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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lapp Plats | LSE:LPP | London | Ordinary Share | GB0034353531 | 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% | 25.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Lapp Plats Plc
LAPP PLATS PLC ("Lapp Plats" or the "Company")
Preliminary Statement
12 June 2008
Lapp Plats announces its preliminary results for the year ended 31st December
2007.
Introduction
During the period under review we have continued to work towards identifying
investments and acquisition opportunities that have the potential to reward our
supportive shareholder base with superior investments returns on our equity. We
have continued this careful and analytical approach in the year under review in
seeking to expand our activities in the minerals and oil and gas sectors.
We continue to be well funded and ready to take advantage of appropriate
investment opportunities that we evaluate can supply significant returns to our
shareholders.
Oil and Gas Strategy
In January 2008 we entered into a consultancy agreement with a London based
company, Chesilton Consultants Limited ("Chesilton") led by Peter Worthington,
who were charged with developing an oil and gas strategy for the Company.
Chesilton has been assisting the Company to identify, evaluate, negotiate and,
if terms could be agreed, to fund and participate in these opportunities. This
association has identified a number of opportunities in a short period of time.
The Company's strategy is to secure attractive upstream oil and gas exploration,
development and production opportunities across Africa, the Middle East and the
Indian sub-continent. The opportunities targeted over time will be those with
relatively lower technical risk in emerging and established hydrocarbon basins
where relatively better commercial returns might reasonably be expected. The
intent is to focus increasingly on discovered hydrocarbon resource
opportunities, including those held by other industry participants that are
currently constrained by market conditions from realising their potential value.
I am pleased to announce today the appointment of Peter Worthington as a
Director of the Company and as Chief Executive - designate ("CEO-designate"). A
lawyer and economist by profession, Peter Worthington has worked for the last 23
years exclusively in the mineral and oil and gas sectors, joining Rio Tinto in
1985 and then moving to BHP Billiton in 1987. His most recent position was as
Vice President Global Business Development, BHP Billiton Petroleum, based in
London, where his role had a worldwide remit to develop business opportunities
in new upstream oil and gas opportunities, particularly in relation to already
discovered oil and gas resources. In earlier roles with BHP he worked in Algeria
as Vice President, Algeria Assets, on US$1.68 billion of oil and gas
exploration, development and production and operational projects and prior to
that he was engaged BHP Billiton Petroleum in a range of representative,
commercial, business development and leadership roles in upstream oil and gas
projects in Australia, North Africa, Eurasia, Middle East, Indian sub-continent,
Iraq, Turkey, Kuwait, Iran, Algeria, and in Russia and the Former Soviet Union.
As opportunities are secured, it is expected that the CEO-designate will
assemble an experienced upstream management team to lead and drive the Company's
efforts to build an oil and gas division and it is proposed that appropriate
equity and incentive arrangements, for this team, will be put in place as these
opportunities are developed.
We are confident that our association with Peter Worthington and his associates
in Chesilton will expand the activities and scope of our Company, and that the
highest standards of due diligence will be applied to the opportunities
currently under review.
Swedish Mining Properties
Following an independent review of the licence blocks held by the Company since
2004, Lapp Plats has decided in August 2007 to reduce its existing ground
holdings and it has also taken the opportunity to acquire a new property.
The following Table set outs the revised Claim Table following the payments in
August 2007 to the Swedish Mining Directorate (Sw: Bergsstaten) of the relevant
licence fees and renewal fees, as applicable.
Exploration Licence Elements covered Claim Area Licence Licence
Name Under licence (hectacres) Renewed/Applied Expires
Riberget Nr 1 Au, Ag, Cu, Ni, Pt, Pd 3,949 August 2007 August 2010
Tjårro Nr 1 Fe, Au, Cu 2,241 August 2007 August 2010
Glossary of Symbols: Au - Gold, Ag - Silver, Cu - Copper, Ni - Nickel, Pt -
Platinum, Pd - Palladium, Fe - Iron.
Work completed during the initial 3 year period on the Riberget Nr 1 licence
initially consisted of target definition using the Lapp Plats proprietary
geochemical database ("LP-PGD"). This work lead to the identification of Ni and
Cu-Ni soil geochemical targets. Follow up field work including; geological
mapping, surface rock geochemical sampling and detailed surface till sampling
were also carried out. The results of the above work have defined a series of
surface Cu-Ni targets that require follow up field work. The plan is to consider
base of till sampling to locate the bedrock source for the surface geochemical
anomaly, followed by diamond drilling, if deemed appropriate.
The new Tjårro Nr 1 block, which was generated from the LP-PGD, is located
approximately 20km north east of the mining town of Kiruna in northern Sweden.
The Kiruna Mine wholly owned by LKAB (Sw: Luossavaara-Kiirunavaara Aktiebolag),
is the one of the world's largest and most modern underground iron-ore mines.
The Kiruna district has also been explored more recently for Iron Oxide Copper
Gold (IOCG) deposits and to the south of Kiruna at Gallivare, Boliden operates
the Aitik copper mine. Iron and gold-silver-copper deposits mentioned indicate
the general prospectivity of the region for such styles of mineralization but
such deposits are not necessarily indicative of the potential for economic
mineralization within the new Tjårro Nr 1 block.
The Tjårro claim is located along the contact zone of 1.88 billion-year- old
intrusive rock unit. There are four target areas displaying mineralisation at
surface comprising disseminated chalcopyrite and magnetite in the mafic volcanic
host-rock around the contact with the intrusive. Grades from previous Swedish
Geological Survey (Sw: SGU) surface rock samples have returned up to 40% Fe,
1.23% Cu and 0.2 g/t Au. After compilation of all previous work a detailed base
of till sampling programme will be contemplated over the four target areas.
Financial Results
The net profit for the year before tax amounted to £15,006 (2006 loss £24,621).
Net interest received increased to £71,047 compared to £16,560 in the previous
period. This profit was arrived at after accounting for the administrative
costs, costs incurred in investigating new opportunities and in maintaining the
Company's exploration concessions in Sweden.
Accounts
The Annual Report and Financial Statements for the year to 31 December 2007 will
be posted to shareholders on 17th June 2008, and copies can be obtained, free of
charge from the Company's offices at 22 Grafton Street, London W1S 4EX and on
the web at www.lapp-plats.com. The Annual General Meeting will be held at 18
Fitzwilliam Place, Dublin 2, Ireland at 12 noon on Friday 11th July 2008.
I would like to thank my fellow Directors for their support during the last 12
months and I trust we can move the Company forward in a significant way in the
future.
Thomas P O'Gorman
Chairman
20 May 2008
Lapp Plats plc
Group Income Statement
for the year ended 31 December 2007
2007 2006
£ £
Administrative expenses (56,041) (41,181)
_________ _________
Group Operating loss (56,041) (41,181)
Finance Revenue 71,047 16,560
_________ _________
Profit/(loss) on ordinary
activities before taxation 15,006 (24,621)
Tax on profit/(loss) on
ordinary activities - -
_________ _________
Retained profit/(loss) for the year 15,006 (24,621)
Accumulated (loss) brought forward (177,146) (152,525)
_________ _________
Accumulated (loss) carried forward (162,140) (177,146)
_________ _________
Earnings per share:
Basic profit / (loss) per share 0.0012 (0.011)
_________ _________
Diluted profit / (loss) per share 0.0012 (0.011)
_________ _________
The results for the year all arise on continuing operations.
The results and movements in equity for the year ended 31 December 2006 have
been restated to reflect recognition and measurement principles of International
Financial Reporting Standards adopted for use in the European Union at 31
December 2007.
Lapp Plats plc
Group Balance Sheet
as at 31 December 2007
2007 2006
£ £
Assets
Non-Current Assets
Intangible assets 298,330 286,040
Property, plant and equipment 666 1,047
_________ _________
298,996 287,087
Current Assets
Trade and other receivables 58,537 20,430
Cash and cash equivalents 1,236,930 1,267,106
_________ _________
1,295,467 1,287,536
_________ _________
Total Assets 1,594,463 1,574,623
_________ _________
Equity and Liabilities
Equity
Called up share capital 222,683 222,683
Share premium account 1,500,823 1,500,823
Share based payment reserve 9,997 9,997
Foreign currency translation reserve 10,668 -
Retained Loss (162,140) (177,146)
_________ _________
Attributable to equity shareholders 1,582,031 1,556,357
_________ _________
Liabilities
Current Liabilities
Trade and other payables 12,432 18,266
_________ _________
Total Liabilities 12,432 18,266
_________ _________
Total Equity and Liabilities 1,594,463 1,574,623
_________ _________
The financial position as at 31 December 2006 has been restated to reflect
recognition and measurement principles of International Financial Reporting
Standards adopted for use in the European Union at 31 December 2007.
Lapp Plats plc
Group Cash Flow Statement
for the year ended 31st December 2007
2007 2006
£ £
Cash flows from operating activities
Net Loss for the year before taxation (56,041) (41,181)
Adjustments for:
Foreign exchange gain (1,752) -
Depreciation 440 393
Write down of development costs 10,158 -
Share based payment 9,997
(Increase) in debtors (38,107) (12,919)
(Decrease) / Increase in creditors (5,834) 9,077
_________ _________
Net cash from operating activities (91,136) (34,633)
_________ _________
Cash flows from financing activities
Proceeds of issue of share capital - 1,231,531
Cash flows from investing activities
Expenditure on exploration activities (10,087) (3,463)
Interest received 71,047 16,560
_________ _________
Net cash flow from financing activities 60,960 1,244,628
_________ _________
Net (Decrease)/Increase in cash and cash equivalents (30,176) 1,209,995
Cash and Cash Equivalents at beginning of year 1,267,106 57,111
_________ _________
Cash and cash equivalents at end of year 1,236,930 1,267,106
_________ _________
There are no changes to the reported cash flows arising from the transition to
IFRS.
Share based Foreign
Share Share Payment Exchange Retained
Capital Premium Reserve Reserve Losses Total
£ £ £ £ £ £
Balance at 1 January 2006 133,083 358,892 - - (152,525) 339,450
Loss for the year - - - - (24,621) (24,621)
Recognition of share based payments - - 9,997 - - 9,997
Proceeds of share issue 89,600 1,141,931 - - - 1,231,531
_________ _________ ___________ _________ _________
Balance at 31 December 2006 222,683 1,500,823 9,997 - (177,146) 1,556,357
_________ _________ ___________ _________ _________ _________
Balance at 1 January 2007 222,683 1,500,823 9,997 - (177,146) 1,556,357
Profit for the year - - - 15,006 15,006
Foreign exchange difference - - - 10,668 - 10,668
_________ _________ ___________ _________ _________ _________
Balance at 31 December 2007 222,683 1,500,823 9,997 10,668 (162,140) 1,582,031
_________ _________ ___________ _________ _________ _________
The results and movements in equity for the year ended 31 December 2006 have
been restated to reflect the recognition and measurement principles of
International Financial Reporting Standards adopted for use in European Union at
31 December 2007.
BASIS OF PREPARATION
The Group is involved in mineral exploration which include a number of
development stage projects. In respect of these projects the directors are
confident that the values ascribed to them in these financial statements are
reasonable and that additional working capital required by the Group will be
available through a combination of cash resources, sale of projects, new equity
from joint ventures and management fees from the projects. The Group's interests
in these projects are included in the consolidated balance sheet under
intangible assets.
The financial statements do not include any adjustments to reduce the value of
assets to their recoverable amounts and to provide for future liabilities that
may arise should the above projects prove to be unsuccessful.
The Company's interests in the above projects are included in the balance sheet
of the Company under investments in subsidiary company and amounts owed by Group
undertakings.
This preliminary statement is not the Company's statutory accounts. The
statutory accounts for the year ended 31 December 2007 have been approved by the
directors and have received an audit report which was unqualified.
FOR FURTHER INFORMATION PLEASE CALL:
Thomas O'Gorman, Chairman + 44 7836 790639
Paul Sweeney, Director + 353 86 171 7280
Michael Nolan, Director + 353 1 662 4351
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