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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 |
RNS Number:1530Z Lapp Plats Plc 27 June 2007 LAPP PLATS PLC ("Lapp Plats" or the "Company") Preliminary Statement I am pleased to present the Annual Report of Lapp Plats plc ("Lapp Plats" or the "Company") for the year to 31st December 2006. The period under review saw continued strength in the resource sector and we are confident that this strength will prevail for the foreseeable future. There is a continued interest coming into the resource sector as the market comes to understand the risks and rewards of our business and also as the macro-economic background of the current boom gets a more widespread audience. The booming economies of China and India in particular, allied to the growth in Brazil and Russia and other developing countries have added unprecedented demand for all commodities. It is also well understood that lack of investment in exploration in the 1990's and the early years of this current century have contributed to a low rate of new project discovery across all sectors, although the spike in commodity prices has allowed previously sub-economic projects to be re-evaluated and developed in the current higher commodity price environment. In Lapp Plats we are positioned to take advantage of the opportunities available in the mineral and oil and gas sectors through being well funded and ready to take advantage of appropriate investment opportunities that we evaluate can supply significant returns to our shareholders. This strategy has required patience to ensure that following detailed due diligence only projects with superior prospects are pursued and although a number of opportunities fell into this category in the year under review we declined the opportunity to invest at the present time. We are continuing negotiations at present on a number of specific oil and gas projects and we are confident that we can add to our existing Swedish mining exploration opportunities in the near future. In Sweden we are working to rationalise our 25,000 hectare ground holdings and to prioritise our portfolio ahead of a licence renewal programme in August 2007. Based on the work completed to date we will prioritise the portfolio and reduce our landholdings. Together with prospective joint venture partners we are evaluating a Winter 2007 exploration programme over the Cabra I and Cabra II licence areas including the award of a possible contract for ground geophysics to assist in identifying mineral anomalies and drill targets for Nickel and Platinum Group Elements. In addition we plan to work with these joint venture partners to assess the prospectivity for Uranium with our licence blocks in advance of the licence renewals in August 2007. Sweden has seen a major revival in Uranium exploration led by a number of Canadian public companies. The exploration activity in Sweden has ratcheted up considerably in recent years with renewed interest in all mineral areas. Financial Results The net loss for the year before tax amounted to #17,983 (2005 loss #145,068). This loss included the administrative costs of keeping the company in good standing on both the AIM and IEX markets. In addition some costs were incurred in investigating new opportunities and also in maintaining the Company's exploration concessions in Sweden. Net interest received increased to #16,560 compared to #5,619 in the previous period. Corporate Developments I am pleased that we were in a position, in September 2006, to complete a fund raising of #1.26million by way of an oversubscribed placing of 8,366,667 new ordinary shares at a placing price of Stg15p per Ordinary Share. These additional funds allow the Company the flexibility to secure an appropriate financial position in a resource project or opportunity without immediate recourse to shareholders. I would like to thank my fellow Directors for their support during my period in office since September 2006 and to especially thank Alec Banyard for his service since 2003 and to wish him well in his retirement. Accounts The Annual Report and Financial Statements for the year to 31 December 2006 will be posted to shareholders on 29th June 2007, and copies can be obtained, free of charge from the Company's offices at 22 Grafton Street, London W1S 4EX. The Annual General Meeting will be held at Drayton Suite, Jury's Kensington Hotel, 109 - 113 Queensgate, London SW7 5LR at 12 noon on 1st August 2007. Thomas P O'Gorman Chairman 26th June 2007 LAPP PLATS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2006 2006 2005 # # Administrative Expenses (34,543) (150,687) ________ ________ OPERATING LOSS (34,543 (150,687) Interest receivable and similar income 16,560 5,619 ________ ________ LOSS FOR THE YEAR (17,983) (145,068) --------- --------- Loss per share: Basic (0.0012) (0.011) Diluted (0.0011) (0.011) There are no recognised gains or losses other than those included above. All gains and losses arise from continuing activities. LAPP PLATS PLC CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006 2006 2005 # # FIXED ASSETS Intangible fixed assets 275,963 275,859 Tangible fixed assets 1,047 1,440 ________ ________ 277,010 277,299 CURRENT ASSETS ________ ________ Debtors 20,430 7,511 Cash at bank and in hand 1,267,106 57,111 ________ ________ 1,287,536 64,622 CREDITORS: amounts falling due within one year (18,266) (9,189) ________ ________ NET CURRENT ASSETS 1,269,270 55,433 ________ ________ TOTAL ASSETS LESS CURRENT LIABILITIES 1,546,280 332,732 ---------- --------- Represented by: CAPITAL AND RESERVES Called-up share capital 222,683 133,083 Share premium 1,500,823 358,892 Profit and loss account (177,226) (159,243) ________ ________ SHAREHOLDERS' FUNDS - EQUITY 1,546,280 332,732 --------- --------- LAPP PLATS PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 RECONCILIATION OF OPERATING LOSS 2006 2005 TO NET CASH OUTFLOW FROM # # OPERATING ACTIVITIES Operating loss before interest (34,543) (150,687) Add back good will amortisation 3,359 3,359 Loss on disposal of fixed assets - 2,835 Depreciation 393 Decrease/(Increase) in debtors (12,919) 18,061 (Decrease)/Increase in creditors 9,077 (22,200) ________ ________ Net cash outflow from operating activities (34,633) (148,632) ---------- ----------- CASHFLOW STATEMENT Net cash outflow from operating activities (34,633) (148,632) Returns on investments and servicing of finance 16,560 5,619 Net Capital Expenditure (3,463) 197 ________ ________ (21,536) (142,816) FINANCING Issue of ordinary share capital 1,231,531 23,750 ________ ________ INCREASE/(DECREASE) IN CASH IN THE PERIOD 1,209,995 (119,066) ---------- ---------- Reconciliation of net cash flow to movement in net debt NET FUNDS AT 1 JANUARY 57,111 176,177 Increase/(Decrease) in Cash in the Period 1,209,995 (119,066) ________ ________ NET FUNDS AT 31 DECEMBER 1,267,106 57,111 ------- -------- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 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 2006 have been approved by the directors and have received an audit report which was unqualified. * * E N D S * * For further information please call: Tom O'Gorman, Chairman +44 7836 790639 Michael Nolan, Director +353 87 242 9221 This announcement has been issued through the Companies Announcement Service of The Irish Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange END ISEQDLFLDQBFBBF
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