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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 |
LAPP PLATS PLC LAPP PLATS PLC ("Lapp Plats" or the "Company") Interim Results for 6 months ended 30 June 2008 Chairman's Statement Lapp Plats announces its Interim Results for the 6 months ended 30 June 2008. Introduction Further to my report to shareholders in June 2008 the Company has continued to develop and to pursue a number of resource opportunities, in line with our stated aim of achieving superior investments returns on our equity. The Company is currently assessing a number of potential acquisition opportunities against the background of unprecedented global economic uncertainty. This uncertainty has raised fears of a financial crisis and has impacted negatively on the resource sector in that a number of dedicated sector funds have had to resort to liquidating positions in junior resource companies to fund losses made in speculative financial sector investments by other parts of their organisations. It is obvious that a good deal of junior resource companies will be faced with uncertainties regarding their going concern and an inability to fund their projects. We believe, more so now than at any time in the recent past, that we have an ability to assist companies in this predicament and offer financial and corporate solutions to their problems. Our ability in maintaining our capital base and liquidity in the current market will offer opportunities to the Company and it is my view that our cautious approach will have a positive outcome. Oil and Gas Strategy Our consultancy agreement with Chesilton Consultants Limited ("Chesilton") led by Peter Worthington, is continuing and Chesilton are currently involved in detailed assessment and negotiation on a number of hydrocarbon deals, which may be presented to the Lapp Plats Board for ratification in due course. We continue to target attractive upstream oil and gas exploration, development and production opportunities across Africa, the Middle East and the Indian sub-continent. We are focusing, where available, on discovered hydrocarbon resource opportunities, including those held by other industry participants that require the expertise of Peter Worthington and his team to deliver their potential value. Swedish Mining Properties We have scaled down our Swedish portfolio by withdrawing from the Riberget Nr 1 concession area. We continue to hold the Tjårro Nr 1, iron copper, gold target covering 2,241 ha. This concession expires in August 2010. We have reported previously the details of he Tjårro Nr 1 block, it being 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. We are proposing to compile all previous work, after which a detailed base of till sampling programme will be contemplated over a number of target areas within the block. Financial Results The net loss for the period before tax amounted to £81,107 (2007 profit £7,292). Net interest received amounted to £32,173 compared to £35,136 in the previous period. This increased loss was as a result of some write downs on the Swedish exploration portfolio following the ceasing of activities in Riberget 1 and also an increased investment in business development expenditures incurred through advancing and assessing a number of hydrocarbon opportunities with Chesilton. We continue to hold over £1.2M in cash on our Balance Sheet. I remain sceptical as to whether the authorities on a worldwide basis have the ability to control the current chaos in the financial and banking sectors but I am strongly of the view that there are valuable resource assets available to those with cash and the ability to nurture them through the current uncertainty. We are closely monitoring all opportunities. Thomas P O'Gorman Chairman 26 September 2008 LAPP PLATS PLC GROUP INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2008 Unaudited Unaudited Audited 6 months to 6 months to Year ended 30-Jun-08 30-Jun-07 31-Dec-07 ST£ ST£ ST£ Administrative expenses (113,281) (27,844) (56,041) -------------- ------------ ---------------- Group Operating loss (113,281) (27,844) (56,041) Interest receivable 32,173 35,136 71,047 -------------- ------------ ---------------- (Loss)/profit on ordinary activities before taxation (81,107) 7,292 15,006 Tax on (Loss)/profit on ordinary activities - - - -------------- ------------ ---------------- Retained (Loss)/profit for period (81,107) 7,292 15,006 ============== ============ ================ (Loss)/Earnings per ordinary share Basic and diluted (0.00p) 0.00p 0.00p LAPP PLATS PLC GROUP BALANCE SHEET AS AT 30 JUNE 2008 Unaudited Unaudited Audited 30-Jun-08 30-Jun-07 31-Dec-07 ST£ ST£ ST£ Assets Non-current assets Intangible fixed assets - deferred development expenditure 283,091 270,871 298,330 Property plant and equipment - 826 666 ------------ ------------ -------------- 283,091 271,697 298,996 ------------ ------------ -------------- Current assets Trade and other receivables 49,548 32,570 58,537 Cash at bank 1,223,719 1,271,955 1,236,930 ------------ ------------ -------------- 1,273,267 1,304,525 1,295,467 ------------ ------------ -------------- Total Assets 1,556,358 1,576,222 1,594,463 ============ ============ ============== Equity and Liabilities Equity Share capital 222,683 222,683 222,683 Share premium 1,500,823 1,500,823 1,500,823 Retained loss and other reserves (222,645) (169,934) (141,475) ------------ ------------ -------------- Attributable to equity shareholders 1,500,861 1,553,572 1,582,031 ------------ ------------ -------------- Current Liabilities Trade and other payables 55,497 22,651 12,432 ------------ ------------ -------------- Total Liabilities 55,497 22,651 12,432 ------------ ------------ -------------- Total Equity and Liabilities 1,556,358 1,576,222 1,594,463 ============ ============ ============== LAPP PLATS PLC GROUP CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2008 Unaudited Unaudited Audited 6 months to 6 months to Year ended 30-Jun-08 30-Jun-07 31-Dec-07 ST£ ST£ ST£ Cash flows from operating activities Loss for period before taxation (113,281) (27,844) (56,041) Adjustments for: Foreign exchange gain - - (1,752) Depreciation 666 221 440 Write down of development costs 15,177 5,091 10,158 Decrease / (increase) in debtors 8,989 (12,410) (38,107) Increase / (decrease) in creditors 43,065 4,385 (5,834) ------------- ------------ ---------------- Net cash from operating activities (45,384) (30,287) (91,136) ------------- ------------ ---------------- Cash flows from investing activities Interest received 32,173 35,136 71,047 Expenditure on exploration activities - - (10,087) ------------- ------------ ---------------- Net cash from investing activities 32,173 35,136 60,960 ------------- ------------ ---------------- Net increase / (decrease) in cash and cash equivalents (13,211) 4,849 (30,176) Cash and cash equivalents at beginning of period 1,236,930 1,267,106 1,267,106 ------------- ------------ ---------------- Cash and cash equivalents at end of period 1,223,719 1,271,955 1,236,930 ============= ============ ================ Interim Statement - Notes 1 The financial information for the six months ended 30 June 2008 and 30 June 2007 is unaudited. The interim accounts have been prepared using the same accounting policies that were used in the Group's statutory accounts to 31 December 2007. In the opinion of the directors the financial information for these periods represents fairly the financial position, operations and cash flows for the period in the conformity with International Financial Reporting Standard (IFRS). The interim statement for the six months ended 30 June 2008 was approved by the directors on 24 September 2008. 2 The financial information for the year ended 31 December 2007 does not constitute full accounts, it is an extraction from the Company's accounts for the year in which they have been delivered to the Registrar of Companies and on which the auditors gave an unqualified report. 3 The (loss)/profit per share was calculated from the loss for the period attributable to ordinary shareholders of £81,107 (June 2007 Profit £7,292) divided by the time-weighted average number of shares in issue during the period of 22,268,334 (June 2007: 22,268,334). 4 No dividends were paid or proposed in respect of the six months ended 30 June 2008. 5 Copies of this interim report are available to the public, free of charge, from the Company's offices at 22 Grafton Street, London W1S 4EX, during normal office hours. A copy will also be posted on Lapp Plats plc's website: www.lapp-plats.com. For further information visit www.lapp-plats.com or contact: Tom O'Gorman, Chairman + 44 7836 790 639 Michael Nolan, Director + 353 87 242 9221
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