We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| 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 |
Hot Features
Premium
RNS Number:7368E
Lapp Plats Plc
28 September 2007
Lapp Plats plc ("Lapp Plats" or the "Company")
Interim Report for Six Months ended 30 June 2007
Chairman's Statement
I am pleased to report on activities of the Company in the first six months of
2007.
Swedish Mining Properties
Following an independent review of the licence blocks held by the Company since
2004, Lapp Plats has decided 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 payment to
the Swedish Mining Directorate (Sw: Bergsstaten) of the relevant licence fees
and renewal fees, as applicable.
Exploration Licence Elements covered under Claim Area Licence Renewed/Applied Licence Expires
Name licence (hectares)
Riberget Nr 1 Au,Ag,Cu,Ni,Pt,Pd 3,949 August 2007 August 2010
Tjarro 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
undertake base of till sampling to locate the bedrock source for the surface
geochemical anomaly, followed by diamond drilling.
The new Tjarro 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 Tjarro Nr 1 block.
The Tjarro 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 undertaken over the four target areas and
subject to encouraging results will undergo diamond drill testing.
Financial Results
The net profit before tax for the six month period under review before tax
amounted to #7,292 (2006; Loss #10,762). The profit for the period is as a
result of the Company's interest income of #36,136 (2006: #1,622) exceeding the
administration expenses of #27,844 (2006: #10,762).
I am pleased too report that the cash available to the Company, at the period
end, totalled #1,271,955 (2006: #47,870) and the Company remains well financed
for its immediate requirements.
These interim financial statements have been prepared using accounting policies
consistent with International Financial Reporting Standards.
New Opportunities
As we reported in June 2007 we remain in discussions regarding one specific oil
and gas opportunity, however the recent market turbulence has generated a number
of other interesting proposals that we consider worth pursuing. In addition we
continue to evaluate possible development opportunities in pursuit of our
strategy to build real and sustainable shareholder value.
Thomas P. O'Gorman
Chairman
27 September 2007
LAPP PLATS PLC
CONSOLIDATED STATEMENT OF INCOME AND EXPENSE
FOR THE SIX MONTHS ENDED 30 JUNE 2007
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 June 30 June 31 December
2007 2006 2006
ST# ST# ST#
Turnover - - -
Administrative expenses - continuing operations (27,844) (10,762) (34,543)
Group operating loss - continuing operations (27,844) (10,672) (34,543)
(27,844) (10,672) (34,543)
(Loss) on ordinary activities before interest
Interest receivable 35,136 1,622 16,560
Profit / (loss) on ordinary activities before taxation 7,292 (9,140) (17,983)
Tax on profit on ordinary activities - - -
Retained profit / (loss) on ordinary activities after taxation 7,292 (9,140) (17,983)
Earnings per ordinary share
Basic and diluted 0.00p (0.00p) (0.00p)
LAPP PLATS PLC
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007
Unaudited Unaudited Audited
30 June 30 June 31 December
2007 2006 2006
ST# ST# ST#
Non-current assets
Intangible fixed assets - deferred development expenditure 270,871 282,263 275,963
Property plant and equipment 826 1,272 1,047
271,697 283,435 277,010
Current assets
Trade and other receivables 32,570 7,003 20,430
Cash at bank 1,271,955 47,870 1,267,106
1,304,525 54,873 1,287,536
Total assets 1,576,222 338,408 1,564,546
Capital and reserves attributable to the Company's equity holders
Share capital 222,683 133,038 222,683
Share premium 1,500,823 358,892 1,500,823
Retained (losses) (169,934) (168,383) (177,226)
Total Equity 1,553,572 323,592 1,546,280
Current Liabilities
Trade and other payables 22,651 14,816 18,266
Total Liabilities 22,651 14,816 18,266
Total Equity and Liabilities 1,576,222 338,408 1,564,564
LAPP PLATS PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 June 30 June 31 December
2007 2006 2006
ST# ST# ST#
Cash from Operating Activities
(Loss) on ordinary activities before interest (27,844) (10,762) (34,543)
Depreciation 221 168 393
Amortisation of intangible fixed assets 5,091 1,680 3,359
Decrease / (increase) in trade receivables (12,410) 508 (12,919)
Increase / (decrease) in trade payables 4,385 5,627 9,077
Net cash generated/(used) in operating activities (30,287) (2,779) (34,633)
Investing Activities
Interest received 35,136 1,622 16,560
Payments to develop intangible fixed assets - (8,084) (3,463)
Net cash from / (used) in investing activities 35,136 (6,462) 13,097
Financing Activities
Proceeds from issue of shares - - 1,231,531
Net cash from financing activities 35,136 (6,462) 1,244,628
Net increase / (decrease) in cash and cash equivalents 4,849 (9,241) 1,209,995
Cash and cash equivalents at beginning of period 1,267,106 57,111 57,111
Cash and cash equivalents at end of period 1,271,955 47,870 1,267,106
The financial information has been prepared under the historical cost convention
in accordance with UK law and International Financial Reporting Standards. This
is the first financial period that the Company has adopted International
Financial Reporting Standards. This did not result in any material amendment to
the Company's accounting policies or the results previously presented.
The profit per share was calculated from the profit for the period attributable
to ordinary shareholders of #7,292 (June 2006 Loss #9,140) divided by the
time-weighted average number of shares in issue during the period of 22,268,334
(June 2006: 13,308,334).
No dividends were paid or proposed in respect of the six months ended 30
June2007.
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.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAFNPASNXEFE
1 Year Lapp Plats Chart |
1 Month Lapp Plats Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
