We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pathfinder Minerals Plc | LSE:PFP | London | Ordinary Share | GB00BYY0JQ23 | 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% | 0.275 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crushed And Broken Limestone | 0 | -376k | -0.0006 | -4.50 | 1.71M |
TIDMPFP
RNS Number : 5852R
Pathfinder Minerals Plc
30 June 2015
30 June 2015
Pathfinder Minerals Plc
("Pathfinder", the "Company" or the "Group")
Final results for the year ended 31 December 2014
Chairman's Statement
Introduction
Over the past year as your chairman, I have developed a comprehensive understanding both of the circumstances in which Pathfinder was deprived of its principal assets in late 2011; and of the potential remedies available to the Company. I was keen to make shareholders aware in my June and September 2014 statements that the process to recover Pathfinder's assets may be a lengthy one. It should come as no surprise therefore that it is proving to be so. The process is, however, advancing.
Steps to recover the Company's assets
There are a number of routes via which the Company may in due course restore control of its assets or gain compensation for their loss.
Absent a more immediate diplomatic resolution which compels the Government of Mozambique to restore control to Pathfinder of the areas previously licensed to it, it is hoped that Mozambique's judicial system will ultimately find, as the English courts have done, that Pathfinder (through its wholly-owned subsidiary, IM Minerals Limited) did validly acquire its shareholding in Companhia Mineira de Naburi S.A.R.L ("CMDN"). This, in turn, would allow Pathfinder to demonstrate to the Government of Mozambique that, as a matter of Mozambique, as well as English, law, General Veloso and Diogo Cavaco (the "Defendants") were not entitled to divert the mining licences away from CMDN for their personal gain. I am confident that in such a scenario the Government of Mozambique would take steps akin to reversing the licence transfer.
Following a resounding judgment from the English High Court in the Company's favour, Pathfinder is continuing to pursue its legal rights in Mozambique vigorously-and intends to do so until it is successful in restoring to shareholders the assets of which they have been deprived. This will not, however, be a short process. Notwithstanding the multiple proceedings ongoing in Mozambique it is likely that, whatever their outcome, appeals will follow. For this reason, the Company has continuously kept an open mind with regards to the merits of a mediated settlement with the Defendants. However, the willingness to date of the Defendants to entertain reasonable terms for Pathfinder's shareholders makes this an unlikely scenario.
A further legal route, by which the Company may recover its assets or seek compensation for its loss from the Government of Mozambique, remains under advanced consideration.
Legal proceedings in Mozambique
There remain several legal proceedings ongoing in the Mozambican courts, each of which raises the issue of the jurisdiction of the English court and/or Pathfinder's status as a shareholder of CMDN. Shortly before the year-end two significant judgments were handed down.
On 15 December 2014 Pathfinder announced that the Maputo Commercial Court had confirmed the validity of the Company's shareholding in CMDN following a hearing which took place on 6 December 2012. In those proceedings Pathfinder had sought the annulment of certain resolutions purportedly passed at an extraordinary general meeting of CMDN on 9 December 2011. The purpose of these resolutions was to dismiss Pathfinder's representatives on CMDN's Board and to cancel Pathfinder's shares in CMDN and reissue them to the Defendants. It was therefore wholly appropriate that the Maputo Commercial Court granted the annulment sought. Importantly, in its judgment the Maputo Commercial Court held that Pathfinder did validly acquire its shareholding in CMDN.
It came as little surprise that, upon notification of this judgment, the Defendants applied to the Maputo Commercial Court to appeal the decision. A decision on the appeal is awaited. Pathfinder will continue to announce any material developments as and when it is notified of them.
On 31 December 2014 Pathfinder announced a decision from the Mozambique Supreme Court in respect of the Company's application for recognition of orders by the English court for costs aggregating GBP106,000 to be paid by the Defendants. In its judgment, the Mozambique Supreme Court rejected the Company's claim for recognition while upholding, with one exception, all of the Company's arguments.
The basis upon which the Mozambique Supreme Court rejected Pathfinder's claim appears to be absurd. The court determined that the jurisdiction clauses contained in the agreements which were the subject of the dispute were not valid as a matter of Mozambique law because they conferred jurisdiction on the courts of England and Wales without specifying which court in England and Wales was to have jurisdiction (or providing the criteria for selecting the competent court). Such a ruling has serious implications for other investors in Mozambique whose jurisdiction clauses would typically be no different to the standard formulation contained in Pathfinder's contracts. Pathfinder has asked the Supreme Court for permission to appeal against its decision.
In the meantime, a further application for recognition - which includes Pathfinder's application for recognition of the English High Court's declarations in respect of the Company's acquisition of shares in CMDN - is still pending. It is not known when judgment on this further claim might be delivered. It may still be a considerable time.
Financial results and current financial position
The financial results of Pathfinder are, as for any pre-revenue company which does not currently have operations, very straightforward. The most important financial measurement continues to be whether Pathfinder has sufficient cash to see through its strategy to recover its assets. The Board continues to exercise prudence with expenditure and believes the Company does have sufficient reserves for the foreseeable future.
Nevertheless, the Company wishes to maintain the ability to raise equity finance in the future should it be required. In that context, although there are no immediate plans to seek such funding, in order that the Company might promptly take advantage of any offer of additional finance, the Board is seeking from shareholders at the forthcoming Annual General Meeting the powers required by company law to achieve this. In the light of the current share price, it is likely that the subscription price for any further issue of ordinary shares, should such an issue occur, would be less than their nominal value. Consequently, a share capital reorganisation will also be necessary in order to effect such allotment. This is explained more fully in the Notice of Annual General Meeting which is being sent to shareholders simultaneously with this report.
The financial statements of the Pathfinder Group for the year ended 31 December 2014 follow later in this report. The Income Statement shows a loss of GBP1.1 million (2013 - GBP1.5 million). The conclusion of the legal action in England during 2013 brought about a reduction in the rate of expenditure. Since the Company has been prevented from conducting any activity relating to mining, the whole of this loss can be attributed to the Company's attempts to recover its expropriated licences.
The Group's Statement of Financial Position shows net assets at 31 December 2014 of GBP1.1 million (2013 - GBP2.2 million). The assets are held largely in the form of cash deposits (totalling GBP1.2 million at the year-end).
Outlook
Pathfinder is advancing the legal proceedings in Mozambique as efficiently and as expeditiously as the judicial infrastructure allows. It is a slow process and judgments have been shown to take up to two years to be handed down. While the Company is prepared to enforce its rights through the courts, we continue to pursue in the background other possible routes to achieve a faster resolution; while at the same time considering other ways to add value to the Company. Above all the Board's objective is to seek the best possible outcome for shareholders from the appalling actions which have afflicted the Company. I believe that a positive outcome is achievable.
Henry Bellingham
Chairman
29 June 2015
Statement of Consolidated Comprehensive Income
For the Year Ended 31 December 2014
Year ended 31 December 2014 2013 GBP'000 GBP'000 CONTINUING OPERATIONS Revenue - - Administrative expenses (1,070) (1,480) ---------- ---------- OPERATING LOSS (1,070) (1,480) Finance income 14 21 ---------- ---------- LOSS BEFORE INCOME TAX (1,056) (1,459) Income tax - - ---------- ---------- LOSS FOR THE YEAR (1,056) (1,459) OTHER COMPREHENSIVE INCOME - - TOTAL COMPREHENSIVE LOSS FOR THE YEAR (1,056) (1,459) ========== ========== Loss per share (expressed in pence per share) Basic (0.1) (0.1) Diluted (0.1) (0.1) ========== ==========
Statement of Consolidated Financial Position
31 December 2014
2014 2013 GBP'000 GBP'000 ASSETS CURRENT ASSETS Trade and other receivables 61 185 Cash and cash equivalents 1,172 2,134 --------- --------- 1,233 2,319 --------- --------- TOTAL ASSETS 1,233 2,319 ========= ========= EQUITY SHAREHOLDERS' EQUITY Called up share capital 18,289 18,289 Share premium 11,022 11,022 Retained earnings (28,176) (27,120) --------- --------- TOTAL EQUITY 1,135 2,191 --------- --------- LIABILITIES CURRENT LIABILITIES Trade and other payables 98 128 --------- --------- TOTAL LIABILITIES 98 128 --------- --------- TOTAL EQUITY AND LIABILITIES 1,233 2,319 ========= =========
Statement of the Company's Financial Position
31 December 2014
2014 2013 GBP'000 GBP'000 ASSETS NON-CURRENT ASSETS Investments - - --------- --------- - - --------- --------- CURRENT ASSETS Trade and other receivables 61 185 Cash and cash equivalents 1,172 2,134 --------- --------- 1,233 2,319 --------- --------- TOTAL ASSETS 1,233 2,319 ========= ========= EQUITY SHAREHOLDERS' EQUITY Called up share capital 18,289 18,289 Share premium 11,022 11,022 Retained earnings (deficit) (28,307) (27,251) --------- --------- TOTAL EQUITY 1,004 2,060 --------- --------- LIABILITIES CURRENT LIABILITIES Trade and other payables 229 259 --------- --------- TOTAL LIABILITIES 229 259 --------- --------- TOTAL EQUITY AND LIABILITIES 1,233 2,319 ========= =========
Statement of Changes in Equity
For the Year Ended 31 December 2014
Called Profit Share Total up and premium equity share loss capital account GBP'000 GBP'000 GBP'000 GBP'000 Group Balance at 1 January 2013 18,289 (25,661) 11,022 3,650 Changes in equity Total comprehensive loss - (1,459) - (1,459) --------- ----------- --------- -------- Balance at 31 December 2013 18,289 (27,120) 11,022 2,191 Changes in equity Total comprehensive loss - (1,056) - (1,056) --------- ----------- --------- -------- Balance at 31 December 2014 18,289 (28,176) 11,022 1,135 ========= =========== ========= ======== Company Balance at 1 January 2013 18,289 (25,792) 11,022 3,519 Changes in equity Total comprehensive loss - (1,459) - (1,459) --------- ----------- --------- -------- Balance at 31 December 2013 18,289 (27,251) 11,022 2,060 Changes in equity Total comprehensive loss - (1,056) - (1,056) --------- ----------- --------- -------- Balance at 31 December 2014 18,289 (28,307) 11,022 1,004 ========= =========== ========= ========
Statement of Cash Flows - Group and Company
For the Year Ended 31 December 2014
2014 2013 GBP'000 GBP'000 Cash flows from operating activities Loss before income tax (1,056) (1,459) Finance income (14) (21) (1,070) (1,480) Decrease (increase) in trade and other receivables 124 (22) Decrease in trade and other payables (30) (152) Net cash from operating activities (976) (1,654) Cash flows from investing activities Interest received 14 21 -------- ---------- Net cash from investing activities 14 21 -------- ---------- Decrease in cash and cash equivalents (962) (1,633) Cash and cash equivalents at beginning of the year 2,134 3,767 -------- ---------- Cash and cash equivalents at end of the year 1,172 2,134 ======== ==========
Annual Report and Accounts
Copies of the Annual Report and Accounts, together with a notice convening an annual general meeting, are being posted to shareholders today and are available within the Investor Relations section of the Company's website www.pathfinderminerals.com.
Annual General Meeting
The annual general meeting of the Company will be held at Becket House, 36 Old Jewry, London, EC2R 8DD on 7 September 2015 at 11 a.m.
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel.: +44 (0)20 3440 7775
WH Ireland Limited (Nomad and Broker)
Paul Shackleton
Tel.: +44 (0)20 7220 1756
Vigo Communications
Ben Simons or Ali Roper
Tel.: +44 (0)20 7016 9595
Email: pathfinderminerals@vigocomms.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PKCDKBBKBKAB
1 Year Pathfinder Minerals Chart |
1 Month Pathfinder Minerals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions