Ajax Resources PLC Half-Yearly Report and Proposed GM (6763U)

TIDMAJAX

RNS Number : 6763U

Ajax Resources PLC

27 November 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS 2019/310.

27 November 2023

AJAX RESOURCES PLC

("Ajax" or the "Company")

Half-Yearly Report for the 6 months to 31 August 2023

Proposed General Meeting

The Board of Directors of Ajax (the " Board "), the UK listed special purpose acquisition company with a focus on natural resources [LSE: AJAX], announces its half-yearly results for the 6 months to 31 August 2023 (the " Interim Results "), and, in addition, its intention to seek approval from shareholders for an extension of its investment policy (the " Policy ").

Interim Results

The Board is pleased to announce the Company's unaudited financial results for the 6 months to 31 August 2023. A full copy of the Interim Results can be viewed at:

http://www.rns-pdf.londonstockexchange.com/rns/6763U_1-2023-11-27.pdf

A copy can also be viewed on the National Storage Mechanism and on the Company's website:

( https://www.ajaxresources.com/investors/key-documents/#tabs-financial-statements )

Key elements of the Interim Results can also be viewed below.

Proposed General Meeting

In the Company's prospectus published at the time of its admission to trading on the Main Market of the London Stock Exchange on 7 April 2022 (the " Prospectus "), the Board undertook that if a suitable acquisition target was not identified within 18 months, then it would either seek a one-year extension or a winding up of the Company.

The Board unanimously proposes to shareholders that a one-year extension to the Policy is approved and intends to call a General Meeting during February 2024.

A copy of the Prospectus can be viewed on the Company's website at:

https://www.ajaxresources.com/investors/key-documents/#tabs-admission-documents

-S -

For further information:

 
 Ajax Resources Plc                        Tel: + 44 (0) 208 146 6345 
  Ippolito Cattaneo, Chief Executive        [e-mail] 
  Officer 
 Allenby Capital Limited (Financial        Tel: + 44 (0) 203 328 5656 
  Adviser)                                  [e-mail] 
  Nick Harriss / Daniel Dearden-Williams    [e-mail] 
                                          --------------------------------------- 
 

Chairman's Statement

The Company has continued to make good progress towards successfully identifying an acquisition in the natural resources sector.

Ajax has been evaluating various advanced gold and copper exploration opportunities across several jurisdictions, as well as certain metal recovery projects located in Central Asia utilizing innovative, environmentally friendly technologies capable of generating significant profitability.

We have continued, in view of our current development stage, to maximise cost control in keeping expenditure to a minimum.

It is our belief that we are now potentially not far from finding an opportunity that satisfies our development criteria, and we consider the gradual recovery in UK market sentiment to constitute an auspicious backdrop for our potential near-term progress.

We thank shareholders for their continued trust and support as we deliver on our mandate.

Michael Hutchinson

Non-Executive Chairman

November 27, 2023

Principal Financial Statements

The notes to the financial statements form an integral part of these financial statements and can be viewed through the link above.

STATEMENT OF COMPREHENSIVE INCOME

 
 
                                   Notes      31/08/2023     31/08/2022 
                                               Unaudited    Unaudited 6 
                                            6 months GBP     months GBP 
--------------------------------  ------  --------------  ------------- 
 
 Revenues                                              -              - 
 Cost of sales                                                        - 
--------------------------------  ------  --------------  ------------- 
 Gross profit                                          -              - 
 
 Other interest receivable                        28,120              - 
 Administrative expenses                       (124,128)       (97,876) 
--------------------------------  ------  --------------  ------------- 
 Operating loss and loss 
  before income tax                    4        (96,008)       (97,876) 
 
 Taxation                              5               -              - 
 Loss and total comprehensive 
  loss for the period                           (96,008)       (97,876) 
--------------------------------  ------  --------------  ------------- 
 
  Loss per share attributable          6 
  to the equity holders (pence) 
   Basic 
   Diluted                                        (0.20)         (0.21) 
                                                  (0.20)         (0.21) 
--------------------------------  ------  --------------  ------------- 
 

STATEMENT OF FINANCIAL POSITION

 
 
 
 
                                   Notes           31/08/2023           31/08/2022 
                                           Unaudited 6 months   Unaudited 6 months 
                                                          GBP                  GBP 
---------------------------------  -----  -------------------  ------------------- 
 
Current assets 
Other receivables                    8                 44,425                    - 
Negotiable Financial Instruments     8                170,413                    - 
VAT Credit                           8                      -               25,884 
Cash and cash equivalents            9                818,124            1,249,546 
---------------------------------  -----  -------------------  ------------------- 
                                                    1,032,962            1,275,430 
 
Total assets                                        1,032,962            1,275,430 
---------------------------------  -----  -------------------  ------------------- 
 
Equity 
 
Ordinary shares                     10                468,125            1,436,660 
Share Premium Reserve               10              1,019,035 
Options & Warrants                  10                518,200 
 
Retained earnings/(loss)                          (1,035,350)            (177,501) 
---------------------------------  -----  -------------------  ------------------- 
Total equity                                          970,010            1,259,159 
 
Current Liabilities 
Other payables                      11                 62,952               16,271 
 
Total equity and liabilities                        1,032,962            1,275,430 
---------------------------------  -----  -------------------  ------------------- 
 

STATEMENT OF CASH FLOWS

 
                                                               31/08/2023                     31/08/2022 
-------------------------------------------- 
                                                              Unaudited 6                    Unaudited 6 
                                                                   months                         months 
                                                                      GBP                            GBP 
-------------------------------------------- 
 Cash flows from operating activities 
 
 Loss before tax                                                 (96,008)                       (97,876) 
 Increase in receivables                                           18,581                         11,952 
 Increase in payables                                              46,681                        (6,109) 
 Change in working capital                                      (256,125)                              - 
--------------------------------------------  ---------------------------  ----------------------------- 
 Net cash used in operating activities                          (261,027)                       (92,033) 
--------------------------------------------  ---------------------------  ----------------------------- 
 
 
 Negotiable Financial Instruments                               (170,413) 
 Cash flows from investing activities                           (170,413)                              - 
 Net cash used in investing activities                          (170,413)                              - 
--------------------------------------------  ---------------------------  ----------------------------- 
 
 Cash flows from financing activities 
 Proceeds from the issue of ordinary shares 
  (net of issue costs)                                                  -                      1,341,579 
 Net cash from financing activities                                     -                      1,341,579 
--------------------------------------------  ---------------------------  ----------------------------- 
 Net increase / (decrease) in cash and 
  cash equivalents                                              (431,422)                      1,249,546 
 Cash and cash equivalents at the start                         1,249,546                              - 
  of the period 
--------------------------------------------  ---------------------------  ----------------------------- 
 Cash and cash equivalents at the end 
  of the period                                                   818,124                      1,249,546 
--------------------------------------------  ---------------------------  ----------------------------- 
 

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November 27, 2023 02:00 ET (07:00 GMT)