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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bezant Resources Plc | LSE:BZT | London | Ordinary Share | GB00B1CKQD97 | ORD 0.002P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.021 | 0.018 | 0.024 | 0.021 | 0.021 | 0.021 | 6,091,170 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | 1.44M | 0.0002 | 1.00 | 1.54M |
From Apr 2019 to Apr 2024
TIDMBZT
RNS Number : 0375O
Bezant Resources PLC
30 September 2019
30 September 2019
Bezant Resources Plc
("Bezant" or the "Company")
Interim Results for the Six Months Ended 30 June 2019
Bezant (AIM: BZT), the copper-gold exploration and development company, announces its unaudited interim results for the six months ended 30 June 2019.
Highlights:
-- Results of Mining Plus Pty Ltd's ("Mining Plus") new mining/economic study on the Company's Mankayan copper-gold project located in Luzon in the Philippines (the "Mankayan Project") released involving a wide-ranging examination of various alternatives for bringing the project into potential future production to determine key project parameters. Study demonstrated that it is possible to reduce the capital cost involved with robust returns over a number of development scenarios which should prove attractive for potential funders/JV partners.
-- Binding memorandum of agreement ("MOU") entered into with KPZ International Limited ("KPZ") granting the Company a conditional option to acquire a 50 per cent. interest in small scale copper mining licence number 15164-HQ-SML in The Republic of Zambia which contains the Buffalo copper/gold exploration project (the "Buffalo Project"). As consideration for this 50 per cent. interest in the project, Bezant is required to complete an initial assessment of the licence area at a cost of up to US$200,000 by 1 February 2020.
-- Updated environmental impact assessment ("EIA") approvals were granted permitting certain specified additional exploration work and drilling activity on the most prospective areas of the Company's Eureka Project in Argentina.
Post Period End
-- Completed an exploration review on the abovementioned Buffalo Project, a 398 hectares copper/gold asset situated in the Central Zambian iron oxide copper-gold ("IOCG") belt, which recommended that detailed geological mapping be carried out supplemented by systematic chip/channel sampling.
-- Completed a key component of the EIA baseline study required for the successful future completion of a pre-feasibility study at the Company's Mankayan Project comprising an independent environmental survey and water quality assessment by GHD Group Pty Ltd.
-- Assay results returned from a total of 8 composite rock chip samples in respect of the Buffalo Project showing the presence of high grade copper at surface. Detailed mapping, sampling and trenching being undertaken to define potential shallow, near-term drilling targets.
Commenting today, Laurence Read, CEO of Bezant, said:
"Over the first six months of 2019, Bezant has sought to optimise and maintain the good standing of its portfolio assets whilst assessing and pursuing pathways to deliver value for shareholders with minimum dilution. The current market conditions and copper markets are challenging and our decision not to pursue drilling campaigns on either Mankayan or Eureka has been borne out.
"Instead, we delivered a new independent mining/economic study for the Mankayan Project assessing various development scenarios to assist us in securing a potential funding partnership/JV agreement to move the project forward.
"In Argentina we have secured the updated EIA's for the northern part of Eureka which is now 'drill ready' and we are exploring asset level partnering to assess the prospectivity for gold near surface. Our Zambian project option reflects our belief that there is both significant interest in the region from metals groups and that attractive deliverable projects with historic activity and data sets can be secured with well understood political risk."
For further information, please contact:
Hot Features
Premium
Bezant Resources Plc
Laurence Read Tel: +44 (0)20 3289
Chief Executive Officer 9923
Colin Bird
Executive Chairman
Strand Hanson Limited (Nomad)
James Harris / Matthew Chandler / James Tel: +44 (0)20 7409
Bellman 3494
Novum Securities Limited (Broker)
Jon Belliss Tel: +44 (0)20 7399
9400
or visit http://www.bezantresources.com
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
Chairman's Statement
I am pleased to present the Group's unaudited interim results for the 6 months ended 30 June 2019. During the reporting period, and over the previous 18 months, we have trod a careful path to refine our strategy, secure funds and look at where value can best be achieved via a clear focus on copper-gold projects.
I believe our prudent decision not to undertake any drilling campaigns or significant capex on our existing projects has been borne out, following the increasing uncertainty across both financial and commodities markets. Instead, we have sought to derive value from our portfolio of copper-gold assets by pursuing potential JV opportunities to secure medium to long term value via investment from a suitable financial and/or operational partner in the Philippines and/or Argentina.
To aid this process, the Board undertook a full strategic review of the group's assets in 2018 culminating, inter alia, in the commissioning of a new Mining/Economic Study by independent consultants Mining Plus on the Mankayan Project. Publication of the study's findings, which for the first time looked at grade sequencing within the mine plan, resulted in renewed interest and approaches from a number of potential partners. In essence, the Mankayan Project is a well understood, tier one asset, which has faced significant challenges in light of political risk in the Philippines. The new study sought to update the project's economics, taking into account smelter costs, and set out alternate fast-track routes into potential future production with lower capex requirements. The aforementioned assisted in making the market more aware of the Mankayan Project which resulted in a number of options and possibilities arising from discussions with various parties. The focus of which from the Company's perspective has been securing the future of, and realisation of value from, the Mankayan Project for shareholders, and we remain focussed on obtaining a suitable JV partner or transaction to meet these objectives.
At our Eureka project in Argentina, we successfully secured updated EIA approvals for the northern areas of the Eureka licence which is now at a 'drill ready' stage. Whilst nationally Argentina is undergoing another round of economic issues and uncertainty, cross border investment flow for mining into the country, especially within Salta, has seen a significant increase and changes within the regional Jujuy administration have allowed Bezant to continue to make progress. Our objective is to secure a suitable South American gold focused JV partner for the project to then enable us to commit to a near surface drilling campaign. The gold price has increased significantly over the last 12 months and at current levels we remain hopeful of securing an agreement.
In addition, the Board has also searched for a new low cost project opportunity where the Company can pursue its own exploration work programme(s). In April 2019, we successfully negotiated a conditional option to acquire a 50 per cent. interest in a small scale copper mining licence in Zambia which contains the Buffalo copper-gold exploration project. Subsequent initial work undertaken by our geologists has shown the project area to be highly prospective for further exploration, having historically hosted informal mining and with the potential to host copper gold mineralisation along strike. Consideration for the option requires the deployment of US$200,000 into the ground by 1 February 2020 and allows Bezant to explore in a near surface zone with third party mining operations in the immediate vicinity.
There can be no doubt that the year to date has been tough for junior resource companies and while gold soars the copper price is unfortunately suppressed. In the form of Mankayan and Eureka we have a promising portfolio of real copper-gold assets and a prospective addition via Buffalo. We continue to identify and assess the best routes forward for value creation in an inefficient market facing huge supply shortfalls and restricted exploration activity.
Colin Bird
Executive Chairman
Signed on 27 September 2019
Group Statement of Profit and Loss
For the six months ended 30 June 2019
Notes Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
CONTINUING OPERATIONS
Group revenue - - -
Cost of sales - - -
------------ ------------ -------------
Gross profit - - -
Operating expenses (388) (293) (656)
------------
Group operating loss (388) (293) (656)
Other income - 9 9
Interest income 1 - -
Impairment 3 - (199) (199)
Loss before taxation (387) (483) (846)
Taxation - - -
------------ ------------ -------------
Loss for the period from continued
operations (387) (483) (846)
DISCONTINUED OPERATIONS
Loss for the period from discontinued
operations 9 - (316) (341)
------------ ------------ -------------
Loss for the period (387) (799) (1,187)
============ ============ =============
Attributable to:
Owners of the Company (387) (854) (1,242)
------------ ------------ -------------
- Continuing operations (387) (483) (846)
- Discontinued operations - (371) (396)
------------ ------------ -------------
Non-controlling interest - discontinued
operations - 55 55
------------ ------------ -------------
(387) (799) (1,187)
============ ============ =============
Loss per share (pence)
Basic and diluted from continuing
operations 4 (0.04) (0.06) (0.10)
======== ======== ========
Basic and diluted from discontinued
operations 4 - (0.04) (0.05)
======== ======== ========
Basic and diluted from all operations 4 (0.04) (0.10) (0.15)
======== ======== ========
Group Statement of Other Comprehensive Income
For the six months ended 30 June 2019
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Other comprehensive income:
Loss for the period (387) (799) (1,187)
Items that may be reclassified
to profit or loss:
Foreign currency reserve movement 1 (97) (102)
------------ ------------ -------------
Total comprehensive loss for
the period (386) (896) (1,289)
============ ============ =============
Attributable to:
Owners of the Company (386) (950) (1,343)
------------ ------------ -------------
- Continuing operations (386) (495) (863)
- Discontinued operations - (455) (480)
------------ ------------ -------------
Non-controlling interest - discontinued
operations - 54 54
------------ ------------ -------------
(386) (896) (1,289)
============ ============ =============
Group Statement of Changes in Equity
For the six months ended 30 June 2019
Share Share Other Retained Non-Con-trolling Total
Capital Premium Reserves(1) Losses interest Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unaudited - six months
ended 30 June 2019
Balance at 1 January
2019 1,998 36,074 840 (33,362) - 5,550
Current period loss - - - (387) - (387)
Foreign currency
reserve - - 1 - - 1
Total comprehensive
loss for the period - - 1 (387) - (386)
--------- --------- ------------- --------- ----------------- ---------
Share options - - 6 - - 6
Balance at 30 June
2019 1,998 36,074 847 (33,749) - 5,170
========= ========= ============= ========= ================= =========
Unaudited - six months
ended 30 June 2018
Balance at 1 January
2018 1,225 35,433 802 (32,124) (50) 5,286
Current period loss - - (854) 55 (799)
Foreign currency
reserve - - (96) - (1) (97)
Total comprehensive
loss for the period - - (96) (854) 54 (896)
------ ------- ----- --------- ----- ------
Proceeds from shares
issued 773 659 - - - 1,432
Warrants issued - (16) 16 - - -
Disposal of operations - - - 4 (4) -
Balance at 30 June
2018 1,998 36,076 722 (32,974) - 5,822
====== ======= ===== ========= ===== ======
Audited - year ended
31 December 2018
Balance at 1 January
2018 1,225 35,433 802 (32,124) (50) 5,286
Current year loss - - - (1,242) 55 (1,187)
Foreign currency
reserve - - (101) - (1) (102)
Total comprehensive
loss for the year - - (101) (1,242) 54 (1,289)
------ ------- ------ --------- ----- --------
Proceeds from shares
issued 773 659 - - - 1,432
Warrants issued - (27) 27 - - -
Lapsed warrants - 9 (9) - - -
Share options granted - - 121 - - 121
Disposal of operations - - - 4 (4) -
Balance at 31 December
2018 1,998 36,074 840 (33,362) - 5,550
====== ======= ====== ========= ===== ========
(1) Other reserves is made up of the share-based payment and foreign exchange reserve.
Group Balance Sheet
As at 30 June 2019
Unaudited Unaudited Audited
30 30 31
June June December
2019 2018 2018
Notes GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Plant and equipment 5 5 7 6
Investments 6 341 - 279
Derivative financial instrument 7 27 - -
Exploration and evaluation assets 8 4,780 4,782 4,781
---------- ---------- ----------
Total non-current assets 5,153 4,789 5,066
---------- ---------- ----------
Current assets
Trade and other receivables 40 109 65
Cash and cash equivalents 69 1,014 492
---------- ---------- ----------
109 1,123 557
Non-current assets classified
as held for sale 9 - - -
---------- ---------- ----------
Total current assets 109 1,123 557
----------
TOTAL ASSETS 5,262 5,912 5,623
----------
LIABILITIES
Current liabilities
Trade and other payables 92 90 73
Liabilities directly associated
with non-current assets classified
as held for sale 9 - - -
---------- ---------- ----------
Total current liabilities 92 90 73
---------- ---------- ----------
NET ASSETS 5,170 5,822 5,550
========== ========== ==========
EQUITY
Share capital 10 1,998 1,998 1,998
Share premium 10 36,074 36,076 36,074
Share-based payment reserve 163 34 157
Foreign exchange reserve 684 688 683
Retained losses (33,749) (32,974) (33,362)
---------- ---------- ----------
TOTAL EQUITY 5,170 5,822 5,550
========== ========== ==========
Group Statement of Cash Flows
For the six months ended 30 June 2019
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2019 2018 2018
Notes GBP'000 GBP'000 GBP'000
Net cash outflow from operating
activities 11.1 (363) (824) (1,105)
----------- ----------- -------------
Cash flows used in investing
activities
Interest income 1 - -
Other income 25 9 63
Option payments (27) - -
Proceeds from disposal of group,
net of cash disposed 11.2 - 234 281
Loans to associates (58) (131) (265)
-----------
(59) 112 79
----------- ----------- -------------
Cash flows from financing activities
Proceeds from issuance of ordinary
shares - 1,293 1,302
-----------
- 1,293 1,302
-----------
(Decrease)/increase in cash (422) 581 276
Cash and cash equivalents at
beginning of period 492 251 251
Foreign exchange movement (1) 182 (35)
----------- ----------- -------------
Cash and cash equivalents at
end of period 69 1,014 492
=========== =========== =============
Cash and cash equivalents -
continuing operations 69 1,014 492
Cash and cash equivalents included
in assets classified as held
for sale - - -
----------- ----------- -------------
Notes to the interim financial information
For the six months ended 30 June 2019
1. Basis of preparation
The unaudited interim financial information set out above,
which incorporates the financial information of the Company
and its subsidiary undertakings (the "Group"), has been prepared
using the historical cost convention and in accordance with
International Financial Reporting Standards ("IFRS"), including
IFRS 6 'Exploration for and Evaluation of Mineral Resources',
as adopted by the European Union ("EU") and with those parts
of the Companies Act 2006 applicable to companies reporting
under IFRS.
These interim results for the six months ended 30 June 2019
are unaudited and do not constitute statutory accounts as
defined in section 434 of the Companies Act 2006. The financial
statements for the year ended 31 December 2018 have been delivered
to the Registrar of Companies and the auditors' report on
those financial statements was unqualified and contained a
material uncertainty pertaining to going concern.
Going concern basis of accounting
The Group made a loss after tax from all operations for the
six months ended 30 June 2019 of GBP387,000, had negative
cash flows from operations and is currently not generating
revenues. Cash and cash equivalents were GBP69,000 as at 30
June 2019. An operating loss is expected in the 12 months
subsequent to the date of these results and accordingly the
Company will need to raise funding to provide additional working
capital to finance its on-going activities. Management has
successfully raised funds in the past, but there is no guarantee
that adequate funds will be available when needed in the future.
There is a material uncertainty related to the conditions
above that may cast significant doubt on the Group's ability
to continue as a going concern and therefore the Group may
be unable to realise its assets and discharge its liabilities
in the normal course of business.
Based on the Board's assessment that the Company will be able
to raise additional funds, if required, to meet its working
capital and capital expenditure requirements, the Board have
concluded that they have a reasonable expectation that the
Group can continue in operational existence for the foreseeable
future. For these reasons the Group continues to adopt the
going concern basis in preparing this unaudited interim financial
information.
New accounting standard
IFRS 16 has been assessed, and there was no material impact.
2. Segment reporting
For the purposes of segmental information, the operations
of the Group are focused in three geographical segments, namely:
the UK, Argentina and the Philippines and comprise one class
of business: the exploration, evaluation and development of
mineral resources. The UK is used for the administration of
the Company.
The Group's operating loss arose from its operations in the
UK, Argentina, the Philippines and Colombia (discontinued).
For the six months ended 30 June 2019 - unaudited
Continuing Discontinued
----------------------------------
UK Argentina Philippines Colombia Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Consolidated loss
before tax (349) (37) (1) - (387)
-------- ---------- ------------ ------------- --------
Included in the
consolidated loss
before tax are
the following income/(expense)
items:
Foreign currency -
gain - - - -
Total Assets 90 4,803 369 - 5,262
Total Liabilities (91) (1) - - (92)
-------- ---------- ------------ ------------- --------
For the six months ended 30 June 2018 - unaudited
UK Argentina Philippines Colombia Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Consolidated loss
before tax (248) (32) (203) (316) (799)
-------- ---------- ------------ --------- --------
Included in the
consolidated loss
before tax are
the following income/(expense)
items:
Foreign currency
gain 143 - - - 143
Total Assets 1,099 4,813 - - 5,912
Total Liabilities (87) (3) - - (90)
-------- ---------- ------------ --------- --------
For the year ended 31 December 2018 - audited
UK Argentina Philippines Colombia Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Consolidated loss
before tax (591) (56) (199) (341) (1,187)
-------- ---------- ------------ --------- --------
Included in the
consolidated loss
before tax are
the following income/(expense)
items:
Depreciation - - (199) (72) (271)
Interest received (1) - - - (1)
Foreign currency
gain 293 - - - 293
Total Assets 547 4,797 279 - 5,623
Total Liabilities (72) (1) - - (73)
-------- ---------- ------------ --------- --------
3. Impairment Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Impairment loss on loan to associate - 199 199
- 199 199
======================================================== =========== =============
4. Loss per share
The basic and diluted loss per share have been calculated using
the loss attributable to equity holders of the Company for the
six months ended 30 June 2019 of GBP387,000 (six months ended
30 June 2018: GBP854,000; year ended 31 December 2018: GBP1,242,000).
The basic loss per share was calculated using a weighted average
number of shares in issue of 998,773,038 (six months ended 30
June 2018: 871,214,591; year ended 31 December 2018: 871,214,591).
The weighted average number of shares in issue and to be issued
if calculating the diluted loss per share would amount to 1,133,519,027
(six months ended 30 June 2018: 918,460,580; year ended 31 December
2018: 1,005,960,580).
The diluted loss per share and the basic loss per share are recorded
as the same amount, as conversion of share options decreases
the basic loss per share, thus being anti-dilutive.
5. Plant and equipment
Unaudited Unaudited Audited
30 30 31
June June December
2019 2018 2018
GBP'000 GBP'000 GBP'000
5.1 Cost
Balance at beginning of period 73 84 84
Exchange differences (1) (8) (11)
---------- ---------- ----------
At end of period 72 76 73
---------- ---------- ----------
5.2 Depreciation
Balance at beginning of period 67 74 74
Charge for the period - - 1
Exchange differences - (5) (8)
---------- ---------- ----------
At end of period 67 69 67
---------- ---------- ----------
Net book value at end of period 5 7 6
========== ========== ==========
6. Investments
Unaudited Unaudited Audited
30 30 31
June June December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Investment in associates - - -
Loan to associate 540 199 478
Impairment provision (note 3) (199) (199) (199)
---------- ---------- ----------
Total investments 341 - 279
========== ========== ==========
The Mankayan project owned by Crescent Mining and Development
Corporation is part of the continuing operations and was fully
impaired in 2016 due to then significant lingering uncertainty
concerning the political and tax environment in the Philippines.
Although the political and tax environment has subsequently improved
it would not be prudent to write back any of the provision made
in 2016 and the provision made in 2017 and the first half of
2018 in relation to additional funds lent in 2017 and H1 2018.
However, the funds advanced in the second half of 2018 and first
half of 2019 have not been impaired given that the Exploration
Period under the MPSA was in April 2018 extended for 2 years
and based on the improved economics in the recent Mining Plus
study announced on 12 February 2019.
7. Derivative financial instrument
Unaudited Unaudited Audited
30 30 31
June June December
2019 2018 2018
GBP'000 GBP'000 GBP'000
7.1 Derivative financial instrument
Balance at beginning of period - - -
Additions 27 - -
Total derivative financial instrument 27 - -
=========== =========== ==========
On 12 February 2019, Asean Copper Investments Limited and Bezant
Holdings Inc. entered into a further extended share option agreement
for a period of three (3) years from 30 June 2019 in relation
to Bezant Holdings Inc.'s sixty per cent. (60%) shareholding
in Crescent Mining and Development Corporation (CMDC). The non-refundable
option fee amount of US$35,001 has been paid. The purchase option
grants Asean the right to purchase the 1,999,995 fully paid shares
and 13,500,000 25% part paid subscription shares of CMDC, representing
sixty percent (60%) of the total outstanding capital stock of
CMDC subject to certain conditions at the time of purchase as
stated in the agreement.
8. Exploration and evaluation assets
Unaudited Unaudited Audited
30 30 31
June June December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Balance at beginning of period 4,781 4,786 4,790
Foreign exchange (1) (4) (9)
Carried forward at end of period 4,780 4,782 4,781
========== ========== ==========
The amount of capitalised exploration and evaluation expenditure
relates to 12 licences comprising the Eureka Project and are
located in north-west Jujuy near to the Argentine border with
Bolivia and are formally known as Mina Eureka, Mina Eureka II,
Mina Gino I, Mina Gino II, Mina Mason I, Mina Mason II, Mina
Julio I, Mina Julio II, Mina Paul I, Mina Paul II, Mina Sur Eureke
and Mina Cabereria Sur, covering, in aggregate, an area in excess
of approximately 5,500 hectares and accessible via a series of
gravel roads. All licences remain valid and in May 2019 the Company
obtained a two year renewal of its Environmental Impact Assessment
(EIA) approvals in respect of its Mina Eureka, Mina Gino I, Mina
Gino II, Mina Mason I, Mina Mason II, Mina Julio I, Mina Julio
II, Mina Paul I, Mina Paul II, being the 9 northern most licences
which are the intended focus of a future exploration programme.
The directors have assessed the value of the intangible assets
having considered any indicators of impairment, and in their
opinion, based on a review of the expiry dates of licences, future
expected availability of funds to develop the Eureka Project
and the intention to continue exploration and evaluation, no
impairment is necessary.
9. Non-current assets and disposal groups classified as held for
sale
Following a comprehensive review of the strategic options available
for its operations in Colombia, Bezant entered into a legally
binding agreement on 25 April 2018 (the "Sale Agreement") with
Auvert Mining Group Limited ("Auvert") for the sale of its wholly
owned subsidiary Ulloa Recursos Naturales S.A.S. ("Ulloa"),
which held the Group's wholly owned alluvial platinum and gold
licences, located in the Choco region of Colombia, and the associated
processing plant, mobile test plant and other mining equipment
located in the licence area (the "Choco Project").
As a result of the transaction, this group of assets (the "disposal
group") were disclosed as a disposal group held for sale at
31 December 2017. The total consideration payable by Auvert
to the Company in respect of the Disposal was, in aggregate,
US$500,000 payable in cash, of which US$450,000 had already
been paid in the December 2018 year and the balance of US$50,000
was held in escrow with the Company's solicitors to be released
subject to delivery of satisfactory receipt by Auvert of certain
post-completion deliverables. Having completed these deliverables,
US$50,000 was received in January 2019.
Analysis of the results of discontinued operations and the results
recognised on the measurement of assets of disposal groups is
as follows:
Unaudited Unaudited Audited
Six months Six months Year
ended 30 ended 30 ended 31
June June December
2019 2018 2018
Due to the results of the disposal GBP'000 GBP'000 GBP'000
group being separately disclosed,
comparative information has been
restated to ensure comparability.
Revenue - - -
Cost of sales - (130) (130)
Operating expenses - (285) (405)
Other income - - 266
------------ ----------- ----------
Loss before tax of discontinued operations - (415) (269)
Tax (charge)/credit - - -
------------ ----------- ----------
Loss after tax of discontinued operations - (415) (269)
Foreign currency translation reserve
reclassification - 338 -
Impairment loss on disposal group - (239) (72)
------------ ----------- ----------
Loss for the year from discontinued
operations - (316) (341)
============ =========== ==========
Cash flow information
Operating cash flows - (393) (159)
Investing cash flows - (142) 179
Financing cash flows - 563 -
------------ ----------- ----------
Total cash flows - 28 20
============ =========== ==========
10. Share capital
Unaudited Unaudited Audited
30 30 31
June June December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Number
Authorised
5,000,000,000 ordinary shares of
0.2p each - 10,000 10,000
5,000,000,000 ordinary shares of
0.002p each (1) 100 - -
5,000,000,000 deferred shares of
0.198p each (1) 9,900 - -
------------ --------------- ---------------
10,000 10,000 10,000
============ =============== ===============
Allotted ordinary shares, called
up and fully paid
As at beginning of the period 1,998 1,225 1,225
Share subscription - 711 711
Shares issued to directors and
management - 37 37
Shares issued to settle third party
fees - 25 25
Sub divided to deferred shares
(1) (1,978) - -
------------ --------------- ---------------
Total ordinary shares at end of
period 20 1,998 1,998
------------ --------------- ---------------
Allotted deferred shares, called
up and fully paid
As at beginning of the period - - -
Sub divided from ordinary shares
(1) 1,978 - -
------------ --------------- ---------------
Total deferred shares at end of
period 1,978 - -
Ordinary and deferred as at end
of period 1,998 1,998 1,998
============ =============== ===============
Number of
Number of Number of shares 31
shares 30 shares 30 December
June 2019 June 2018 2018
Ordinary share capital is summarised
below:
As at beginning of the period 998,773,038 612,273,038 612,273,038
Share subscription - 355,555,555 355,555,555
Shares issued to directors and
management - 18,544,445(2) 18,544,445(2)
Shares issued to settle third party
fees - 12,400,000(3) 12,400,000(3)
As at end of period 998,773,038 998,773,038 998,773,038
============ =============== ===============
Deferred share capital is summarised
below:
As at beginning of the period - - -
Issued due to sub division (1) 998,773,038 - -
------------ --------------- ---------------
As at end of period 998,773,038 - -
============ =============== ===============
(1) On 24 May 2019, a resolution was passed at the Company's
Annual General Meeting to approve the reorganisation of the Company's
share capital in order to reduce the nominal value of the Company's
ordinary shares such that the Company is able to issue new ordinary
shares at a price below GBP0.02 per ordinary share in the event
that the Directors seek to raise additional equity finance at
such a price to provide, inter alia, additional working capital
for the group. Pursuant to this resolution, every existing ordinary
share in the capital of the Company in issue of GBP0.002 each
("Existing Ordinary Shares") on 24 May 2019 was re-designated
and sub-divided into 1 (one) new ordinary share of GBP0.00002
each ("New Ordinary Shares") and 1 (one) deferred share of GBP0.00198
each ("Deferred Shares"). The New Ordinary Shares have been admitted
for trading on AIM in place of the Existing Ordinary Shares.
The New Ordinary Shares continue to carry the same rights as
attached to the Existing Ordinary Shares (save for the reduction
in their nominal value). The Deferred Shares have very limited
rights and are effectively valueless as they have no voting rights
and have no rights as to dividends and only very limited rights
on a return of capital. The Deferred Shares are not admitted
to trading or listed on any stock exchange and are not freely
transferable.
(2) Certain of the Company's directors agreed to convert outstanding
fees of GBP31,233, due in respect of the period from 1 July 2017
to 31 December 2017, into 6,940,667 new Ordinary Shares and the
Company's management agreed to convert outstanding fees and salaries
of GBP22,217, due in respect of the same period, into 4,937,111
new Ordinary Shares. In addition, GBP30,000 of fees due to Dr.
Bernard Olivier, the Company's former CEO who resigned as a director
on 15 January 2018, were converted into 6,666,667 new Ordinary
Shares. These shares were all issued on 22 March 2018 at a price
of 0.45 pence per share, being the price at which the Company
had completed its then most recent fundraise announced on 5 February
2018 which represented a premium of approximately 7.14 per cent.
to the Company's closing mid-market share price of 0.42 pence
on 21 March 2018.
(3) Certain fees and expenses amounting to GBP55,800 owed by
the Company to Verona Investment Group Inc. ("Verona") were also
settled by the issue of 12,400,000 new Ordinary Shares at a price
of 0.45 pence per share on 22 March 2018.
Unaudited Unaudited Audited
30 30 31
June June December
2019 2018 2018
GBP'000 GBP'000 GBP'000
The share premium was as follows:
As at beginning of year 36,074 35,433 35,433
Share subscription - 689 689
Shares issued to directors and management - 41 41
Shares issued to settle third party
fees - 27 27
Share issue costs - (98) (98)
Warrants lapsed - 9 9
Warrants issued - (25) (27)
As at end of period 36,074 36,076 36,074
========== ========== ==========
Each fully paid ordinary share carries the right to one vote
at a meeting of the Company. Holders of ordinary shares also
have the right to receive dividends and to participate in the
proceeds from sale of all surplus assets in proportion to the
total shares issued in the event of the Company winding up.
11.1 Reconciliation of operating loss to
net cash outflow from operating activities
Unaudited Unaudited Audited
Six Six
months months Year
ended ended ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Operating loss from all operations (388) (708) (1,191)
Depreciation and amortisation - - 1
VAT refunds received (25) - (63)
Foreign exchange (gain)/loss - (143) 121
Share option expense 6 - (293)
Decrease in receivables 25 97 141
Increase/(decrease) in payables 19 (70) 179
---------- ---------- -------------
Net cash outflow from operating activities (363) (824) (1,105)
========== ========== =============
11.2 Proceeds from disposal of group, net
of cash disposed
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 30 31
June June December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Proceeds from sale* - 282 329
Net cash of group sold - (48) (48)
--------------------- ------------ ----------
Net cash proceeds - 234 281
===================== ============ ==========
* The gross consideration was US$500,000 of which US$450,000
was received by the Company in the year and US$50,000 was paid
to the Company's lawyers in escrow and was released to the Company
on 14 January 2019.
12. Subsequent events
There has not arisen in the interval between the half year end
date and the date of this report any item, transaction or event
of a material or unusual nature likely, in the opinion of the
directors of the Company, to effect:
(i) The Company's operations in future financial periods; or
(ii) The results of those operations in future financial periods;
or
(iii) The Company's state of affairs in future financial periods.
13. Availability of Interim Report
A copy of these interim results will be available from the Company's
registered office during normal business hours on any weekday
at Floor 6, Quadrant House, 4 Thomas More Square, London E1W
1YW and can also be downloaded from the Company's website at
www.bezantresources.com. Bezant Resources Plc is registered
in England and Wales with company number 02918391.
INDEPENDENT REVIEW REPORT BY THE AUDITORS
TO BEZANT RESOURCES PLC
Introduction
We have been engaged by the Company to review the condensed financial information in the interim results for the six months ended 30 June 2019 which comprises the Group Statement of Profit and Loss, the Group Statement of Other Comprehensive Income, the Group Statement of Changes in Equity, the Group Balance Sheet, the Group Cash Flow Statement and the related notes. We have read the other information contained in the interim results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' Responsibilities
The interim results are the responsibility of, and have been approved by, the directors. The directors are responsible for preparing the interim results in accordance with the AIM Rules for Companies.
As disclosed in note 1, the annual financial statements of the Group will be prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in the interim results has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim results based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements (UK and Ireland) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Material uncertainty in respect of Going concern
We have considered the adequacy of the going concern disclosures made in note 1 to the unaudited interim financial information concerning the Group's ability to continue as a going concern. The Group incurred an operating loss of GBP387,000 during the period ended 30 June 2019 and is still incurring losses. As discussed in note 1, the Group had cash and cash equivalents of GBP69,000 as at 30 June 2019 and will need to raise further funds in order to meet its budgeted operating costs. These conditions, along with the other matters discussed in note 1 indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern. The interim results do not include the adjustments (such as impairment of assets) that would result if the Group were unable to continue as a going concern.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed financial statements in the interim results for the six months ended 30 June 2019 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules for Companies.
UHY Hacker Young LLP
Chartered Accountants
Registered Auditors
London
Signed on 27 September 2019
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 EAXNXALDNEFF
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September 30, 2019 02:01 ET (06:01 GMT)
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