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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:1536P Mincorp Plc 03 March 2008 MINCORP PLC Interim Report For the six months ended 30th November 2007 CHAIRMAN'S STATEMENT Dear shareholders, BOARD CHANGES The company's board has undergone no changes since the release of the annual report for 2007. INVESTMENTS ATPK Resources Tbk. The board is currently considering entering into a strategic relationship with ATPK Resources Tbk which would see Mincorp becoming a Joint Venture partner while remaining as a shareholder. Given the growing demand throughout Asia and the current supply side constraints, the coal market is expected to continue to tighten throughout 2008. Moreover Indonesian coal is at a significant cost / freight advantage to either Australian or South African suppliers both of which have their own particular infrastructural challenges being port congestion at Newcastle for Australian producers and a disrupted power supply for their South African counterparts. Coal remains a particularly important commodity in emerging markets being responsible for over 70% of power generation in China, the devastating impact of a disruption in coal supply to China was evidenced recently following unseasonal storms that prevented coal extraction and distribution resulting in power outages in over fifteen (15) provinces. Exploration Projects The company is confident of a positive ruling on the Mt Cadig case during 2008 in the Supreme Court and has undertaken a review of the board of Mincorp Asia as well as appointing specialist legal counsel in the Philippines to both assess the strength of the respective arguments and assist the company in achieving a favourable outcome. The company has been successful in securing the services of a team of highly experienced specialist consultants based in Western Australia and is currently completing the analysis and valuation of the New Waverly Tenements based on the drilling program that has been completed thus far. We expect the results to be delivered during 2008 and expect demand for gold to remain strong in the short to medium term, supported by geo-political tensions that are driving the price of oil to record levels. FUTURE FUNDING The company plans to complete a fundraising during 2008 in order to support the further development of the company's existing assets as well as raising funds for the implementation of our obligations under the terms of any joint venture agreed to with ATPK Resources Tbk. The company is seeking opportunities with the potential of delivering positive earnings within the short to medium term, such as off take agreements or similar arrangements, rather than having exploration as its sole focus. CONCLUSION The company looks forward to the receipt of results and a comprehensive valuation of the New Waverly tenements as well as achieving a positive outcome in the Mt Cadig appeal. Moreover, we are confident of agreeing terms with ATPK Resources Tbk which would allow Mincorp PLC to enter the tightening Asian coal market. On behalf of the board I would like to thank our shareholders for their continued support. Mohd. Noordin bin Abdullah Chairman 29 February 2008 CHIEF EXECUTIVE OFFICER'S REPORT It is my pleasure to present a report on the progress of Mincorp PLC and its subsidiaries for the period ended 30 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 during 2008 and look forward to making material progress with this asset in the coming year. Moreover, we have engaged a legal counsel with considerable tenement experience within the Philippines to provide an independent opinion on the strength of the respective arguments. Furthermore, Mincorp PLC is currently reviewing the board of its subsidiary Mincorp Asia. 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 PLC 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 similar location to other proven quartz reefs is yet to be tested. Mincorp PLC has appointed a team of independent specialist consultants to complete a co-ordinated analysis of the completed drilling program in order to ascertain the value and options with New Waverly at a time when the price of gold is approaching all time highs. Given the current outlook for gold prices, the board is excited about the potential of New Waverly and will be in a position to make an informed decision regarding the property's future during 2008. ATPK Resources TBK Mincorp PLC made a strategic acquisition (5.5%) of ATPK Resources TBK (hereafter ATPK) and maintains its view that ATPK is an undervalued company with approximately 78 million tons of coal reserves predominantly in East Kalimantan. The coal market has tightened considerably since the writing of the annual report due to both demand from China and disruptive supply side factors including adverse climatic conditions and infrastructure unable to cope with the increased volumes. Project Development Mincorp PLC has taken a different perspective to its investment in ATPK, and as such the company's relationship with ATPK is likely to enter a new phase during the first quarter of 2008 with Mincorp PLC in advanced negotiations with ATPK to enter into a joint venture agreement granting Mincorp PLC the exclusive mining rights to selected tenement(s) over a period of five (5) years upon the understanding that Mincorp PLC pay an agreed price per metric tonne that reflects an attractive discount to that currently being achieved in the market. Consequently, in its plan to deliver value and earnings to shareholders, Mincorp PLC is making a strategic change in direction in no longer being a company solely focused on exploration. The potential earnings from a five (5) year agreement with ATPK will have a profound impact on the future and capabilities of Mincorp PLC. Moreover Mincorp PLC is exploring other resource opportunities. Mincorp PLC is planning a fundraising to be completed within 2008 to further develop the potential of the Company's existing assets and provide the necessary funding to fulfil any obligations ensuing from the agreement with ATPK. Matthew Steptoe Chief Executive Officer 29 February 2008 Consolidated Income Statement (Unaudited) For the 6 months ended 30 November 2007 Notes £ £ £ Six months ended 30 Six months ended 30 Year ended 31 November 2007 November 2006 May 2007 (Unaudited) (Unaudited) (Audited) Exploration costs - - (46,397) Administrative expenses (90,080) (45,097) (164,722) ---------- ---------- ---------- OPERATING LOSS (90,080) (45,097) (211,119) Interest received - 370 370 Share of associate loss (46,522) - (37,430) ---------- ---------- ---------- LOSS BEFORE TAXATION (136,602) (44,727) (248,179) Taxation 2 - - - ========== ========== ========== LOSS ON ORDINARY (136,602) (44,727) (248,179) ACTIVITIES AFTER TAXATION ========== ========== ========== Loss per share : Basic 4 (0.04)p (0.04)p (0.15)p Consolidated Balance Sheet (Unaudited) At 30 November 2007 Notes £ £ £ Six months ended 30 Six months ended Year ended 31 May November 2007 30 November 2006 2007 (Audited) (Unaudited) (Unaudited) FIXED ASSETS Intangible Assets 184,698 164,393 127,234 Tangible 3,695 - 1,947 Assets Investments 6 1,446,171 - 1,046,171 --------- --------- --------- TOTAL FIXED ASSETS 1,634,564 164,393 1,175,352 --------- --------- --------- CURRENT ASSETS Debtors 437,681 309,361 432,138 Cash at bank and in hand 23,774 105,293 552,337 --------- --------- --------- TOTAL CURRENT ASSETS 461,455 414,654 984,475 --------- --------- --------- CURRENT LIABLILITES Creditors: Amounts falling due within one year (175,769) (71,391) (107,571) --------- --------- --------- TOTAL CURRENT LIABLITIES (175,769) (71,391) (107,571) NET CURRENT ASSETS 285,686 343,263 876,904 --------- --------- --------- NET ASSETS 1,920,250 507,656 2,052,256 ========= ========= ========= CAPITAL AND RESERVES Called up share capital 7 366,001 130,001 366,001 Share premium 2,063,664 555,279 2,063,664 Foreign exchange reserve (617) (8,880) (5,213) Profit and loss account (508,798) (168,744) (372,196) --------- --------- --------- EQUITY SHAREHOLDERS' FUNDS 8 1,920,250 507,656 2,052,256 ========= ========= ========= Consolidated Cash Flow Statement (Unaudited) For the 6 months ended 30 November 2007 Notes £ £ £ Six months ended 30 Six months ended 30 Year ended 31 November 2007 November 2006 May 2007 (Unaudited) (Unaudited) (Audited) CASH OUTFLOW FROM OPERATING ACTIVITIES Operating loss (90,080) (45,097) (211,119) Depreciation charge 973 - 973 Exploration costs written-off - - 46,397 Currency gain/(loss) 4,596 (1640) (321) (Increase)/Dec rease in other receivables and prepayments (5,543) (53,908) (176,685) Increase/(Decr ease) in trade and other payables 21,676 (21,584) (22,834) CASH OUTFLOW FROM OPERATING ---------- ---------- --------- ACTIVITIES (68,378) (122,229) (363,589) Returns on investments and servicing of finance - 370 370 Capital expenditure and investment (460,185) (1,276) (1,057,257) ---------- ---------- --------- CASH OUTFLOW BEFORE FINANCING (528,563) (123,135) (1,420,476) Financing - 95,000 1,839,385 ========== ========== ========= NET CASH (DECREASE)/INC REASE IN 5 (528,563) (28,135) 418,909 THE PERIOD ========== ========== ========= Notes to the Interim Report For the 6 months ended 30 November 2007 1. ACCOUNTING POLICIES (a) Presentation of interim results This interim report was approved by the Directors on 29 February 2008. The interim results have not been audited. 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 The interim financial statements have been prepared on the basis of the recognition and measurement requirements of International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and implemented in the UK. Previously, Mincorp PLC prepared financial statements in accordance with UK Generally Accepted Accounting Principles (UK GAAP). As the 2007 interim financial statements include comparatives for 2006, the Group's date of transition to IFRS was 1 June 2007. The IFRS interim financial statements do not include all the information required for full IFRS annual financial statements. The financial information for the six months ended 30 November 2007 and 30 November 2006 is unaudited. The comparative figures for the year ended 31 May 2007 were derived from the Group's audited financial statements for that period as filed with the Registrar of Companies. (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 concern of the Group's ability to continue to trade under that assumption as set out below. The Group's cash flow forecast for the 12 months ending 30 November 2008, highlights the fact that 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 including through the realization of the investment in the publicly traded shares of ATPK Resources Tbk. as well as 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. 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 Six months Year ended ended ended 30 November 30 November 31 May 2007 2007 2006 (Unaudited) (Unaudited) (Audited) Basic Loss for the period Loss (£s) (136,602) (44,727) (248,179) Weighted Average Number of 366.00 million 125.57 million 167.87 million Shares Loss Per Share - pence (0.04)p (0.04)p (0.15)p The basic earnings per share has been calculated on a loss on ordinary activities after taxation of £136,602 (31 May 2007: £248,179 loss) and on 366.00 million (31 May 2007: 167.87 million) ordinary shares being the average number of shares in issue and franking 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 ended Six months ended Year ended 30 November 2007 30 November 2006 31 May 2007 (Unaudited) (Unaudited) (Audited) (Decrease)/Increase in cash in the period (528,563) (28,135) 133,428 Net funds at beginning of period 552,337 133,428 418,909 ---------- ---------- --------- Net funds at end of period 23,774 105,293 552,337 ========== ========== ========= 6. INVESTMENTS £ £ £ Six months ended Six months ended Year ended 30 November 2007 30 November 2006 31 May 2007 (Unaudited) (Unaudited) (Audited) Publicly traded investments 1,446,171 - 1,046,171 =========== =========== ======== The market value of publicly traded investments at 30 November 2007 based on the closing mid-market price was £2,903,131 (31 May 2007: £2,711,086). The market value of the investments based on the closing mid market price at 29 February 2008 was £2,261,369. 7. SHARE CAPITAL The authorised share capital of the Company and the called up and fully paid amounts at 30 November 2007 were as follows:- £ £ £ Six months ended Six months ended Year ended 30 November 2007 30 November 2006 31 May 2007 (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: Beginning of the period 366,001 130,001 130,001 Issued 31 March 2007 at a price of 0.74p per share - - 236,000 ---------- ---------- --------- 366,001 130,001 366,001 ========== ========== ========= 8. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Share Share Profit Other Total capital premium and loss Reserves Account £ £ £ £ £ At 1 June 2007 366,001 2,063,664 (372,196) (5,213) 2,052,256 (Loss)/Gain for the period - - (136,602) 4,596 (132,006) ------- -------- ------- -------- -------- At 30 November 2007 366,001 2,063,664 (508,798) (617) 1,920,250 ======= ======== ======= ======== ======== Mincorp PLC Company Information Directors Jocelyn Arreza Matthew Steptoe Thanggaya Munusamy Mohd. Noordin bin Abdullah Secretary Stephen Ronaldson Registered office 1 Park Place Canary Wharf London, E14 4HJ 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 - End - This information is provided by RNS The company news service from the London Stock Exchange END IR DBGDXCBGGGID
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