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NBR Namibian Res

0.325
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Namibian Res LSE:NBR London Ordinary Share GB0034380625 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% 0.325 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Namibian Resources PLC Half Yearly Report (2200H)

27/11/2015 11:52am

UK Regulatory


Namibian Resources (LSE:NBR)
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TIDMNBR

RNS Number : 2200H

Namibian Resources PLC

27 November 2015

27 November 2015

NAMIBIAN RESOURCES PLC

RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2015

Namibian Resources Plc (the "Company") announces its unaudited interim results for the six months ended 31 August 2015.

A copy of the interim financial statements of the Company will be available on the Company's website http://www.namibianresources.com/, along with a copy of this announcement.

CHAIRMAN'S STATEMENT

It is with great regret that I have to report the death of the Company's former Chairman, Lord Sheppard of Didgemere, during the period under review. The Directors miss his help and advice.

Operations

Production at the Group's Sonnberg diamond mine is not expected to re-commence. The carrying value of the mobile and fixed plant was impaired down to its estimated realisable value in previous periods. This has been adjusted in Sterling terms for the depreciation of the Namibian Dollar, although ownership of the plant has been transferred from Sonnberg to the Company. Since the end of the period, a contract has been signed for the sale of certain mobile plant with receipts over a period, at a price materially equal to its carrying value.

Reference has been made previously to the liability of our subsidiary company, Sonnberg Diamonds Namibia (Pty) Limited for rehabilitation of the area formerly mined. Although the quantum has not been agreed, the Company intends to commence rehabilitation work as soon as a substantial VAT refund is received from the Namibian authorities. The estimated cost has been provided in the accounts.

Financial

During the period the Group reports a loss for the period of GBP52,314 (2014 interim loss: GBP86,942).

During the period under review, the Company capitalised GBP645,600 of interest free loans advanced by directors and former directors and their associates by the issue of 13,465,263 new ordinary shares of 1p each at 4.75p per share. Following this, the Company is free of material amounts of debt. Pending realisations from plant disposals I am continuing to provide financial support by way of unsecured, interest free loans, as set out in Note 12. The independent directors, David Johnson and Michael Solomon consider, having consulted with Grant Thornton UK LLP, the Company's nominated adviser, that the terms of these loans are fair and reasonable insofar as the Company's shareholders are concerned.

Future prospects

The Company remains involved in evaluating and negotiating potential acquisitions as discussed in the last Annual Report and I hope to be in a position to give further details in the near future.

As the current share price is materially below par, a reduction in the par value will be required to facilitate any transaction involving the issue of new shares, and the requisite resolutions will be put to shareholders in due course.

Brian Moritz

(Chairman)

27 November 2015

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 31 AUGUST 2015

 
                                                                   31-Aug-15             31-Aug-14           28-Feb-15 
                                                                 (unaudited)           (unaudited)           (audited) 
                                                                         GBP                   GBP                 GBP 
 Continuing operations 
 
 Revenue                                                                   -                     -                   - 
 Cost of                                                                   -                     -                   - 
  sales 
                                                               -------------       ---------------       ------------- 
 Gross profit                                                              -                     -                   - 
 
 Administrative and exploration 
  expenses                                                          (52,254)              (86,633)           (120,022) 
 Loss from operating activities                                     (52,254)              (86,633)           (120,022) 
 
 Finance income                                                            -                     -                   - 
 Finance 
  costs                                                                 (60)                 (309)               (394) 
 Net finance income/(costs)                                             (60)                 (309)               (394) 
 
 Loss before taxation                                               (52,314)              (86,942)           (120,416) 
 
 Taxation                                                                  -                     -                   - 
                                                               -------------       ---------------       ------------- 
 Loss for the period                                                (52,314)              (86,942)           (120,416) 
                                                               -------------       ---------------       ------------- 
 
 Other comprehensive income 
 Exchange translation on foreign operations                            6,385                14,506               7,233 
                                                               -------------       ---------------       ------------- 
 Other comprehensive income for the 
  period, net of tax                                                   6,385                14,506               7,233 
                                                               -------------       ---------------       ------------- 
 
   Total comprehensive expense 
   for the period                                                   (45,929)              (72,436)           (113,183) 
                                                               =============       ===============       ============= 
 
 Loss per share - continuing operations 
 Basic and diluted loss per share 
  (pence)                                                             (0.06)                (0.12)              (0.17) 
 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2015

 
                                                                      31-Aug-15           31-Aug-14          28-Feb-15 
                                                                    (unaudited)         (unaudited)          (audited) 
                                                      Notes                 GBP                 GBP                GBP 
 Assets 
 Non-current assets 
 Intangible assets                                        7                   -                   -                  - 
 Property, plant 
  and equipment                                           8             232,099             264,389            257,888 
                                                                        232,099             264,389            257,888 
                                                                  -------------       -------------       ------------ 
 
 Current assets 
 Trade and other 
  receivables                                             9              42,051              49,951             51,896 
 Cash and cash equivalents                                               13,450              22,487              9,395 
                                                                  -------------       -------------       ------------ 
                                                                         55,501              72,438             61,291 
                                                                  -------------       -------------       ------------ 
 
 Total assets                                                           287,600             336,827            319,179 
                                                                  =============       =============       ============ 
 
 Equity 
 Equity attributable to 
  owners of the Company 
 Share capital                                           10           4,463,008           4,328,355          4,328,355 
 Share premium                                           10           1,555,144           1,050,197          1,050,197 
 Currency translation 
  reserve                                                               165,141             163,278            158,756 
 Retained deficit                                                   (6,060,629)         (5,972,090)        (6,008,315) 
                                                                  -------------       -------------       ------------ 
 Total equity                                                           122,664           (430,260)          (471,007) 
                                                                  -------------       -------------       ------------ 
 
 Liabilities 
 Current liabilities 
 Trade and other 
  payables                                               11             106,255             697,087            720,186 
 Provisions                                                              58,681              70,000             70,000 
                                                                  -------------       -------------       ------------ 
                                                                        164,936             767,087            790,186 
                                                                  -------------       -------------       ------------ 
 
 Total liabilities                                                      164,936             767,087            790,186 
                                                                  -------------       -------------       ------------ 
 
 Total equity and liabilities                                           287,600             336,827            319,179 
                                                                  =============       =============       ============ 
 

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November 27, 2015 06:52 ET (11:52 GMT)

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