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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Reabold Resources Plc | LSE:RBD | London | Ordinary Share | GB00B95L0551 | 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% | 0.0825 | 0.08 | 0.085 | 0.0825 | 0.0825 | 0.0825 | 5,370,575 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Mgmt Invt Offices, Open-end | 560k | -45k | 0.0000 | N/A | 7.9M |
From Apr 2019 to Apr 2024
TIDMRBD
RNS Number : 2105R
Reabold Resources PLC
19 September 2017
19 September 2017
REABOLD RESOURCES PLC
("the Company")
Unaudited Interim Results for six months ended 30 June 2017
Reabold Resources plc (AIM: RBD) the AIM quoted resources investment company announces its unaudited interim results for the six months ended 30 June 2017 ("the Period").
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, contact:
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Reabold Resources plc
Jeremy Edelman (Executive Chairman) +44 (0) 20 7440
Anthony Samaha (Executive Director) 0640
Beaumont Cornish Limited +44 (0) 20 7628
Roland Cornish 3396
Felicity Geidt
CHAIRMAN'S STATEMENT
The Board has continued to be active in the identification and evaluation of investment opportunities in various sectors towards the objective of an acquisition that drives creation of value for stakeholders.
Investment in Tonsley Mining Pty Limited and Placement
On 19 April 2017, the Company announced that it had entered into an agreement to buy an initial interest in the advanced San Jose Lithium-Tin Project in Spain ("the Project") for a consideration of A$500,000 (approx. GBP300,000). The San Jose Project is a Joint Venture between Plymouth Minerals Limited's ("Plymouth" ASX:PLH) subsidiary Tonsley Mining Pty Limited ("Tonsley") and Sacyr, S.A, the IBEX 35 Spanish listed multinational infrastructures and services company. This investment was in line with Reabold's strategy to identify strategic mineral opportunities with the potential to add significant shareholder value.
The initial investment in the Project was affected through a share subscription agreement in the amount of AUD$500,000 to acquire a minority interest of approx. 2.0% in Tonsley, an Australian special purpose holding company which owns the rights to earn up to a 75% interest in the Project. After an agreed amount of time between the Parties or in the event no interest is earned by Tonsley (or its subsidiary) in the Project, there was an agreed contractual mechanism (by way of options) for the AUD$500,000 funds to be returned to the Company.
Tonsley has the right to earn a 75% interest in the Project by spending EUR1.5 million for a first stage 50%, then EUR2.5 million for the additional 25%, which is being funded by Plymouth.
On 25 May 2017, Plymouth announced the Project's maiden lithium (Li) mineral resource in accordance with the
JORC Code. The announcement included the following (Source: PLH ASX announcement 25 May 2017): -- resource contains an estimated 1.3M tonnes of lithium carbonate;
-- combined Indicated and Inferred Mineral Resource at a 0.10% Li cut-off of 92.3Mt at 0.6% Li2O lithium oxide) and 0.02% Sn (tin);
-- combined Indicated and Inferred Mineral Resource at a 0.35% Li cut-off of 16.5Mt at 0.9% Li2O (lithium oxide) and 0.04% Sn (tin);
-- proven simple process flow-sheet and metallurgy to saleable lithium carbonate; -- deposit is open along strike and at depth; and -- large exploration target with the potential to double the maiden mineral resource.
Placement
On 19 April 2017, the Company announced the arrangement of subscriptions totalling GBP367,500 for 73,500,000 new Ordinary Shares of 0.1p each at a price of 0.5p per share to fund the investment in Tonsley Mining and for working capital purposes.
Post Balance Sheet Date
On 17 July 2017, the Company announced that it had delivered to Plymouth a Notice of Exercise of Put Option in respect of Reabold's interest in Tonsley, whereby Reabold wouldtransfer back to Plymouth its shares in Tonsley in consideration of receipt of A$500,000 (GBP300,000), payable on 18 July 2017. Whilst the Tonsley investment represented an interesting opportunity for Reabold, it was decided that this would not form a long term asset for Reabold and therefore that Reabold should exercise its put option and redeploy the money on other investments.
On 14 September 2017, the Company announced it is in discussions regarding a significant placing to provide the Company with additional funds to invest in accordance with its investing policy, and a further announcement will be made as and when appropriate.
Financial Review
The loss of the Company for the 6 months ended 30 June 2017 was GBP70,000 (2016: loss of GBP55,000) in line with expectations. The net assets as at 30 June 2017 were GBP804,000 (2016: GBP569,000).
As at 30 June 2017, the Company had cash of GBP353,000.
Outlook
Having successfully raised further capital and being in discussions regarding a significant placing to provide the Company with additional funds to invest in accordance with its investing policy, the Board is moving forward positively to drive shareholder value through the investment strategy. Whilst the Board believes there are positive cyclical investment opportunities in resources stocks, they may be subject to significant volatility in financial markets and commodity prices, as well as other potential risk areas, including operational, geological, environmental, sovereign issues and access to capital. The Board will evaluate investment opportunities in other sectors as they arise. The Board is positive towards the outlook for quality investment opportunities.
The Board looks forward to reporting further in due course.
This report was approved by the Board and signed on its behalf:
Jeremy Edelman
Chairman
19 September 2017
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2017
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30-Jun-17 30-Jun-16 31-Dec-16
Notes GBP'000 GBP'000 GBP'000
----------- ----------- -----------
Administration expenses (70) (55) (115)
Loss on ordinary activities
before taxation (70) (55) (115)
Taxation on loss on
ordinary activities - - -
Loss for the financial
period (70) (55) (115)
Other comprehensive
income - - -
Total comprehensive income
for the period (70) (55) (115)
=========== =========== ===========
Attributable
to:
Equity holders (70) (55) (115)
(70) (55) (115)
=========== =========== ===========
Earnings per share
Basic and diluted loss
per share (pence) 2 (0.02) (0.02) (0.04)
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
Unaudited Unaudited Audited
30-Jun-17 30-Jun-16 31-Dec-16
Notes GBP'000 GBP'000 GBP'000
----------- ----------- -----------
ASSETS
Non-current assets
Investments available
for sale 3 495 200 200
----------- ----------- -----------
495 200 200
Current assets
Cash 353 384 340
Trade and other receivables 10 3 1
363 387 341
Total assets 858 587 541
=========== =========== ===========
EQUITY
Capital and reserves
Share capital 4 508 435 435
Share premium account 8,743 8,451 8,451
Capital redemption
reserve 200 200 200
Retained earnings (8,647) (8,517) (8,577)
----------- ----------- -----------
Total equity 804 569 509
----------- ----------- -----------
LIABILITIES
Current liabilities
Trade and other payables 54 18 32
54 18 32
Total liabilities 54 18 32
Total equity and liabilities 858 587 541
=========== =========== ===========
CASH FLOW STATEMENT
FOR THE PERIODED 30 JUNE 2017
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30-Jun-17 30-Jun-16 31-Dec-16
Note GBP'000 GBP'000 GBP'000
----------- ----------- -----------
Cash flows from operating
activities
Loss before taxation (70) (55) (115)
Operating cash flows
before movement in working
capital (70) (55) (115)
Decrease/(increase) in
receivables (9) (3) -
Increase/(decrease) in
payables 23 (40) (26)
Net cash used in operating
activities (56) (97) (141)
Net cash flows from investment
activities
Purchase of unlisted
securities (295) - -
----------- ----------- -----------
Net cash used from investment
activities (295) - -
Cash flows from financing
activities
Share placement received 365 - -
Net cash generated from
financing activities 365 - -
Net increase/(decrease)
in cash and cash equivalents 13 (97) (141)
----------- ----------- -----------
Cash and cash equivalents
at the beginning of the
period 340 481 481
Cash and cash equivalents
at the end of the period 353 384 340
----------- ----------- -----------
Cash and cash equivalents
comprises the following:
Cash and cash equivalents 353 384 340
353 384 340
--------- ----- -----
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2017
Advance
received
for
shares Capital
Share Share to be Redemption Retained
Capital Premium issued Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- ---------- ---------- ----------- ------------- ----------- ---------
Balance 31 December
2015 - audited 395 8,291 200 200 (8,462) 624
Total comprehensive
income for period - - - - (55) (55)
Changes in equity for
period to 30 June 2016
Issue of share capital 40 160 - - - 200
Advance received for
shares to be issued - - (200) - - (200)
Balance 30 June 2016
- unaudited 435 8,451 - 200 (8,517) 569
Total comprehensive
income - - - - (60) (60)
Changes in equity for
period to 31 December
2016
Issue of share capital - - - - - -
Balance 31 December
2016 - audited 435 8,451 - 200 (8,577) 509
Total comprehensive
income - - - - (70) (70)
Changes in equity for
period to 30 June 2017
Issue of share capital 73 292 - - - 365
Balance 30 June 2017
- unaudited 508 8,743 - 200 (8,647) 804
---------- ---------- ----------- ------------- ----------- ---------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIODED 30 JUNE 2017
1. Basis of preparation
These interim financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2016 Annual Report. The financial information for the half years ended 30 June 2017 and 30 June 2016 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and is unaudited.
The annual financial statements of Reabold Resources Plc are prepared in accordance with IFRSs as adopted by the European Union. The comparative financial information for the year ended 31 December 2016 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2015 have been filed with the Registrar of Companies. The Independent Auditors' Report on that Annual Report and Financial Statement for 2016 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
After making enquiries, the directors have a reasonable expectation that the Company have adequate resources and support from key shareholders to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly financial statements.
The same accounting policies, presentation and methods of computation are followed in these condensed financial statements as were applied in the Company's latest annual audited financial statements, with additional information in respect of significant accounting policies disclosed below.
The IASB has issued a number of IFRS and IFRIC amendments or interpretations since the last annual report was published. It is not expected that any of these will have a material impact on the Company.
2. Loss per share
Unaudited Unaudited Audited
6 months 6 months 12 months
The calculations of the basic to to 30-Jun-16 to 31-Dec-16
and diluted earnings per share 30-Jun-17 GBP'000 GBP'000
are based on data the following: GBP'000
Loss for the year (70) (55) (115)
Loss for the purpose of basic
earnings per share (70) (55) (115)
------------- --------------- ---------------
Number of shares
Weighted average number of ordinary
shares in issue during the year 348,941,363 317,816,913 320,148,773
Effect of dilutive options - - -
Effect of dilutive long-term - - -
incentive plan
Effect of dilutive deferred - - -
consideration
Effect of shares held in treasury - - -
Diluted weighted average number
of ordinary shares in issue
during the year 348,941,363 317,816,913 320,148,773
------------- --------------- ---------------
(Loss)/profit/earnings per share
Basic (loss)/profit/earnings
per share (pence) (0.02) (0.02) (0.04)
------------- --------------- ---------------
3. Investments available for sale
Unaudited Unaudited Audited
30-Jun-17 30-Jun-16 31-Dec-16
GBP'000 GBP'000 GBP'000
Opening cost 200 200 200
Additions at cost 295 - -
Disposals - - -
Closing cost 495 200 200
----------- ----------- -----------
4. Called up share capital
30-Jun-17 30-Jun-16 31-Dec-16
No. shares No. shares No. shares
Ordinary shares
Opening ordinary shares
of 0.10 pence each 320,915,896 280,915,896 280,915,896
Issue of new ordinary shares
of 0.10 pence each 73,500,000 40,000,000 40,000,000
Closing ordinary shares
of 0.10 pence each 394,415,896 320,915,896 320,915,896
------------- ------------- ----------------------
"A" Deferred Share
Opening "A" Deferred Share
of 1.65 pence each 6,915,896 6,915,896 6,915,896
Capital reorganisation -
and consolidation - -
------------- ------------- ----------------------
Closing "A" Deferred Share
of 1.65 pence each 6,915,896 6,915,896 6,915,896
------------- ------------- ----------------------
30-Jun-17 30-Jun-16 31-Dec-16
GBP'000 GBP'000 GBP'000
Ordinary shares
Opening ordinary shares
of 0.10 pence each 321 281 281
Issue of new ordinary shares
of 0.10 pence each 73 40 40
Closing ordinary shares
of 0.10 pence each 394 321 321
------------- ------------- ----------------------
"A" Deferred Share
Opening "A" Deferred Share
of 1.65 pence each 114 114 114
Capital reorganisation -
and consolidation - -
------------- ------------- ----------------------
Closing "A" Deferred Share
of 1.65 pence each 114 114 114
------------- ------------- ----------------------
At 30 June 2017 no share options were outstanding (2016: nil).
On 19 April 2017, the Company announced the arrangement of subscriptions totalling GBP367,500 for 73,500,000 new Ordinary Shares of 0.1p each at a price of 0.5p per share to fund the investment in Tonsley Mining and for working capital purposes.
On 8 January 2016, the Company announced the placement of 40,000,000 ordinary shares at 0.5 pence per share to raise gross proceeds of GBP200,000 to provide additional working capital for the Company. The funds in respect of this placement were received prior to 31 December 2015.
5. Events after the reporting period
On 17 July 2017, the Company announced that it had delivered to Plymouth a Notice of Exercise of Put Option in respect of Reabold's interest in Tonsley, whereby Reabold will transfer back to Plymouth its shares in Tonsley in consideration of receipt of A$500,000, payable on 18 July 2017.
On 14 September 2017, the Company announced it is in discussions regarding a significant placing to provide the Company with additional funds to invest in accordance with its investing policy, and a further announcement will be made as and when appropriate.
6. General Information
Reabold Resources Plc is a company registered in England and Wales under the Companies Act. Registered in England number 3542727 at The Broadgate Tower, 8th Floor, 20 Primrose Street, London, England, EC2A 2EW. The principal activity of the Company is that of an investing company in accordance with the AIM Rules for Companies.
7. Availability of this announcement
Copies of this announcement are available from the Company's website www.reabold.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFEFMUFWSEFU
(END) Dow Jones Newswires
September 19, 2017 12:16 ET (16:16 GMT)
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