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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mincorp | LSE:MOP | London | Ordinary Share | GB00B05Q9X89 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9410I Mincorp Plc 30 November 2007 MINCORP PLC MINCORP PLC ANNOUNCES YEAR END RESULTS Mincorp plc (the "Company") (AIM: MOP), an independent mining company with assets in the Philippines and Australia, announces its results for the year ended 31st May 2007. CHAIRMAN'S STATEMENT Dear Shareholders, Board Changes The company's board underwent significant changes throughout the year with the resignation of Reginald Hare as executive chairman and chief executive officer. Michael Coleman was appointed and subsequently resigned as non executive director. Matthew Steptoe was appointed to the board as chief executive officer, Mohd. Noordin bin Abdullah as Chairman while Jaafar Bin Ahmad, and Thanggaya Munusamy were appointed as non executive directors. These changes bring a broad range of experience and skills to the board which will facilitate a more acquisitive strategy to grow the company's asset base and shareholder value. The board is well positioned to become far more active within the greater Asian region where China's economic growth is driving an unprecedented level of demand for energy and metals. Investments - ATPK Resources Tbk. The company has invested #1,046,171 to purchase 5.5% of ATPK Resources (hereafter ATPK) as a strategic investment due to the fact that ATPK is trading at a significant discount to its Net Asset Value and consequently represents an exciting opportunity for the company. This initial tranche should be seen as a strategic investment rather than one of a speculatory nature and it is not the company's intention to trade actively in this security in an attempt to make any short term gains. Moreover the company plans to pursue the course of continued accumulation in ATPK until such a point where the considerable asset base and future earnings of ATPK can be represented within the company's own balance sheet. Furthermore the company is of the opinion that a regulatory arbitrage opportunity exists since Asian coal assets are currently trading at far steeper discounts than their non Asian peers. The company recognises the enormous value in its AIM quotation and the unprecedented access to capital that can be offered to non listed or under valued assets or companies, such as ATPK. Exploration Projects The company is confident of a positive ruling on the Mt Cadig case at the Supreme Court and thereafter looks forward to completing the shallow pit program in order to determine both the quantity and grade of mineralization. Once completed the company will make a decision on how best to exploit this asset and is considering alternatives such as off-take agreements or a joint venture with a suitable partner. The board will give all viable options due consideration in its efforts to maximize shareholder value. The board considers the completion of the drilling program at New Waverly as the highest priority given the bullish outlook on gold prices and is currently considering strategies to circumvent the problems the company is facing in securing the suitably qualified persons and equipment required to complete the drilling. Future Funding The company plans to complete a rights issue in the first quarter of 2008 raising approximately #915,000 predominantly for the discretionary (exploration) expenditure required at New Waverly and in anticipation of a favourable ruling on Mt Cadig which would allow us to complete the shallow pitting program and assess the available options with this asset. The lack of progress at Mt Cadig has been a major disappointment, and while any strategy with this asset is contingent upon the outcome of the Supreme Court appeal the board remains confident that this asset will be a significant contributor to shareholder value. Conclusion The company recognizes the enormous opportunities currently emerging in international commodities markets and is positioning itself to drive shareholder value forward primarily by the exploitation of New Waverly and by seeking undervalued acquisition targets in emerging markets. The company is aiming to capitalize on a trend that is currently emerging throughout international capital markets whereby resource assets in emerging (particularly Asian) markets are trading at steep discounts to their US and Australian peers, and as such are proving to be attractive acquisition targets. The company is seeking to make strategic acquisitions within markets that are more likely to tighten over the longer term. Moreover, particular attention is being given to the commodities required by the rapid industrialization of China. Once such a target has been isolated the board believes that significant value will be added to the company through exploiting the regulatory arbitrage that is currently valuing resource assets of similar qualities but on different exchanges at substantially different earnings multiples. As a final note, I would like to take this opportunity to thank Mr. Reginald Hare for his service to the company and we wish him well in his future endeavours. On behalf of the board I would like to thank our shareholders for their continued support. Mohd. Noordin bin Abdullah Chairman 28 November 2007 CHIEF EXECUTIVE OFFICER'S REPORT for the year ended 31st May, 2007 I am pleased to present to shareholders a summary of the activities of Mincorp Plc and associated and subsidiary companies for the financial year ended 31st May 2007. This report also covers activities of the company subsequent to the end of the financial year and up to 28 November 2007. Mt Cadig Nickel Deposit, Philippines. The Mt Cadig nickel deposit covers approximately 9,400 hectares and is located 250 km east of Manila on the Philippine island of Luzon and was first tested in 1970 by way of a shallow pitting program consisting of 103 shallow test pits covering approximately 65% of the total concession. Conclusions subsequently drawn from this exploration inferred reserves in the vicinity of 120 million tons. The current Exploration Permit Application has been made by Bonaventure Mining Corporation (BMC), a wholly owned subsidiary of Mincorp Asia. However, title to Mt Cadig is subject to an ongoing dispute with another Philippine corporation. We remain confident of a favourable judgment on Mt Cadig and look forward to making material progress with this asset in the coming year. New Waverly Gold Mine, Western Australia The New Waverly mine is within close proximity of Norseman which is approximately 200 kilometres south of Kalgoorlie in Western Australia's goldfields. Mincorp controls New Waverly through its wholly owned subsidiary, Procnima Exploration Pty Ltd. New Waverly is located on a similar structure to that which has produced over 1,800,000 ounces of gold. However, the under-wall of the structure, which is in a similar location to other proven quartz reefs, is yet to be tested. Procnima is currently in the process of completing the drilling program at New Waverly however the work completed to date offers inconclusive results and as such does not form part of this report. Mincorp PLC is currently assessing a range of options to exploit New Waverly as soon as possible which may involve selling a partial share of the same to a suitable partner with appropriate experience and a complimentary skill set. ATPK Resources TBK The company made a strategic acquisition (5.5%) of ATPK Resources TBK (hereafter ATPK) since it holds the view that ATPK is an undervalued company with approximately 78 million tons of coal reserves in Indonesia. Market observers are noticing a tightening of energy markets within the greater Asian region due largely to the unprecedented level of demand from China. As such many regional utilities are looking to secure supplies of the fuel to protect their energy earnings which in many cases are entirely reliant on coal. The company sees the attraction to ATPK as twofold, firstly from the earnings of its five (5) coal mining subsidiaries, and secondly that a listed asset of this size is a particularly attractive acquisition target for either a larger coal producer or a coal reliant utility. Project Development While the company continues to review potential projects on an ad hoc basis, we are actively seeking undervalued assets within Asia and our preference is that our acquisition target be held by a listed company within the relevant jurisdiction. We see Asian resource assets trading at significant discounts to their non Asian counterparts even after considering a discount for political risk. The company is confident that such a target can be isolated in the near future and that this strategy will deliver a positive result for shareholders. Matthew Steptoe Chief Executive Officer 28 November 2007 DIRECTORS' REPORT The Directors present their annual report on the affairs of the Company and Group, together with the financial statements for the year ended 31 May 2007. Principal activities and business review The developments during the year are given in the Chairman's statement and Chief Executive Officer's report. Results and dividends The Group's results are described in the profit and loss account. The audited accounts for the year ended 31 May 2007 are set out below. The Directors do not recommend the payment of a dividend. Directors and their interests The Directors who served during the year, together with all their beneficial interests in the shares of the Company at 31 May 2007 are as follows: 31 May 2007 31 May 2006 Ordinary % Share Ordinary % Share shares of options shares of options #0.001 each #0.001 each (Note 1) (Note 1) Reginald Hare 10,000,000 2.73 15,000,000 10,000,000 7.70 15,000,000 (resigned 30 October 2007) Jocelyn Arreza - - - - - - Mohd. Noordin bin - - - - - - Abdullah (appointed 31 January 2007) Jaafar Bin Ahmad - - - - - - (appointed 31 January 2007) Thanggaya Munusamy - - - - - - (appointed 27 June 2007) Michael Coleman - - - - - - (appointed 31 January 2007 and resigned 27 June 2007) Matthew Steptoe - - - - - - (appointed 30 October 2007) Note 1: The options over Ordinary shares may be exercised at any time to 13 December 2009 at a price of #0.01 per share. Apart from the interests disclosed above, no director held any other interest in the share capital of the Company during the year. No changes in the interests disclosed above have taken place since the year end. Substantial shareholdings On 10 October 2007 the following were registered as being interested in 3% or more of the Company's ordinary share capital: 10 October 2007 Ordinary Percentage shares of of issued #0.001 each share capital HSBC Global Custody Nominee (UK) Ltd 153,800,000 42.02 R. Bruce Rowan 50,000,000 13.66 HSBC Client Holdings Nominee (UK) Ltd 37,400,000 10.22 Pershing Keen Nominees Ltd 19,300,000 5.27 HSBC Global Custody Nominee (UK) Limited (as nominee for Spread 14,451,000 3.95 Trustee Company Limited) HSBC Global Custody Nominee (UK) Limited 12,000,000 3.28 Mr NG Tiow Swee 11,470,000 3.13 Share capital Information relating to shares issued during the year is given in Note 14 to the accounts. Charitable and political donations During the year there were no charitable or political contributions. Payment of suppliers The Company's policy is to settle terms of payment with suppliers when agreeing terms of business, to ensure that suppliers are aware of the terms of payment and to abide by them. It is usual for suppliers to be paid within 14 days of receipt of invoice. At 31 May 2007, the Group had no trade creditors. Post balance sheet events The post balance sheet events are set out in Note 22 to the accounts. Transition to International Financial Reporting Standards (IFRS) The directors are currently considering the project for publishing first accounts under IFRS. The transition to IFRS will be commencing for the year to 31 May 2008. The directors have identified the main areas of the financial statements that will be affected by the transition and steps are being taken to ensure all IFRS information is captured in our financial reporting systems. Auditors The Directors will place a resolution before the annual general meeting to reappoint Chapman Davis LLP as auditors for the coming year. Directors' remuneration The remuneration of the Directors has been fixed by the Board as a whole. This has been achieved acknowledging the need to maximise the effectiveness of the Company's limited resources during the year. Details of directors' fees and of payments made for professional services rendered are set out in Note 5 to the accounts, directors' emoluments. Management incentives Other than 5,000,000 of the share options previously issued to Reginald Hare noted above, the Group has no bonus, share purchase, share option or other management incentive scheme. Corporate governance It is the opinion of the Board that compliance with the recommendations of the Combined Code on corporate governance at this stage in its development would be unduly onerous bearing in mind the size of the business and limited cash resources. However, the Board has established such procedures as are appropriate for the size of the business and will keep the matter under review. Control procedures The Board has approved financial budgets and cash forecasts; in addition, it has implemented procedures to ensure compliance with accounting standards and effective reporting. By order of the Board Jocelyn Arreza Company secretary 28 November 2007 STATEMENT OF DIRECTORS' RESPONSIBILITIES Directors' responsibilities for the financial statements Company law in the United Kingdom requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing those financial statements, the directors are required to: * select suitable accounting policies and then apply them consistently; * make judgements and estimates that are reasonable and prudent; * state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; * prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business; * so far as each director is aware, there is no relevant audit information of which the Company's auditors are unaware, and the directors have taken all the steps that they ought to have taken as directors' in order to make themselves aware of any relevant audit information and to establish that the Company's auditor are aware of that information. The directors are responsible for keeping proper accounting records, for safeguarding the assets of the group and for taking reasonable steps for the prevention and detection of fraud and other irregularities. They are also responsible for ensuring that the annual report includes information required by the Alternative Investment Market. The maintenance and integrity of the Company's website is the responsibility of the directors: the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions. INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF MINCORP PLC We have audited the group and parent company financial statements of Mincorp plc for the year ended 31 May 2007, which comprise the Group Profit and Loss account, the Group statement of Recognised Gains and Losses, the Group and Parent Balance Sheets, Group Cash Flow Statement and the related notes. These financial statements have been prepared under the accounting policies set out therein. Respective Responsibilities of Directors and Auditors The Directors' responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors' Responsibilities. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements have been properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors' Report is consistent with the financial statements. In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Directors' remuneration and other transactions is not disclosed. We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. The other information comprises only the Directors' Report, Chairman's Statement and the Chief Executive Officer's Report. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information. Basis of Audit Opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the group's and company's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements and the part of the directors' remuneration report to be audited. Opinion In our opinion: * the group financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the group's affairs as at 31 May 2007 and of its loss for the year then ended; * the parent company's financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice as applied in accordance with the provisions of the Companies Act 1985, of the state of the parent company's affairs as at 31 May 2007; * the financial statements have been properly prepared in accordance with the Companies Act 1985; and * the information given in the Directors' Report is consistent with the financial statements. Chapman Davis LLP Registered Auditors London 28 November 2007 Group profit and loss account for the year ended 31 May 2007 Notes Year ended Year ended 31 May 2007 31 May 2006 # # Turnover 1 - - Cost of sales - - Gross profit - - Exploration costs (46,397) - Administrative expenses (164,722) (95,860) Operating loss 2 (211,119) (95,860) Interest receivable 370 14,735 Share of associate's loss (37,430) (10,000) Loss on ordinary activities before taxation (248,179) (91,125) Taxation 3 - - Retained loss for the period attributable to (248,179) (91,125) Shareholders of the Company Loss per share - basic 7 (0.15) pence (0.08) pence All the operations are considered to be continuing. The accompanying accounting policies and notes form an integral part of these financial statements. Group Statement of Recognised Gains and Losses for the year ended 31 May 2007 Year ended 31st Year ended May 2007 31st May 2006 # # Loss for the year (248,179) (91,125) Unrealised gain/(loss) on foreign exchange 2,027 (7,240) Total recognised gains and losses related to the year (246,152) (98,365) The accompanying accounting policies and notes form an integral part of these financial statements. Group balance sheet As at 31 May 2007 31 May 2007 31 May 2006 Note # # Fixed assets Intangible assets 8 127,234 163,117 Tangible assets 9 1,947 - Investments 11 1,046,171 - 1,175,352 163,117 Current assets Debtors 12 432,138 255,453 Cash at bank 552,337 133,428 984,475 388,881 Creditors - amounts due within 13 (107,571) (92,975) one year Net current assets 876,904 295,906 Total assets less current 2,052,256 459,023 liabilities Share capital and reserves Called-up share capital 14 366,001 120,001 Share premium account 15 2,063,664 470,279 Profit and loss account 15 (372,196) (124,017) Other reserves 15 (5,213) (7,240) Equity shareholders' funds 16 2,052,256 459,023 These financial statements were approved by the Board of Directors on 28 November 2007 and signed on its behalf by: Mohd. Noordin bin Abdullah Jocelyn Arreza Chairman Director The accompanying accounting policies and notes form an integral part of these financial statements. Company balance sheet As at 31 May 2007 31 May 2007 31 May 2006 Note # # Fixed assets Intangible fixed assets 8 46,397 46,397 Tangible fixed assets 9 1,947 - Investments in group companies 10 1 1 Investments 11 1,046,171 - 1,048,119 46,398 Current assets Debtors 12 588,915 385,199 Cash at bank 530,327 128,131 1,119,242 513,330 Creditors - amounts due within one 13 (106,432) (92,365) year Net current assets 1,012,810 420,965 Total assets less current liabilities 2,060,929 467,363 Share capital and reserves Called-up share capital 14 366,001 120,001 Share premium account 15 2,063,664 470,279 Profit and loss account 15 (368,736) (122,917) Equity shareholders' funds 16 2,060,929 467,363 These financial statements were approved by the Board of Directors on 28 November 2007 and signed on its behalf by: Mohd. Noordin bin Abdullah Jocelyn Arreza Chairman Director The accompanying accounting policies and notes form an integral part of these financial statements. Group cash flow statement for the year ended 31 May 2007 Notes Year ended Year ended 31 May 2007 31 May 2006 # # Net cash outflow from operating activities 17 (363,589) (229,038) Returns on investment and servicing of finance 18 370 14,735 Capital expenditure and investment 18 (1,057,257) (116,721) Cash outflow before financing (1,420,476) (331,024) Financing 18 1,839,385 - Increase/(decrease) in cash in the year 19 418,909 (331,024) The accompanying notes and accounting policies form an integral part of these financial statements. Statement of accounting policies for the year ended 31 May 2007 The principal accounting policies are summarised below. They have all been applied consistently throughout the year and the previous year. Basis of accounting The accounts have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards. Basis of consolidation The consolidated accounts combine the accounts of the Company and its sole subsidiary, Procnima Exploration Pty Ltd, using the purchase method of accounting. Associate companies are accounted for using the equity method of accounting. Basis of preparing financial statements The accounts have been prepared on the going concern basis. The appropriateness of the going concern basis is dependent on the success of the directors' ongoing investigation, evaluation and generation of revenue from mineral projects. The company meets its day to day operating expenses from its existing liquid resources in the absence of an ongoing income stream. Intangible assets and goodwill Intangible fixed assets are stated at cost less accumulated depreciation. Depreciation of intangible fixed assets is provided where it is necessary to reflect a reduction from book value to estimated residual value over the estimated useful life of the asset to the Group. The carrying value of Fixed Assets & Goodwill is considered to be Fair Value. Negative goodwill arises when the consideration paid for exploration assets is less than the fair value of those intangible assets; it is subject to an annual impairment review. Turnover The Group had no turnover during the year. Project development costs Project development costs include expenditure on prospects at an exploratory stage. These costs include the cost of acquisition, exploration, determination of recoverable reserves, economic feasibility studies and all technical and administrative overheads directly associated with those projects. These costs are carried forward in the balance sheet as intangible fixed assets. Recoupment of capitalised exploration and development costs is dependent upon successful development and commercial exploitation of each area of interest and are amortised over the expected commercial life of each area once production commences. The Company adopts the 'area of interest' method of accounting whereby all exploration and development costs relating to an area of interest are capitalised and carried forward until abandoned. In the event that an area of interest is abandoned, or if the Directors consider the expenditure to be of no value, accumulated exploration costs are written off in the financial year in which the decision is made. All expenditure incurred prior to approval of an application is expensed with the exception of refundable rent which is raised as a debtor. Investments Fixed asset investments are stated at cost less any provision for impairment. Trade investments are stated at the lower of cost or mid-market valuation; profits and losses, including profits arising from warrants held are accounted for as realised. Tangible assets - Plant and equipment Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible assets to write off the cost less estimated residual value of each asset over its expected useful economic life on a straight line basis at the following annual rates: Computer equipment - 33% All assets are subject to annual impairment reviews. Taxation Corporation tax payable is provided on taxable profits at the current rate. Deferred tax Deferred tax is provided on a full provision basis on all timing differences which have arisen but not reversed at the balance sheet date. Options No charge to profit is made in respect of the options over the Company's shares held by Directors and others. Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income statement. On consolidation of a foreign operation, assets and liabilities are translated at the balance sheet rates, income and expenses are translated at rates ruling at the transaction date. Exchange differences on consolidation are taken to the foreign exchange reserve account. Going concern The financial statements have been prepared on a going concern basis. Notes to financial statements for the year ended 31 May 2007 1 Turnover and Segmental analysis The group had no turnover during the year. Loss before taxation 2007 2006 # # By geographical area UK 161,992 80,025 Australia 48,757 1,100 Philippines 37,430 10,000 2 Loss on ordinary activities before taxation 2007 2006 # # Group Group Loss on ordinary activities before taxation is stated after charging: 973 - Depreciation 10,000 10,000 Auditors' remuneration - audit - - Auditors' remuneration - non audit services 42,500 24,500 Directors' emoluments 3 Taxation Current year taxation UK corporation tax at 30% on results for the year - - _______ _______ Factors affecting the tax charge for the period Loss on ordinary activities before taxation (248,179) (91,125) _______ _______ Loss on ordinary activities at the UK standard rate of 30% (74,454) (27,338) Effects of tax benefit of losses carried forward 74,454 27,338 _______ _______ Current period taxation - - _______ _______ 4 Staff costs The Group had no employees during the year; the executive and non-executive directors provide professional services as required on a part time basis. Directors' emoluments: Group Group 5 31st May 2007 31st May 2006 # # Executive Director Remuneration Reginald Hare 20,000 20,000 Jocelyn Arreza 14,500 4,500 Mohd. Noordin bin Abdullah 3,000 - Non-Executive Director Remuneration Michael Coleman 1,000 - Jaafar Bin Ahmed 4,000 - _______ _______ No pension benefits are provided for any director. Included in Jocelyn Arreza's remuneration for the year is #2,500 in respect of company secretarial services. Directors' share options Aggregate emoluments disclosed above do not include any amounts for the value of options to acquire ordinary shares in the company granted to or held by the directors. During the year no options were granted to Directors. 6 Profit attributable to parent undertaking As permitted by section 230 of the Companies Act 1985, the profit and loss account of the parent Company has not been separately presented in these accounts. The parent Company loss for the year was #245,819 (2006: loss #90,025). 7 Loss per share - Group 2007 2006 # # The basic loss per share is derived by dividing the loss for the year attributable to ordinary shareholders by the weighted average number of shares in issue. Loss for the year (248,179) (91,125) Weighted average number of Ordinary shares of #0.001 in 167,869,493 120,001,000 issue Loss per share - basic (0.15) pence (0.08) pence The 126,200,010 outstanding options are non-dilutive as the exercise price of 1p per share is greater than the average share price for the year. 8 Intangible fixed assets Project development Group expenditure # Cost At 1 June 2006 163,117 Additions during the year 8,166 Written-off during the year (46,397) Currency gain 2,348 At 31 May 2007 127,234 Impairment At 31 May 2006 - At 31 May 2007 - Net book amount at 31 May 2007 127,234 Net book amount at 31 May 2006 163,117 Company Cost At 1 June 2006 46,397 Written-off during the year (46,397) At 31 May 2007 - Impairment At 31 May 2006 - At 31 May 2007 - Net book amount at 31 May 2007 - Net book amount at 31 May 2006 46,397 As at 31 May 2007, the Directors have carried out an impairment review and confirmed that no further revaluation adjustments are required. 9 Tangible fixed assets Plant & Equipment # Group and Company Cost At 1 June 2006 - Additions during the year 2,920 At 31 May 2007 2,920 Depreciation At 1 June 2006 - Charge for the year 973 At 31 May 2007 973 Net book amount at 31 May 2007 1,947 Net book amount at 31 May 2006 - 10 Fixed asset investments - Company # Cost At 1 June 2006 10,001 Additions during the year - _______ At 31 May 2007 10,001 _______ Amounts written off At 1 June 2006 10,000 Provided for during the year - _______ At 31 May 2007 10,000 _______ Net book value at 31st May 2007 #1 _______ Net book value at 31st May 2006 #1 _______ The Company holds 20% or more of the share capital of the following company: Company Country of registration Shares held Class or incorporation % Procnima Exploration Pty Ltd Australia Ordinary 100 Mincorp Asia, Inc Philippines Ordinary 40 Notes * The Company has the option to acquire the remaining 60% of Mincorp Asia, Inc, exercisable at any time up to February 2010, at its original par value (#15,000). * The Company has provided against the investment in Mincorp Asia Inc, as a result of Mincorp Asia Inc's loss for the year to 31 May 2007 of #93,580, of which Mincorp Plc's share being #37,430. 11 Fixed asset investments Group Company 2007 2006 2007 2006 # # # # Publicly traded investments 1,046,171 - 1,046,171 - Total 1,046,171 - 1,046,171 - The market value of publicly traded investments at 31 May 2007 based on the closing mid-market price was #2,711,086 (2006: #Nil). The market value of the investments based on the closing mid market price at 11 October 2007 was #1,446,842. 12 Debtors Group Company 2007 2006 2007 2006 # # # # Prepayments 1,775 3,060 1,666 - Other debtors 13,961 3,991 13,961 3,991 Amounts owed by subsidiary - - 156,886 132,807 Amounts owed by Associates 416,402 248,402 416,402 248,402 Total 432,138 255,453 588,915 385,199 13 Creditors Group Company 2007 2006 2007 2006 # # # # Amounts falling due within one year: Trade creditors - 610 - - Accruals 28,542 50,766 27,403 50,766 Accrued share of associates losses 79,029 41,599 79,029 41,599 Total 107,571 92,975 106,432 92,365 14 Share capital - Company The authorised share capital of the Company and the called up and fully paid amounts were as follows: Authorised Number Nominal # As at 31 May 2007 and at 31 May 2006, Ordinary shares of 1,000,000,000 1,000,000 #0.001 each _______ _______ Called up, allotted, issued and fully paid Number Nominal # As at 1 June 2006 120,001,000 120,001 Issued 21 August 2006 at a price of 1p per share 10,000,000 10,000 Issued 31 March 2007 at a price of 0.74p per share 236,000,000 236,000 _______ _______ As at 31 May 2007 366,001,000 366,001 _______ _______ Share Options The Company has established a share option scheme: 126,200,010 options have been granted to subscribe for ordinary shares, exercisable at any time, as follows: Date granted Number of Exercise price Expiry date options 13/12/04 60,000,000 1p 13/12/09 28/1/05 66,200,010 1p 28/1/10 15 Reserves The movements on reserves during the year were as follows: Share premium Profit and Foreign account loss account exchange reserve Group # # # As at 31 May 2006 470,279 (124,017) (7,240) Issue of shares 1,600,400 - - Share issue expenses (7,015) - - Loss for the year - (248,179) - Foreign exchange reserves - - 2,027 As at 31 May 2007 2,063,664 (372,196) (5,213) Company Share premium Profit and account loss account As at 31 May 2006 470,279 (122,917) Issue of shares 1,600,400 - Share issue expenses (7,015) - Loss for the year - (245,819) As at 31 May 2007 2,063,664 (368,736) 16 Movement on equity shareholders' funds 2007 2006 # # Group Loss for the year (248,179) (91,125) Proceeds of share issues 1,846,400 - Share issue expenses (7,015) - Foreign exchange reserve 2,027 (7,240) Movement during the year 1,593,233 (98,365) Opening equity shareholders' funds 459,023 557,388 Closing equity shareholders' funds 2,052,256 459,023 Company (Loss) for the year (245,819) (90,025) Proceeds of share issues 1,846,400 - Share issue expenses (7,015) - Movement during the year 1,593,566 (90,025) Opening equity shareholders' funds 467,363 557,388 Closing equity shareholders' funds 2,060,929 467,363 17 Reconciliation of operating loss to operating cash flows 2007 2006 # # Operating loss (211,119) (95.860) Depreciation 973 - Exploration costs written-off 46,397 - Currency (loss) (321) (7,240) Increase in debtors (176,685) (179,804) (Decrease)/increase in creditors (22,834) 53,866 Net cash outflow from operating activities (363,589) (229,038) 18 Analysis of cash flows 2007 2006 # # Return on investment and servicing of finance Interest received 370 14,735 Net cash inflow 370 14,735 Financing Company: Issue of ordinary share capital for cash 1,846,400 - Share issue expenses (7,015) - Net cash inflow 1,839,385 - Capital expenditure and investment Acquisition of subsidiary - (1) Purchase of tangible fixed assets (2,920) - Purchase of intangible fixed assets (8,166) (116,720) Purchase of current asset investment (1,046,171) - Net cash outflow (1,057,257) (116,721) 19 Analysis and reconciliation of net funds 1 June 2006 Cash flow 31 May 2007 # # # Cash in hand and at bank 133,428 418,909 552,337 20 Commitments As at 31st May 2007, the Company had no material commitments. 21 Related party transactions During the year the Company advanced #168,000 to its 40% owned associated undertaking, Mincorp Asia, Inc. This advance is interest free and #416,402 remained outstanding at the Balance Sheet date (2006: #248,402). 22 Post balance sheet events The following material events occurred after the balance sheet date; * On 27 June 2007, Michael Coleman resigned as a director of the company, and Mr Thanggaya Munusamy was appointed as a director of the company. * On 25 September 2007, the company entered into a Loan Facility for US$110,000 with Rexy Finance Ltd. The company drew down on the facility in November 2007, and the terms are such that the principal is repayable after 6 Months from date of drawdown. The loan attracts interest of SIBOR + 2% per annum. * On 30 October 2007, Reginald Hare resigned as a director of the company, and Matthew Steptoe was appointed as a director of the company. * On 9 November 2006, the company announced that Mincorp Asia Inc, and its subsidiary Bonaventure Mining Corporation had entered into litigation relating to its Exploration Permit covering the Mt. Cadig nickel deposit in the Philippines. The dispute relates to the title to the area and action is still ongoing. The company is aiming to have this issue resolved by the end of 2007. 23 Financial instruments - Group The Group uses financial instruments comprising cash, liquid resources and debtors/creditors that arise from its operations. The Group's exposure to currency and liquidity risk is not considered significant. The Group's cash balances are held in Pound Sterling and in Australian dollars, the latter being the currency in which the significant operating expenses are incurred. To date the Group has relied upon equity funding to finance operations. The Directors are confident that adequate cash resources exist to finance operations to commercial exploitation but controls over expenditure are carefully managed. The net fair value of financial assets and liabilities approximates the carrying values disclosed in the financial statements. The currency and interest rate profile of the financial assets is as follows: Cash and short term deposits 31 May 2007 # Sterling 530,327 Australian dollars 22,010 At 31 May 2007 552,337 The financial assets comprise interest earning bank deposits. 24 Ultimate Controlling Party There is considered to be no ultimate controlling party. Annual General Meeting The Company is pleased to announce that the next Annual General Meeting will be held at 10am on Friday 21st December 2007, at the offices of Wedlake Bell, 52 Bedford Row, London, WC1R 4LR, UK. The AGM notice and proxy form has been posted to shareholders. Availability of Accounts Copies of these accounts are being posted to shareholders today, and further copies will be available at the Company's registered office, which is due to change on 1st December 2007, and will be 1 Park Place, Canary Wharf, London, E14 4HJ, UK. Enquiries: Mincorp plc Matthew Steptoe +659 247 1999 (chief executiveofficer) Nabarro Wells & Co. Limited Hugh Oram +44 207 710 7400 This information is provided by RNS The company news service from the London Stock Exchange END FR ILFVRLELIVID
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