Interim Results

 
TIDMGEX 
 
Glencar Mining plc 
 
                           Interim Results 
 
                          15 September 2009 
 
Introduction 
 
Glencar Mining plc ("Glencar" or the "Company"), an AIM and IEX 
quoted company, today announces its results for the six months ended 
30 June 2009. 
 
Recommended cash offer by Gold Fields Metals BV for Glencar 
 
On 7 August 2009, Gold Fields Metals BV ("Gold Fields"), a wholly 
owned subsidiary of Gold Fields Limited, made a cash offer, 
recommended by the board of directors of Glencar, for the entire 
issued and to be issued share capital of Glencar (the "Offer"), 
subject to certain conditions, including valid acceptances being 
received in respect of such number of Glencar shares which represent 
in aggregate not less than 80 per cent. in nominal value of the 
Glencar Shares (or such lower percentage, being more than 50 per 
cent. as Gold Fields may determine in its sole discretion). 
 
On 7 September 2009, Gold Fields announced that it had received valid 
acceptances in respect of Glencar shares representing approximately 
83.16 per cent. in nominal value of the existing issued ordinary 
share capital of Glencar and that all the conditions of the Offer had 
been satisfied or waived and, accordingly, the Offer was declared 
unconditional in all respects. Gold Fields has stated that the Offer 
remains open for acceptance until further notice. 
 
Following the Offer being declared unconditional in all respects, 
Sean Finlay, Hugh McCullough, Kieran Harrington, Bill Cummins and 
Philip O'Quigley resigned as directors of Glencar on 7 September 2009 
and Tommy McKeith, Johan Pauley and Stephen Ellis were appointed as 
directors of Glencar on that date. 
 
Glencar, at the request of Gold Fields, has applied for cancellation 
of the admission to trading of Glencar shares on AIM and IEX. It is 
expected that this cancellation will take effect from 7.00 a.m. on 
Monday 5 October 2009. 
 
Gold Fields has stated that it intends to apply the provisions of 
section 204 of the Companies Act, 1963 to acquire compulsorily any 
Glencar shares not acquired or agreed to be acquired pursuant to the 
Offer or otherwise on the same terms as the Offer. 
 
Further Information 
 
For further information, please contact: 
 
 
Brian Corr 
Davy Corporate Finance (Nomad and IEX Adviser) 
Tel:             [phone] 
 
 
 
GLENCAR MINING PLC 
CONSOLIDATED INCOME STATEMENT (UNAUDITED) 
FOR THE SIX MONTHS ENDED 30 JUNE 2009 
 
 
 
                                             Unaudited      Unaudited 
                                        6 Months ended 6 Months ended 
                                          30 June 2009   30 June 2008 
                                                   US$            US$ 
ADMINISTRATIVE EXPENSES                      (410,688)      (297,194) 
 
GAIN/(LOSS) ON EXCHANGE                         46,383       (45,312) 
 
BANK INTEREST RECEIVABLE                         4,446         45,265 
 
INTEREST PAYABLE AND SIMILAR 
CHARGES                                         17,514       (13,000) 
 
LOSS ON ORDINARY ACTIVITIES 
BEFORE TAXATION                              (342,345)      (310,240) 
 
TAXATION                                             -              - 
 
LOSS ON ORDINARY ACTIVITIES 
AFTER TAXATION                               (342,345)      (310,240) 
 
MINORITY INTEREST                                  -                - 
 
LOSS FOR THE FINANCIAL PERIOD                (342,345)      (310,240) 
 
 
 
LOSS PER SHARE (CENTS)         (.13) (.12) 
 
DILUTED LOSS PER SHARE (CENTS) (.13) (.12) 
 
 
 
CONSOLIDATED BALANCE STREET (UNAUDITED) 
AS AT 30 JUNE 2009 
 
 
                                    Unaudited             Unaudited 
                                        30 June               30 June 
                          2009              US$ 2008              US$ 
ASSETS 
Noncurrent assets 
Intangible assets                    12,981,432            12,891,855 
Property plant and 
equipment                               272,111               522,118 
Investment in Associate                 351,145                     - 
                                     13,604,688            13,413,973 
 
Current assets 
Debtors                                 226,856                14,647 
Cash                                  1,633,514               495,885 
                                      1,860,370               510,532 
 
Total assets                         15,465,058            13,924,505 
 
EQUITY 
Capital and reserves 
attributable to the 
Group's equity 
shareholders 
Called up share capital              11,599,857             9,457,194 
Capital conversion 
reserve fund                             82,092                82,092 
Share premium account                43,543,680            41,617,993 
Profit and loss account 
(deficit)                          (40,606,744)          (41,846,667) 
                                     14,618,885             9,310,612 
Minority interest                     (112,661)             3,899,008 
 
Total equity                         14,506,224            13,209,620 
 
LIABILITIES 
Noncurrent liabilities 
Creditors and accrued 
expenses                                245,168               327,895 
 
Current liabilities 
Trade and other payables                713,666               386,990 
Current corporation tax 
liabilities                                   -                     - 
                                        713,665               386,990 
 
Total liabilities                       958,834               714,885 
 
Total equity and 
liabilities                          15,465,058            13,924,505 
 
 
GROUP CASH FLOW (UNAUDITED) 
FOR THE SIX MONTHS ENDED 30 JUNE 2009 
 
 
 
                                         Unaudited      Unaudited 
                                        6 Months ended 6 Months ended 
                                          30 June 2009   30 June 2008 
Cash flows from operating activities               US$            US$ 
Cash used in operations                       (80,877)      (320,319) 
 
Corporation tax paid                                 -              - 
 
Net cash generated from operating 
activities                                    (80,877)      (320,319) 
 
Cash flows from investing activities 
Purchases of property, plant and 
equipment                                            -              - 
 
Investment in Associate                      2,013,911              - 
 
Purchase of intangible assets              (2,628,384)    (2,542,313) 
 
Interest received                                4,446         45,265 
                                             (610,027)    (2,497,048) 
 
Cash flows from financing activities 
Proceeds from the issuance of ordinary 
shares                                       1,852,797              - 
 
Net cash generated from financing 
activities                                   1,852,797              - 
 
Net increase in cash                         1,161,893    (2,817,366) 
Cash movement arising from elimination 
of associate cash balance                            -              - 
Cash at beginning of period                    471,621      3,313,251 
 
Cash at end of period                        1,633,514        495,885 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.