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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Angus&Ross | LSE:AGU | London | Ordinary Share | GB0009348862 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Final Results ANGUS & ROSS PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2007 HIGHLIGHTS * Private placings completed, raising £7.75 million net * Successful 2006 exploration leading to increased resources in Greenland * Significant progress made towards reopening of Black Angel mine * Post year end US$30 million loan facility agreed * Post year end private placings completed for Brazilian subsidiary raising £824,950 * Successful listing of Australian associate on the Australian Stock Exchange raising A$4 million CHAIRMAN'S STATEMENT Dear Shareholder, Another year has gone by since I last wrote this statement and you will see that it has been a year of substantial progress towards the goal of all mining companies - cash flow. Twelve months ago, a substantial exploration programme was underway in Greenland, a new geological and financial team was being assembled in Brazil and we were in the process of floating the Company's Australian subsidiary, QGM, on the Australian Stock Exchange. It gives me considerable pleasure to report to you on all fronts. Of pivotal importance of course, is the ability to finance exploration and, when it subsequently proves justified, the exploitation of the resources discovered. Your Board has been involved in lengthy negotiations to secure funding, almost a year ahead of the completion of a Bankable Feasibility Study, to enable both exploration and civil engineering work to continue at the Black Angel mine in Greenland. It was particularly encouraging for our small management team that at the Extraordinary General Meeting in York on 2 July 2007, 80 shareholders, representing 50% of the Company and accounting for 99% of all votes cast, voted in favour of the US $30 million facility we had negotiated. Your Board would like to record its thanks for this overwhelming support. In addition to the above, £7.75 million was also raised last year in equity, largely as the result of two private placings. FINANCIAL RESULTS The loss for the year amounts to £4,161,801 compared with £2,138,335 in 2006. This increase is largely accounted for by £2.5 million in additional exploration costs and associated overheads, the direct result of our accelerated activities in Greenland and Brazil. We continue to write off all such costs until ore reserves and value are established. At the year end our cash and bank balances amounted to £3,957,526 compared to £1,008,062 at the same time last year. This increase is largely the result of successful equity fundraisings during the year. GREENLAND The 2007 field season is currently underway at your Group's flagship project. Not only is further exploration work being undertaken to prove up and hopefully augment the resources discovered last year but the civil engineering programme has commenced to enable the Black Angel mine to be reopened next year. Work has started to reinstall the cable car which will give access to the mine itself. Construction of the infrastructure at ground level has already commenced. All being well this should be completed next year and whilst much still remains to be done, I am hopeful that the first production for 18 years from the mine should start in the last quarter of 2008. BRAZIL Last year saw the strengthening of the management team in Brazil and the creation of a new holding company, St Andrews Mining Ltd ("SAM"), for our operations there. A number of new projects in Brazil, particularly Sta Débora and Sta Elena, are especially encouraging with work underway towards defining a large gold resource. It is possible that one of these will be producing gold within the next twelve months. In April and August 2007, we successfully undertook two private placings in SAM, raising a total of £824,950 to provide additional working capital for our operations in Brazil. As a result of these placings, A&R retains an 81% interest. It is the intention to seek a listing for SAM next year. AUSTRALIA I am happy to report that in January of this year QGM successfully listed on the Australian Stock Exchange, raising A$4 million. In addition to the joint venture announced last year with Oxiana, QGM announced a further cooperation, this time with Canadian company Mega Uranium. The independence of QGM means that it is now no longer financially dependent upon A&R and it is now treated as an associate rather than as a subsidiary company. CANADA In line with our commitment to terminate our involvement in projects that were unlikely to produce early cash flow, we disposed of our part of the Separation Lake venture in exchange for shares in our partner, Gossan Resources Ltd. That investment has now been sold. GENERAL It is not normal for Chairmen to dilute their enthusiasm with a word or two of caution in their statements. However, it does no harm for us all to be realistic about the challenges ahead. Almost all mining projects in the world today are experiencing delays. Dump trucks are sitting idle because of the lack of capacity of tyre manufacturers, assay laboratories around the world are taking months rather than weeks to do their work and lastly there is a worldwide shortage of experienced management at all levels. These examples are simply the result of the success of the stock markets in raising new funds for mining exploration over the last four years in particular. Only now have service industries started to respond to the increased demand. Your Group is better positioned than many in having strong technical management in all areas of its operations. However, the process of changing from an exploration company to a producing one will require a range of additional skills and we are therefore now actively engaged in recruitment. Another area of concern that I know I share with other Chairmen of smaller public companies is the creeping costs involved in complying with increasing regulation. Soon many investors will object to half of the money being raised in small IPOs being used in fees and overheads that are outside the control of the companies. This will inevitably result in a spate of mergers. Your Company makes strenuous efforts to keep in touch directly with all its shareholders. However with so many shareholdings in nominee names and some nominee companies refusing to distribute news releases, we continue to encourage our shareholders to contact us in order that they may be placed on our direct mailing list. Naturally all shareholder contact details are treated confidentially by us and are not passed on to any other organisation. This is not so with shareholders' details appearing on the Company register. Third parties often request shareholder lists from the registrar who is obliged to pass these details on without establishing the reason for their final use. The potential for abuse of this system can be imagined. As ever, none of the achievements of your Group would have been possible without the loyal support of many hardworking people at all levels. If space did not preclude me from doing so I would like to mention everyone by name. However, particular mention must be made of Frank van der Stijl in Greenland and Jayme Leite in Brazil. They run our drilling operations in remote areas with many people answerable to them. Then of course my sincere thanks are due to my fellow Directors on the boards of the various companies in the Angus & Ross group. All deserve to be singled out for their various contributions - often at antisocial times of the day and night. In conclusion, I would like to believe that the year ahead will be the one that shareholders have been patiently waiting for. Robin Andrews Chairman 28 August 2007 Group profit and loss account Year ended 28 February 2007 2007 2006 Restated £ £ Depreciation of capitalised exploration (222,962) (257,383) costs - (657,362) Exploration costs impaired (2,544,175) (527,802) Exploration costs written off (2,767,137) (1,442,547) (855,988) - Impairment of goodwill (1,275,260) (711,393) Other administrative expenses (2,131,248) (711,393) Total administrative expenses - (291,918) Exceptional item - loss on capitalisation of loan in subsidiary (4,898,385) (2,445,858) Operating loss (28,480) - Share of operating loss of associate (4,926,865) (2,445,858) Total operating loss 334,514 (20,504) Exceptional item - profit/(loss) on part 226,947 72,332 disposal of subsidiary undertaking (4,365,404) (2,394,030) Interest receivable and similar income - - Loss on ordinary activities before taxation (4,365,404) (2,394,030) Tax on loss on ordinary activities 203,603 255,695 Loss on ordinary activities after taxation (4,161,801) (2,138,335) Minority interests - equity (3.16p) (2.85p) (3.04p) (2.83p) Loss sustained for the financial year Basic loss per share Fully diluted loss per share All activities are derived from the Group's continuing operations Group statement of total recognised gains and losses Year ended 28 February 2007 2007 2006 Restated £ £ Loss sustained attributable to members of the (4,161,801) (2,138,335) parent company Exchange difference on re-translation of net 47,625 11,522 assets of subsidiary undertakings (4,114,176) (2,126,813) Total recognised gains and losses relating to the year (230,015) (4,344,191) Prior year adjustment (as explained in note 5) Total gains and losses recognised since last annual report Balance sheets 28 February 2007 Group Company 2007 2006 2007 2006 Restated Restated £ £ £ £ Fixed assets Intangible assets - 3,825 - - Tangible assets 51,988 649,600 14,181 10,607 Investments in subsidiary - - - 364,704 undertakings Investment in 544,757 - 573,237 - associated undertaking 596,745 653,425 587,418 375,311 395,921 179,938 568,737 328,397 Current assets Debtors due within - - - 118,317 one year 3,957,526 1,008,062 3,644,016 355,960 Debtors due after 4,353,447 1,188,000 4,212,753 802,674 more than one year Cash at bank and in hand (468,431) (250,451) (120,899) (151,504) 3,885,016 937,549 4,091,854 651,170 Creditors: amounts falling due 4,481,761 1,590,974 4,679,272 1,026,481 within one year Net current assets (87,077) (117,529) (87,077) (117,529) Total assets less current 4,394,684 1,473,445 4,592,195 908,952 liabilities Creditors: amounts falling due after more than one 1,387,772 753,144 1,387,772 753,144 year 11,990,417 4,874,177 11,990,417 4,874,177 558,105 230,015 558,105 230,015 (9,541,610) (5,427,434) (9,344,099) (4,948,384) Net assets 4,394,684 429,902 4,592,195 908,952 Capital and reserves - 1,043,543 - - Called up share capital 4,394,684 1,473,445 4,592,195 908,952 Share premium account Share option reserve Profit and loss account Equity shareholders' funds Minority interests - equity Total capital employed Group cash flow statement Year ended 28 February 2007 2007 2006 £ £ Net cash outflow from operating activities (3,665,613) (1,094,120) Returns on investments and servicing of finance Interest received 226,947 72,332 Capital expenditure Payments to acquire tangible fixed assets (24,112) (725,464) Acquisitions and disposals Increase in stake in subsidiary undertaking - (5,422) Part disposal of subsidiary undertaking 381,020 895,767 381,020 890,345 Net cash outflow before management of liquid resources and financing (3,081,758) (856,907) Financing Net cash receipts from issue of ordinary share capital 6,036,632 - Increase/(decrease) in cash 2,954,874 (856,907) Notes to the Cash Flow Statement Year ended 28 February 2007 A Reconciliation of operating loss to net cash outflow from operating activities 2007 2006 Restated £ £ Operating loss (4,898,385) (2,445,858) Increase in debtors (215,983) (92,212) Increase in creditors 187,528 88,329 Movement in debtors and creditors on disposal of (213,437) - subsidiary 234,493 265,705 Depreciation - 657,362 Impairment of tangible fixed assets 855,988 - Goodwill written off - 293,793 Loss on capitalisation of loan in subsidiary 328,090 198,694 Share based payments 56,093 (59,933) Other non-cash movements including exchange differences (3,665,613) (1,094,120) Net cash outflow from operating subsidiaries B Acquisitions and disposals 2007 2006 £ £ (i) Increase in stake in subsidiary undertaking (BAM) 858,248 7,957 Net assets acquired 855,988 3,825 Goodwill 1,714,236 11,782 Satisfied by: 1,714,236 6,360 Shares - 5,422 Cash 1,714,236 11,782 (ii) Disposal/Part disposal of subsidiary 238,723 916,271 undertaking (QGM) 334,514 (20,504) Net assets disposed of 573,237 895,767 Gain/(loss) on disposal - 895,767 Satisfied by: 573,237 - Cash Cost of investment in associate C Analysis of net funds 1 March Exchange 28 2006 Cash flow movements February £ £ £ 2007 £ Cash at bank and 1,008,062 2,954,874 (5,410) 3,957,526 in hand 1,008,062 2,954,874 (5,410) 3,957,526 Net funds D Reconciliation of net cash flow to movement in net funds 2007 2006 £ £ Increase/(decrease) in cash in the 2,954,874 (856,907) year (5,410) 1,511 Translation difference 2,949,464 (855,396) Movement in net funds in the year 1,008,062 1,863,458 Opening net funds 3,957,526 1,008,062 Closing net funds Notes to the preliminary results for the year ended 28 February 2007 1. This statement was approved by the Directors and agreed with the Group's auditor on 28 August 2007. 2. The figures and financial information for the year ended 28 February 2007 do not constitute the statutory financial statements for that year. 3. The figures and financial information for the year ended 28 February 2006 do not constitute the statutory financial statements for that year. Those financial statements have been delivered to the Registrar and included an auditor's report which was unqualified. 4. Loss per ordinary share The calculations for the basic and diluted loss per ordinary share have been calculated on the basis of the following information: 2007 2006 Restated Loss attributable to the Group (£4,161,801) (£2,138,335) Weighted average number of shares in issue during the year (Basic) 131,895,511 74,964,403 Weighted average number of shares in issue during the year (Diluted) 136,873,776 75,556,728 5. Share-based payment transactions - change in accounting policy The Group adopted FRS 20 "Share-based payment" from 1 March 2006 and as a result comparative figures have been restated. In accordance with the transitional provisions, FRS 20 has been applied to all grants of equity instruments after 7 November 2002 that were unvested as of 1 March 2006. The effect on the Group and Company loss for the year to 28 February 2007 was an increase of £328,090 (2006: £198,694) and the cumulative effect on the deficit on the profit and loss account reserve at the year end was an increase of £558,105 (2006: £230,015). In both years, there was an equal and opposite movement in the share option reserve, so overall shareholders' funds and net assets were not affected in either year. 6. The directors do not propose the payment of a dividend. 7. The Report and Accounts of the Company for the year ended 28 February 2007 will be sent to shareholders shortly. Copies will be available from the Company's website www.angusandross.com and from the registered office of the Company, St Chad's House, Piercy End, Kirkbymoorside, York YO62 6DQ. The Annual General Meeting of the Company will be held in York on Tuesday 2 October 2007. For further information contact: Angus & Ross plc Robin Andrews, Chairman 01751 430988 - ---END OF MESSAGE---
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