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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Keras Resources Plc | LSE:KRS | London | Ordinary Share | GB00BMY2T534 | 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% | 2.00 | 1.80 | 2.20 | 2.00 | 2.00 | 2.00 | 240,580 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Iron Ores | 994k | -1.08M | -0.0134 | -1.49 | 1.6M |
From May 2019 to May 2024
TIDMKRS
RNS Number : 3753A
Keras Resources PLC
29 May 2019
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
29 May 2019
Keras Resources plc
("Keras" or the "Company")
Interim Results
Keras Resources plc, the AIM listed mineral resource company, is pleased to announce its interim results for the six months ended 31 March 2019.
Highlights
-- Primary focus is the development of the Nayega manganese project in Togo into a profitable mine
-- Mine and processing plant constructed, currently configured to produce c. 75,000 tons per annum
-- Proved up concept of profitable production at Nayega and efficient shipment to market
o Bulk sample of 10,000 tons of 35%+ manganese concentrate delivered to end user and testing commenced
o Assays demonstrated that the manganese content in the sample substantially exceeds the minimum requirement
-- On receipt of exploitation licence, currently awaiting ministerial approval, plan to expand/improve plant to increase production to be financed in conjunction with an offtake agreement
-- Intention to distribute holding of shares in Calidus Resources Limited to Keras shareholders when the ASX escrow period ends and Performance Shares and converted to ordinary shares; expected by end July 2019
-- Appointed Graham Stacey as COO post period end to ensure a seamless transition into commercial production at Nayega
Chairman's Statement
Once more I am pleased to be able to report on the progress Keras has made towards becoming a profitable producer of manganese in Africa.
Manganese production / Togo
The primary focus of Keras is the development of the Nayega manganese project in Togo into a profitable mine. The period under review saw the construction of the mine and processing plant, the production of some 10,000 tons of 35%+ manganese concentrate, the successful trucking of the material to Lomé and loading onto a vessel for shipment to the end user. The concept of profitable production at Nayega and efficient shipment to market has been conclusively proved. Much credit for this success is due to our mining contractor Carriere Mines Travaux Public, with whom we have established an excellent relationship.
The plant as currently configured is capable of producing some 75,000 tons per annum, which would result in a substantial profit for Keras. However, on receipt of the exploitation licence we would expect to expand and improve the plant to add more value as well as increasing production. We intend this to be financed in conjunction with an offtake agreement, and do not expect to require further equity funding.
The key to this expansion is to obtain the exploitation licence. All the terms of the licence and the protocols associated with it have been agreed with the Government of Togo, and all that remains is the confirmation of the Council of Ministers. As part of the process we will convert our 85% owned Societe General de Mine SARL to a public company, Societe General de Mine SA, in which the Government of Togo will have a carried interest of 10%. This will reduce our current 85% ownership to 76.5%. Our extra capital requirement will be satisfied by the capitalisation of existing loans, but our minority partners will need to provide further capital, either by paying cash or by forgoing income.
The bulk sample has now been delivered to the end user, and testing has commenced. Assays have demonstrated that the manganese content in the sample substantially exceeds the minimum requirement.
As part of our commitment to mining in Togo, in 2017 we also obtained five exploration licences, covering 854.3 square kilometres of ground in Togo that cover previously discovered cobalt and nickel mineralisation. Initial exploration on the licences has been undertaken, and, when the exploitation licence for Nayega is finalised, we will seek ways to take these licences forward.
Calidus Resources Limited
Keras intends to distribute its holding of shares in Calidus Resources Limited ("Calidus") to Keras shareholders when the ASX escrow period ends, which is on 22 June 2019, and all Calidus performance shares have been converted to ordinary shares, which is expected in July 2019 following the completion of Calidus' Pre-Feasibility Study at its Warrawoona Gold Project. Keras will own 723,750,000 Calidus Shares at that time.
Having sought advice from our lawyers and our tax advisers, the Directors are currently of the opinion that the distribution is likely to be best achieved by a Capital Reduction Scheme. Before a final decision is made, we will be seeking Counsel's opinion on the taxation issues, as no tax clearance procedure is available. Such a scheme will require the approval of the Court as well as a resolution of shareholders. While the Directors expect to proceed as soon as the Performance share conversion is complete, they have recently been made aware of certain tax issues in Australia resulting from the mining tenements owned by Calidus potentially being treated as real estate property in Australia rather than business assets, and which require clearance from the Australian tax authorities before the Capital Reduction scheme can be proposed.
The Calidus Shares are included in the financial statements at fair value, which comprises the closing mid-market price on the ASX at 31 March 2019, converted to sterling at the prevailing exchange rate, less a discount for uncertainty on the Performance Shares.
Management changes
Since the end of the period Mr. Graham Stacey has been appointed Chief Operating Officer (Non-Board) to ensure a seamless transition into commercial production at Nayega. Graham was Project Manager at Nayega during the successful production of the bulk sample. He previously worked with Russell Lamming and me at Chromex Mining PLC, where he was COO and a main board director.
Financial review
The total amount receivable from the end user to cover the cost of the bulk sample was $1.95 million (GBP1.5 million) which covered all costs including capital expenditure, production, logistics and management costs of the project. As the ownership of the bulk sample was only transferred on the 25 April when the vessel departed Port Lomé and post period end, the financial effects are not reflected in the Interim Statements but will be recognised in the second half year. The period shows a loss before and after tax of GBP439,000 (2018 -GBP177,000). The increase reflects the increased activity in Togo, including management and overhead costs not recognised in inventories. It should be noted that the value of stock recognised at 31 March 2019 was only GBP718,000, and a surplus from the bulk sample will be recognised in the second half year. To cover the mismatch between the date of payments and receipts, Dave Reeves and I advanced a total of GBP300,000 to Keras as a short term, interest free, unsecured loan. Repayment was initially due by the end of March 2019 but has been deferred.
Cash conservation remains a priority until commercial mining produces positive cash flow, and the non-executive directors are continuing to be remunerated at some 50% of their entitlements. Should future developments require new cash, Keras is in a position to obtain this by borrowing against the security of its holding of Calidus shares or disposing of a small proportion of such shares rather than seeking new equity.
Outlook
The key to moving forward as a producer of manganese in Africa is the grant of the Nayega exploitation licence. As and when that is approved by the Togo Council of Ministers, Keras will be able to move forward rapidly without the requirement for further equity finance in the near term. Further projects are in a late stage of negotiation, but the Board is taking the conservative view that it should not enter into new commitments without certainty as to how they will be financed.
The position in which Keras currently finds itself gives me and my colleagues on the Board cause for considerable optimism.
Brian Moritz
Chairman
28 May 2019
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 MARCH 2019
Hot Features
Premium
31-Mar-19 31-Mar-18 30-Sep-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue - - -
Cost of production 721 - -
Closing stock (721) - -
-------------- -------------- ------------
Gross profit - - -
Administrative and exploration
expenses (436) (177) (411)
Loss from operating activities (436) (177) (411)
Finance income - - -
Finance (3) - -
costs
Net finance costs (3) - -
Impairment of assets - - -
Loss before taxation (439) (177) (411)
Taxation - - -
-------------- -------------- ------------
Loss from continuing operations (439) (177) (411)
-------------- -------------- ------------
Discontinued operations
(Loss)/profit from discontinued
operations, net of tax 7 - - (173)
(Loss)/profit (439) (177) (584)
Other comprehensive income - items that
may be subsequently reclassified to profit
or loss
Exchange translation on foreign operations 4 (5) 10
Change in fair value of available for
sale financial assets (1,665) (4,534) (8,852)
-------------- -------------- ------------
Other comprehensive (loss)/income for
the period, net of tax (1,661) (4,539) (8,842)
-------------- -------------- ------------
Total comprehensive (loss)/income
for the period (2,100) (4,716) (9,426)
============== ============== ============
(Loss)/profit attributable
to:
Owners of the Company (418) (174) (576)
Non-controlling interests (21) (3) (8)
-------------- -------------- ------------
(Loss)/profit for the period (439) (177) (584)
============== ============== ============
Total comprehensive income/(loss)
attributable to:
Owners of the Company (2,080) (4,712) (9,419)
Non-controlling interests (20) (4) (7)
-------------- -------------- ------------
Total comprehensive loss
for the period (2,100) (4,716) (9,426)
============== ============== ============
Earnings per share - continuing and discontinued
operations
Basic and diluted (loss)/earnings
per share (pence) (0.019) (0.008) (0.025)
============== ============== ============
From continuing operations
Basic and diluted loss per
share (pence) (0.019) (0.008) (0.018)
============== ============== ============
From discontinued operations
Basic and diluted earnings/(loss)
per share (pence) 0.00 0.00 (0.007)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2019
31-Mar-19 31-Mar-18 30-Sep-18
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 8 1,176 1,168 1,193
Property, plant and equipment 9 601 5 232
Trade and other receivables 10 - - -
Other investments 11 - 15,846 -
1,777 17,019 1,425
------------- ------------- -----------
Current assets
Inventory 12 718 - -
Other investments 11 9,862 - 11,527
Trade and other receivables 10 583 15 16
Cash and cash equivalents 26 122 217
------------- ------------- -----------
11,189 137 11,760
------------- ------------- -----------
Total assets 12,966 17,156 13,185
============= ============= ===========
Equity
Equity attributable to owners of
the Company
Share capital 13 7,064 7,037 7,064
Share premium 13 10,358 10,283 10,358
Other reserves 3,540 8,959 5,135
Retained deficit (10,449) (9,338) (10,006)
------------- ------------- -----------
10,513 16,941 12,551
Non-controlling interests (144) (121) (124)
------------- ------------- -----------
Total equity 10,369 16,820 12,427
------------- ------------- -----------
Liabilities
Current liabilities
Trade and other payables 14 1,451 336 187
Amounts receivable in advance 14 1,146 - 571
2,597 336 758
------------- ------------- -----------
Total liabilities 2,597 336 758
------------- ------------- -----------
Total equity and liabilities 12,966 17,156 13,185
============= ============= ===========
Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 March 2018
Total attributable to owners of the Company
Share
option/ Available Non-controlling
Share Share warrant Exchange for sale Retained interests Total
capital premium reserve reserve reserve deficit Total GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
October 2017
(audited) 6,970 10,107 66 (202) 13,915 (9,446) 21,410 (117) 21,293
Loss for the
period - - - (288) - 114 (174) (3) (177)
Other
comprehensive
income - - - (968) (3,564) (6) (4,538) (1) (4,539)
--------- --------- -------- ---------- ----------- ---------- --------- ----------------- ---------
Total
comprehensive
loss
for the period - - (1,256) (3,564) 108 (4,712) (4) (4,716)
Issue of
ordinary shares 67 183 - - - - 250 - 250
Issue costs - (7) - - - - (7) - (7)
67 176 - - - - 243 - 243
Balance at 31
March 2018
(unaudited) 7,037 10,283 66 (1,458) 10,351 (9,338) 16,941 (121) 16,820
========= ========= ======== ========== =========== ========== ========= ================= =========
Condensed Consolidated Statement of Changes in Equity (continued)
For the six months ended 31 March 2018
Total attributable to owners of the
Company
Share
option/ Available Non-controlling
Share Share warrant Exchange for sale Retained interests Total
capital premium reserve reserve reserve deficit Total GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2018
(unaudited) 7,037 10,283 66 (1,458) 10,351 (9,338) 16,941 (121) 16,820
Loss for the period - - - 288 - (690) (402) (5) (407)
Other comprehensive
income - - - 961 (5,288) 22 (4,305) 2 (4,303)
--------- --------- -------- ------------ ----------- --------- ------------ ------------- ----------------
Total comprehensive
income for the
period - - - 1,249 (5,288) (668) (4,707) (3) (4,710)
Issue of ordinary
shares 27 75 - - - - 102 - 102
Share based payment
transactions - - 42 - - - 42 - 42
Transfer regarding
discontinued
activities - - - 173 - - 173 - 173
--------- --------- -------- ------------ ----------- --------- ------------ ------------- ----------------
27 75 42 173 - - 317 - 317
Balance at 30
September
2018 (audited) 7,064 10,358 108 (36) 5,063 (10,006) 12,551 (124) 12,427
========= ========= ======== ============ =========== ========= ============ ============= ================
Condensed Consolidated Statement of Changes in Equity (continued)
For the six months ended 31 March 2019
Total attributable to owners of the
Company
Share
option/ Available Non-
Share Share warrant Exchange for sale Retained controlling Total
capital premium reserve reserve reserve deficit Total interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 October
2018 (audited) 7,064 10,358 108 (36) 5,063 (10,006) 12,551 (124) 12,427
Loss for the period - - - - - (418) (418) (21) (439)
Total other comprehensive
income - - - 28 (1,665) (25) (1,662) 1 (1,661)
--------- --------- -------- ---------- ----------- --------- -------- --------- ----------
Total comprehensive
loss for the period - - - 28 (1,665) (443) (2,080) (20) (2,100)
Share based payment
transactions - - 42 - - - 42 - 42
Issue of ordinary - - - - - - - - -
shares
Issue costs - - - - - - - - -
- - 42 - - - 42 - 42
Balance at 31 March
2019 7,064 10,358 150 (8) 3,398 (10,449) 10,513 (144) 10,369
(unaudited)
========= ========= ======== ========== =========== ========= ======== ========= ==========
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 March 2019
31-Mar-19 31-Mar-18 30-Sep-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Loss from operating activities (436) (177) (411)
Loss from discontinued operating
activities - - (173)
Adjustments for:
Depreciation and amortisation 11 4 4
Impairment - - -
Loss on disposal of property, plant - - -
and equipment
Foreign exchange differences 39 (3) 174
Equity-settled share-based payment
transactions 42 - 42
------------- ------------- -----------
(344) (176) (364)
Changes in:
- inventories (718) - -
- trade and other receivables (567) 16 15
- amounts receivable in advance 575 - 571
- trade and other payables 1,264 (11) (57)
------------- ------------- -----------
Cash used in operating activities 210 (171) 165
Finance income - - -
Finance cost (3) - -
Taxes paid - - -
------------- ------------- -----------
Net cash used in operating
activities 207 (171) 165
------------- ------------- -----------
Cash flows from investing
activities
Cash disposed of with subsidiary - - -
Acquisition of property, plant and
equipment (385) (3) (230)
Proceeds from sale of property, - - -
plant and equipment
Exploration and licence expenditure (13) (7) (20)
Net cash used in investing
activities (398) (10) (250)
------------- ------------- -----------
Cash flows from financing
activities
Net proceeds from issue of
share capital - 243 242
Proceeds from short term - - -
borrowings
Net cash flows from financing
activities - 243 242
------------- ------------- -----------
Net (decrease)/increase in cash
and cash equivalents (191) 62 157
Cash and cash equivalents at beginning
of period 217 60 60
Cash acquired with subsidiary - - -
Effect of foreign exchange - - -
rate changes
------------- ------------- -----------
Cash and cash equivalents at end
of period 26 122 217
============= ============= ===========
Notes to the Condensed Consolidated Interim Financial Statements
For the six months ended 31 March 2019
1. Reporting entity
Keras Resources plc (the "Company") is a company domiciled in England and Wales. The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 March 2019 comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interests in associates and jointly controlled entities. The Group currently operates as an explorer and developer.
2. Basis of preparation (a) Statement of compliance
This condensed consolidated interim financial report has been prepared in accordance with IAS 34 Interim Financial Reporting. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial performance and position of the Group since the last annual consolidated financial statements as at and for the year ended 30 September 2018. This condensed consolidated interim financial report does not include all the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards.
This condensed consolidated interim financial report was approved by the Board of Directors on 28 May 2019.
(b) Judgements and estimates
Preparing the interim financial report requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing this condensed consolidated interim financial report, significant judgements made by Management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 September 2018.
3. Significant accounting policies
The accounting policies applied by the Group in this condensed consolidated interim financial report are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 September 2018.
4. Financial instruments
Financial risk management
The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 30 September 2018.
5. Segment information
The Group considers that it now operates in one distinct business areas, being that of manganese and cobalt exploration in West Africa. This business areas form the basis of the Group's operating segments. For each segment, the Group's Managing Director (the chief operating decision maker) reviews internal management reports on at least a quarterly basis.
Other operations relate to the group's administrative functions conducted at its head office and by its intermediate holding company together with consolidation adjustments.
Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit before tax, as included in the internal management reports that are reviewed by the Group's Managing Director. Segment results are used to measure performance as Management believes such information is the most relevant in evaluating the performance of certain segments relative to other entities that operate within the exploration industry.
For the six months ended 31 March 2019 (unaudited)
Discontinued Discontinued Other
Gold Iron Manganese Segments Total
GBP'000 Ore GBP'000 GBP'000 GBP'000
GBP'000
External revenue - - - - -
============= ============= ============ ========== ==========
Loss before tax - - (142) (297) (439)
============= ============= ============ ========== ==========
Segment assets - - 1,308 10,550 11,858
============= ============= ============ ========== ==========
For the six months ended 31 March 2018 (unaudited)
Discontinued Discontinued Other
Gold Iron Manganese Segments Total
GBP'000 Ore GBP'000 GBP'000 GBP'000
GBP'000
External revenue - - - - -
============= ============= ============ ========== ==========
Loss before tax - - (22) (155) (177)
============= ============= ============ ========== ==========
Segment assets - - 851 16,305 17,156
============= ============= ============ ========== ==========
For the twelve months ended 30 September 2018 (audited)
Discontinued Discontinued Other
Gold Iron Manganese Segments Total
GBP'000 Ore GBP'000 GBP'000 GBP'000
GBP'000
External revenue - - - - -
============= ============= ============ ========== ==========
Loss before tax (72) (101) (52) (359) (584)
============= ============= ============ ========== ==========
Segment assets - - 870 12,315 13,185
============= ============= ============ ========== ==========
Information about geographical segments:
For the six months ended 31 March 2019 (unaudited)
Discontinued Discontinued West Other
Australia South Africa Africa Segments Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue - - - - -
=============== ============= =========== ========= =========
Loss before tax - - (142) (297) (439)
=============== ============= =========== ========= =========
Segment assets - - 1,308 10,550 11,858
=============== ============= =========== ========= =========
For the six months ended 31 March 2018 (unaudited)
Discontinued Discontinued West Other
Australia South Africa Africa Segments Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue - - - - -
=============== ============= =========== ========= =========
Loss before tax - - (22) (155) (177)
=============== ============= =========== ========= =========
Segment assets - - 851 16,305 17,156
=============== ============= =========== ========= =========
For the twelve months ended 30 September
2018 (audited)
Discontinued Discontinued West Other
Australia South Africa Africa Segments Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue - - - - -
=============== ============= =========== ========= =========
Loss before tax (72) (101) (52) (359) (584)
=============== ============= =========== ========= =========
Segment assets - - 870 12,315 13,185
=============== ============= =========== ========= =========
6. Seasonality of operations
The Group is not considered to be subject to seasonal fluctuations.
7. Discontinued operations
In 2018 the discontinued activities relate to the recycling of the exchange reserve in respect of the subsidiary undertakings disposed of during the year. Analysis of the result of discontinued operations is as follows:
Results of discontinued operations
6 months 6 months 12 months
31-Mar-19 31-Mar-18
(unaudited) (unaudited) 30-Sep-18
GBP'000 GBP'000 (audited)
GBP'000
Revenue (external) - - -
Expenses - - (173)
------------------- -------------------- ------------
Results from operating
activities - - (173)
Income tax - - -
Results from operating activities,
net of tax - - (173)
Gain on sale of discontinued - - -
operation
-------------- --------------- ------------
(Loss)/profit from discontinued operations,
net of tax - - (173)
------------------- -------------------- ------------
The discontinued operations did not have a tax impact.
8. Intangible assets
6 months 6 months 12 months
31 Mar 31 Mar 30 Sep
19 18 (unaudited) 18
(unaudited) GBP'000 (audited)
GBP'000 GBP'000
Cost
Balance at beginning of period 1,193 1,551 1,551
Additions 13 7 20
Disposals - - (387)
Effect of movement in exchange rates (30) (3) 9
------------- ---------------- -----------
Balance at end of period 1,176 1,555 1,193
============= ================ ===========
Impairment losses
Balance at beginning of period - 387 387
Impairment - - -
Amortisation - - -
Disposals - - (387)
Effect of movement in exchange rates - - -
------------- ---------------- -----------
Balance at end of period - 387 -
============= ================ ===========
Carrying amounts
Balance at end of period 1,176 1,168 1,193
====== ====== ======
Balance at beginning of period 1,193 1,164 1,164
====== ====== ======
Intangible assets comprise the fair value of prospecting and exploration rights.
9. Property, plant and equipment
Acquisitions and disposals
During the six months ended 31 March 2019 the Group acquired assets with a cost of GBP385,000 (six months ended 31 March 2018: GBP3,000, twelve months ended 30 September 2018: GBP230,000).
Assets with a carrying amount of GBPnil were disposed of during the six months ended 31 March 2019 (six months ended 31 March 2018: GBPnil; twelve months ended 30 September 2018: GBPnil), resulting in a loss on disposal of GBPnil (six months ended 31 March 2018: GBPnil; twelve months ended 30 September 2018: GBPnil), which is included in 'administrative expenses' in the condensed consolidated statement of comprehensive income.
10. Trade and other receivables
31-Mar-19 31-Mar-18 30-Sep-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Other receivables 583 15 16
Prepayments - - -
583 15 16
============= ============= ===========
Trade receivables and other receivables are stated at their nominal values less allowances for non recoverability.
11. Other investments
31-Mar-19 31-Mar-18 30-Sep-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Equity securities - available for sale
Brought forward 11,527 20,379 20,379
Shares acquired on disposal of subsidiary - - -
Gain/(deficit) recognised in equity (1,665) (4,533) (8,852)
9,862 15,846 11,527
============= ============= ===========
Equity securities represent ordinary and performance shares in Calidus Resources Limited ("Calidus"), a company listed on the Australian Securities Exchange ("ASX"). These shares have been re-measured to fair value through other comprehensive income. Fair value is the mid-market price of Calidus ordinary shares on the ASX, discounted in the case of performance shares to reflect the possibility that the milestones for conversion to ordinary shares will not be achieved. Under ASX rules, these shares are held in escrow until 22 June 2019. Available for sale assets are denominated in Australian dollars.
12. Inventories
31-Mar-19 31-Mar-18 30-Sep-18
(unaudited)
(unaudited) (audited)
GBP'000 GBP'000 GBP'000
Processed manganese concentrate 718 - -
718 - -
============= ============= ===========
13. Share capital and reserves
Issue of ordinary shares
No shares were issued during this interim period.
Dividends
No dividends were declared or paid in the six months ended 31 March 2019 (six months ended 31 March 2018: GBPnil, twelve months ended 30 September 2018: GBPnil).
14. Trade and other payables
31-Mar-19 31-Mar-18 30-Sep-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Trade payables 102 - 66
Accruals 224 104 40
Other payables 1,125 232 81
------------- ------------- -----------
1,451 336 187
Amounts receivable in advance 1,146 - 571
------------- ------------- -----------
2,597 336 758
============= ============= ===========
There is no material difference between the fair value of trade and other payables and their book value.
Amounts receivable in advance comprise part payment for a bulk sample of manganese concentrate awaiting shipment at 31 March 2019.
15. Related parties
During the period, D Reeves and B Moritz advanced GBP200,000 and GBP100,000 respectively to the Group. The total amount due to D Reeves at the period end was GBP225,900 (six months ended 31 March 2018: GBPnil, twelve months ended 30 September 2018: GBP25,900). The total amount due to B Moritz at the period end was GBP100,000 (six months ended 31 March 2018: GBPnil, twelve months ended 30 September 2018: GBPnil).
**ENDS**
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
Russell Lamming Keras Resources plc info@kerasplc.com Nominated Adviser / Joint Broker Ewan Leggat / Charlie SP Angel Corporate Finance Bouverat LLP +44 (0) 20 3470 0470 Financial PR Isabel de Salis / Cosima Akerman St Brides Partners Ltd +44 (0) 20 7236 1177
Notes
Keras Resources plc is focused on building a strategic portfolio of resource assets. The Company provides investors with exposure to a portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa. It also has a significant interest in Calidus Resources Limited ('Calidus'), a highly prospective gold exploration and development company in Australia, which is currently undertaking a Pre-Feasibility Study at its Warrawoona gold project. Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia and proven success in advancing assets up the value curve.
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 LLFIEEAITFIA
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