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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Consol. Gen.Min | LSE:CGM | London | Ordinary Share | GB00B0T4LB03 | 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% | 24.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jun 2019 to Jun 2024
TIDMCGM
RNS Number : 9245A
Consolidated General Minerals PLC
09 February 2011
CONSOLIDATED GENERAL MINERALS PLC
UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED
31 DECEMBER 2010
Consolidated General Minerals announces its unaudited interim financial results for the six month period ended 31st December 2010.
Highlights
Hot Features
Premium
-- Cash position and net assets as at 31 December 2010 amounted to
respectively US$ 21.1 million (June 30, 2010: US$ 22.0 million)
and US$ 20.9 million (June 30, 2010: US$ 22.0 million); -- The
Company has no long term debts or borrowings; -- The Guarantee and
Warranties associated with the disposal of Company's mining
interest in China expired without any claimshaving been made; --
As notified on 30 September 2010 the Company's shares were
suspended from trading on AIM. In the event the Company is unable
to complete an acquisition by 31 March 2011, the admission of its
ordinary shares to AIM will be cancelled and it will not be
subject to the AIM Rules for Companies thereafter; and -- At the
Company's AGM on 16 December 2010 the shareholders approved the
Company's new Investing Policy.
For further information contact:-
Consolidated General Minerals plc
Robert Adair (Chairman) +44 7872 930 114
Jean-Pierre Conrad (Executive) +41 79 601 51 59
Marinko Vidovich (Non-executive) +61 8 6216 5200
Brewin Dolphin Ltd (Nomad)
Alex Dewar +44 131 529 0276
Chairman's Statement
As announced in the latter part of 2010, we have evaluated a number of investment propositions but were unable to muster sufficient shareholder support for any particular proposition in time to complete an acquisition prior to the 29th September 2010 deadline set by the AIM Rules. As a result, trading in the Company's shares on AIM was suspended on the 30th September 2010. In the event that the Company is unable to complete an acquisition by 31st March 2011 the admission of its ordinary shares to AIM will be cancelled.
In November 2010 the Company announced the resignation of Frank Vanspeybroeck as a Director with immediate effect and thereafter, it was notified that Jean-Pierre Conrad, Nicolas Rouveyre and Ambrian Capital plc had acquired an aggregate 26.7% interest in the Company.
The Board consulted with and took into account the views of certain of the Company's larger shareholders, and together with Mr Conrad, prepared an amended investing policy. Mr Conrad was appointed to the Board in November 2010, the appointment being approved by shareholders at the AGM in December 2010. We believe that the new shareholders and the Board have extensive industry and sector insight with local relationships across the world, experience in the areas of corporate finance, commodity trading and technical issues that will providethe means to implement the Company's new investing strategy.
The Company has entered into a service agreement with Ambrian Resources AG based in Zug Switzerland. This agreement provides for certain support functions mostly of an administrative nature to be conducted at cost for the benefit of the Company. In addition, executive time such as, but not limited to, Mr Conrad's full time allocation to the Company is provided for a fee. The Company believes that at this stage of its development, this agreement represents the most cost effective way of managing its activities. At board level reductions in remuneration have been made: also reductions have been made by certain of the Company's suppliers. This will hopefully translate in a material reduction in overheads, especially important during this transitory period.
Ambrian Resources AG is a subsidiary of Ambrian Capital plc, a significant shareholder in the Company. Mr Conrad, a director and a significant shareholder in the Company is also a director of Ambrian Resources AG. As a consequence this agreement is deemed to be a related party transaction for the purposes of the AIM Rules. MarinkoVidovich and I, both of whom are independent parties to the Agreement, consider, having consulted with the Company's Nominated Adviser, that the terms of the agreement are fair and reasonable.
The Company's investing policy is to create shareholder value by identifying and acquiring holdings in businesses and ventures active in natural resources with a particular focus on the minerals (including industrial minerals) and metals sectors. With a strong emphasis on downside protection, the strategy of the Company will look to focus on investments:
-- That demonstrate an ability to generate near term or immediate
cash flows; -- That demonstrate a high degree of resilience
throughout cycles; -- In sectors benefiting from industry
consolidation; -- In businesses which can benefit from our
commodity trading experience, financing, industry and technical
know-how; and -- That are not grassroot exploration.
The Company intends to be an active investor in its ventures. These will include but are not limited to:
-- Funding of brownfield developments in conjunction with
expanding and/or rehabilitating existing operations; -- Purchasing
significant interests in existing businesses; -- Participating in
the recapitalisation of existing operations; and -- Funding late
stage greenfield developments.
We have not entered into any commitment in connection with any investments or acquisitions yet. We are however reviewing business proposals that could result in a possible transaction or a series of transactions. Our objective remains to implement before 31st March 2011 a transaction that will derive short term benefits from the deployment of the Company's funds as well as restore trading in the Company's shares without incurring the costs associated with seeking a re-admission to AIM at a later time. Notwithstanding the foregoing, our shareholders should always bear in mind that the benefits of an immediate listing will never outweigh poor business judgment in the conduct of the Company's business such as that which could be dictated by time constraints!
A key objective during most of the six month period under review was to protect the Company's assets from claims under the Guarantee and Warranties that were given to Cosmos Castle Management Limited as part of the disposal of Hunan Westralian Resources Pty Ltd. To this end it was gratifying that the Company received its due consideration, and that the Guarantee and Warranties have expired without any claim being made against them. The Board would like to acknowledge its thanks and appreciation to the staff and in particular to Mr Marinko Vidovich for their unwavering commitment in downsizing expeditiously the operations and corporate functions of the Company. As a consequence, all operations and corporate functions carried out in China and Australia have been terminated and associated costs eliminated. In the future, the Company's corporate functions will be managed out of Switzerland (as more fully explained herein) with a clear mandate from the Board to minimize costs especially whilst the Company has not acquired an operating business.
We look forward to what we believe will be an exciting period for the Company as we pursue our new investing strategy.
Robert F.M. Adair
Chairman of the Board
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED 31 DECEMBER 2010
Six Months Six Months
Ended Ended Year Ended
31 December 31 December 30 June
2010 2009 2010
US$'000 US$'000 US$'000
Note Unaudited Unaudited Audited
------------ ------------ ----------
CONTINUING OPERATIONS
Salaries and employee benefits (166) (362) (251)
Office expenses and
professional fees (503) (1,162) (779)
Consulting expenses (306) (293) (623)
Travel and accommodation
expenses - (160) -
Other expenses - (213) -
OPERATING LOSS (975) (2,190) (1,653)
Other gains and losses 30 4,922 (1,027)
Financial income 14 4 72
PROFIT/(LOSS) BEFORE TAX (931) 2,736 (2,607)
Tax 2 - - -
------------ ------------ ----------
PROFIT/(LOSS) FOR THE PERIOD
FROM CONTINUING OPERATIONS (931) 2,736 (2,607)
------------ ------------ ----------
DISCONTINUED OPERATIONS
Profit/(loss) for the period
from discontinued operations 4 (227) 349 (289)
------------ ------------ ----------
PROFIT/(LOSS) FOR THE PERIOD (1,158) 3,085 (2,897)
------------ ------------ ----------
OTHER COMPREHENSIVE LOSS
Exchange differences on
translation of foreign
operations - (3,611) (4,095)
Exchange gain recognised on
disposal of foreign
operations - (4,935) (148)
OTHER COMPREHENSIVE LOSS FOR
THE PERIOD (NET OF TAX) - (8,546) (4,243)
------------ ------------ ----------
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD (1,158) (5,461) (7,139)
============ ============ ==========
Profit/(loss) for the period
attributable to:
Owners of Consolidated General
Minerals plc (1,158) 3,085 (2,260)
Non-controlling interests - - (637)
------------ ------------ ----------
(1,158) 3,085 (2,897)
============ ============ ==========
Total comprehensive loss
attributable to:
Owners of Consolidated General
Minerals plc (1,158) (5,461) (6,509)
Non-controlling interests - - (630)
------------ ------------ ----------
(1,158) (5,461) (7,139)
============ ============ ==========
From continuing and discontinued operations
Basic and diluted
earnings/(loss) per share
(cents) 3 (0.5) 6.4 (4.7)
============ ============ ==========
From continuing operations
Basic and diluted
earnings/(loss) per share
(cents) 3 (1.9) 5.6 (5.4)
CONSOLIDATED STATEMENT OF CHANGES IN equity
FOR THE HALF YEAR ENDED 31 DECEMBER 2010
Attributable to Members of Consolidated
General Minerals
Share Foreign
Share Premium Exchange Other Retained Non-controlling Total
Capital Reserve Reserve Reserves Earnings Total interest Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
---------------- ------- ------- -------- -------- -------- -------- --------------- -------
Balance at 1
July 2009 920 66,170 4,249 61 (42,875) 28,525 (12) 28,513
Profit for the
half-year - - - - 3,085 3,085 - 3,085
Other
comprehensive
loss:
Exchange
differences on
translation of
foreign
operation - - (3,611) - - (3,611) - (3,611)
Realisation of
reserves on
disposal of
foreign
operations - - (4,935) - - (4,935) 12 (4,923)
------- ------- -------- -------- -------- -------- --------------- -------
Total
comprehensive
loss for the
period - - (8,546) - 3,085 (5,461) 12 (5,449)
------- ------- -------- -------- -------- -------- --------------- -------
Balance at 31
December 2009
Unaudited 920 66,170 (4,297) 61 (39,790) 23,064 - 23,064
======= ======= ======== ======== ======== ======== =============== =======
Loss for the
half-year - - - - (5,345) (5,345) (637) (5,982)
Other
comprehensive
loss:
Exchange
differences on
translation of
foreign
operation - - (490) - - (490) (6) (496)
Realisation of
reserves on
disposal of
foreign
operations - - 4,787 - - 4,787 - 4,787
Total
comprehensive
loss for the
period - - 4,297 - (5,345) (1,048) (643) (1,691)
------- ------- -------- -------- -------- -------- --------------- -------
Reverse
acquisition
loss recognised
on disposal of
GRV - - - (61) 61 - - -
De-recognition
of
non-controlling
interest on
sale of
Westralian - - - - - - 643 643
------- ------- -------- -------- -------- -------- --------------- -------
Balance at 30
June 2010
Audited 920 66,170 - - (45,074) 22,016 - 22,016
======= ======= ======== ======== ======== ======== =============== =======
Loss for the
half-year - - - - (1,158) (1,158) - (1,158)
Total
comprehensive
loss for the
period - - - - (1,158) (1,158) - (1,158)
------- ------- -------- -------- -------- -------- --------------- -------
Balance at 31
December 2010
Unaudited 920 66,170 - - (46,232) 20,858 - 20,858
======= ======= ======== ======== ======== ======== =============== =======
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT 31 December 2010
31 December 31 December 30 June
2010 2009 2010
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
----------- ----------- --------
NON-CURRENT ASSETS
Property, plant and equipment - 47 -
- 47 -
----------- ----------- --------
CURRENT ASSETS
Trade and other receivables 61 3,050 276
Cash and cash equivalents 21,146 21,032 21,975
21,207 24,082 22,251
----------- ----------- --------
TOTAL ASSETS 21,207 24,129 22,251
----------- ----------- --------
CURRENT LIABILITIES
Trade and other payables (349) (1,065) (235)
TOTAL LIABILITIES (349) (1,065) (235)
----------- ----------- --------
NET ASSETS 20,858 23,064 22,016
=========== =========== ========
EQUITY
Share capital 920 920 920
Share premium account 66,170 66,170 66,170
Foreign exchange reserve - (4,297) -
Other reserves - 61 -
Retained earnings (46,232) (39,790) (45,074)
----------- ----------- --------
TOTAL EQUITY 20,858 23,064 22,016
CONSOLIDATED STATEMENTS OF CASHFLOWS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2010
Six Months
Ended Year Ended
Six Months Ended 31 December 30 June
31 December 2010 2009 2010
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
----------------- ------------ ----------
Operating loss (975) (3,503) (1,653)
Adjustments for:
Depreciation - 237 768
Discontinued operations (227) - (289)
Net exchange differences (551) (2,257) (720)
----------------- ------------ ----------
Operating cash flows before
movements in working
capital, net of effects from
sale of subsidiaries (1,753) (5,523) (1,894)
(Increase)/decrease in trade
and other receivables 219 (106) (1)
Decrease in inventories - - 1,247
(Decrease)/increase in trade
and other payables 108 (151) (3,206)
----------------- ------------ ----------
Net cash outflow from
operating activities (1,426) (5,780) (3,855)
----------------- ------------ ----------
INVESTING ACTIVITIES
Proceeds on sale of
subsidiaries, net of cash
disposed - 21,103 23,382
Purchases of property, plant
and equipment - (81) (81)
Payments for licences,
exploration and development
expenditure - (235) (3,300)
Interest received 14 5 72
Net cash inflow/(outflow)
from investing activities 14 20,792 20,073
----------------- ------------ ----------
Net increase/(decrease) in
cash and cash equivalents (1,412) 15,012 16,218
Cash and cash equivalents at
the beginning of the period 21,975 6,192 6,192
Movements in foreign exchange
rate 583 (172) (436)
----------------- ------------ ----------
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD 21,146 21,032 21,975
----------------- ------------ ----------
Notes to the CONSOLIDATED financial STATEMENTS
NOTE 1: GENERAL INFORMATION
The financial information set out in this report does not constitute full accounts for the purposes of Section 434 of the Companies Act 2006. The interim accounts for the six months ended 31 December 2010 and 31 December 2009 are unaudited. The comparative figures for the financial year ended 30 June 2010 are not the Company's statutory accounts for the financial year but are abridged from those accounts which have been reported on by the Company's auditors, whose report on the consolidated financial statements prepared under International Financial Reporting and Accounting Standards, was unqualified. The interim accounts have been prepared on the basis of the accounting policies set out in the annual financial statements of the Group for the year ended 30 June 2010 except for the impact of the adoption of the Standards and Interpretations described below.
IAS 1 (revised 2007) Presentation of Financial Statements (effective for annual periods beginning on or after 1 January 2010). The revised Standard has introduced a number of terminology changes (including revised titles for the condensed financial statements) and has resulted in a number of changes in presentation and disclosure. However, the revised Standard has had no impact on the reported results or financial position of the Group.
NOTE 2: TAXATION
No liability to tax is expected to have arisen during this period.
NOTE 3: EARNINGS PER SHARE
The calculation of the earnings/(loss) per share is based on the following data:
Six Months
Ended Six Months Ended Year Ended
31 December 31 December 30 June
2010 2009 2010
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
------------ ---------------- ----------
Profit/(loss) from continuing operations
Earnings for the purposes of basic
and diluted earnings per share
being net profit attributable to
equity holders of the parent (931) 2,736 (2,607)
============ ================ ==========
Profit/(loss) from continuing
and discontinued operations
Earnings for the purposes of basic
and diluted earnings per share
being net profit attributable to
equity holders of the parent (1,158) 3,085 (2,260)
============ ================ ==========
Six Months
Ended Six Months Ended Year Ended
31 December 31 December 30 June
2010 2009 2010
------------ ---------------- ----------
Number of shares
Weighted averge number of ordinary
shares for the purposes of basic
and diluted earnings per share 48,475,411 48,475,411 48,475,411
============ ================ ==========
The above figures are not affected by any dilutive share options as no share options have been issued in the period.
NOTE 4: DISCONTINUED OPERATION
Prior Period
(a) Description
On 26 August 2009 the Company's 100% owned subsidiary, Global Resources Ventures Limited ("GRV"), signed a Share Purchase Agreement with Cosmos Castle Management Limited, a company incorporated in the British Virgin Islands, to sell all of the issued securities of Westralian Resources Pty Ltd ("Westralian"). Settlement of the sale occurred on 29 September 2009, from which date Westralian and its 80% owned subsidiary Hunan Westralian Mining Co. Ltd ceased to be consolidated into the Group.
On 12 May 2010 GRV was placed in voluntary administration, from which date GRV ceased to be consolidated into the Group. Prior to GRV being liquidated all outstanding loan balances were forgiven by CGM, which resulted in the writing off of all remaining loan balances.
Financial information relating to the discontinued operations for the period to the respective dates of disposal isset out below.
(b) Financial performance and cash flow information
Six Months
Ended Six Months Ended Year Ended
31 December 31 December 30 June
2010 2009 2010
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
------------ ---------------- ----------
Revenue - - -
Expenses (227) (1,313) (3,822)
------------ ---------------- ----------
Operating loss (227) (1,313) (3,822)
Foreign exchange (losses)/gains - (1) 3,936
Financial income - - 4
------------ ---------------- ----------
Profit/(loss) before income tax (227) (1,314) 118
Income tax expense - - -
------------ ---------------- ----------
Profit/(loss) after income tax
expense of discontinued
operations (227) (1,314) 118
------------ ---------------- ----------
Gain/(loss) on deconsolidation
of subsidiaries before income
tax - 1,663 (408)
Income tax expense - - -
------------ ---------------- ----------
Gain/(loss) on deconsolidation
of subsidiaries after income tax - 1,663 (408)
------------ ---------------- ----------
Profit/(loss) from discontinued
operations (227) 349 (289)
============ ================ ==========
Net cash outflow from ordinary
activities (19) (1,314) (2,316)
Net cash inflow/(outflow) from
investing activities - 20,787 1,205
Net increase/(decrease) in cash
generated by the discontinued
operations (19) 19,473 (1,111)
============ ================ ==========
(c) Details of the sale of subsidiaries
Period Ended Six Months Ended Year Ended
30 September 31 December 30 June
2010 2009 2010
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
------------- ---------------- ----------
Consideration received or
receivable:
Net cash (after costs of
disposal) on sale of Westralian - 21,589 23,867
Net cash on liquidation of GRV - - 125
Amount held on trust until 31
December 2009 - 2,128 -
------------- ---------------- ----------
Total disposal consideration - 23,717 23,992
Carrying amount of net assets
sold of Westralian - (23,748) (23,748)
Carrying amount of net assets
disposed of GRV - - (156)
Recognition of foreign exchange
reserve on sale of Westralian - 1,694 5,152
Recognition of foreign exchange
reserve on deconsolidation of
GRV - - (5,005)
Recognition of non-controlling
interest on sale of Westralian - - (643)
------------- ---------------- ----------
Gain on sale and deconsolidation
before income tax - 1,663 (408)
Income tax expense - - -
------------- ---------------- ----------
Gain on sale and deconsolidation
after income tax - 1,663 (408)
============= ================ ==========
At 30 June 2009 the carrying value of Mining Properties and other consolidated assets were impaired to reflect the disposal of the subsidiaries. A total write-down of US$18,388,341 was recognised against the Mining Properties of the disposed subsidiaries, with the amount reported below being net of this impairment.
The carrying amounts of assets and liabilities at the date of sale (Westralian 29 September 2009)/deconsolidation (GRV 12 May 2010) were:
Date of Sale
/ Deconsolidation
US$'000
Unaudited
------------------
Sale of Westralian:
Cash 486
Trade and other receivables 442
Plant and equipment 2,130
Mining properties 22,726
------------------
Total assets 25,784
------------------
Trade and other liabilities (2,035)
------------------
Total liabilities (2,035)
------------------
Net assets of Westralian 23,749
==================
Liquidation of GRV:
Cash 148
Trade and other receivables 10
------------------
Total assets 158
------------------
Trade and other liabilities (2)
------------------
Total liabilities (2)
------------------
Net assets of GRV 156
==================
NOTE 5: CONTINGENCIES
There has been no change in contingent liabilities or contingent assets since the last annual reporting date.
NOTE 6: SUBSEQUENT EVENTS
No matter or circumstance has arisen since 31 December 2010, which has significantly affected, or may significantly affect the operations of the group, the result of those operations, or the state of affairs of the group in subsequent financial years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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