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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:9446R Mincorp Plc 27 February 2007 MINCORP PLC Interim Report For the six months ended 30th November 2006 CHAIRMAN'S STATEMENT Dear shareholders, BOARD CHANGES Since the date of this report, significant changes have taken place in the board of directors of the company. Details of the three newly appointed directors, who were elected on 31 January 2007 follow; Michael David Coleman Age 50. Michael Coleman is an English solicitor admitted in 1984 who retired from private practice in 2001 after a distinguished career. He has acted in many high profile and controversial matters including the defence of George Walker, former chairman and CEO of Brent Walker Group Plc, Jonathan Aitken, former secretary of State for Defence in Margaret Thacher's Cabinet, James Hewitt and Neil and Christine Hamilton. He has more recently been a director of Speed Mail International Ltd, seeing through its acquisition by Deutchepost Gmb H, as part of its global acquisition of DHL. He has been a director of Designer Vision Ltd, seeing it through successful membership of AIM under the name of Designer Vision Group Plc. Jaafar bin Ahmad, age 62. Jaafar bin Ahmad has had considerable experience in finance and investment. He has been Chief Economist and Assistant Governor of the Reserve Bank of Malaysia, an Executive Director of the International Monetary Fund and Governor of the Reserve Bank of Namibia. He was Managing Director of Air Namibia from 1998 to 2001. He is currently a director of Metropolitan and Allied Bank Ghana Limited, the first private bank in Ghana. He is also a director of Cuminore Pty Ltd, a copper refining company in South Africa. Mohd. Noordin bin Abdullah, age 65. Mohd. Noordin bin Abdullah has had a career in banking, having held a number of senior posts with Bank Bumiputra Bhd. between 1974 and 2001. He is currently an Executive Director of Metropolitan and Allied Bank of Ghana Limited and a director of PSC Industries Bhd, a company quoted on the Malaysian Stock Exchange and engaged in ship building and ship repair. FINANCIAL The company needs to raise funds to continue operating and acquire new projects. As a result of negotiations with potential shareholders, the directors at a board meeting on 2 February 2007 resolved to issue a total of 236,000,000 shares of #0.001p at an issue price of #0.0074. This price was based on two previously traded blocks totalling 29,750,000 shares at a market price of 0.74p. The issue will raise #1,746,400. FUTURE PROSPECTS The two items I have mentioned, enlargement of the board of directors and the issue of shares to raise a substantial amount in working capital, will have profound effect on the future of the company. In particular, the recently appointed directors have financial connections which could be utilised if the company needs to raise substantial amounts of capital for major projects. CURRENT OPERATIONS A summary of the current operations is contained in the report of the Chief Executive Officer which follows. CONCLUSIONS I would like to thank the various officers of the company and the shareholders for their support during the period under review. REGINALD HARE Chairman CHIEF EXECUTIVE OFFICER'S REPORT Dear Shareholders, I am pleased to report to shareholders a summary of the activities of Mincorp Plc and associated companies to 30th November 2006. This report also deals with the period since then and includes results up to the date of this report. The company's main activity during the year has been on the Mt Cadig Nickel Deposit on Luzon Island in the Philippines. MT CADIG As previously reported, the company's wholly owned subsidiary, Bonaventure Mining Corporation, is the applicant for an Exploration Permit of approximately 9,400 hectares which covers the whole of the Mt Cadig deposit. The company's application was challenged by an opposing party twice in the Mines Adjudication Board. In both cases Bonaventure was successful in defending its application. However, late last year, in a surprise decision, the Court of Appeals reversed the decision of the Mines Adjudication Board. The company has now lodged an appeal with the Supreme Court challenging the Court of Appeals' decision. Our legal advisers are confident the company will win the case in the higher court. Unfortunately, there will be a substantial delay before a decision can be expected. In the meanwhile, all exploration on Mt Cadig has been suspended. PROJECT DEVELOPMENT During the period under review, the company has been scouting for attractive mineral prospects within the Philippines. Particular emphasis is on lateritic nickel areas. It is anticipated that in the near future properties with granted mining tenements will be secured. We have avoided prospects under application as the process of perfecting a mineral title in the Philippines is a prolonged and expensive business. The company has also been carrying out an investigation of the technical and economic viability of establishing an ethanol project in the Philippines. This study has been prompted by the passage of the "Biofuels Act of 2006" by the Senate and the House of Representatives. This act makes it mandatory that within two years from the passage of the Act, all gasoline sold in the country shall contain at least 5% locally sourced ethanol. This percentage will rise to 10% after four years from the passage of the act. Full details of the legislation will shortly become available with the issue of the "Implementing Rules and Regulations". FUTURE PROSPECTS The company will now initiate an aggressive search for mining properties throughout the world. Mincorp Asia, Inc, which is established in the Philippines, will be the management base for these activities in Australia and Asia. Other management bases will be located strategically around the world. REGISTERED OFFICE Mincorp Plc has now established its office at 1 Deans Yard, Westminster, London SW1P 3NP. REGINALD HARE Chief Executive officer Independent Review Report to Mincorp PLC Introduction We have been instructed by the Company to review the financial information set out on pages 7 to 11 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with guidance contained in Bulletin 1999/4 "Review of interim financial information" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the Directors. The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom by auditors of fully listed companies. A review consists principally of making enquiries of the Directors and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30th November 2006. Emphasis of matter - Going Concern In forming our conclusion, which is not modified, we have considered the adequacy of the disclosures made in Note 1 to the financial information concerning the Company's ongoing negotiations to raise new finance and the consequential implication for the Company's ability to continue as a going concern. The validity of the going concern basis depends upon adequate funding being made available. The financial statements do not include any adjustments that would result from a failure to secure sufficient funds through funding negotiations. CHAPMAN DAVIS LLP Chartered Accountants 2 Chapel Court London SE1 1HH Consolidated Income Statement (Unaudited) For the 6 months ended 30 November 2006 Notes # # # Six months Six months Year ending 31 ending 30 ending 30 May 2006 November 2006 November 2005 (Audited) (Unaudited) (Unaudited) Administrative expenses (45,097) (59,512) (95,860) OPERATING (LOSS) (45,097) (59,512) (95,860) Interest received 370 12,612 14,735 Share of associate (loss) - (10,000) (10,000) (LOSS) BEFORE TAXATION (44,727) (56,900) (91,125) Taxation 2 - - - (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION (44,727) (56,900) (91,125) (Loss) per share : Basic 4 (0.04)p (0.05)p (0.08)p Consolidated Balance Sheet (Unaudited) At 30 November 2006 Notes # # # Six months Six months Year ending 31 ending 30 ending 30 May 2006 November 2006 November 2005 (Audited) (Unaudited) (Unaudited) FIXED ASSETS Intangible Assets 164,393 132,775 163,117 Investments - - - TOTAL FIXED ASSETS 164,393 132,775 163,117 CURRENT ASSETS Debtors 309,361 190,766 255,453 Cash at bank and in hand 105,293 241,519 133,428 TOTAL CURRENT ASSETS 414,654 432,285 388,881 CURRENT LIABLILITES Creditors: Amounts falling due within one year (71,391) (64,572) (92,975) TOTAL CURRENT LIABLITIES (71,391) (64,572) (92,975) NET CURRENT ASSETS 343,263 367,713 295,906 NET ASSETS 507,656 500,488 459,023 CAPITAL AND RESERVES Called up share capital 6 130,001 120,001 120,001 Share premium 555,279 470,279 470,279 Foreign exchange reserve (8,880) - (7,240) Profit and loss account (168,744) (89,792) (32,892) EQUITY SHAREHOLDERS' FUNDS 7 507,656 500,488 459,023 Consolidated Cash Flow Statement (Unaudited) For the 6 months ended 30 November 2006 Notes # # # Six months ending Six months ending Year ending 31 30 November 2006 30 November 2005 May 2006 (Unaudited) (Unaudited) (Audited) CASH OUTFLOW FROM OPERATING ACTIVITIES (122,229) (30,765) (229,038) Returns on investments and servicing of 370 12,612 14,735 finance Capital expenditure and investment (1,276) (86,378) (116,721) CASH OUTFLOW BEFORE FINANCING (123,135) (104,531) (331,024) Financing 95,000 (118,402) - NET CASH (DECREASE) IN 5 THE PERIOD (28,135) (222,933) (331,024) Notes to the Interim Report For the 6 months ending 30 November 2006 1. ACCOUNTING POLICIES (a) Presentation of interim results This interim report was approved by the Directors on 9 February 2007. The interim results have not been audited, but were the subject of an independent review carried out by the Company's auditors, Chapman Davis LLP. Their review confirmed that the figures were prepared using applicable accounting policies and practices consistent with those to be adopted in the annual report. The financial information contained in this interim report does not constitute statutory accounts as defined by Section 240 of the Companies Act 1985. (b) Basis of preparation These financial statements have been prepared under the historical cost convention and in accordance with the applicable UK accounting standards. (c) Basis of consolidation The financial statements of controlled entities are included in the consolidated financial statements from the date control commences until the date control ceases. The Group profit and loss account and balance sheet combine the accounts of the Company and its subsidiaries, using the acquisition method of accounting. (d) Goodwill Goodwill on consolidation is capitalised and shown within fixed assets. Positive goodwill is subject to annual impairment review with movements charged in the profit and loss account. Negative goodwill is reassessed by the Directors and attributed to the relevant assets to which it relates (e) Going concern The financial statements have been prepared on the going concern basis, with no adjustments in respect of the following concerns of the group's ability to continue to trade under that assumption. The group's cash flow forecast for the 12 months to 30 November 2007, highlights the company is expected to be in negative cash flow by the end of that period. The board of directors, are evaluating all the options available to the injection of funds into the group during the next 12 months and are confident that the necessary funds to remain cash positive for the whole period will be raised in order for the group to continue its exploration activities. The board of directors have approved on 2 February 2007, a placing of 236million shares at an issue price of 0.74pence, raising #1,746,000. The directors will update the company's shareholders through AIM, as soon as the placing has been completed. 2. TAXATION No taxation has been provided due to losses in the period. 3. DIVIDENDS The Directors do not recommend the payment of a dividend. 4. LOSS PER SHARE Six months ending Six months ending Year ending 30 November 2006 30 November 2005 31 May 2006 (Unaudited) (Unaudited) (Audited) Basic Loss for the period (Loss) (#s) (44,727) (56,900) (91,125) Weighted Average Number of Shares 125.57 million 120.00 million 120.00 million (Loss) Per Share - pence (0.02)p (0.05)p (0.08)p The basic earnings per share has been calculated on a loss on ordinary activities after taxation of #44,727 (31 May 2006: #91,125 loss) and on 125,574,770 (31 May 2006: 120.00million) ordinary shares being the weighted average number of shares in issue and ranking for dividend during the period. No diluted loss per share is presented as the effect of exercise of outstanding options is to decrease the loss per share. 5. RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS # # # Six months ending Six months ending Year ending 30 November 2006 30 November 2005 31 May 2006 (Unaudited) (Unaudited) (Audited) (Decrease) in cash in the period (28,135) (222,933) (331,024) Net funds at beginning of period 133,428 464,452 464,452 Net funds at end of period 105,293 241,519 133,428 6. SHARE CAPITAL The authorised share capital of the Company and the called up and fully paid amounts at 30 November 2006 were as follows:- # # # Six months ending Six months ending Year ending 30 November 2006 30 November 2005 31 May 2006 (Unaudited) (Unaudited) (Audited) Authorised: 1,000,000,000 ordinary shares of 0.1p each 1,000,000 1,000,000 1,000,000 ======= ======= ======= Allotted, called up and fully paid: 130,001,000 ordinary shares of 0.1p each 130,001 120,001 120,001 ======= ======= ======= On 21 August 2006, the company issued 10,000,000 ordinary shares for a total gross cash consideration of #100,000. 7. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Share Share Profit Other Total capital premium and loss Reserves account # # # # # At 1 June 2006 120,001 470,279 (124,017) (7,240) 459,023 (Loss) for the period - - (44,727) (1,640) (46,367) Shares issued net of expenses 10,000 85,000 - - 95,000 At 30 November 2006 130,001 555,279 (168,744) (8,880) 507,656 Mincorp PLC Company Information Directors Jocelyn Arreza Reginald Hare Michael Coleman Jaafar bin Ahmad Mohd. Noordin bin Abdullah Secretary Stephen Ronaldson Registered office 55 Gower Street London WC1E 6HQ Nominated Adviser Nabarro Wells & Co Ltd Saddlers House Gutter Lane London EC2V 6HS Broker Keith, Bayley, Rogers & Co. Ltd Sophia House 76-80 City Road London EC1Y 2EQ Auditors Chapman Davis LLP No.2 Chapel Court London SE1 1HH Registrar Share Registrars Ltd Craven House West Street Farnham Surrey GU9 7EN Registered number 05140143 This information is provided by RNS The company news service from the London Stock Exchange END IR BDGDDXXDGGRR
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