We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pathfinder Minerals Plc | LSE:PFP | London | Ordinary Share | GB00BYY0JQ23 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.275 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crushed And Broken Limestone | 0 | -376k | -0.0006 | -4.50 | 1.71M |
From May 2019 to May 2024
TIDMPFP
RNS Number : 6880D
Pathfinder Minerals Plc
30 October 2020
30 October 2020
Pathfinder Minerals Plc
("Pathfinder," the "Company" or the "Group")
Half-year results for the six months ended 30 June 2020
Pathfinder reports its unaudited results for the six months ended 30 June 2020.
As announced on 3 September 2020, the Company was granted by AIM Regulation a one-month extension to the date by which it is required under AIM Rule 18 to publish its interim accounts for the six months ended 30 June 2020. Accordingly, the Company was required to announce its half-year report before 31 October 2020.
Dennis Edmonds, Chairman, commented:
"The May 2020 decision from the Mozambique Supreme Court that they would not recognise the decision of the UK High Court leads Pathfinder into a new phase in the strategy to seek a return of its mining licences. The Board is in the process of undertaking a review of this strategy and intends to update shareholders imminently with a clear and decisive course of action."
Enquiries:
Pathfinder Minerals Plc
Peter Taylor, Chief Executive Officer
Tel. +44 (0)20 3440 7775
Strand Hanson Limited (Nominated & Financial Adviser and Broker)
James Spinney / Ritchie Balmer / Jack Botros
Tel. +44 (0)20 7409 3494
Vigo Communications (Public Relations)
Ben Simons / Simon Woods
Tel. +44 (0)20 7390 0234
Email. pathfinderminerals@vigocomms.com
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Chairman's statement
Introduction
In May 2020, Pathfinder announced that the Mozambique Supreme Court had rejected the Company's application for recognition of a judgment by the English High Court (the "English Judgment") which gave certain declarations to the effect that Pathfinder's subsidiary, IM Minerals Limited, validly acquired its shareholding in Companhia Mineira de Naburi S.A.R.L., which previously held the Company's mining licences. This outcome has no bearing on the English Judgment, which remains in force.
New funds for working capital
During the period, the Company completed two new financings. The first was a convertible loan note for GBP175,000 (announced on 3 April 2020) ("CLN"); and the second, an equity fundraising to issue 38,461,538 new shares for gross proceeds of GBP250,000 (announced on 28 May 2020), which completed on 3 June 2020.
Subsequent to period end a total of GBP98,000 of the CLN had been converted into equity with GBP77,000 outstanding as at today's date.
Management changes
On 3 July 2020, Peter Taylor was appointed as Chief Executive Officer, enabling me to step into the role of Chairman. John Taylor stepped down to a non-executive director role while Sir Henry Bellingham resigned to pursue new business interests. We thank Sir Henry for his commitment to Pathfinder over many years and wish him well in his future endeavours.
As previously announced on 3 January 2020, the commercial agreement with Africa Focus Group (the "AFG Agreement") was extended a further 3 months to the end of March 2020, albeit on a non-exclusive basis. The AFG Agreement was not extended further thereafter.
Financial results and current financial position
The financial statements of the Pathfinder Group for the six months ended 30 June 2020 follow later in this report. The Income Statement shows a loss of GBP228,000 (H1 2019 - GBP282,000). The Group's Statement of Financial Position shows total assets at 30 June 2020 of GBP486,000 (31 December 2019 - GBP380,000). The assets are held largely in the form of cash deposits of GBP271,000.
The Group remains adequately funded in the near to medium term to progress its legal remedies to regain its mining licences in Mozambique.
Strategic review and outlook
The May 2020 decision from the Mozambique Supreme Court that they would not recognise the English Judgment leads Pathfinder into a new phase in the strategy to seek a return of the mining licences. The Board is in the process of undertaking a review of this strategy and intends to update shareholders imminently with a clear and decisive course of action.
Dennis Edmonds
Chairman
30 October 2020
Consolidated Statement of Comprehensive Income
For the 6 months ended 30 June 2020
Hot Features
Premium
6 months 6 months
ended ended Year ended
30 June 30 June 31 December
2020 2019 2019
Unaudited Unaudited Audited
Continuing operations GBP '000 GBP '000 GBP '000
Revenue - - -
Administrative expenses (228) (282) (652)
Results from operating activities
and other income (228) (282) (652)
Finance income - - -
Finance expense - - -
Loss for the period/year before
taxation (228) (282) (652)
Taxation - - -
Total comprehensive income
for the period/year attributable
to the equity holders of the
parent (228) (282) (652)
Earnings/(loss) per share
Basic and diluted (0.07)p (0.11)p (0.22)p
Consolidated Statement of Financial Position
For the 6 months ended 30 June 2020
6 months 6 months
ended ended Year ended
30 June 30 June 31 December
2020 2019 2019
Note Unaudited Unaudited Audited
GBP '000 GBP '000 GBP '000
Non-current assets
Property, plant and equipment - - -
------------------------------- ----- ------------ ---------- ------------
- - -
Current assets
Trade and other receivables 5 214 234 222
Cash and cash equivalents 271 520 158
------------------------------- ----- ------------ ---------- ------------
Total current assets 485 754 380
------------------------------- ----- ------------ ---------- ------------
Total assets 485 754 380
Equity and liabilities
Capital and reserves attributable
to equity holders of the Company:
Share capital 18,542 18,471 18,504
Share premium 13,501 13,245 13,307
Other reserves 48 41 45
Accumulated deficit (31,990) (31,393) (31,762)
------------------------------- ----- ------------ ---------- ------------
Total equity 101 365 94
Liabilities
Trade and other payables 6 349 388 286
Convertible Loan Note 7 35 - -
------------------------------- ----- ------------ ---------- ------------
Total current liabilities 384 388 286
------------------------------- ----- ------------ ---------- ------------
Total equity and liabilities 485 754 380
Consolidated Statement of Changes in Equity
For the 6 months ended 30 June 2020
Share Share Accumulated Total
capital premium Other reserves deficit equity
$'000 $'000 $'000 $'000 $'000
--------------------------- --------- --------- --------------- ------------ --------
Balance at 1 January 2019 18,458 12,431 25 (31,110) (196)
--------------------------- --------- --------- --------------- ------------ --------
Loss for the period - - - (282) (282)
Shares issued 13 814 - - 827
Cost of issue - - - - -
Share based payments - - 16 - 16
--------------------------- --------- --------- --------------- ------------ --------
Balance at 30 June 2019 18,471 13,245 41 (31,392) 365
--------------------------- --------- --------- --------------- ------------ --------
Loss for the period - - - (370) (370)
Shares issued 33 62 - - 95
Cost of issue - - - - -
Share based payments - - 4 4
--------------------------- --------- --------- --------------- ------------ --------
Balance at 31 December
2019 18,504 13,307 45 (31,762) 94
--------------------------- --------- --------- --------------- ------------ --------
Loss for the period - - - (228) (228)
Shares issued 38 211 - - 249 Cost of issue - (17) - - (17) Share based payments - - 3 - 3 --------------------------- --------- --------- --------------- ------------ -------- Balance at 30 June 2020 18,542 13,501 48 (31,990) 101 --------------------------- --------- --------- --------------- ------------ --------
Condensed Consolidated Interim Statement of Cash Flows
For the 6 months ended 30 June 2020
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP '000 GBP '000 GBP '000
Operating activities
Loss for the period before income
tax (228) (282) (652)
Adjustments for:
Share-based payments 3 16 20
Services settled in shares - 52
Foreign exchange movements - 3
---------------------------------------- ---------- ---------- ------------
Net cash flows used in operating
activities before changes in working
capital (225) (266) (577)
---------------------------------------- ---------- ---------- ------------
(Increase) / decrease in trade
and other receivables 8 (19) (30)
Increase/(decrease) in trade and
other payables 63 (52) 139
---------------------------------------- ---------- ---------- ------------
Net cashflows used in operating
activities (154) (337) (468)
---------------------------------------- ---------- ---------- ------------
Investing activities
Interest received - - -
--------------------------------------- ---------- ---------- ------------
Cash used in investing activities - - -
--------------------------------------- ---------- ---------- ------------
Financing activities
Proceeds arising as a result of
issue of ordinary shares 249 805 574
Costs of issue of ordinary share
capital (17) - 0
Convertible loan note 35
---------------------------------------- ---------- ---------- ------------
Net cash flows from financing
activities 267 805 574
---------------------------------------- ---------- ---------- ------------
Net increase/(decrease) in cash
and cash equivalents 113 468 106
Cash and cash equivalents at the
beginning of period 158 52 52
Cash and cash equivalents at end
of period 271 520 158
---------------------------------------- ---------- ---------- ------------
Notes to the Condensed Consolidated Interim Financial Statements
1. Basis of Preparation
These financial statements have been prepared under the historical cost convention and on a going concern basis (see note 2 below); and in accordance with International Financial Reporting Standards and IFRIC interpretations adopted for use in the European Union.
The financial information for the period ended 30 June 2020 has not been audited or reviewed in accordance with the International Standard on Review Engagements 2410 issued by the Auditing Practices Board. The figures were prepared using applicable accounting policies and practices consistent with those adopted in the statutory financial statements for the year ended 31 December 2019. The figures for the year ended 31 December 2019 have been extracted from these financial statements, which have been delivered to the Registrar of Companies and which contain an unqualified audit report.
The financial information contained in this document does not constitute statutory financial statements as defined by Section 435 of the Companies Act 2006. In the opinion of the directors, the financial information for this period fairly presents the financial position, result of operations and cash flows for the period.
This Interim Financial Report was approved by the board of directors on 30 October 2020.
2. Going Concern
As explained in the 2019 annual report, the availability of funds to continue to finance the Company's activities has a direct impact on the ability of the Company to continue to trade as a going concern. The board has concluded, as set out in the Chairman's Statement in the Annual Report, that it currently believes that it has sufficient access to resources to see through its strategy to recover the assets improperly expropriated from it.
The board has therefore continued to adopt a going concern basis for the preparation of these financial statements.
A submission has been made to HMRC disclosing the estimated PAYE on deferred director's fees settled in 2019. An amount totalling GBP139,000 relating to estimated PAYE payable included at note 6 to the accounts with a corresponding receivable included in note 5. The Company expects to recoup the PAYE payable from prior directors as agreed. The recovery of these amounts has been assumed in the boards assessment of going concern.
3. Segmental Analysis
The development of the Group's mining interest in Mozambique comprises the whole of the Group's activity. The Group has one activity only. Of the Group's administrative expenses, GBP8,000 (2019 - GBP4,000) was spent in Mozambique. Since, in the interest of accounting prudence, full provision has been made against cost of its Mozambique assets, the whole of the value of the Group's net assets is attributable to its UK assets and liabilities (also the case at 30 June 2019).
4. Contingent Liabilities
1. As part of the agreement for the purchase of the shares in its subsidiary, Companhia Mineira de Naburi SARL (CMdN), the Company's subsidiary, IM Minerals Limited, agreed to pay the vendors a further sum of $9,900,000 if, following further exploration and appraisal, an agreement is reached for the construction of a facility for the processing of ore extracted from the Naburi mineral sands deposit. This sum has since been reduced by advances of GBP90,083, made by IM Minerals Limited, and GBP75,933, made by the Company, to one of the vendors, Mr Diogo Cavaco.
2. Similarly, as part of its agreement for the purchase of the whole of the issued share capital of Sociedade Geral de Mineracao de Moçambique SARL, CMdN has agreed to pay the vendors, BHP Billiton, a further sum of $9,500,000 if, following further exploration and appraisal, an agreement is reached for the construction of a facility for the processing of ore extracted from the Moebase mineral sands deposit. This obligation is guaranteed by IM Minerals Limited
The Company has entered into a xed period consultancy agreement, until 30 September 2019, with Africa Focus Group Limited ("AFG") (the "Consultancy Agreement"), a Hong Kong-based company with a Johannesburg consultancy o ce specialising in mergers and acquisitions in southern Africa. Under the Consultancy Agreement, AFG will provide assistance to the Company in pursuing completion of a legally binding transaction with the owners of Path nder Moçambique, S.A pursuant to which Path nder or a wholly owned subsidiary of Path nder would acquire, or otherwise be reinstated with or receive transfer of, direct ownership and e ective control of Mining Concession 4623C on such terms and conditions as the Company, at its sole discretion, may agree with the owners of Path nder Moçambique, S.A. (the "Proposed Transaction").
In consideration of the provision of services under the Consultancy Agreement, the Company shall, only following the e ective legal completion of the Proposed Transaction, pay AFG a fee in cash of GBP1,000,000 (inclusive of any VAT) (the "Fee"). The Fee is conditional on and only becomes due and payable if the Company has successfully raised su cient funds to make payment of the Fee in full. The Company has agreed to use its reasonable endeavors to take the necessary steps to procure that su cient funds are raised by the Company to enable satisfaction of the payment obligation within a reasonable period after completion of the Proposed Transaction.
While there is no legal obligation or other form of undertaking by the Company to do so nor any other informal arrangement with AFG to that e ect, the Company intends to consider in good faith a request by AFG (if made) to allow the Fee (when due and payable) to be used to subscribe for new ordinary shares in the Company in due course (the "New Shares"). In the event that this does occur any such arrangement, to allow the Fee to be used to pay up a subscription of New Shares, shall be on the basis that the aggregate number of New Shares issued to AFG shall not exceed 9 per cent of the entire issued share capital of the Company at the time of such issue and as enlarged by the issue of the New Shares.
If at any time prior to the earlier of the termination of the Consultancy Agreement, the end of the Consultancy Agreement or the completion of the Proposed Transaction, more than 50 per cent of the entire issued share capital of Company is held by a single shareholder, together with its concert parties, following a successful takeover o er, then the Company shall pay to AFG an abort fee in cash of GBP250,000.
As noted above, the Company did not extend the AFG Consultancy Agreement for a further period, and as such it has terminated.
5. Trade and other receivables
6 months 6 months
ended ended Year ended
30 June 30 June 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP '000 GBP '000 GBP '000
Other receivables 180 181 169
Prepayments 34 53 53
------------------- -------------- -------------- --------------
214 234 222
6. Trade and other payables
6 months 6 months
ended ended Year ended
30 June 30 June 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP '000 GBP '000 GBP '000
Trade payables 65 103 34
Other payables 55 133 43
Social security and
other taxes 214 131 196
Accruals 15 21 13
--------------------- -------------- -------------- --------------
349 388 286
7. Convertible Loan Note
On 3 April 2020 the Company announced new financing in form of a convertible loan note for GBP175,000. As at 30 June 2020 the first instalment of GBP35,000 had been received. No accrued interest has been accounted for as it was less than GBP500.
Subsequent to period end a total of GBP98,000 of the CLN has been converted into equity with GBP77,000 outstanding as at 30 October 2020 (plus accrued interest). As at the date of this report, all instalments had been received by the Company. All instalments were received on time. The loan notes mature on 1 December 2020.
8. Availability of Interim Report
The Interim Report will be available on the Company's website at www.pathfinderminerals.com .
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR KKLFLBBLLFBV
(END) Dow Jones Newswires
October 30, 2020 03:00 ET (07:00 GMT)
1 Year Pathfinder Minerals Chart |
1 Month Pathfinder Minerals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
