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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Platinum Min | LSE:PMCI | London | Ordinary Share | GB00B06T2F98 | ORD 0.045P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.11 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Platinum Mining Corporation of India PLC ("PMCI" or the "Company) Preliminary unaudited results for the 17 month period ended 31 December 2007 ("Unaudited Results") Chairman's Statement The financial period under review comprises the seventeen-month period from 1 August 2006 to 31 December 2007. This change in the reporting year end was announced in April 2007, and brings PMCI's accounting period in line with that of SUN Group. PMCI was acquired by SPI Partners Limited, a subsidiary of SUN Group, on 8 December 2006. Financial Results There has been little operational activity in this period, and no revenue has accrued. The only source of income has been interest from the Group's cash balances amounting to some £686,000. At 31 December 2007, the cash position of the Group was £9.29m. Administrative expenses in the period were approximately £1.9m, of which £0.44m was for legal and financial advice in relation to the takeover by SPI Partners Limited, and a further £0.2m was for legal advice over the re-negotiation of contracts with Ferro Alloys Corporation Limited ("FACOR"), PMCI's joint venture partner in India. India On 8 August 2007, PMCI announced that the Indian federal authorities had ordered a suspension of mining activities at the Boula mine, because they asserted that the mine lay in a designated wildlife zone. FACOR has disputed this and the matter is currently sub-judice with the Honourable Court of Anandpur in the state of Orissa. The court has granted the status-quo order and has permitted FACOR to continue mining operations without hindrance, and FACOR has continued to mine Chromite. FACOR is diligently pursuing the case and PMCI is engaged in an on-going dialogue with FACOR to understand and monitor the situation. Based on its assessment of the position, PMCI is optimistic that a court decision in favour of FACOR may be reached. However, in the event the court rules against FACOR, there can be no assurance that PMCI would be able to derive value from the Boula mine, the Group's principal asset. The Board have reviewed the carrying value of assets in the balance sheet in respect of Boula amounting to £0.7 million (comprising intangible fixed assets of £0.3million, equipment of £0.2 million and a prepayment to FACOR of £0.2m) and have concluded it is appropriate to carry this forward in the light of expectations of a favourable outcome. As a result of the ongoing court process, the sampling and exploration programme for platinum, which had been planned to commence after entering into the New Contracts (referred to below), has been deferred pending a successful resolution between FACOR and the Indian federal authorities. The New Contracts refer to contracts intended to replace the Joint Operating Agreement ("JOA") between FACOR and PMCI's 70%-owned subsidiary Boula Platinum Mining Private Limited ("BPM") dated 5 February 2005 The Joint Venture Agreement between FACOR, PMCI and BPM is the primary agreement setting out the terms of the joint venture in relation to the Boula mine, and remains in full force and effect. Both parties have agreed to suspend negotiations, which were at an advanced stage, over the New Contracts until there has been a resolution of the dispute in relation to the wildlife zone. The Board It was announced on 16 January 2008 that Keith Rumble had accepted the Board's invitation to become a non-executive director. He brings enormous experience in the platinum sector and as Chief Executive Officer of SUN Mining will help to drive the Company's development in the platinum industry. Two Directors have retired from the Board. Vijay Tandon joined the Board in June 2006 at a difficult time in the Company's development, and his steadfast and practical advice has been of great benefit to the Company ever since and the Board wishes him well in pursuing his future business interests. Sheldon Kirkpatrick, who joined the Board in February 2007 following SUN's takeover, has also decided to step-down from the Board. The Company is seeking to appoint another independent non-executive director. Recent Developments The Board is resolved to look for other investment opportunities in platinum and related sectors. PMCI announced on 19 October 2007 it had entered into an agreement, subject to completion of due diligence and necessary Government approvals, to acquire 20% of the share capital of Majormatic167 (Proprietary) Limited ("Majormatic") for US$1 million with the right to increase its interest to 51% by investing a further US$3.5 million. Majormatic has been granted the prospecting rights over the Naboom Platinum Deposit in South Africa. Government approvals were received in November 2007 and the Company has completed its due diligence. The Company is now providing funding to Majormatic for its drilling campaign and once it has funded US$1 million, it will complete the acquisition of its 20% interest, provided the suspensive conditions of the agreement, as outlined in Note 6 to these unaudited results, have been met. Should these conditions not be met, all of PMCI's funding will be re-imbursed. The drilling campaign at Naboom commenced in January 2008 and is expected to be completed at the end of March 2008. Preliminary results will be made known as soon as available. Outlook The delays at Boula are disappointing, especially as the Company was close to concluding the New Contract negotiations. PMCI is determined to maintain the right to mine at Boula. In the meantime, however, your Board, strengthened by the appointment of Keith Rumble, is looking at other platinum opportunities and awaits the results from the drilling campaign at Naboom. With the Group's strong cash resources and the backing of SUN Mining, the Company is well positioned to take advantage of other opportunities. Philip Adeane Chairman 20 February 2008 Preliminary Results (Unaudited) Consolidated profit and loss account for the 17 months ended 31 December 2007 Note Unaudited Re-stated 17 months to 31 12 months to December 2007 31 July 2006 £ £ Administrative expenses (1,856,682) (1,594,872) _______ _______ Operating Loss (1,856,682) (1,594,872) Other interest receivable 686,177 474,458 and similar income _______ _______ Loss on ordinary activities (1,170,505) (1,120,414) before taxation Tax on loss on ordinary - - activities _______ _______ Loss on ordinary activities (1,170,505) (1,120,414) after taxation Minority interests 22,717 6,702 _______ _______ Loss for the financial (1,147,788) (1,113,712) period ======= ======= pence pence Basic and diluted loss per 4 (0.7) (0.6) ordinary share ======= ======= Loss on ordinary activities after taxation for the current period and prior year arose on continuing operations. Preliminary Results (Unaudited) Consolidated balance sheet at 31 December 2007 Note Unaudited Re-stated 31 December 31 July 2007 2006 £ £ Fixed Assets Intangible assets 2 282,020 260,364 Tangible assets 2 189,248 197,409 ________ ________ 471,268 457,773 ======== ======== Current Assets Debtors 2 397,305 431,327 Cash at bank and in hand 3 9,295,728 10,455,942 ________ ________ 9,693,033 10,887,269 Creditors: amounts falling (160,445) (246,711) due within one year ________ ________ Net current assets 9,532,588 10,640,558 Total assets less current 10,003,856 11,098,331 liabilities Creditors: amounts falling (9,141) (8,288) due after more than one year ________ ________ Net assets 9,994,715 11,090,043 ======== ======== Capital and reserves Called up share capital 79,036 79,036 Share premium account 12,153,129 12,153,129 Merger reserve 1,014,980 1,014,980 Profit and loss account (3,229,997) (2,136,737) ________ ________ Shareholders' funds - 10,017,148 11,110,408 Equity Minority interests - equity (22,433) (20,365) ________ ________ 9,994,715 11,090,043 ======== ======== Preliminary Results (Unaudited) Consolidated cash flow statement for the 17 months ended 31 December 2007 Note Unaudited Re-stated 17 months to 12 months to 31December 31 July 2007 2006 £ £ Reconciliation of operating loss to net cash flow from operating activities Operating loss (1,856,682) (1,594,872) Depreciation charges 37,700 28,382 Loss on disposal of fixed 4,129 11,550 assets Foreign exchange loss 10,494 26,560 Decrease in debtors 34,022 67,095 (Decrease) in creditors (85,413) (247,195) Fair value of share based 5,186 107,183 payments ________ ________ Net cash outflow from (1,850,564) (1,601,297) operating activities ======== ======== Cash flow statement Cash flow from operating (1,850,564) (1,601,297) activities Returns on investments and servicing of finance Interest received 698,668 474,458 Capital expenditure and financial investment Purchase of tangible (20,496) (211,119) fixed assets Investment in intangible - (196,784) assets Proceeds from sale of fixed assets 4,294 ________ ________ Cash outflow before (1,168,098) (1,534,742) financing ======== ======== Financing Share issue costs - (56,591) ________ ________ (Decrease) in cash in 3 (1,168,098) (1,591,333) the period ======== ======== Preliminary Results (Unaudited) Reconciliation of net cash flow to movement in net funds Note Unaudited Re-stated 17 months to 31 12 months to December 31 July 2006 2007 £ £ (Decrease) in cash in the (1,168,098) (1,591,333) period Repayment of debt due after - - more than one year __________ __________ Change in net (debt) resulting (1,168,098) (1,591,333) from cash flows Exchange movement 7,884 (7,340) __________ __________ Movement in net (debt) in the (1,160,214) (1,598,673) period Net funds at the start of the 10,455,942 12,054,615 period __________ __________ Net funds at the end of the 3 9,295,728 10,455,942 period ========== ========== Preliminary Results (Unaudited) Consolidated Statement of Total Recognised Gains and Losses for the 17 month period ended 31 December 2007 Unaudited Re-stated 17 months to 12 months 31 December to 31 July 2007 2006 £ £ Loss for the financial period (1,147,788) (1,113,712) Net exchange differences on the 49,342 12,104 retranslation of net investments and __________ __________ related borrowings Total recognised gains and losses (1,098,446) (1,101,608) relating to the financial period ========== ========== Reconciliation of Movements in Shareholders' Funds for the 17 month period ended 31 December 2007 Unaudited Re-stated 17 months to 12 months 31 December to 31 July 2007 2006 £ £ Loss for the financial period (1,147,788) (1,113,712) Other recognised gains and losses (net) 49,342 12,104 Share issue costs - (56,591) Fair value of share based payments 5,186 107,183 __________ __________ Net reduction in shareholders' funds (1,093,260) (1,051,016) Opening shareholders' funds 11,110,408 12,161,424 __________ __________ Closing shareholders' funds 10,017,148 11,110,408 ========== ========== 1. Basis of financial information The Company changed its year end from July to December in April 2007 and the Unaudited Preliminary Results presented here relate to the period from 1 August 2006 to 31 December 2007. The financial information in this announcement does not constitute the Company's statutory accounts for the 17 months ended 31 December 2007 or the 12 months ended 31 July 2006. The financial information for 2006 is derived from the statutory accounts for 2006 which have been delivered to the Registrar of Companies. The auditors have reported on the 2006 accounts; their report was unqualified and did not contain statements under Section 237(2) or (3) of the Companies Act 1995. The financial information is prepared using the same accounting policies as in the year ended 31 July 2006, with the exception of adoption of FRS 20 Share-based Payment, the effect of which is disclosed in Note 5. The statutory accounts for the 17 month period ended 31 December 2007 will be finalised on the basis of the financial information presented by the Directors in this unaudited preliminary announcement and will be delivered to the Registrar of Companies. 2. Basis of Preparation Boula assets In light of the suspension of mining activities at Boula the Board have reviewed the carrying value of assets on the balance sheet relating to Boula amounting to £0.7 million (comprising intangible fixed assets of £0.3million, equipment of £0.2 million and a long-term prepayment to FACOR of £0.2m) and have concluded it is appropriate to carry this forward in the light of expectations of a favourable outcome. FRS 20 Share-based Payment The Company has adopted FRS 20 Share-based Payment, under which an expense is recognised in the profit and loss account for share based payments, calculated at their fair value at the date of grant. The adoption of FRS 20 has given rise to a charge of £5,186 for the 17 month period ended 31 December 2007. Prior year comparatives have been restated, resulting in an additional expense of £107,183 for the 12 months ended 31 July 2006. There is no overall impact on the Group's net assets with a corresponding credit booked in the Company's profit and loss reserve. Other new standards which are adopted in the financial period are: * FRS23 `The effects of changes in foreign exchange rates' * FRS24 `Financial reporting in hyperinflationary economies' * FRS26 `Financial instruments: measurement' * FRS29 `Financial instruments: disclosures' 3. Analysis of net funds At 31 July Cash Flow Exchange At 31 December 2006 Movement 2007 £ £ £ £ Cash in hand, at bank 10,455,942 (1,168,098) 7,884 9,295,728 Total 10,455,942 (1,168,098) 7,884 9,295,728 4. Loss per Share The calculation of loss per ordinary share, is based on losses of £1,147,788 (2006: £1,113,712) and the weighted average number of ordinary shares outstanding of 175,636,364 (2006: 175,636,364). There is no difference between the diluted loss per share and the basic loss per share presented as the share options were anti-dilutive. 5. Dividends No dividend is proposed (2006: £nil). 6. Commitments as at 31 December 2007 and Post balance sheet events In October 2007 it was announced that the Group had, via a wholly-owned subsidiary Indoplats Holding Limited, entered into an agreement to become a shareholder in Majormatic 167 (Proprietary) Limited ("Majormatic"). For commercial reasons, the contractual party to this agreement was changed to Sarplat Investments Limited ("Sarplat") and on 2 February 2008, Sarplat, a wholly-owned subsidiary of the Group, signed a Subscription Agreement and an Interim Funding and Pledge Agreement concerning its investment in the Naboom Platinum Project. This commits the Group to subscribing for shares in Majormatic up to a level of 20% in return for an investment of US$1 million. This investment will pay for a drilling programme which commenced in January this year. The Subscription Agreement also provides that Sarplat may, at its option, increase its stake to 51% of Majormatic in return for a further investment of US$ 3.5million. The Interim Funding and Pledge Agreement contains certain suspensive conditions which, if they are not met, provide for the re-imbursement of all of PMCI's funding. The prime suspensive condition is that the vendors, Daros Proprietary Limited ("Daros") procure an Extraordinary General Meeting of shareholders in Centurion Gold Holdings Inc., ("Centurion") a company incorporated in Florida. This EGM must pass a resolution to approve the transfer of shares in Majormatic from Centurion to Daros. 7. Report and Accounts Copies of the Report and Accounts for the 17 month period ended 31 December 2007 will be posted to all shareholders. Further copies will be available from the Company at 42, Queen Anne's Gate, London SW1H 9AP, UK from the date of posting. Enquiries: PMCI: Charles Zorab 020 7340 0970 WH Ireland: James Joyce 020 7220 1698
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