          -         47          -        47 
                               ---------  ---------  ---------  ---------  -------- 
 Total transactions with 
  owners recognised directly 
  in equity                          258      2,764         53          -      3075 
 
 Balance at 31 December 
  2017                             1,306      2,902        165    (2,203)     2,170 
                               =========  =========  =========  =========  ======== 
 
 
 Balance at 1 January 
  2017                             1,048        138        112      (278)     1,020 
 Loss for the period                   -          -          -      (746)     (746) 
                               ---------  ---------  ---------  ---------  -------- 
 Total comprehensive income 
  for the period                       -          -          -      (746)     (746) 
                               ---------  ---------  ---------  ---------  -------- 
 
 Value of share option                 -          -          9          -         9 
 Issue of shares                      75        149          -          -       224 
                               ---------  ---------  ---------  ---------  -------- 
 Total transactions with 
  owners recognised directly 
  in equity                           75        149          9          -       233 
 
 Balance at 30 June 2017           1,123        287        121    (1,024)       507 
                               =========  =========  =========  =========  ======== 
 
 

Statement of cash flows

for the period 1 January to 30 June 2018

 
                                          6 months      6 months          Year 
                                             ended         ended         ended 
                                           30 June       30 June   31 December 
                                              2018          2017          2017 
                                           US$'000       US$'000       US$'000 
                                       (unaudited)   (unaudited)     (audited) 
 
 Cash flows from operating 
  activities 
 Loss for the year                         (2,200)         (746)       (1,925) 
 Adjusted by: 
 Share option charge                             -             9            47 
 Loss on disposal of financial 
  assets                                         -           158           157 
 Depreciation                                    2             1             1 
 
 
                                           (2,198)         (578)       (1,720) 
 Movements in working capital 
 (Increase)/ decrease in trade 
  and other receivables                      (384)          (94)         (316) 
 Increase/ (decrease) in trade 
  and other payables                           690         (118)            29 
 
 
 Net cash used in operating 
  activities                               (1,892)         (790)       (2,007) 
 
 
 Cash flows used in investing 
  activities 
 Purchase of property, plant 
  and equipment                               (16)             -             - 
 Purchase of available for 
  sale financial assets                          -         (200)         (199) 
 Proceeds from sale of available 
  for sale financial assets                      -           193           269 
 
 
 Net cash (used in)/generated 
  from investment activities                  (16)           (7)            70 
 
 Cash flows used in financing 
  activities 
 Proceeds from issuance of 
  shares                                         -             -         2,954 
 Direct cost of share issue                      -             -         (153) 
 
 
 Net cash generated from financing 
  activities                                     -             -         2,801 
 
 Increase/(Decrease) in cash 
  and cash equivalents in the 
  period                                   (1,908)         (797)           864 
 
 
 Reconciliation to net cash 
 Cash and cash equivalents 
  at the beginning of the period             2,027          1163         1,163 
 Increase/(Decrease) in cash               (1,908)         (797)           864 
 
 
 Cash and cash equivalents 
  at the end of the period                     119           366         2,027 
 
 

Notes to the condensed consolidated financial statements

for the period 1 January to 30 June 2018

1. NATURE OF OPERATIONS AND GENERAL INFORMATION

The principal activity of Pembridge Resources is that of a holding company. The Company anticipates investing in businesses or projects in the natural resource sector with a particular interest in base and precious metals.

Pembridge Resources is incorporated and domiciled in England. The address of Pembridge Resources's registered office is Suite A, 6 Honduras Street, London EC1Y 0TH. Pembridge Resources's ordinary shares are admitted to listing on the standard segment on the Official List of the Financial Conduct Authority (the "FCA") and to trading on the main market for listed securities of London Stock Exchange plc.

Pembridge Resources's financial statements are presented in United States dollars (US$), which is also the functional currency of the Company.

These condensed interim financial statements were approved for issue by the Board of Directors on 21 September 2018.

These condensed interim financial statements for the six months ended 30 June 2018 do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.

   2.       Basis of preparation 

The unaudited condensed consolidated interim financial statements have been prepared In accordance with Disclosure Guidance and Transparency Rules of the FCA, using the recognition and measurement principles of International Accounting Standards, International Reporting Standards and Interpretations adopted for use in the European Union (collectively EU IFRSs). The Company has not complied with IAS 34 "Interim Financial Reporting". The principal accounting policies used in preparing the condensed interim financial statements are unchanged from those disclosed in the Company's Annual Report for the year ended 31 December 2017 and are expected to be consistent with those policies that will be in effect at the year end.

The condensed interim financial statements for the six months ended 30 June 2018 and 30 June 2017 are un-reviewed a nd unaudited. The comparative financial information does not constitute statutory financial statements within the meaning of the Companies Act 2006. Statutory financial statements for the year ended 31 December 2017 were approved by the Board of Directors on 27 April 2018 and delivered to the Registrar of Companies. The auditors' report on those accounts was unmodified, but did include an emphasis of matter relating to going concern. The audit report did not contain a statement under section 498(2)--(3) of the Companies Act 2006.

Going concern

The Company raises finance for its activities in discrete tranches. The Company has not generated revenues from operations. As such, the Company's ability to continue to adopt the going concern assumption will depend upon a number of matters including future successful capital raisings for necessary funding or loans from third parties.

The Directors consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2018.

Risks and uncertainties

The key risks that could affect the Company in the medium term and the factors that mitigate those risks have not substantially changed from those set out in the Annual Report and Financial Statements for the year ended 31 December 2017.

Segment reporting

In the opinion of the Directors that the operations of the Company currently represent one segment, and are treated as such, when evaluating its performance. The chief operating decision maker is the Board of Directors. The Board of Directors reviews management accounts prepared for the Company when assessing performance.

3. EARNINGS per share

The calculation of the earning per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. The basic and diluted loss per share are the same as the effect of the exercise of share warrants and options would be anti--dilutive.

 
                                         6 months      6 months          Year 
                                            ended         ended         ended 
                                          30 June       30 June   31 December 
                                             2018          2017          2017 
                                          US$'000       US$'000       US$'000 
                                      (unaudited)   (unaudited)     (audited) 
 
 Basic and diluted loss per share 
  (US cents)                              (0.98c)       (0.92c)        (1.4c) 
 
 Loss before tax                          (2,200)         (746)       (1,925) 
 
 
 Weighted average number of shares 
  for basic and diluted loss per 
  share                               223,849,257    80,665,480   133,409,358 
 

4. SHARE CAPITAL AND PREMIUM

 
                              Number         Number       Share         Share      Share     Total 
                         of ordinary    of deferred    Capital-       capital    Premium 
                              Shares         shares    Ordinary    - Deferred 
                                                        US$'000       US$'000    US$'000   US$'000 
 
 At 1 January 2017        75,839,596              -        1048             -        138     1,186 
 Shares issued as 
  consideration for 
  acquisition of 
  investment               6,003,599              -          76             -        151       227 
 Proceed from share 
  issue at 1.6p per 
  share                  142,006,062              -         182             -      2,772     2,954 
 Cost of share issue               -              -           -             -      (153)     (153) 
 Value of placing 
  warrants                         -              -           -             -        (6)       (6) 
  Share split                      -     81,843,195     (1,011)         1,011          -         - 
                       -------------  -------------  ----------  ------------  ---------  -------- 
 At 31 December 
  2017 and 30 June 
  2018                   223,849,257     81,843,195         295         1,011      2,902     4,208 
 

On 18 August 2017, the Company passed a special resolution to sub-divide 81,843,195 ordinary shares of GBP0.01 each into one new ordinary share of 0.1p each and one deferred share of 0.9p each.

Ordinary shares have attached to them full voting, dividend and capital distribution rights (including on a winding up). Deferred shares are not entitled to vote and do not confer a right to receive a dividend. The deferred shares are entitled to participate on a winding up once the ordinary shares have received GBP1,000,000 per ordinary share.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR EALNXAFEPEFF

(END) Dow Jones Newswires

September 28, 2018 02:00 ET (06:00 GMT)

1 Year PEMBRIDGE RESOURCES Chart

1 Year PEMBRIDGE RESOURCES Chart

1 Month PEMBRIDGE RESOURCES Chart

1 Month PEMBRIDGE RESOURCES Chart
Your Recent History
NEX
PERE.GB
PEMBRIDGE ..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20191022 05:50:06