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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Q Resources | LSE:QRES | London | Ordinary Share | JE00B3MJTG49 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 16.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMQRES
RNS Number : 2341T
Q Resources Plc
24 September 2010
24 September 2010
Q Resources Plc
Interim Report
For the period from 13 November 2009 to 30 June 2010
Q Resources Plc ("Q Resources" or the "Company") today announces its unaudited
interim results for the period 13 November 2009 to 30 June 2010.
A copy of the Interim Report will also be available on the Company's website
shortly (www.qresourcesplc.com).
Contact details:
+--------------------------------+------------------------------------+
| Q Resources PLC | +44 (0)20 7360 4900 (c/o Alex |
| Ivan Murphy, Non-Executive | Simmons at Smithfield) |
| Chairman | |
| | |
+--------------------------------+------------------------------------+
| Smithfield Consultants Limited | +44 (0)20 7360 4900 |
| Financial PR | |
| Alex Simmons / John Kiely | |
| | |
+--------------------------------+------------------------------------+
| Fairfax I.S. PLC | +44 (0)20 7598 5368 |
| Nomad and Broker | |
| Ewan Leggat/Katy Birkin | |
| | |
+--------------------------------+------------------------------------+
CHAIRMAN'S STATEMENT
After a successful launch last April on the AIM Market in London the Company has
progressed on its strategy to secure top industry talent and then bring an asset
into the Company.
In July this year Dr. Michael Price and Bernie Pryor joined the Company as
Senior Non-Executive Director and CEO respectively. The additional experience
they bring gives your Company an excellent team to evaluate, secure and develop
mining projects around the world. Since Dr. Price and Mr. Pryor joined the
Company the board has worked with them to define further our strategy and
identify opportunities.
We are currently reviewing a number of potential assets that would sit well
within Q Resources PLC and I look forward to updating you in more detail as we
progress further on these deals.
We continue to work well with all our professional advisers and I would like to
thank them on behalf of the board.
Ivan Murphy
Chairman
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM 13 NOVEMBER 2009 TO 30 JUNE 2010
+--------------------------+------+-----------+
| | | 30/06/10 |
+--------------------------+------+-----------+
| | Note | Unaudited |
+--------------------------+------+-----------+
| | | GBP |
+--------------------------+------+-----------+
| | | |
+--------------------------+------+-----------+
| EXPENDITURE | | |
+--------------------------+------+-----------+
| Initial start up costs | | 188,796 |
+--------------------------+------+-----------+
| Directors fees | | 33,333 |
+--------------------------+------+-----------+
| Administration fees | | 32,444 |
+--------------------------+------+-----------+
| Legal and professional | | 56,814 |
| fees | | |
+--------------------------+------+-----------+
| Marketing, travel and | | 25,010 |
| entertainment | | |
+--------------------------+------+-----------+
| Directors liability | | 8,050 |
| insurance | | |
+--------------------------+------+-----------+
| Depreciation charge | | 32 |
+--------------------------+------+-----------+
| Sundry expenses | | 377 |
+--------------------------+------+-----------+
| Loss on foreign exchange | | 52 |
+--------------------------+------+-----------+
| Bank interest and | | 458 |
| charges | | |
+--------------------------+------+-----------+
| Annual filing fees | | 6,011 |
+--------------------------+------+-----------+
| | | |
+--------------------------+------+-----------+
| Loss for the period | | (351,377) |
| before taxation | | |
+--------------------------+------+-----------+
| | | |
+--------------------------+------+-----------+
| Taxation | 6 | - |
+--------------------------+------+-----------+
| | | |
+--------------------------+------+-----------+
| Loss for the period | | (351,377) |
| after taxation | | |
+--------------------------+------+-----------+
| | | |
+--------------------------+------+-----------+
| Total comprehensive loss | | |
| for the period is | | |
| attributable to: | | |
+--------------------------+------+-----------+
| Owners | | (351,377) |
+--------------------------+------+-----------+
The above results are derived from continuing operations.
The notes form an integral part of these interim financial statements.
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2010
+------------------------+----------------------------+----------------------------+
| | | 30/06/10 |
+------------------------+----------------------------+----------------------------+
| | Note | Unaudited |
+------------------------+----------------------------+----------------------------+
| | | GBP |
+------------------------+----------------------------+----------------------------+
| ASSETS | | |
+------------------------+----------------------------+----------------------------+
| | | |
+------------------------+----------------------------+----------------------------+
| Non current assets | | |
+------------------------+----------------------------+----------------------------+
| Property, plant and | 4 | 3,101 |
| equipment | | |
+------------------------+----------------------------+----------------------------+
| | | |
+------------------------+----------------------------+----------------------------+
| Total non-current | | 3,101 |
| assets | | |
+------------------------+----------------------------+----------------------------+
| | | |
+------------------------+----------------------------+----------------------------+
| Current assets | | |
+------------------------+----------------------------+----------------------------+
| Other receivables | | 21,000 |
+------------------------+----------------------------+----------------------------+
| Cash and cash | | 2,834,033 |
| equivalents | | |
+------------------------+----------------------------+----------------------------+
| | | |
+------------------------+----------------------------+----------------------------+
| Total current assets | | 2,855,033 |
+------------------------+----------------------------+----------------------------+
| | | |
+------------------------+----------------------------+----------------------------+
| Total net assets | | 2,858,134 |
+------------------------+----------------------------+----------------------------+
| | | |
+------------------------+----------------------------+----------------------------+
| EQUITY AND LIABILITIES | | |
+------------------------+----------------------------+----------------------------+
| | | |
+------------------------+----------------------------+----------------------------+
| Capital and reserves | | |
+------------------------+----------------------------+----------------------------+
| Share capital | 5 | 3,157,422 |
| | | |
+------------------------+----------------------------+----------------------------+
| Retained earnings | | (351,377) |
+------------------------+----------------------------+----------------------------+
| | | 2,806,045 |
+------------------------+----------------------------+----------------------------+
| | | |
+------------------------+----------------------------+----------------------------+
| Current liabilities | | |
+------------------------+----------------------------+----------------------------+
| Creditors and other | | 52,089 |
| payables | | |
+------------------------+----------------------------+----------------------------+
| | | |
+------------------------+----------------------------+----------------------------+
| Total liabilities | | 52,089 |
+------------------------+----------------------------+----------------------------+
| | | |
+------------------------+----------------------------+----------------------------+
| Total equity and | | 2,858,134 |
| liabilities | | |
+------------------------+----------------------------+----------------------------+
The interim financial statements were approved by the Board of Directors and
authorised for issue
on 23 September 2010 signed on its behalf by:
Stephen Folland
Director
The notes form an integral part of these interim financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 13 NOVEMBER 2009 TO 30 JUNE 2010
+-----------------------+----------+-----------+-----------+-----------+
| | | Share | Retained | |
| | Notes | Capital | earnings | Total |
+-----------------------+----------+-----------+-----------+-----------+
| | | GBP | GBP | GBP |
+-----------------------+----------+-----------+-----------+-----------+
| | | | | |
+-----------------------+----------+-----------+-----------+-----------+
| Issue of shares | 5 | 3,275,002 | - | 3,275,002 |
+-----------------------+----------+-----------+-----------+-----------+
| | | | | |
+-----------------------+----------+-----------+-----------+-----------+
| Placing costs | 5 | (117,580) | - | (117,580) |
+-----------------------+----------+-----------+-----------+-----------+
| | | | | |
+-----------------------+----------+-----------+-----------+-----------+
| Loss for the period | | - | (351,377) | (351,377) |
+-----------------------+----------+-----------+-----------+-----------+
| | | | | |
+-----------------------+----------+-----------+-----------+-----------+
| | | | | |
+-----------------------+----------+-----------+-----------+-----------+
| At 30 June 2010 | | 3,157,422 | (351,377) | 2,806,045 |
+-----------------------+----------+-----------+-----------+-----------+
The notes form an integral part of these interim financial statements.
CONDENSED STATEMENT OF CASH FLOW
FOR THE PERIOD FROM 13 NOVEMBER 2009 TO 30 JUNE 2010
+-----------------------------------+-----------+
| | 30/06/10 |
+-----------------------------------+-----------+
| | Unaudited |
+-----------------------------------+-----------+
| | GBP |
+-----------------------------------+-----------+
| Cash flows from operating | |
| activities | |
+-----------------------------------+-----------+
| Loss for the year before taxation | (351,377) |
+-----------------------------------+-----------+
| Adjustments for: | |
+-----------------------------------+-----------+
| Depreciation charge | 32 |
+-----------------------------------+-----------+
| Increase in other receivable | (21,000) |
+-----------------------------------+-----------+
| Increase in accruals | 52,089 |
+-----------------------------------+-----------+
| | |
+-----------------------------------+-----------+
| Net cash used in operating | (320,256) |
| activities | |
+-----------------------------------+-----------+
| | |
+-----------------------------------+-----------+
| Cash flows from investing | |
| activities | |
+-----------------------------------+-----------+
| Purchase of property, plant and | (3,133) |
| machinery | |
+-----------------------------------+-----------+
| | |
+-----------------------------------+-----------+
| Net cash used in investing | (3,133) |
| activities | |
+-----------------------------------+-----------+
| | |
+-----------------------------------+-----------+
| Cash flows from financing | |
| activities | |
+-----------------------------------+-----------+
| Proceeds from issue of shares | 3,157,422 |
+-----------------------------------+-----------+
| | |
+-----------------------------------+-----------+
| Net cash generated from financing | 3,157,422 |
| activities | |
+-----------------------------------+-----------+
| | |
+-----------------------------------+-----------+
| Net increase in cash and cash | 2,834,033 |
| equivalents | |
+-----------------------------------+-----------+
| Cash and cash equivalents at | - |
| beginning of the period | |
+-----------------------------------+-----------+
| Cash and cash equivalents at end | 2,834,033 |
| of the period | |
+-----------------------------------+-----------+
The notes form an integral part of these interim financial statements.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD FROM 13 NOVEMBER 2009 TO 30 JUNE 2010
1. GENERAL INFORMATION
Q Resources Plc (the "Company") is a public company limited by shares,
incorporated in Jersey on 13 November 2009, whose registered office is 43/45 La
Motte Street, St Helier, Jersey, JE4 8SD. The Company has been established to
identify, acquire and make investments in resource assets with an initial focus
on Africa and/or South America.
On 9 April 2010, the Company commenced trading its ordinary shares on AIM, a
market operated by the London Stock Exchange plc ("AIM").
These interim financial statements prepared to 30 June 2010 have not been
audited.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of these financial
statements are set out below:
(a) Basis of preparation
These interim financial statements for the period ended 30 June 2010 have been
prepared in accordance with IAS 34, 'Interim financial reporting'. The annual
financial statements will be prepared in accordance with International Financial
Reporting Standards (IFRS), and under the historical cost convention, as issued
by the International Accounting Standards Board (IASB) as adopted by the
European Union.
The directors are confident that the Company has adequate resources to continue
in operational existence for the foreseeable future and for this reason they
continue to adopt the going concern basis in preparing the financial statements.
The accounting policies stated in the interim financial statements will be used
for the full annual financial statements.
(b) Foreign currencies
(i) Functional and presentation currency
Items included in the financial statements of the Company are measured using the
currency of the primary economic environment in which the entity operates ("the
functional currency"). The financial statements are presented in Sterling
(GBP), which is the Company's functional and presentation currency, as the
directors consider GBP as the currency that most faithfully reflects the
economic effects of the underlying transactions, events and conditions.
(ii) Transactions and balances
Transactions denominated in foreign currencies are translated into the
measurement currency at the rates of exchange ruling at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement
of such transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies are recognised in the Income Statement. Such
balances are translated at year-end exchange rates.
(c) Cash and cash equivalents
Cash comprises cash at bank. Cash equivalents are short term and highly liquid
investments that are readily convertible to known amounts of cash and which
are subject to an insignificant risk of change in value.
(d) Taxation
Income tax expense comprises current and deferred tax. Current tax is the
expected tax payable on the taxable income for the year, using tax rates enacted
at the balance sheet date.
Deferred tax is provided using the liability method for all temporary difference
arising between the tax basis of assets and liabilities and their carrying
values for financial reporting purposes. Current enacted tax rates are used to
determine deferred tax.
(e) Provisions
Provisions are recognised when the Company has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation,
and a reliable estimate of the amount of the obligation can be made. At the
time of the effective payment, the provision is deducted from the corresponding
expenses. All known risks at balance sheet date are reviewed in detail and
provision is made where necessary.
(f) Property, plant and equipment
All property, plant and equipment are stated at historical cost less
depreciation. Historical cost includes expenditure that is directly attributable
to the acquisition of the items.
Depreciation is calculated using the straight-line method to allocate the cost
over the assets' estimated useful lives, as follows:
Computer equipment: 4 years
The assets' residual values and useful lives are reviewed, and adjusted if
appropriate, at least at each financial year-end.
An asset's carrying amount is written down immediately to its recoverable amount
if its carrying amount is greater than its estimated recoverable amount.
(g) Financial instruments
Financial assets and liabilities are recognised on the statement of financial
position when the Company has become a party to the contractual provisions of
the instrument. The Company's policies in respect of the main financial
instruments are as follows:
Other receivables
Other receivables are stated at fair value which is their nominal value as
reduced by appropriate allowances for irrecoverable amounts.
Other payables
Other payables are stated at fair value which is their nominal value.
Cash resources
Cash resources comprise cash at bank. Cash resources are short term, highly
liquid investments that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of change in value.
(h) Areas of judgement and sources of estimation uncertainty
The preparation of financial statements in conformity with IFRS requires the
Board to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from these
estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimates are revised and in any future periods.
(i) Operation segments
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision maker. The chief operating
decision maker is the person or group that allocates resources to and assesses
the performance of the operating segments of an entity. Currently the Company
only operates in one geographical location.
3. FINANCIAL RISK MANAGEMENT
Financial risk factors
The Company's activities expose it to a variety of financial risks; credit risk,
and market risk. The Company has financial instruments of other receivables,
cash and cash equivalents and other items such as accruals, and other payables.
The Company held no derivative instruments during the period ended 30 June 2010.
Credit Risk
Credit risk arises when a failure by counterparty to discharge their obligations
could reduce the amount of future cash inflows from financial assets on hand at
the balance sheet date.
The Company's credit risk arises principally from cash and cash equivalents. The
Company's policy is to maintain its cash balance and short term deposits with a
reputable banking institution and to monitor the placement of cash and deposit
balances on an ongoing basis.
Market Risk
(a) Cash flow and fair value interest rate risk
The Company's cash flow is monitored at regular intervals by the Board. The
interest rates at which the cash and deposits are placed are fixed in nature and
hence the Company is not exposed to the risk of fluctuating interest rates.
Since the financial statements of the Company show cash at cost, the question of
fair value risk for the same does not arise.
(b) Foreign currency risk
Foreign currency risk arises when future commercial transactions or recognised
monetary assets and liabilities are denominated in a currency other than the
Company's functional currency.
Capital Risk Management
The Company's objectives when managing the capital are to safeguard the ability
to continue as a going concern in order to provide returns and value for its
shareholder.
4. PROPERTY, PLANT AND EQUIPMENT
+------------------------+-----------+
| | Computer |
| | equipment |
+------------------------+-----------+
| | GBP |
+------------------------+-----------+
| | |
+------------------------+-----------+
| Additions | 3,133 |
+------------------------+-----------+
| Depreciation charge | (32) |
+------------------------+-----------+
| | |
+------------------------+-----------+
| Closing net book | 3,101 |
| amount | |
+------------------------+-----------+
During the period, the Company purchased computer equipment to be used by one of
the directors for the Company.
5. SHARE CAPITAL
+---------------------------------------------+------------+-----------+
| | Number of | Share |
| | Ordinary | Capital |
| | shares of | |
| | no par | |
| | value | |
+---------------------------------------------+------------+-----------+
| | | GBP |
+---------------------------------------------+------------+-----------+
| | | |
+---------------------------------------------+------------+-----------+
| Initial shares | 2 | 2 |
+---------------------------------------------+------------+-----------+
| Additional shares - 1 April 2010 | 54,583,333 | 3,157,420 |
+---------------------------------------------+------------+-----------+
| | | |
+---------------------------------------------+------------+-----------+
| As at 30 June 2010 | 21,428,571 | 3,157,422 |
+---------------------------------------------+------------+-----------+
The initial shares of the Company were issued on 13 November 2009 upon
incorporation. On 1 April 2010 the Company issued 54,583,333 ordinary shares of
no par value in the Company at six pence per ordinary share to raise GBP3.275
million before expenses.
At the time of the above placement the Company issued a total of 13,645,833
Series 'A' 2010 warrants. These are issued on the basis of one warrant for
every four ordinary shares placed. The warrant subscription period is the
earlier of the date 10 Business days after an offer becomes or is declared
unconditional in all aspects or the first anniversary of the date of admission
to "AIM". The subscription price is six pence per share.
At the time of the above placement the Company issued a total of 5,000,000
Series 'B' 2010 warrants. The warrant subscription period is the earlier of the
date 10 Business days after an offer becomes or is declared unconditional in all
aspects or the date which is 18 months from the date of admission to AIM. The
subscription price is 12 pence per share.
The directors of the Company have been granted options in the Company. The
total amount of options to acquire ordinary shares is 11,800,000. 5,000,000 of
the options are exercisable from the date of a reverse takeover and ending three
years thereafter, the option strike price being six pence per share. 6,800,000
of the options are exercisable in three tranches; 2,600,000 at completion of the
first transaction, 2,100,000 12 months thereafter and 2,100,000 24 months
thereafter, the option strike price being 20 pence per share. Of these 6,800,000
options, share performance hurdles apply whereby the closing price per share
shall be at least 20%, 25% & 30% higher then the option price for 10 days prior
to the exercise of the option in respect of the first, second and third tranches
detailed.
Placing costs
As required by IAS 32, "Financial Instruments: Presentation", incremental costs
directly attributable to the issue of new shares have been recorded as a
deduction from the proceeds of such issue.
The proceeds arising from the issuance of shares by the Company and the related
placement and other directly attributable fees offset against them is as
follows:
+---------------------------------------------------+-----------+
| | GBP |
+---------------------------------------------------+-----------+
| | |
+---------------------------------------------------+-----------+
| Proceeds arising from issuance of shares | 3,275,000 |
+---------------------------------------------------+-----------+
| Less placement fees and other directly | (117,580) |
| attributable issue costs | |
+---------------------------------------------------+-----------+
| | |
+---------------------------------------------------+-----------+
| | 3,157,420 |
+---------------------------------------------------+-----------+
6. TAXATION
With effect from the 2009 year of assessment Jersey abolished the exempt company
regime for existing companies. Profits arising in the Company for the 2009 year
of assessment and future periods will be subject to tax at the rate of 0%.
7. CONTINGENT LIABILITIES
At 30 June 2010, the Company has no material litigation claims outstanding,
pending or threatened against, which could have a material effect on the
Company's financial position or results of operations.
8. CONTROLLING PARTY
In the opinion of the directors, no one individual has control of the Company,
and ultimate control rests with the board of directors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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