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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Premier Man. | LSE:PMA | London | Ordinary Share | GB0002636438 | 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% | 1.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jun 2019 to Jun 2024
TIDMPMA
RNS Number : 2527J
Premier Management Holdings PLC
28 June 2011
For immediate release: 28 June 2011
Premier Management Holdings plc
("Premier" or the "Company")
Preliminary Results for the Year Ended 31 January 2011
Highlights
-- Loss before tax of GBP2,206,871 attributable to restructuring and change of business
-- New strategy to invest in gold exploration opportunities in Central Asia
-- Focus on Kyrgyzstan Tien Shan gold belt - one of the most prolific gold producing areas in the world
-- Option to acquire Central Asia Resources Limited
-- Appointment of mining industry executives with direct experience in Central Asia
-- Post year-end fundraising of GBP2.12 million
Gerry Desler, Chairman, commented,
"This is an exciting and watershed moment in the development of Premier as we look to create value from investment in gold opportunities in Kyrgyzstan."
Premier Management Holdings plc Gerry Desler, Chairman Tel. 01279 731037 Brewin Dolphin Alex Dewar Tel. 0845 213 2076 Neil McDonald Tel. 0845 213 4277 M: Communications Ben Simons or Maria Tel. 020 7920 2340 Souvorov Rivington Street Corporate Finance Dru Edmonstone Tel. 020 7562 3384
Chairman's Statement
Introduction
It has been a transformational year for Premier with the decision, announced in October 2010, to dispose of the previous operating business to former management and to wholly focus the Company's efforts on identifying opportunities in the natural resource sector. The Company's strategy is to create shareholder value through acquisition of gold exploration and development projects, with a primary focus on Kyrgyzstan. The Company has an option to acquire the entire issued share capital of Central Asia Resources Limited, a company which has been investigating gold exploration opportunities in Kyrgyzstan and had signed an option to acquire the Cholokkaindy gold exploration licence. The Company is also actively considering other gold acquisition opportunities in Kyrgyzstan. To properly reflect this change of direction, it is intended that the Company will, in due course, change its name to Premier Gold Resources plc.
Opportunity in Kyrgyzstan
Premier is targeting projects within the Tien Shan gold belt, one of the most prolific gold producing areas in the world, which hosts a number of large deposits including Muruntau (175 million oz), Daugyztau (18 million oz), Zarmitan (11 million oz) and Kumtor (18 million oz). Kumtor is Kyrgyzstan's largest gold producer, with output of over 550,000 oz last year.With gold accounting for more than 90% of the minerals mined in Kyrgyzstan by value, the country has a well-developed mining industry with infrastructure and skilled labour. It was also the first Central Asian country to implement a parliamentary democracy. The government is committed to attracting inward investment and has an attractive tax regime with various incentives to encourage foreign investment in the mining sector. The country has excellent exploration potential as much of it is under-explored.
Board changes
Following the disposal of the previous operating business to the former chairman, who resigned in November 2010, I was pleased to take on the additional role of chairman. I was further delighted to welcome two new directors to the board who bring a wealth of experience, both in Central Asia and gold exploration. Dr Reza Tabrizi and Christian Schaffalitzky were both appointed in November 2010. Dr Tabrizi has been involved in project finance in the Central Asian natural resources sector for seventeen years, including acting as an adviser to governments in the region, including Kyrgyzstan. Christian Schaffalitzky is a geologist with over 35 years of experience in mineral exploration, discovery and development, and has extensive experience in the region, particularly in Russia. The Company's management has been further strengthened with the appointment of John McKeon as a consultant. Mr McKeon has a considerable track record of generating value from natural resource projects in Asia, Africa and the Middle East. His extensive experience of originating, structuring and financing projects will be important in assisting Premier in the execution of our strategy.
Financial results
The results for the year ended 31 January 2011 showed a loss before tax of GBP2,206,871 (2010 - profit - GBP44,945) resulting from the disposal of the previous operating business at a loss of GBP4,146, a gain from the write-off of a GBP1,428,196 debenture loan and a share-based payment charge of GBP3,554,097 principally in respect of 186.7m warrants granted during the year. The operating loss before share based payments for the period was GBP76,824 (2010 - GBP50,414 profit) on a turnover of GBP44,642 (2010 - GBP49,632).
Outlook
Post year-end, the Company raised GBP2.12 million through a placing of new ordinary shares at 3p each. The proceeds will be used to further the Company's acquisition strategy, and the proposed acquisition of Central Asia Resources Limited is being progressed.
This is an exciting and watershed moment in the development of Premier, and I thank you for your continued support as we begin to develop our business in Kyrgyzstan.
Gerry Desler
Chairman
Hot Features
Premium
STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED
31 JANUARY 2011
2011 2010
-------------------------- --------------------
GBP GBP GBP GBP
Revenue
Continuing
operations - -
Discontinued operations 44,642 49,632
44,642 49,632
Cost of sales (5,453) (13,500)
Gross profit 39,189 36,132
Administrative
expenses (366,141) 14,282
Share based payments (3,554,097) (5,470)
Operating (loss)/profit
Continuing
operations (3,661,473) (24,889)
Discontinued operations 30,552 69,833
------------ ---------
(3,630,921) 44,944
Debenture loan
waived 1,428,196 -
Loss on disposal of
football business (4,146) -
(Loss)/profit on ordinary
activities after
exceptional items and
before interest (2,206,871) 44,944
Finance income 1,958 1
Finance expense (786) -
(Loss)/profit
before income
tax (2,205,699) 44,945
Income tax expense (411) -
(Loss)/profit for the
year and total
comprehensive
income (2,206,110) 44,945
============ =========
Earnings per share Pence Pence
Basic and diluted
earnings per share
- Continuing operations
- loss per share (2.05) (0.05)
- Discontinued
operations - earnings
per share 0.81 0.09
============ =========
STATEMENT OF FINANCIAL POSITION
================================== ============ ============
AS AT 31 JANUARY 2011
================================== ============ ============
2011 2010
================================= ============ ============
GBP GBP
================================= ============ ============
ASSETS
================================== ============ ============
Current assets
================================== ============ ============
Trade and other receivables 233,229 126,216
================================== ============ ============
Cash and cash equivalents 8,665 2,037
================================== ============ ============
241,894 128,253
================================= ============ ============
LIABILITIES
================================== ============ ============
Current liabilities
================================== ============ ============
Trade and other payables (129,602) (75,407)
================================== ============ ============
Borrowings - (140,000)
================================== ============ ============
(129,602) (215,407)
================================= ============ ============
Non current liabilities
================================== ============ ============
Borrowings - (1,487,001)
================================== ============ ============
(129,602) (1,702,408)
================================= ============ ============
Net assets/(liabilities) 112,292 (1,574,155)
================================== ============ ============
EQUITY
================================== ============ ============
Share capital 1,385,640 1,047,180
================================== ============ ============
Share premium account 2,649,906 2,649,906
================================== ============ ============
Other reserves 43,333 43,333
================================== ============ ============
Profit and loss account (3,966,587) (5,314,574)
================================== ============ ============
112,292 (1,574,155)
================================= ============ ============
STATEMENT OF
CHANGES IN
EQUITY
FOR THE YEAR
ENDED 31
JANUARY 2011
Capital
Share Share Retained redemption
capital premium earnings reserve Total
GBP GBP GBP GBP GBP
Balance at 1
February 2009 1,047,180 2,649,906 (5,364,989) 43,333 (1,624,570)
Total
comprehensive
income for the
year - - 44,945 - 44,945
Equity settled
share-based
payments - - 5,470 - 5,470
Balance at 31
January 2010 1,047,180 2,649,906 (5,314,574) 43,333 (1,574,155)
Total
comprehensive
income for the
year - - (2,206,110) - (2,206,110)
Equity settled
share-based
payments - - 3,554,097 - 3,554,097
Conversion of
loan stock
into ordinary
shares 151,744 - - - 151,744
Conversion of
debentures
into ordinary
shares 70,434 - - - 70,434
Issue of shares 116,282 - - - 116,282
1,385,640 2,649,906 (3,966,587) 43,333 112,292
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED
31 JANUARY 2011
2011 2010
----------------------- --------------------
GBP GBP GBP GBP
Cash flows from operating
activities
Operating profit (3,630,921) 44,944
Increase in trade and
other receivables (105,071) (78,335)
(Decrease)/increase
in trade and other payables (20,216) 17,185
Equity-settled share
based payments 3,554,097 5,470
Loss on disposal of
football business (4,146) -
Net cash used in operating
activities (206,257) (10,736)
Investing activities
Finance income 16 1
Finance expense (786) -
Net cash (outflow)/inflow
from
investing activities (26) 1
Financing activities
Issue of share
capital 116,282 -
Other short term
loans 151,744 -
Repayment of debenture
loans (54,371) (12,500)
Net cash generated
from/(used in)
financing activities 213,655 (12,500)
Net increase/(decrease)
in cash and
cash equivalents 6,628 23,235
Cash and cash equivalents
at
beginning of the
year 2,037 25,272
Cash and cash equivalents
at end of year 8,665 2,037
NOTES:
FOR THE YEAR ENDED 31 JANUARY 2010
1. Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union, (IFRSs) and IFRIC Interpretations issued by the International Accounting Standards Board (IASB) as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
2. Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company's subsidiary undertaking was dormant throughout the year. The company has therefore taken advantage of the exemptions provided by Section 405 of the Companies Act 2006 not to prepare group financial statements on the basis that the results and net assets of the subsidiary undertaking are not material for the purposes of the company's financial statements giving a true and fair view.
3 . Sources of estimation uncertainty
The preparation of the financial information in conformity with IFRS requires the use of certain critical accounting estimates that affect the reported amounts of assets and liabilities at the date of the financial information and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amounts, events or actions, actual results ultimately may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. Material estimates and assumptions are made in particular with regard to:
- the likelihood that tax assets would be realised; and
- the valuation of equity-settled share-based payments.
4 . Statutory accounts
The preliminary financial statements have been prepared on the basis of the Company's normal accounting policies but do not constitute statutory accounts. The Company's Annual Report and Accounts for the year ended 31 January 2011 have been published and have been placed on the Company's website www.premiermgt.info.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UWOKRAVANURR
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