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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ggg Resources | LSE:GGG | London | Ordinary Share | GB00B4KDJB03 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGGG GGG Resources plc (the "Company" or "GGG") ARBN 143 978 376 INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2011 GGG Resources plc (AIM: GGG, ASX: GGB) reports its results for the six months ended 30 June 2011. Chairman's Statement The Company has made strong progress in 2011 against a background of market uncertainties. In May the Company commenced trading on the Australian Stock Exchange with an accompanying capital raising of over $8.1 million from Institutional and retail shareholders. During this period the Company launched a takeover bid for all of the fully paid ordinary shares of Auzex Resources Limited in order to consolidate the Bullabulling Project under a single corporate entity. We also strengthened our Board with the appointment of David McArthur as our Financial Director. The Joint Venture completed a 35,000 metre Phase One drilling programme with the intention of converting a portion of the Inferred Resources into Indicated Resources. A new resource of 2.6 million ounces, including 711,000 ounces in the Indicated category was announced in August 2011. Since then the Joint Venture has embarked on an additional 90,000 metre Phase Two drilling programme which consists of 70,000 metres of infill drilling to further increase the Indicated category resource base with a view of converting these into Probable reserves, and 20,000 metres of exploration drilling. Highlights: Corporate * Successful raising of Australian $8.13 million saw GGG Resources plc list on the ASX (Code: GGB) on 17 May 2011. The ASX listing complements the Company's London Stock Exchange AIM listing (Stock Ticker: GGG). * The total number of shares in the capital of the Company on issue is 165,746,090 of which 20,322,500 shares are traded as CDIs on the ASX. * On 14 March 2011 GGG launched a scrip takeover bid for all the fully paid ordinary shares that it did not already own in ASX listed Auzex Resources Limited (AZX). The offer terms were 7 shares in GGG for every 5 shares in AZX, closing on 6 June 2011. The offer period was extended a number of times, however the offer now will lapse on September 5, 2011. * On 16 March 2011 we appointed David McArthur as the Finance Director to the Company. David is a qualified chartered accountant who specialised in the corporate and project management of publicly listed companies in the resources sector for the past 28 years. Exploration * Development of Bullabulling continues on track with over 60,000m of drilling completed since the project was acquired in May 2011. * Phase I drilling completed and Phase 2 drilling well underway with three drill rigs currently operating on site. * Approval received from the WA Government for a Programme of Works for a planned 194,000m drilling programme to be drilled over the coming months. * Results from drilling continue to confirm and expand the current resource model, and include high grade intersections. The August 2010 JORC Inferred Resource was 1,982,000 ounces of contained gold. * Joint venture resource consultant has confirmed that an adequate QAQC exists which validates the use of all historic RC and diamond drill data for resource and reserve estimation. * A deep drilling programme to test for high grade mineralisation below the current resource limit is planned. Post Balance Sheet Events: * In early August 2011 we reported that we received the final payment of US$3.27 million from the sale of Nimu Project in China. This brings the total repatriated proceeds from this sale to US$7.4 million (approximately GBP5.0 million) representing GBP0.7 million more than was budgeted for at the time of the GGG 2009 statutory accounts. * In mid August 2011 we published a new JORC resource estimate, based on Phase One drilling, of 78.8 Mt @ 1.03 g/t Au for 2.6 million ounces of gold at 0.5 g/t cut-off. The resource is largely in the Inferred Resource category however it includes 711,700 ounces of Indicated Resources. * On 30 August 2011 we announced the signing of a Heads of Agreement to merge with Auzex Resources Ltd by way of Scheme of Arrangement. The takeover Bid will lapse on 5 September 2011. No acceptances under the offer to date will be accepted by GGG. Outlook The results to date from Bullabulling confirm our initial assessment that Bullabulling is a quality asset which has the potential to generate substantial returns for shareholders. Your Board's priority now is to consolidate Bullabulling under one corporate entity and to accelerate the resource definition and development of Bullabulling. I look forward to updating Shareholders on further progress in the coming months. Dr. Peter Ruxton Chairman General Enquiries, please contact: Dr. Jeffrey Malaihollo MD, GGG Resources plc (UK) Tel: + 44 1992 531820 Website: www.gggresources.com David McArthur GGG Resources plc (Australia) Tel: +61 8 9423 3200 Westhouse Securities Limited (UK Nominated Adviser) Tom Price / Martin Davison Tel: + 44 20 7601 6100 Collins Stewart Europe Limited (Broker) John Prior / Adam Miller Tel: + 44 20 7523 8350 Neil Boom MD, Gresham PR Ltd (UK). Tel: + 44 7866 805 108 David Brook Professional Public Relations (Australia media) T: +61 8 9388 0944/ +61 433 112 936 E: david.brook@ppr.com.au COMPANY DIRECTORY DIRECTORS: Dr Peter Antony Ruxton (Non-Executive Chairman) Jeffrey Malaihollo (Managing Director) David McArthur (Financial Director) Ciceron Angeles (Technical Director) Michael Short (Non-Executive Director) Nigel Clark (Non-Executive Director) Paul McGroary (Non-Executive Director) COMPANY SECRETARY: Cobbetts (Secretarial) Limited 58 Mosley Street Manchester M2 3HZ United Kingdom REGISTERED AND PRINCIPAL OFFICE (UK): 58 Mosley Street Manchester, M2 3HZ United Kingdom REGISTERED AND PRINCIPAL OFFICE (AUSTRALIA): 41 Stirling Highway Nedlands WA 6009 GGG Resources plc Interim Results (reviewed, unaudited) for the period ended 30 June 2011 CONSOLIDATED INCOME STATEMENT Six months ended 30 June 2011 Six months Six months ended ended 30 June 30 June 2011 2010 GBP GBP Administrative expenses (422,142) (522,253) OPERATING LOSS (422,142) (522,253) Investment revenues - interest 239,863 17,790 on bank deposits LOSS BEFORE TAX (182,279) (504,463) Tax (305,977) - LOSS FOR THE FINANCIAL PERIOD (488,256) (504,463) ATTRIBUTABLE TO THE EQUITY (488,256) (504,463) HOLDERS OF THE PARENT LOSS PER SHARE GBP0.0032 GBP0.0026 DILUTED LOSS PER SHARE GBP0.0029 GBP0.0024 The Company has taken advantage of the provisions of the Companies Act 2006 not to publish its own Income Statement. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Six months ended 30 June 2011 Six months Six months ended ended 30 June 30 June 2011 2010 GBP GBP OTHER COMPREHENSIVE INCOME Foreign currency translation differences (42,827) (76,399) on foreign operations OTHER COMPREHENSIVE INCOME FOR THE PERIOD (42,827) (76,399) RECOGNISED DIRECTLY IN EQUITY Loss for the period (488,256) (504,463) TOTAL COMPREHENSIVE INCOME / (LOSS) (531,083) (580,862) FOR THE PERIOD The Group has included a consolidated statement of comprehensive income and expense for the period ended 30 June 2011 and 2010. This revision has no impact on the statement of financial position for 2011, 2010 or 2009. The 2009 statement of financial position is available in the 2010 interim financial results announcement, which is available on the Company's website, www.gggresources.com, under the section headed Corporate and Reports. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Six months Six months ended ended 30 June 30 June 2011 2010 GBP GBP Opening balance 15,776,433 5,334,039 Loss for the financial period (488,256) (504,463) New equity share capital 406,450 140,449 subscribed Premium on new equity share 4,227,426 421,349 capital subscribed Value attributed to share - 107,815 options granted Translation reserve (42,827) (76,399) Closing balance 19,879,226 5,422,790 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 June 31 December 2011 2010 GBP GBP NON CURRENT ASSETS Investment 3,080,396 3,080,396 Other intangible assets 4,737,796 2,011,385 7,818,192 5,091,781 CURRENT ASSETS Other receivables 584,359 467,714 Cash and cash equivalents 13,085,967 10,784,896 13,670,326 11,252,610 TOTAL ASSETS 21,488,518 16,344,391 EQUITY Share capital 3,314,922 2,908,472 Share premium 20,171,811 15,944,385 Warrant reserve 52,585 52,585 Share option reserve 345,799 345,799 Translation reserve 711,509 754,336 Available for sale asset reserve 2,089,138 2,089,138 Retained losses (6,806,538) (6,318,282) EQUITY ATTRIBUTABLE TO EQUITY 19,879,226 15,776,433 HOLDERS OF THE PARENT TOTAL EQUITY 19,879,226 15,776,433 CURRENT LIABILITIES Other payables 1,405,058 567,958 Restoration provision 204,234 - TOTAL EQUITY AND LIABILITIES 21,488,518 16,344,391 CONSOLIDATED CASH FLOW STATEMENT Six months Six months ended ended 30 June 30 June 2011 2010 GBP GBP Operating loss (422,142) (522,253) Stock option expense - 107,815 Decrease(Increase) in receivables (116,645) 1,943,839 and other current assets (Decrease)Increase in other payables 1,041,334 (680,720) 502,547 848,681 Effect of foreign exchange (42,827) (75,076) translation Tax paid by foreign subsidiary (305,977) - NET CASH USED IN OPERATING 153,743 773,605 ACTIVITIES INVESTING ACTIVITIES Acquisition of marketable - (842,697) Securities Change in other intangible assets (2,726,411) (1,212,573) Interest received 239,863 17,790 NET CASH USED IN INVESTING (2,486,548) (2,037,480) ACTIVITIES FINANCING ACTIVITIES Issue of equity share capital 406,450 140,449 Share premium on issue of 4,227,426 421,438 equity share capital NET CASH FROM FINANCING ACTIVITIES 4,633,876 561,797 NET INCREASE(DECREASE) IN CASH 2,301,071 (702,078) AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT 10,784,896 3,762,442 BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT 13,085,967 3,060,364 END OF PERIOD NOTES TO THE FINANCIAL STATEMENTS Six months ended 30 June 2011 1. ACCOUNTING POLICIES These interim financial statements do not constitute statutory financial statements within the meaning of the Companies Act 2006. A copy of the statutory accounts for the year ended 31 December 2010 has been delivered to the Registrar of Companies. The auditors' report on those accounts was not qualified and did not contain statements under the Companies Act 2006. The annual financial statements of the group are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union. Whilst the results for the six-month period ended 30 June 2011 are unaudited, they have been reviewed by the Company's Auditors. 2. LOSS PER SHARE IAS requires presentation of diluted earnings per share when a company could be called upon to issue shares that would decrease net profit or increase net loss per share. The calculation of basic and diluted loss per ordinary share is based on the loss of GBP488,256 for the six months ended 30 June 2011 (June 2010: GBP504,463) and on 150,251,587 ordinary shares (June 2010: 194,153,087) being the weighted-average number of ordinary shares in issue, diluted by 11,980,000 outstanding options (June 2010 - 16,700,000) and 4,934,208 outstanding warrants (June 2010 - nil). 3. TAX The tax expense during the period of GBP305,977 includes withholding tax paid on repatriating proceeds on the sale of the NIMU Project in China, which amounted to GBP305,652 (2010 - nil). 4. SHARE CAPITAL 30 June 30 June 2011 2010 Called up, allotted and fully paid No. GBP No. GBP Ordinary shares of 1 pence each - - 197,412,135 1,974,121 Ordinary shares of 2 pence each 165,746,090 3,314,922 - - Equity Share Capital Consolidation In December 2010, the equity share capital of the Company was consolidated on a 1:2 basis. Issue of shares During the six months ended 30 June 2011, 20,322,500 2p ordinary shares were issued at 25 pence per share upon listing on the Australian Stock Exchange (equivalent of AUD 0.40). During the six months ended 30 June 2010, 14,044,944 1p ordinary shares were issued at 4 pence per share At 30 June 2011, the Group has 4,934,208 share purchase warrants outstanding (June 2010 - nil) at a weighted exercise price of 12.6 pence, expiring on 19 January 2012. At 30 June 2011, the total number of share options outstanding was 11,980,000 (June 2010 - 16,700,000). During the financial period, no share options were issued (June 2010 - 9,150,000) and no options lapsed (June 2010 - 1,850,000). 5. INVESTMENT The investment of GBP3,080,396 (June 2010 - GBP842,697) comprises the Company's interest of 8,000,000 shares in Auzex Resources Limited (June 2010 - 6,000,000) after taking up a rights issue in August 2010 for an additional 2,000,000 shares. At the last practical date before announcement of the interim results, these shares traded at AUD 0.39. 6. POST BALANCE SHEET EVENTS In early August 2011 we reported that we received the final payment of US$3.27 million from the sale of Nimu Project in China. This brings the total repatriated proceeds from this sale to US$7.4 million (approximately GBP5.0 million) representing GBP0.7 million more than was budgeted for at the time of the GGG 2009 statutory accounts. In mid August 2011 we published a new JORC resource estimate, based on Phase One drilling, of 78.8 Mt @ 1.03 g/t Au for 2.6 million ounces of gold at 0.5 g/t cut-off. The resource is largely in the Inferred Resource category however it includes 711,700 ounces of Indicated Resources. On 30 August 2011 we announced the signing of a Heads of Agreement to merge with Auzex Resources Ltd by way of Scheme of Arrangement. The takeover Bid will lapse on 5 September 2011. No acceptances under the offer to date will be accepted by GGG. INDEPENDENT REVIEW REPORT TO GGG RESOURCES PLC Introduction We have been engaged by the group to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2011 which comprises the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the consolidated statements of changes in equity and the related explanatory notes that have been reviewed. We have read the other information contained in the half-yearly financial report 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 report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the Disclosure and Transparency rules of the United Kingdom's Financial Services Authority. As disclosed in note 1 the annual financial statements of the group are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.The condensed set of financial statements included in this half-yearly financial report 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 group a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability. Scope of review We conducted our review in accordance with 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 Ireland) 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. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2011 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency rules of the United Kingdom's Financial Services Authority. Lee Lederberg (Senior Statutory Auditor) For and on behalf of: Edwards Veeder (Oldham) LLP Block E, Brunswick Square Union Street Oldham OL1 1DE Date 5 September 2011 END
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