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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Palmaris Cap. | LSE:PMS | London | Ordinary Share | GB0009443358 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.625 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMPMS
RNS Number : 3270D
Palmaris Capital PLC
22 March 2011
22 March 2011
Palmaris Capital Plc ("Palmaris" or the "Company")
Unaudited Interim Results
for the six months ended 31 December 2010
The Board of Palmaris, the investment company with a 16.1% holding in Scottish Resources Group Limited ("SRG"), which is the largest surface mining coal producer in the UK and is the Company's sole remaining investment, is pleased to present its unaudited interim results for the six months ended 31 December 2010.
Key points include:
-- Loss on ordinary activities before tax of GBP83,665 (2009 loss: GBP73,195); loss per ordinary share of 0.05p (2009 loss: 0.05p);
-- Net assets of GBP15.54m (2009: GBP15.72m), equivalent to 9.96p per ordinary share;
-- SRG coal operations performed well following difficult winter weather conditions. Significant investment in new sites and transport infrastructure in current year;
-- Directors' valuation of the 16.1% holding in SRG unchanged at 96p per SRG share.
For further information contact: Greg Melgaard, Managing Director 0779 965 7553 www.palmariscapital.com John Llewellyn-Lloyd/Harry Stockdale Execution Noble & Company Limited (Nominated Adviser) 0207 456 9191
Chairman's Statement
Results
During the six months to 31 December 2010 the company incurred a loss of approximately GBP83,700 compared with a loss of approximately GBP73,200 in the previous year.
This increased loss arose as a result of additional professional fees of some GBP10,000 relating to the Scottish Resources Group Limited ("SRG") planned stock exchange listing.
As reported in the annual accounts, SRG completed a stock split of 5 new shares for every 2 shares held on 8 July 2010, increasing the number of new ordinary shares to 100m and our holding to 16.1m. This still represents 16.1% of SRG and at 30 June 2010 we valued these shares at 96p per SRG share. As indicated below, the directors have decided to leave the valuation unchanged at 31 December 2010. Our net assets are therefore GBP15.54m (9.96p per Palmaris share).
Scottish Resources Group Limited
As reported in our annual accounts for the year ended 30 June 2010 the SRG results for the year to 27 March 2010 were excellent. The operating profit increased to GBP33.1m from a loss of GBP6.2m in the previous year, and the profit after tax increased to GBP21.2m compared to a loss of GBP9.1m. The profit before interest and depreciation increased from GBP16.5m to GBP48.2m. Further details on SRG are available in the RNS announcement that we made on 28 June 2010 which can be found at our website www.palmariscapital.com.
The decision in July 2010 to postpone the proposed stock exchange listing of SRG was a disappointment to the shareholders and the management team. A huge amount of time,
effort and money had been invested in the project. Following the postponement a number of management changes have been made and the business has been refocused. It would appear that the market found it difficult to value SRG because of the large property and renewable businesses that were included in the group, in addition to the opencast coal mining business. When the business is remarketed it may well be that the opencast coal business will be sold independently, as the valuation of this division is much more clear cut.
It is our understanding that although SRG has had a difficult winter due to weather conditions in November and December, the coal operations have performed well. The proposed sales of some of the group properties have not materialised as projected and there were considerable costs of the proposed listing: these have adversely affected the SRG results. During the current year significant investment has been made in the future as new sites have been opened up and transport infrastructure improved which is expected to lead to better performance going forward.
In the SRG forecast, previously announced, it was appreciated that the year to March 2011 would be a difficult year, with the following years benefiting from the new coal contracts at higher prices. In the following years it is hoped that SRG will be in a position to pay substantial dividends.
The floods in eastern Australia have resulted in a large number of opencast coal sites being closed temporarily and as a result the world price of coal has increased. SRG should benefit from
this increase on its uncontracted tonnage.
We have considered the developments at SRG over the last 12 months and it is our view that
the SRG business still has a substantial value. However, as it is a private company we feel that the conservative outlook is to continue to value the shares at 96p per new share giving SRG a valuation of GBP96m. As indicated earlier, if the stock exchange listing is resurrected or a trade sale takes place of the SRG coal business, our valuation of GBP96m would, in all probability, be considerably understated.
Conclusion
Although it has been a difficult winter for SRG, the excellent results for the year ended March 2010 reflect the potential of the business, so with increased world coal and energy prices, the outlook for our investment in SRG would still appear to be positive.
T. P. Noble,
Chairman,
21 March, 2011
UNAUDITED PROFIT AND LOSS Account
for the period ended 31 December 2010
Hot Features
Premium
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months to
31 Dec 2010 31 Dec 2009 30 June 2010
GBP GBP GBP
-------------------------------- ------------- ------------- --------------
Turnover - - -
-------------------------------- ------------- ------------- --------------
Cost of sales - - -
-------------------------------- ------------- ------------- --------------
Gross profit - - -
-------------------------------- ------------- ------------- --------------
Administrative expenses (91,400) (81,793) (183,961)
-------------------------------- ------------- ------------- --------------
Operating (loss) (91,400) (81,793) (183,961)
-------------------------------- ------------- ------------- --------------
Investment and other income 7,735 8,598 16,503
-------------------------------- ------------- ------------- --------------
(Loss) on ordinary activities
before taxation (83,665) (73,195) (167,458)
-------------------------------- ------------- ------------- --------------
Taxation on (loss) on ordinary
activities - - -
-------------------------------- ------------- ------------- --------------
(Loss) on ordinary activities
after taxation (83,665) (73,195) (167,458)
-------------------------------- ------------- ------------- --------------
(Loss) for the financial period (83,665) (73,195) (167,458)
-------------------------------- ------------- ------------- --------------
Earnings per ordinary share
-------------------------------- ------------- ------------- --------------
(Loss) per ordinary share (0.05)p (0.05)p (0.11)p
-------------------------------- ------------- ------------- --------------
Net assets per share
-------------------------------- ------------- ------------- --------------
Net assets per ordinary share 9.96p 10.08p 10.0p
-------------------------------- ------------- ------------- --------------
UNAUDITED BALANCE SHEET
As at 31 December 2010
(Unaudited) (Unaudited) (Audited)
As at As at As at
31 Dec 2010 31 Dec 2009 30 June 2010
Notes GBP GBP GBP
------------------------ ------ ------------- ------------- --------------
Fixed assets
------------------------ ------ ------------- ------------- --------------
Investments 1 15,456,000 15,456,000 15,456,000
------------------------ ------ ------------- ------------- --------------
15,456,000 15,456,000 15,456,000
------------------------ ------ ------------- ------------- --------------
Current assets
------------------------ ------ ------------- ------------- --------------
Trade debtors 4,406 5,750 4,406
------------------------ ------ ------------- ------------- --------------
Other debtors 14,313 14,590 15,172
------------------------ ------ ------------- ------------- --------------
Cash 82,855 280,262 179,137
------------------------ ------ ------------- ------------- --------------
101,574 300,602 198,715
------------------------ ------ ------------- ------------- --------------
Creditors
------------------------ ------ ------------- ------------- --------------
Amounts falling due
within one year
------------------------ ------ ------------- ------------- --------------
Other creditors (20,472) (41,572) (33,948)
------------------------ ------ ------------- ------------- --------------
(20,472) (41,572) (33,948)
------------------------ ------ ------------- ------------- --------------
Net current assets 81,102 259,030 164,767
------------------------ ------ ------------- ------------- --------------
Net assets 15,537,102 15,715,030 15,620,767
------------------------ ------ ------------- ------------- --------------
Capital and reserves
------------------------ ------ ------------- ------------- --------------
Called up equity share
capital 7,796,665 7,796,665 7,796,665
------------------------ ------ ------------- ------------- --------------
Unrealised appreciation
reserve 9,016,000 9,016,000 9,016,000
------------------------ ------ ------------- ------------- --------------
Capital reserve (1,217,356) (1,217,356) (1,217,356)
------------------------ ------ ------------- ------------- --------------
Share premium 351,500 351,500 351,500
------------------------ ------ ------------- ------------- --------------
Profit and loss account (409,707) (231,779) (326,042)
------------------------ ------ ------------- ------------- --------------
Shareholders' funds 15,537,102 15,715,030 15,620,767
------------------------ ------ ------------- ------------- --------------
CASH FLOW STATEMENT
for the period ended 31 December 2010
(Unaudited) (Unaudited) (Audited)
31 Dec 2010 31 Dec 2009 30 June 2010
Notes GBP GBP GBP
----------------------- ------- ------------- ------------- --------------
Net cash (outflow)
from operating
activities A (104,017) (67,887) (176,917)
----------------------- ------- ------------- ------------- --------------
Returns on investments
and servicing of
finance B 7,735 8,598 16,503
----------------------- ------- ------------- ------------- --------------
Cash (outflow) before financing (96,282) (59,289) (160,414)
-------------------------------- ------------- ------------- --------------
NOTES TO THE CASH FLOW STATEMENT
for the period ended 31 December 2010
A. Reconciliation of operating loss to operating cash flows
(Unaudited) (Unaudited) (Audited)
31 Dec 2010 31 Dec 2009 30 June 2010
GBP GBP GBP
-------------------------------- ------------- ------------- --------------
Operating (loss) (91,400) (81,793) (183,961)
-------------------------------- ------------- ------------- --------------
Decrease /(Increase) in debtors 859 (4,056) (3,294)
-------------------------------- ------------- ------------- --------------
(Decrease)/Increase in
creditors (13,476) 17,962 10,338
-------------------------------- ------------- ------------- --------------
Net cash (outflow) from
operating activities (104,017) (67,887) (176,917)
-------------------------------- ------------- ------------- --------------
B. Analysis of cash flows
Returns on investments and servicing of finance ------------------------------------------------- ------ ------ ------- Interest received 235 1,098 1,503 ------------------------------------------------- ------ ------ ------- Fees and commissions received 7,500 7,500 15,000 ------------------------------------------------- ------ ------ ------- Net cash inflow 7,735 8,598 16,503 ------------------------------------------------- ------ ------ -------
C. Analysis of net funds
1 July 2010 Cash Flow 31 Dec 2010
GBP GBP GBP
------ ------------ ---------- ------------
Cash 179,137 (96,282) 82,855
------ ------------ ---------- ------------
Reconciliation of net funds
(Unaudited) (Unaudited) (Audited)
31 Dec 2010 31 Dec 2009 30 June 2010
GBP GBP GBP
-------------------------------- ------------- ------------- --------------
(Decrease) in cash in the
period (96,282) (59,289) (160,414)
-------------------------------- ------------- ------------- --------------
Net funds at beginning of
period 179,137 339,551 339,551
-------------------------------- ------------- ------------- --------------
Net funds at end of period 82,855 280,262 179,137
-------------------------------- ------------- ------------- --------------
NOTES TO THE ACCOUNTS
for the period ended 31 December 2010
1. Details of investments are as follows:
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months to
31 Dec 2010 31 Dec 2009 30 June 2010
GBP GBP GBP
-------------------------------- ------------- ------------- --------------
Shares at Directors' valuation
-------------------------------- ------------- ------------- --------------
Scottish Resources Group Ltd. 15,456,000 15,456,000 15,456,000
-------------------------------- ------------- ------------- --------------
15,456,000 15,456,000 15,456,000
-------------------------------- ------------- ------------- --------------
2. The calculation of the basic (loss) per ordinary share is based on the following:
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months to
31 Dec 2010 31 Dec 2009 30 June 2010
GBP GBP GBP
-------------------------------- ------------- ------------- --------------
(Loss) (83,665) (73,195) (167,458)
-------------------------------- ------------- ------------- --------------
Weighted average number of
ordinary shares in issue
during the period 155,933,304 155,933,304 155,933,304
-------------------------------- ------------- ------------- --------------
The interim financial statements are unaudited and do not constitute statutory financial statements as defined in Section 396 of the Companies Act 2006. These statements have been prepared on the basis of the accounting policies set out in the Company's 2010 Annual Report and Accounts.
The financial statements for the year ended 30 June, 2010 are an abridged statement; the full audited financial statements for the year to 30 June 2010, which were unqualified, have been lodged with the Registrar of Companies.
Copies of the Interim Results for Palmaris Capital PLC will be loaded onto the Company's website (www.palmariscapital.com), and will be posted to shareholders on 23 March 2011 and may be obtained free of charge from the Company's registered office or from the Company's nominated adviser and broker, Execution Noble & Co Limited, 10 Paternoster Square, London EC4M 7AL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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