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 |
|---|---|---|---|---|---|
| Emmerson Plc | LSE:EML | London | Ordinary Share | IM00BDHDTX83 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.04 | -1.90% | 2.06 | 2.00 | 2.20 | 2.10 | 2.075 | 2.10 | 936,687 | 16:35:06 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -2.99M | -0.0026 | -8.08 | 23.92M |
Hot Features
Premium
TIDMEML
For immediate release: 24 December 2009
Emerging Metals Limited
("EML", "Emerging Metals" or "the Company")
Unaudited interim financial statements for the six month period ended 30
September 2009
Emerging Metals Limited (AIM: EML), the mining company focused on minor and
emerging metals, today announces its interim results for the six month period
ended 30th September 2009.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
* Equity shareholder funds increased 52% to GBP40,639,903 (31 March 2009: GBP26,652,271);
* non-current assets valuation maintained at GBP5,319,860 (31 March 2009: GBP5,319,860);
* current assets valuation increased 65% to GBP35,392,803 (31 March 2009: GBP21,392,111);
* net profits of GBP13,916,315 achieved for period compared to a loss of GBP240,270 at
30 September 2008;
* holdings in Kalahari Minerals and Extract Resources valued at GBP34,703,396
as at 30 September 2009 against a purchase price of GBP10,024,164 - a rise of
246% - of which GBP14,419,739 was within period;
* 9.06% of Kalahari Minerals Plc held at an average cost of 54.50 pence per
share (31 March 2009: 8.04% held at an average cost of 45.04 pence per
share);
* 0.17% of Extract Resources Limited held at an average cost of A$1.1909 per
share (31 March 2009: 0.17% held at an average cost A$1.1945 per share);
* Tsumeb option remains valued at GBP4,818,455 (31 March 2009: GBP4,818,455);
* operating expenses kept below budget at GBP347,952 (30 September 2008: GBP726,371);
* cash reserves at 30 September 2009 of GBP683,176 following investment acquisitions
in period (31 March 2009: GBP3,757,960).
Co-chairman Stephen Dattels commented:
"The acquisition of our interests in Kalahari Minerals and Extract Resources
has given Emerging Metals exposure to a world class uranium resource - namely
the Husab project in Namibia comprising the Rössing South, Ida Dome and
Hildenhof deposits. Not only is uranium an emerging metal with a very
favourable long term supply-demand outlook, the interests also allow Emerging
Metals to leverage its existing platform and operations at Tsumeb in Namibia.
"Our half year results to 31 March 2009 are consequently extremely pleasing,
with a positive net income for the period of GBP13,916,315 (31 March 2008: loss
of GBP240,270), including an investment gain of GBP14,419,739 to a valuation of GBP
34,703,396 (31 March 2008: GBP17,627,774)."
--Ends--
Contact details
Emerging Metals Blomfield Corporate Fox-Davies Capital GTH
Limited Finance Limited Limited Communications
Denham Eke Toby Howell Daniel Fox-Davies Toby Hall
Peter
Trevelyan-Clark
+44 (0) 1624 639396 +44 (0) 20 7444 +44 (0) 20 7936 +44 (0) 20 7153
0541 5200 8035
Chairmen's statement
As previously reported, Emerging Metals Limited continues studies and test work
on the Tsumeb Slag stockpiles. As the current market conditions for the
contained metals - germanium, zinc and gallium - remains weak, we are
continuing to contain costs on the Tsumeb Slag stockpiles. We will, however,
reassess this strategy as market conditions change.
We have continued with our strategy of acquiring strategic stakes in quoted
companies involved with investment metals. As at the end of the half year, we
held 9.06% of the issued capital of Kalahari Minerals Plc and 0.17% of the
issued capital of Extract Resources Limited: acquired at an aggregate cost of GBP
10 million. As previously reported, Kalahari Minerals is a London AIM and
Namibian Stock Exchange traded exploration and development company whose
principal asset is a near 40% interest in Extract Resources, an Australian ASX
and Toronto Stock Exchange listed uranium exploration and development company
with significant uranium assets in Namibia, namely the Husab uranium project
comprising the Rössing South, Ida Dome and Hildenhof deposits.
Recently reported chemical assay results continue to confirm the presence of
high grade granite hosted uranium mineralisation. Rössing South Zones 1 and 2
extend for over five kilometres indicating an increased resource of up to 500
Mlb with 13 drill rigs operating on site, with more rigs being sourced to
accelerate exploration and resource definition efforts. These high grade
results bode well for the future valuation of Extract Resources and hence
Kalahari Minerals, providing the price of uranium remains firm. The global move
to produce clean energy to cut emissions, not only in Asia, but also in Europe
and elsewhere will, we believe, create a very important positive long term
demand and driver for uranium prices. As an indication, according to the World
Nuclear Association, currently there are 435 operating reactors around the
world, with a further 53 under construction, 136 planned and 299 have been
proposed.
Thus the acquisition of this interest in Kalahari Minerals and Extract
Resources gives Emerging Metals exposure to a world class uranium resource, an
emerging metal with a very favourable long term supply-demand outlook. It also
leverages on Emerging Metals existing platform and operations at Tsumeb in
Namibia.
Our half year results to 31 March 2009 are consequently extremely pleasing,
with a positive net income for the period of GBP13,916,315 (31 March 2008: loss
of GBP240,270), including an investment gain of GBP14,419,739 to a valuation of GBP
34,703,396 (31 March 2008: GBP17,627,774). Operating expenses were well below
budget at GBP347,952 (31 March 2008: GBP726,371), with the directors continuing to
take their remuneration half in cash and half in shares valued at market at
each month end.
As a result, equity shareholder funds have increased to GBP40,639,903 (31 March
2008: GBP26,652,271), a rise of 52%. Fixed assets stand unchanged at GBP5,319,860
(31 March 2008: 5,319,860), current assets at GBP35,392,803 (31 March 2008: GBP
21,392,111). Our cash reserves stood at GBP683,176 (31 March 2008: GBP3,757,960).
We would like to express our appreciation to our shareholders for their
continued support.
Stephen Dattels
Co-chairman
James Mellon
Co-chairman
Statement of comprehensive income
Notes For the For the For the
period from period from period from
1 April 1 April 1 April
2009 to 30 2008 to 30 2008 to 31
September September March 2009
2009 2008
(Audited)
(Unaudited) (Unaudited)
GBP GBP GBP
Income - - -
Other income
Exchange gains - 446,036 798,146
Investment gains 14,419,739 - 10,259,493
------ ------ ------
14,419,739 446,036 11,057,639
Operating expenses
Directors fees 7 (156,007) (153,526) (344,899)
Other costs 3 (347,952) (726,371) (973,230)
------ ------ ------
(503,959) (879,897) (1,318,129)
------ ------ ------
Net profit/(loss) before interest 13,915,780 (433,861) 9,739,510
Interest received 1(g) 535 193,591 266,423
------ ------ ------
Profit/(loss) before taxation 13,916,315 (240,270) 10,005,933
Taxation 8 - - -
------ ------ ------
Total comprehensive income for the 13,916,315 (240,270) 10,005,933
period
------ ------ ------
Earnings per share 14 0.0421 (0.0007) 0.0306
------ ------ ------
Diluted earnings per share 14 0.0393 (0.0007) 0.0285
------ ------ ------
The Directors consider that the Company's activities are continuing.
The notes on pages 8 to 18 form part of these interim financial statements.
Statement of financial position
Notes Unaudited at Unaudited at Audited at
30 September 30 September 31 March
2009 2008 2009
GBP GBP GBP
Assets
Non-current assets
Land options 1(c),4 4,818,455 4,818,455 4,818,455
Intangible Fixed Assets 1(d) 501,405 349,168 501,405
------ ------ ------
5,319,860 5,167,623 5,319,860
Current assets
Investments 1(e) 34,703,396 - 17,627,774
Trade and other receivables 1(h) 6,231 6,277 6,377
Cash and cash equivalents 1(h) 683,176 11,229,118 3,757,960
------ ------ ------
35,392,803 11,235,395 21,392,111
------ ------ ------
Total assets 40,712,663 16,403,018 26,711,971
------ ------ ------
Equity and liabilities
Capital and reserves
Share capital 5 - - -
Share premium 5 14,560,530 14,560,530 14,560,530
Share Option Reserve 6 3,504,144 3,504,144 3,504,144
Equity Share Based Payment 1(l) 151,557 - 80,240
Reserve
Accumulated profit / (loss) 22,423,672 (1,738,846) 8,507,357
------ ------ ------
Total equity 40,639,903 16,325,828 26,652,271
Current liabilities
Trade and other payables 72,760 77,190 59,700
------ ------ ------
Total equity and 40,712,663 16,403,018 26,711,971
liabilities
------ ------ ------
The notes on pages 8 to 18 form part of these interim financial statements.
Statement of changes in equity
Share Share Share Share Accumulated Total
Premium Option Based Capital Profits /
Option (Losses)
Reserves Payments
GBP GBP GBP GBP GBP GBP
Balance at 31 11,831,373 3,504,144 - - (1,498,576) 13,836,941
March 2008
Total - - - - (240,270) (240,270)
comprehensive
income for the
period
Shares issued 2,729,157 - - - - 2,729,157
Fair value of - - - - - -
share options
Share based - - - - - -
payment reserve
------ ------- ------- ------ ------- -------
Balance at 30 14,560,530 3,504,144 - - (1,738,846) 16,325,828
September 2008
------ ------- ------- ------ ------- -------
Share Share Share Share Accumulated Total
Premium Option Based Capital Profits /
Option (Losses)
Reserves Payments
GBP GBP GBP GBP GBP GBP
Balance at 31 14,560,530 3,504,144 80,240 - 8,507,357 26,652,271
March 2009
Total - - - - 13,916,315 13,916,315
comprehensive
income for the
period
Shares issued - - - - - -
Fair value of - - - - - -
share options
Share based - - 71,317 - - 71,317
payment reserve
------ ------- ------- ------ ------- -------
Balance at 30 14,560,530 3,504,144 151,557 - 22,423,672 40,639,903
September 2009
------ ------- ------- ------ ------- -------
The notes on pages 8 to 18 form part of these interim financial statements.
Statement of cash flows
Notes For the For the For the
period from period from period from
1 April 2009 1 April 2008 1 April
to 30 to 30 2008 to 31
September September March 2009
2009 2008
(Audited)
(Unaudited) (Unaudited)
GBP GBP GBP
Cash flows from operating 9 (418,901) (207,032) (157,672)
activities
Cash flows from investing
activities
Amount paid in cash for intangible - (349,168) (501,405)
fixed assets
Amount paid in cash for investments (2,655,883) - (7,368,281)
Cash flows from financing
activities
Increase in share premium - 2,729,157 2,729,157
------ ------ ------
(Decrease) / increase in cash and (3,074,784) 2,172,957 (5,298,201)
cash equivalents
Cash and cash equivalents at 3,757,960 9,056,161 9,056,161
beginning of period
------ ------ ------
Cash and cash equivalents at the 683,176 11,229,118 3,757,960
end of period
------ ------ ------
The notes on pages 8 to 18 form part of these interim financial statements.
Notes
(forming part of the interim financialstatements for the six months ended 30
September 2009)
1 Accounting policies
Emerging Metals Limited is a company domiciled in the British Virgin Islands.
The interim financial statements incorporate the principal accounting policies
set out below.
a) Statement of compliance
The interim financial statements are prepared in accordance with International
Financial Reporting Standards (IFRS) and the interpretations adopted by the
International Accounting Standards Board (IASB).
The directors' do not expect the adoption of the other current upcoming and new
IFRS standards and interpretations to have a material impact on the Company's
interim financial statements in the period of initial application.
b) Basis of preparation
The preparation of interim financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision only affects that period or in the period
of the revision and future periods if the revision affects both current and
future periods. The key estimate and judgement made by the Directors is the
fair value of the land option.
The following new standard has been adopted with effect from 1 April 2009:
* IAS 1 (revised), `Presentation of financial statements';
c) Land options
Land options are stated at fair value, as estimated by the Directors. This is
estimated to be the current market value of the options. There will be no
amortisation of the premium paid.
d) Intangible assets
Exploration rights and associated survey costs are capitalised as incurred and
reviewed annually for impairment and are carried at cost less accumulated
impairment losses.
e) Investments
Investments are acquired to realise gains from fluctuations in the prices or
margins of traders. These assets are valued at fair value based on quoted bid
prices. Any realised and unrealised gains and losses are presented within
`Other Income'.
f) Impairment
The carrying amounts of the Company's assets are reviewed at least at each
balance sheet date to determine whether there is any indication of impairment.
If there is any indication that an asset may be impaired, its recoverable
amount is estimated. The recoverable amount is the higher of its net selling
price and its value in use.
In assessing value in use, the expected future cash flows from the asset are
discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to
the asset.
An impairment loss is recognised whenever the carrying amount of an asset
exceeds its recoverable amount.
For an asset that does not generate cash inflows that are largely independent
of those from other assets, the recoverable amount is determined for the
cash-generating unit to which the asset belongs. An impairment loss is
recognised in the income statement whenever the carrying amount of the
cash-generating unit exceeds its recoverable amount.
A previously recognised impairment loss is reversed if the recoverable amount
increases as a result of a change in the estimates used to determine the
recoverable amount, but not to an amount higher than the carrying amount that
would have been determined (net of depreciation) had no impairment loss been
recognised in prior years.
g) Income
Interest income has been earned during the period, which is accrued on a time
apportion basis, by reference to the principal outstanding and the effective
interest rate applicable.
h) Financial instruments
Measurement
Financial instruments are initially measured at cost, which includes
transaction costs. Subsequent to initial recognition these instruments are
measured as set out below.
Land options
Land options are stated at fair value, as estimated by the Directors. This is
estimated to be the current market value of the options. There will be no
amortisation of the premium paid.
Trade and other receivables
Trade and other receivables originated by the Company are stated at amortised
cost less impairment losses.
Cash and cash equivalents
Cash and cash equivalents are measured at fair value and due on demand.
Financial liabilities
Non-derivative financial liabilities are recognised at amortised cost.
i) Provisions
Provisions are recognised when the Company has a present legal or constructive
obligation as a result of past events, for which it is probable that an outflow
of economic benefits will occur, and where a reliable estimate can be made of
the amount of the obligation.
Where the effect of discounting is material, provisions are discounted. The
discount rate used is a pre-tax rate that reflects current market assessments
of the time value of money and, where appropriate, the risks specific to the
liability.
j) Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. Monetary assets and liabilities denominated in foreign
currencies are retranslated at the rate of exchange ruling at the balance sheet
date. All differences are taken to the income statement.
Non-monetary assets and liabilities that are measured in terms of historical
cost in a foreign currency are translated using the exchange rate at the date
of the transaction.
k) Share based payments
Under IFRS 2 `Share Based Payments', the Company determines the fair value of
options issued to Weatherly International plc as part consideration of the land
option (as per the Tsumeb Option Agreement (note 4)) share option reserves in
the balance sheet.
The Company determines the fair value of options issued to Directors
remuneration and recognises the amount as an expense in the income statement
with a corresponding increase in equity.
l) Directors equity share based payments
The Company has granted equity share-based payments following a resolution
passed in November 2008 for the directors of the company to accept 50% of their
remuneration in the form of new shares issued at mid-market prices. The fair
value of the incentive granted is recognised as an expense with a corresponding
increase in equity. The fair value is measured at the grant date and spread
over the period during which the directors become unconditionally entitled to
the incentives.
To date no shares have been issued to the directors under this scheme and as
such is accounted for in a share based payment reserve at the period end.
2 Operating segments
It is the Directors' opinion that the company operates within a single segment.
3 Other costs
For the For the For the
period from 1 period from 1 period from 1
April 2009 to April 2008 to April 2008 to
30 September 30 September 31 March 2009
2008
2009 (Audited)
(Unaudited
(Unaudited)
GBP GBP GBP
Professional fees 213,714 647,915 824,854
Audit fee 11,825 - 15,000
Travel and transport 3,045 32,237 43,618
Office expenses 119,368 46,219 89,758
-------- -------- --------
347,952 726,371 973,230
-------- -------- --------
4 Land option
The land option comprises the Tsumeb Option as described below and is stated at
fair value.
On 28 January 2008, the Company entered into an amended and restated option
agreement with Ongopolo Mining Limited (OML), a company incorporated in Namibia
(the "Tsumeb Option Agreement") under which the Company was granted an option
to acquire all right, title and interest in and to the Tsumeb Slag Stockpiles
(the "Tsumeb Option") in consideration of:
i. the payment by the Company to OML, or as it directs, of GBP1,421,000 in cash;
ii. the issue and allotment of 21,899,698 Ordinary Shares credited as fully
paid to Weatherly International plc (Weatherly); and
iii. the grant to Weatherly of an option over 13,705,179 Ordinary Shares.
The consideration paid for the Tsumeb Option comprised GBP1,421,000 in cash,
21,899,698 ordinary shares issued as at zero par value to Weatherly at a cost
of GBP0.05 per share. An option was also granted to Weatherly to subscribe for up
to 13,705,179 ordinary shares at GBP0.05 per share, exercisable at any time for
five years from the date of completion of the Tsumeb Option Agreement.
A summary is as follows:
Land option consideration For the For the For the
period from 1 period from 1 period from 1
April 2009 to April 2008 to April 2008 to
30 September 30 September 31 March 2009
2009 2008
(Audited)
(Unaudited) (Unaudited)
GBP GBP GBP
Cash consideration 1,421,000 1,421,000 1,421,000
Shares issued at GBP0.05 per share 1,094,985 1,094,985 1,094,985
Fair value of share options 2,302,470 2,302,470 2,302,470
------- ------- -------
4,818,455 4,818,455 4,818,455
------- ------- -------
The grant of the Tsumeb Option was subject to a number of conditions, which
were satisfied on 29 January 2008. The exercise term of the Tsumeb Option (the
"Tsumeb Option Period") shall expire on the 30 month anniversary of the date of
the satisfaction of the conditions, such period comprising a total of 24 months
for completion of an initial programme of work, plus six months for a decision
by the Company to proceed with commercial production from any portion of the
Tsumeb Slag Stockpiles and announcement of that decision to AIM.
Under the Tsumeb Option Agreement, OML provides the Company with a number of
warranties regarding the Tsumeb Slag Stockpiles. In particular, OML warrants to
the Company that:
* it has the requisite power and authority to enter into and perform the
Tsumeb Option Agreement;
* it is, and will remain during the Tsumeb Option Period, the legal and
beneficial owner of 100 per cent of the Tsumeb Slag Stockpiles; and
* no further consent, approval or authorisation of any governmental agency or
other person is required by it for the entry into and performance of its
obligations under the Tsumeb Option Agreement.
Under the Tsumeb Option Agreement, OML was required to provide the Company with
a legal opinion from counsel duly qualified to practice in Namibia, confirming
OML's 100 per cent. ownership of the Tsumeb Slag Stockpiles (the "OML Legal
Opinion"). Under the Tsumeb Option Agreement, if OML was unable to supply the
OML Legal Opinion, OML and the Company would enter a new agreement, agreed in
good faith between the parties, establishing a contractual relationship between
OML and the Company that would ensure that the Company was placed in the same
economic position as was the intention under the Tsumeb Option Agreement - with
the Company bearing the cost incurred and receiving the profit or other benefit
arising out of the Tsumeb Slag Stockpiles. Under the Tsumeb Option Agreement,
OML and the Company agreed that, in the event of termination of the Tsumeb
Option Agreement, and in circumstances where the parties could not legally
enter or enforce the Toll Gate Agreement for whatever reason, the parties
agreed to take all such steps as necessary to return each other to the legal
and
financial position each was in prior to the execution of the Tsumeb Option
Agreement. In particular, under the Tsumeb Option Agreement it is agreed that:
* Weatherly and/or OML shall return to the Company all consideration paid
under the Tsumeb Option Agreement together with interest at 2 per cent
above the base rate from time to time of Barclays Bank PLC per annum
accruing monthly;
* Weatherly and/or OML shall return, transfer or cancel as directed by the
Company all Ordinary Shares issued and allotted to Weatherly or OML under
the Tsumeb Option Agreement;
* Weatherly and/or OML shall return, cancel and/or extinguish all and any
options over Ordinary Shares granted to Weatherly or OML pursuant to the
Tsumeb Option Agreement; and
* OML shall pay the reasonable costs of the Company incurred in the
preparation, negotiation and completion of the obligations under the Tsumeb
Option Agreement.
5 Share capital and share premium
For the For the For the
period from 1 period from 1 period from 1
April 2009 to April 2008 to April 2008 to
30 September 30 September 31 March 2009
2009 2008
(Audited)
(Unaudited) (Unaudited)
GBP GBP GBP
Authorised
The Company is authorised to - - -
issue an unlimited number of no
par value shares of a single
class
Issued
330,759,300 ordinary shares of GBP - - -
0.00 each
Share premium
1 share at incorporation - - -
71,528,234 shares at GBP0.0001 per 7,153 7,153 7,153
share
214,584,704 shares at GBP0.0500 10,729,235 10,729,235 10,729,235
per share
21,899,698 shares at GBP0.0500 per 1,094,985 1,094,985 1,094,985
share
22,746,663 shares at GBP0.1200 per 2,729,157 2,729,157 2,729,157
share
-------- -------- --------
Total 14,560,530 14,560,530 14,560,530
-------- -------- --------
6 Share based payments
A number of share options are in issue as at 30 September 2009:
* 13,705,179 shares at GBP0.05 per share to Weatherly International plc for
acquisition of the land option (note 4) issued on 21 January 2008.
* 21,899,698 shares at GBP0.05 per share to the Founders issued on 28 January
2008.
The following table lists the inputs to the models used for the six month
period ended 30 September 2009:
For the period For the period For the period
from 1 April from 1 April from 1 April
2009 to 30 2008 to 30 2008 to 31
September 2009 September 2008 March 2009
(Unaudited) (Unaudited) (Audited)
Dividend yield (%) - - -
Expected volatility (%) 65 65 65
Risk-free interest rate (%) 5 5 5
Share price at grant date 0.05 0.05 0.05
Share price (market value) 0.20 0.20 0.20
Exercise price 0.05 0.05 0.05
All options were issued in prior periods. No options lapsed or were cancelled
and no options were exercised during the six month period ended 30 September
2009.
In summary, as at 30 September 2009, the value of the share options in issue
is:
Name Options in Date Granted Vesting Option Value
issue Period Valuation
(Years) Per Share
GBP GBP
Founders 7,152,823 21 January 2008 - 0.168 1,201,674
Weatherly 13,705,179 28 January 2008 - 0.168 2,302,470
International
Limited
------
Total 3,504,144
------
7 Directors Remuneration
For the For the For the
period from 1 period from 1 period from 1
April 2009 to April 2008 to April 2008 to
30 September 30 September 31 March 2009
2009 2008
(Audited)
(Unaudited) (Unaudited)
GBP GBP GBP
Directors Fees 156,007 153,526 344,899
------ ------ ------
156,007 153,526 344,899
------ ------ ------
The Company has no employees other than the Directors.
8 Taxation
The Company is exempt from the provisions of the Income Tax Ordinance of the
British Virgin Islands.
9 Notes to the cash flow statement
Reconciliation of operating profit to net (outflow) from operating activities
For the For the For the
period from period from period from
1 April 2009 1 April 1 April 2008
to 30 2008 to 30 to 31 March
September September 2009
2009 2008
(Audited)
(Unaudited) (Unaudited)
GBP GBP GBP
Operating profit / (loss) 13,916,315 (240,270) 10,005,933
Adjustment for:
Decrease in trade and other 146 30,078 29,978
receivables
Increase / (decrease) in trade and 13,060 3,160 (14,330)
other payables
Share based payment charge 71,317 - 80,240
Unrealised gains on investments (14,419,739) - (10,259,493)
------ ------ ------
Net cash (outflow) from operating (418,901) (207,032) (157,672)
activities
------ ------ ------
10 Financial instruments
The Company's financial instruments are exposed to a number of risks as
detailed below:
Credit risk
The carrying amount of financial assets represents the maximum credit exposure.
The maximum exposure to credit risk at the reporting date was:
For the For the For the
period from period from period from
1 April 2009 1 April 2008 1 April 2008
to 30 to 30 to 31 March
September September 2009
2009 2008
(Audited)
(Unaudited) (Unaudited)
GBP GBP GBP
Cash and cash equivalents 683,176 11,229,118 3,757,960
The Company invests available cash and cash equivalents with an Isle of Man
licensed bank, which has a strong history on the Island.
The Company has a nominal level of debtors, and as such the Company is able to
determine that credit risk is considered minimal in relation to debtors.
Liquidity risk
Liquidity risk is managed by the Company by means of cash flow planning to
ensure that future cash requirements are anticipated. All liabilities are due
within one month.
Market price risk
The Company is exposed to market price risk to the extent that it holds a land
option for which no developed market exists. Therefore the Company might not be
able to sell such a stake quickly at close to estimated fair value.
All investments present a risk of loss of capital due to unexpected and
unforeseen events in the financial markets, and these can have a material and
unpredictable impact on the portfolio value. The maximum risk resulting from
the portfolio is equivalent to their fair value.
For the For the For the
period from period from period from
1 April 2009 1 April 2008 1 April 2008
to 30 to 30 to 31 March
September September 2009
2009 2008
(Audited)
(Unaudited) (Unaudited)
GBP GBP GBP
Land option 4,818,455 4,818,455 4,818,455
Intangible fixed assets 501,405 98,553 501,405
Investments 34,703,396 - 17,627,774
Interest rate risk
The Company holds current assets in the form of cash at bank. As a result, the
Company is subject to risk due to fluctuations in the prevailing level of
market interest rates. The weighted average interest rate at the 30 September
2009 was 0.0152% (30 September 2008: 1.6428%) and all balances are held on
demand.
The directors do not regard that interest income is a core revenue stream of
the Company and therefore fluctuations in interest rates will not adversely
impact the continuing operations of the company.
Fair values of financial instruments
At 30 September 2009 the carrying amounts of cash resources, trade and other
receivables, and trade and other payables approximate their fair values due to
their short-term maturities.
11 Interest in shares
Except for the interests disclosed in this note, the Directors are not aware of
any holding of Ordinary Shares as at the date of these accounts representing 3%
or more of the issued share capital of the Company:
Number of Ordinary Percentage of
Shares Issued Capital
Vidacos Nominees Limited 103,256,500 31.22%
Roy Nominees Limited 54,087,204 16.35%
HSBC Global Custody Nominee (UK) 36,420,833 11.01%
Limited
Weatherley International Plc 21,899,698 6.62%
Lynchwood Nominees Limited 13,375,000 4.04%
Directors interests
Stephen Dattels1 20,492,504 6.20%
James Mellon2 28,205,684 8.53%
Notes to Directors' Interests:
1 Stephen Dattels' shareholding includes 20,242,504 Ordinary Shares held by
Belstone Investments Limited,
which is beneficially owned by Stephen Dattels, and 250,000 Ordinary Shares
held by Graham Dattels, a Connected Person.
2 Jim Mellon's entire shareholding is held by Galloway Limited, a company which
is indirectly wholly owned by
the trustee of a settlement under which Jim Mellon has a life interest.
12 Related Party Transaction
The Company has entered into a service agreement with Burnbrae Limited for the
provision of administrative and general office services. Mr J Mellon and Mr D
Eke are both directors of Burnbrae Limited and the Company. During the six
months period ended 30 September 2009 the Company paid GBP15,450 (30 September
2008: GBP15,383) under this agreement and as 30 September 2009 an amount of GBP227
(30 September 2008: GBPnil) was owed to Burnbrae Limited.
13 Subsequent events
None identified at date of signing.
14 Earnings per share
The calculation of basic earnings per share of the Group is based on the net
profit attributable to shareholders for the six month period ended 30 September
2009 of GBP13,916,315 (30 September 2008: loss GBP240,270) and the weighted average
number of shares of 330,759,300 (30 September 2008: 330,759,300) in issue
during the ar.
The calculation of diluted earnings per share of the Company includes the
weighted average number of share options and shares to be issued in respect of
share based payments (see note 1(l)) for the six month period ended 30
September 2009.
END
1 Year Emmerson Chart |
1 Month Emmerson 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
