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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Red Rock Resources Plc | LSE:RRR | London | Ordinary Share | GB00BYWKBV38 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0575 | 0.055 | 0.06 | 0.0575 | 0.0575 | 0.0575 | 1,766,411 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Iron Ores | 0 | -2.67M | -0.0011 | -0.55 | 1.49M |
TIDMRRR
RNS Number : 4012U
Red Rock Resources plc
29 March 2019
Hot Features
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29 March 2019
Red Rock Resources plc
Unaudited half-yearly results for the six months ended
31 December 2018
Red Rock Resources plc ("Red Rock" or "the Company"), the natural
resources investment, exploration, and development company with
interests in manganese, gold, copper and cobalt, and other materials,
announces its half-yearly results for the six months ended 31
December 2018.
Chairman's Statement
In the six-month period ending 31 December 2018 the loss before
tax from continuing operations was GBP282,533 compared with
GBP114,874 in the comparable period of the previous year. Total
comprehensive loss for the period was GBP2,048,037 compared
with a total comprehensive profit of GBP4,620,042 for the previous
year. This loss derived mainly from a GBP1,824,757 downward
revaluation of available for sale investments, reflecting the
decline in the market price of the Company's shares in Jupiter
Mines Ltd (ASX:JMS).
We note the adoption of some new accounting standards during
the period. These have not had a material impact on the financial
information of the Group. IFRS 9 "Financial Instruments" impact
both the measurement and disclosures of financial instruments.
The group has not retrospectively re-stated prior period. All
investments into equity instruments, that were held by the Group
at 30 June 2018, which were included into Available for sale
financial assets line in the Statement of financial position
at 30 June 2018, are held by the Group with a long-term view
and are not held for trading. The Group has analysed its investments
into equity instruments on investment-by-investment basis and
took a decision to designate all of its Available for sale investments
held at the date of IFRS 9 adoption as fair value through other
comprehensive income financial assets (FVTOCI). For equity instruments
designated at FVTOCI under IFRS 9, only dividend income will
be recognised in profit or loss, all other gains and losses
will be recognised in OCI without reclassification on derecognition.
Manganese producer Jupiter Mines Limited, where the Company
holds 18,524,914 shares, had relisted on the Australian Stock
Exchange in April 2018 at 40c a share but in common with many
other resource shares performed poorly in the six months to
31 December 2018, at which date it stood at 25c a share. This
diminution in price was reflected in a change in fair value
and so the carrying value of financial assets in the balance
sheet, and was taken to comprehensive income as a revaluation
of available for sale investments, amounting to GBP1,479,439.
The current price of Jupiter Mines has recovered to 34.5c a
share, 38% higher than at 31 December, and better reflects the
fact that the dividend yield of that company is high and its
'70% plus' dividend payout policy means that strong dividend
flows are likely to continue. For the year to 28 February 2019,
Jupiter has declared dividends of 7.5c, of which the final 2.5c
is payable in May, amounting to a 21.7% annual yield at the
current Jupiter price. It is encouraging to note that the manganese
price continues to maintain stable levels above $5 per dry metric
ton unit (DMTU) for 37% ore FOB Port Elizabeth, at which level
Jupiter as one of the cheapest producers can expect to maintain
a high level of profitability.
The improved iron ore price creates possible opportunities for
Jupiter's Mt Ida magnetite asset in Western Australia, over
which the Company retains a 0.75% Gross Revenue Iron Ore Royalty
(GRR), and a further 0.45% GRR which would transfer in two tranches
to Anglo Pacific Group plc for a consideration of USD 8,000,000
upon the reaching of certain development milestones.
Red Rock continues to make progress with the restoration of
its rights over its Kenyan gold assets, and on 22 October 2018
was able to announce the settlement of legal proceedings after
three years. The Company and its local associate have applied
for the regrant of the licenses under the transitional provisions
of the new Mining Act, and finalisation of this matter will
be a key objective for the remaining part of the financial year
ending June 2019.
The Company received during the period the final payment under
the promissory note issued in relation to the sale of its Colombian
gold asset, and elected to take part of that payment in the
form of 2,500,000 shares in Para Resources, Inc., a company
listed on the Venture Exchange of the Toronto Stock Exchange.
Para has made great progress since, including the first gold
pour at its Gold Road mine in Arizona. Although progress in
the refurbishment of the El Limon gold mine in Colombia had
consistently lagged expectations, and these delays affected
Para's implementation of its third-party gold processing strategy,
royalties to Red Rock from these operations are expected to
be on a rising trend from this point and ought to be capable
of making a healthy six figure contribution to revenues.
A new and important focus of the Company during the period was
its development of its copper and cobalt interests in Congo.
Due diligence had been under way since September 2017, and only
when we were satisfied with every aspect did we conclude our
joint venture, with the various implementation steps noted in
the announcements made between 22 November 2018 and 6 March
2019. We consider this joint venture, and in particular its
most advanced asset, the high grade Musonoi deposit abutted
on each side by the major Glencore KOV and T17 mines, to be
important for the future of the Company.
A further joint venture in exploration ground with Congo Galaxy
produced encouraging initial exploration results. Red Rock has
in the past carried out cost-effective and efficient exploration
in Africa, and was able to do so here.
Overall, we spent GBP302,598 during the period on the development
of our projects in the Congo.
Elsewhere, the holding in Steelmin has proved disappointing,
as ferrosilicon prices were low and electricity prices high
over the period of the plant's commissioning, and it is currently
closed. We do not have high expectations here, and have written
off our equity and a portion of debt amounting to GBP256,510.56
while efforts continue to find a buyer for the business.
No significant developments occurred in relation to the various
other assets of the Company during the period, although a transaction
entered into early in 2019 by Elephant Oil Ltd, where the Company
has a small holding, will enable important seismic and appraisal
work to be carried out on the onshore assets of that company
in Benin, opening the way to further progress at a promising
asset. A GBP74,659.97 investment and a GBP306,106.74 loan were
made in Amulet Diamond Corp. ("Amulet"), which had been investigating
the potential of a diamondiferous pipe in Botswana. Whilst the
formal option arrangement held by Amulet with Firestone Diamonds
PLC has lapsed and Firestone yesterday announced their full
impairment of the relevant asset, it is understood that Amulet
is currently in negotiations on a range of options which would
see continuing value from this investment. Accordingly, the
Company has made no change to the carrying value of this investment.
The Company will continue to maintain a low cost structure,
has its value underpinned by the holding in Jupiter Mines, and
will focus its activities in the coming period on unlocking
the value of its promising and high quality assets in the Congo
and Kenya. Red Rock has made a strategically timed commitment
to the Congo, which is now a far better and less problematic
jurisdiction in which to operate, and expects the improving
stability and outlook of the country to lead to significant
investor reappraisal. With the Musonoi copper-cobalt deposit,
the Company hopes to prove up a signature asset that will thereafter
become the focus of further development, enabling Red Rock to
divest itself of what will become non-core activities and assets,
and become a company more tightly focussed, as has long been
the aim, on the development and delivery of a key high grade
mining asset.
Andrew Bell
Chairman
29 March 2019
Consolidated statement of financial position
as at 31 December 2018
Notes 31 December 31 December 30 June
2018 2017 2018
Unaudited, Unaudited, Audited,
GBP GBP GBP
ASSETS
Non-current assets
Investments in associates
and joint ventures 1,490,366 959,630 1,000,374
Financial instruments 8 3,127,489 10,741,660 4,705,386
Exploration assets 61,455 280,460 -
Non-current receivables 5,150,122 4,593,408 4,901,196
Total non-current assets 9,829,432 16,575,158 10,606,956
Current assets
Cash and cash equivalents 27,059 125,218 2,265,636
Financial assets - investment
in derivatives 60,345 - 60,345
Loans and other receivables 2,436,795 5,578,095 935,407
Total current assets 2,524,199 5,703,313 3,261,388
TOTAL ASSETS 12,353,631 22,278,471 13,868,344
EQUITY AND LIABILITIES
Equity attributable to owners
of the parent
Called up share capital 9 2,773,857 2,763,160 2,766,857
Share premium account 26,499,000 25,767,385 26,016,000
Other reserves 1,590,556 9,639,867 3,392,060
Retained earnings (21,223,292) (21,181,084) (20,941,477)
-------------
Total equity attributable
to owners of the parent 9,640,121 16,989,328 11,233,440
Non-controlling interest (19,806) (18,105) (19,088)
------------- ------------- -------------
Total equity 9,620,315 16,971,223 11,214,352
LIABILITIES
Current liabilities
Trade and other payables 1,681,005 1,934,004 1,645,167
Short term borrowings 10 1,052,311 3,373,244 1,008,825
Total current liabilities 2,733,316 5,307,248 2,653,992
TOTAL EQUITY AND LIABILITIES 12,353,631 22,278,471 13,868,344
The accompanying notes form an integral part of these financial statements.
Consolidated statement of income
for the period ended 31 December 2018
Notes 6 months 6 months
to 31 December to 31 December
2018 2017
Unaudited, Unaudited,
GBP GBP
Gain on sale of investments - 3,270
Administrative expenses 4 (268,829) (293,449)
Project development costs 5 (302,598) (34,463)
Other project expenses 5 (94,944) (51,592)
Exploration expenses (3,392) (8,305)
Impairment of loans and receivables (256,511) -
Share of losses of associates and joint (8) -
ventures
Other income - 9,692
Foreign exchange gain/(loss) 106,199 (46,216)
Finance income/(expenses), net 6 537,550 306,188
Profit/(loss) for the period (282,533) (114,874)
Tax credit - -
Profit/(loss) for the period 7 (282,533) (114,874)
---------------- ----------------
Profit/(loss) for the period attributable
to:
Equity holders of the parent (281,815) (113,222)
Non-controlling interest (718) (1,652)
---------------- ----------------
(282,533) (114,874)
---------------- ----------------
Profit/(loss) per share
Profit/(loss) per share - basic 3 (0.05) (0.02) pence
pence
---------------- ----------------
Profit/(loss) per share - diluted 3 (0.05) (0.02) pence
pence
---------------- ----------------
The accompanying notes form an integral part of these financial statements.
Consolidated statement of comprehensive income
for the period ended 31 December 2018
6 months 6 months
to 31 December to 31 December
2018 2017
Unaudited, Unaudited,
GBP GBP
Profit/(loss) for the period (282,533) (114,874)
Revaluation of available for sale
investments (1,824,757) 4,721,380
Unrealised foreign currency gain
arising upon retranslation of foreign
operations 23,253 13,536
Total comprehensive (loss)/profit
for the period (2,084,037) 4,620,042
Total comprehensive (loss)/income
for the period attributable to:
Equity holders of the parent (2,083,319) 4,621,694
Non-controlling interest (718) (1,652)
(2,084,037) 4,620,042
The accompanying notes form an integral part of these financial statements.
Consolidated statement of changes in equity
for the period ended 31 December 2018
The movements in equity during the period were as follows:
Share Share Retained Other Total Non- Total
capital premium earnings reserves attributable controlling equity
account to owners interest
of the
Parent
Unaudited GBP GBP GBP GBP GBP GBP GBP
As at 1 July
2017
(audited) 2,760,859 25,604,689 (21,022,232) 4,855,879 12,199,195 (16,453) 12,182,742
Changes in
equity
for 2017
Loss for the
period - - (113,222) - (113,222) (1,652) (114,872)
Other
comprehensive
income for
the period - - - 4,734,916 4,734,916 - 4,734,916
---------- ----------------- ----------------- ---------------------------- -------------- ----------------------- --------------
Total
comprehensive
income/(loss)
for
the period - - (113,222) 4,734,916 4,621,694 (1,652) 4,620,042
Transfer
between
reserves
following
AFS
investments
disposal - - (45,630) 45,630 - - -
Transactions
with
owners
Issue of
shares 2,013 149,987 - - 152,000 - 152,000
Share issue
and
fundraising
costs - (5,000) - - (5,000) - (5,000)
Share issue in
relation
to SIP 288 17,709 - - 17,997 - 17,997
Share-based
payment
transfer - - - 3,442 3,442 - 3,442
---------- ----------------- ----------------- ---------------------------- -------------- ----------------------- --------------
Total
Transactions
with owners 2,301 162,696 - 3,442 168,439 - 168,439
---------- ----------------- ----------------- ---------------------------- -------------- ----------------------- --------------
As at 31
December
2017
(unaudited) 2,763,160 25,767,385 (21,181,084) 9,639,867 16,989,328 (18,105) 16,971,223
---------- ----------------- ----------------- ---------------------------- -------------- ----------------------- --------------
As at 30 June
2018
(audited) 2,766,857 26,016,000 (20,941,477) 3,392,060 11,233,440 (19,088) 11,214,352
Changes in
equity
for 2018
Loss for the
period - - (281,815) - (281,815) (718) (282,533)
Other
comprehensive
income for
the period - - - (1,801,504) (1,801,504) - (1,801,504)
---------- ----------------- ----------------- ---------------------------- -------------- ----------------------- --------------
Total
comprehensive
income/(loss)
for
the period - - (281,815) (1,801,504) (2,083,319) (718) (2,084,037)
Transactions
with
owners
Issue of
shares 7,000 483,000 - - 490,000 - 490,000
Total
Transactions
with owners 7,000 483,000 - - 490,000 - 490,000
As at 31
December
2018
(unaudited) 2,773,857 26,499,000 (21,223,292) 1,590,556 9,640,121 (19,806) 9,620,315
---------- ----------------- ----------------- ---------------------------- -------------- ----------------------- --------------
FVTOCI Foreign Share-based Total
financial currency payment other
assets translation reserve reserves
reserve reserve
Unaudited GBP GBP GBP GBP
As at 30 June 2017 (audited) 4,516,849 178,160 160,870 4,855,879
Changes in equity for six months
ended 31 December 2017
Total comprehensive income for the
period 4,721,380 13,536 - 4,734,916
Transfer between reserves due to
AFS investments disposal 45,630 - - 45,630
Transactions with owners
Share-based payment transfer - - 3,442 3,442
------------ ------------- ------------ ------------
As at 31 December 2017 (unaudited) 9,283,859 191,696 164,312 9,639,867
------------ ------------- ------------ ------------
As at 30 June 2018 (audited) 3,107,920 119,828 164,312 3,392,060
Changes in equity for six months
ended 31 December 2018
Total comprehensive income for the
period (1,824,757) 23,253 - (1,801,504)
As at 31 December 2018 (unaudited) 1,283,163 143,081 164,312 1,590,556
------------ ------------- ------------ ------------
Consolidated statement of cash flows for the period ended 31 December 2018
6 months 6 months
to 31 December to 31 December
2018 2017
Unaudited, Unaudited,
GBP GBP
Cash flows from operating activities
(Loss) before tax (282,533) (114,874)
(Increase)/decrease in receivables (231,998) 66,871
(Decrease)/increase in payables 118,087 380,692
Share of losses in associates and 8 -
joint ventures
Finance income, net (537,550) (306,188)
Share-based payments - 3,442
(Gain) on sale of AFS investments
before IFRS 9 adoption - (3,270)
Currency adjustments (106,199) 46,215
PPE write off/depreciation - 15,600
Impairment of loans and receivables 256,511 -
----------------
Net cash inflow/(outflow) from operations (783,674) 88,488
---------------- ----------------
Cash flows from investing activities
Dividends received 498,936 221,737
Loans granted during the period (1,550,251) (845,325)
Proceeds from sale of investments - 55,130
Payments for capitalised exploration (61,455) -
costs
Payments to acquire FVTOCI investments (246,860) -
----------------
Net cash (outflow)/inflow from investing
activities (1,359,630) (568,458)
---------------- ----------------
Cash flows from financing activities
Proceeds from issue of shares - 27,000
Interest paid (83,399) (194,301)
Proceeds from new borrowings 325,000 967,000
Repayments of borrowings (290,000) (1,103,604)
---------------- ----------------
Net cash (outflow)/inflow from financing
activities (48,399) (303,905)
---------------- ----------------
Net (decrease)/increase in cash and
cash equivalents (2,191,703) (783,876)
Cash and cash equivalents at the
beginning of period 2,265,636 909,094
Exchange losses on cash and cash (46,874) -
equivalents
---------------- ----------------
Cash and cash equivalents at end
of period 27,059 125,218
---------------- ----------------
Half-yearly report notes
for the period ended 31 December 2018
1 Company and group
As at 31 December 2017, 30 June 2018 and 31 December 2018
the Company had one or more operating subsidiaries and has
therefore prepared full and interim consolidated financial
statements respectively.
The Company will report again for the year ending 30 June
2019.
The financial information contained in this half yearly report
does not constitute statutory accounts as defined in section
435 of the Companies Act 2006. The financial information
for the year ended 30 June 2018 has been extracted from the
statutory accounts for the Group for that year. Statutory
accounts for the year ended 30 June 2018, upon which the
auditors gave an unqualified audit report which did not contain
a statement under Section 498(2) or (3) of the Companies
Act 2006, have been filed with the Registrar of Companies.
2 Accounting Polices
Basis of preparation
The consolidated interim financial information has been
prepared in accordance with IAS 34 'Interim Financial Reporting.'
The accounting policies applied by the Group in these condensed
consolidated interim financial statements are the same as
those applied by the Group in its consolidated financial
statements as at and for the year ended 30 June 2018, which
have been prepared in accordance with IFRS.
During the period the following new standards were adopted.
The adoption of these standards has not had a material impact
on the financial information of the Group in future periods.
IFRS 9 "Financial Instruments" impact both the measurement
and disclosures of financial instruments. The group has
not retrospectively re-stated prior period. All investments
into equity instruments, that were held by the Group at
30 June 2018, which were included into Available for sale
financial assets line in the Statement of financial position
at 30 June 2018, are held by the Group with a long-term
view and are not held for trading. The Group has analysed
its investments into equity instruments on investment-by-investment
basis and took a decision to designate all of its Available
for sale investments held at the date of IFRS 9 adoption
as fair value through other comprehensive income financial
assets (FVTOCI). For equity instruments designated at FVTOCI
under IFRS 9, only dividend income will be recognised in
profit or loss, all other gains and losses will be recognised
in OCI without reclassification on derecognition.
IFRS 15 "Revenue from Contracts with Customers" - the Group
is pre-revenue hence the adoption had no impact on the reported
results or opening reserves.
Half-yearly report notes
for the period ended 31 December 2018, continued
3 Earnings per share
The following reflects the loss and number of shares data
used in the basic and diluted loss per share computations:
6 months to 6 months to
31 December 31 December
2018 2017
Unaudited, Unaudited,
GBP GBP
(Loss) attributable to equity
holders of the parent company (281,815) (113,222)
Weighted average number of Ordinary
shares of GBP0.0001 in issue,
used for basic and diluted EPS 535,699,971 479,745,008
(Loss) per share - basic and (0.05) pence (0.02) pence
diluted
At 31 December 2018 and 31 December 2017, the effect of
all the instruments (fully vested and in the money) is anti-dilutive
as it would lead to a further reduction of loss per share,
therefore they were not included into the diluted loss per
share calculation.
6 months 6 months to
to 31 December
31 December 2017
2018
Unaudited, Unaudited,
GBP GBP
Share options granted to employees
- not vested and/or out of the
money 41,660,000 24,160,000
Number of warrants given to shareholders
as a part of placing equity instruments
- out of the money 118,489,582 58,750,000
-------------- ------------------
Total number of contingently issuable
shares that could potentially
dilute basic earnings per share
in future 160,149,582 82,910,000
-------------- ------------------
Number of warrants - vested and
in the money at year end but not
included into diluted EPS calculation
due to their effect being anti-dilutive - 201,673,105
Number of potential ordinary shares
that would have to be issued if
all loan notes convertible at
the discretion of the noteholder
converted 131,538,908 126,103,143
Number of share options granted
to employees - vested and in the
money at year end but not included
into diluted EPS calculation due
to their effect being anti-dilutive 6,660,000 24,160,000
-------------- ------------------
Total number of contingently issuable
shares that could potentially
dilute basic earnings per share
in future and anti-dilutive potential
ordinary shares that were not
included into the fully diluted
EPS calculation 298,348,490 434,846,248
-------------- ------------------
There were no ordinary share transactions after 31 December
2018, that that could have changed the EPS calculations
significantly if those transactions had occurred before
the end of the reporting period.
Half-yearly report notes
for the period ended 31 December 2018, continued
4 Administrative expenses
6 months to 6 months to 6 months to
31 December 31 December 31 December
2018 2017 2016
Unaudited Unaudited Unaudited
GBP GBP GBP
Staff Costs:
Payroll 109,707 126,692 105,525
Pension 7,733 7,711 5,858
Consultants 7,500 7,500 7,500
HMRC / PAYE 10,872 10,929 10,890
Professional Services:
Accounting 20,628 23,112 54,187
Legal 10,558 10,806 22,874
Marketing (1,007) 511 9,310
Other 9,637 7,588 1,213
Regulatory Compliance 33,496 19,114 36,033
Travel 16,547 6,632 80
Office and Admin:
General 9,111 23,669 11,815
IT related costs 1,880 3,632 2,582.
Rent 29,782 45,553 27,794
Insurance 2,385 -
------------- -------------
Total administrative expenses 268,829 293,449 295,661
------------- -------------
5 Project development and Other project expenses
Project development expenses include costs incurred during
the assessment and due diligence phases of a project, when
material uncertainties exist regarding whether the project
meets the Company's investment and development criteria
and whether as a result the project will be advanced further.
Other Project Expenses include costs associated with current
and previous projects and include remediation and administration
expenses. 6 months to 6 months to 6 months to
31 December 31 December 31 December
2018 2017 2016
Unaudited Unaudited Unaudited
GBP GBP GBP
Project development expenses
VUP (Congo) 256,135 34,463
Galaxy (Congo) 46,463 -
Total project development
expenses 302,598 34,463
------------- -------------
Other project expenses
Mid Midori Mines (Kenya) 11,934 -
Greenland 82,361 51,592 105,525
Others 649 -
Total other project expenses 94,944 51,592 7,500
------------- -------------
Half-yearly report notes
for the period ended 31 December 2018, continued
6 Finance income/(expenses), net
6 months to 6 months to 6 months to
31 December 31 December 31 December
2018 2017 2016
Unaudited Unaudited Unaudited
GBP GBP GBP
Interest income 130,663 513,077
Dividend income 498,936 221,737 105,525
Interest expense (92,049) (428,626) 5,858
Total Finance income/(expenses),
net 537,550 306,188 7,500
------------- -------------
7 Segmental analysis
Jupiter Corporate
Mines Other Kenyan DRC and unallocated
Limited investments exploration exploration Total
For the six-month period
to 31 December 2018 GBP GBP GBP GBP GBP GBP
Revenue
Total segment external - - - - - -
revenue
--------- -------------- -------------- -------------- ----------------- ----------
Result
Segment results 498,936 - (17,293) (305,704) (497,251) (321,312)
--------- -------------- -------------- -------------- ----------------- ----------
Loss before tax and
finance costs (321,312)
Interest income 130,664
Interest expense (91,885)
Loss before tax (282,533)
Tax -
----------
Loss for the period (282,533)
----------
Jupiter Corporate
Mines Other Kenyan DRC and unallocated
Limited investments exploration exploration Total
For the
six-month
period
to 31 December
2017 GBP GBP GBP GBP GBP GBP
Revenue
Total segment - - - - - -
external
revenue
--------- --------------------- -------------- ----------------- ---------------- ----------
Result
Segment results 221,737 3,270 (8,305) - (469,870) (253,168)
--------- --------------------- -------------- ----------------- ---------------- ----------
Loss before tax
and
finance costs (253,168)
Interest income 566,920
Interest
expense (428,626)
Loss before tax (114,874)
Tax -
----------
Loss for the
period (114,874)
----------
A measure of total assets and liabilities for each segment
is not readily available and so this information has not
been presented.
Half-yearly report notes
for the period ended 31 December 2018, continued
8 Financial instruments - Fair value through other
comprehensive income
31 December 31 December 30 June
2018 2017 2018
Unaudited Unaudited Audited
GBP GBP GBP
At the beginning of the period 4,705,386 6,080,146 6,080,146
Additions 246,860 - 287,236
Disposals - (281,601) (1,599,714)
Change in fair value (1,824,757) 4,943,115 (62,282)
At the end of the period 3,127,489 10,741,660 4,705,386
------------ ------------ ------------
9 Share Capital of the company
Number Nominal,
GBP
Deferred shares of GBP0.0009 each 2,371,116,172 2,134,005
A deferred shares of GBP0.000096 each 6,033,861,125 579,251
Ordinary shares of GBP0.0001 each 536,012,471 53,601
----------
As at 30 June 2018 2,766,857
Issued ordinary shares during the period 70,000,000 7,000
----------
Deferred shares of GBP0.0009 each 2,371,116,172 2,134,005
A deferred shares of GBP0.000096 each 6,033,861,125 579,251
Ordinary shares of GBP0.0001 each 606,012,471 60,601
----------
As at 31 December 2018 2,773,857
----------
Half-yearly report notes
for the period ended 31 December 2018, continued
10 Short-term borrowings
31 December 31 December 30 June
2018 2017 2018
Unaudited Unaudited Audited
GBP GBP GBP
Loan from institutional investors - 2,362,351 1,008,825
Convertible loan notes 1,052,311 1,010,893 -
At the end of the period 1,052,311 3,373,244 1,008,825
------------ ------------ ----------
11 Capital Management
Management controls the capital of the Group in order to
control risks, provide the shareholders with adequate returns
and ensure that the Group can fund its operations and continue
as a going concern.
The Group's debt and capital includes ordinary share capital
and financial liabilities, supported by financial assets.
There are no externally imposed capital requirements.
Management effectively manages the Group's capital by assessing
the Group's financial risks and adjusting its capital structure
in response to changes in these risks and in the market.
These responses include the management of debt levels, distributions
to shareholders and share issues.
There have been no changes in the strategy adopted by management
to control the capital of the Group since the prior period.
Half-yearly report notes
for the period ended 31 December 2018, continued
12 Subsequent events
Convertible Loan Note Issuance
On 2 January 2019 the Company announced a further update to the announcement of 2 November 2018 regarding the status of the Series 1 Convertible 10% Loan Notes, originally due for redemption on 19 December 2018, with the associated warrants due to expire on 30 April 2019.
It was announced on 2 November 2018 that holders of GBP575,000 principal value of Series 1 Notes, out of GBP950,000 of Series 1 Notes outstanding, had applied to renew their Notes for twelve months to a new redemption date of 19 December 2019 on the same terms, with the Warrants of renewing Noteholders similarly extended on the same terms by one year to expire on 30 April 2020.
As of 2 January 2019, a holder of a further GBP10,000 of Series 1 Notes elected to renew on the same terms, and subscriptions were received for GBP325,000 of Series 2 Convertible Notes to be issued on the same terms as the Series 1 Notes and to a maximum principal value of GBP500,000.
GBP585,000 of the Series 1 Notes and GBP325,000 of Series 2 Notes, for both of which the redemption date is now 19 December 2019, are therefore now outstanding.
Investment in African Battery Metals
On 30 January 2019 the Company announced the investment of GBP100,000 into African Battery Metals PLC (AIM:ABM) by subscription of 20,000,000 shares of ABM at a price of 0.5p. Additionally, the Company would receive 5,000,000 fee shares for its services in connection with the refinancing proposals, giving it a combined 6.89% stake in the business.
On 15 February 2019, African Battery Metals announced that at its General Meeting all resolutions were duly passed by its shareholders, and that 200,000,000 new shares would be issued, including those due to Red Rock Resources, and that that its shares would once again begin trading on AIM at 0730 on 18 February 2019.
Democratic Republic of Congo Exploration
Further to the announcement of 30 January 2019, the Company has concluded the first phase of work on the Musonoi license (Permis d'Exploitation no. 4962) that forms one of the assets of its Copper/Cobalt Joint Venture. Historic data including 83 old drillholes and nine cross sections on the property have been obtained from Gécamines and digitised, enabling the Company to recreate the historic orebody and open pit outline.
3-D models were then created, and the old high-grade upper orebody and lower orebody modelled, mineralisation calculated, and depletion from historic mining calculated. Models and tables for in situ mineralisation, both at the original Gécamines 2.5% copper cut-off grade and at a 1% cut-off grade, were then derived.
The information and calculations will now be given to external resource consultants to assess, with results from any core that the Company is able to identify and re-test. The consultants will then advise on any further work required for them to calculate a Resource compliant with the Joint Ore Reserve Committee (JORC) 2012 Code for calculating Mineral Resources and Reserves.
Jupiter Mines H2 2019 Dividend
On 12 February 2019 and on 19 February 2019 the Company announced the details of a planned dividend announced by Jupiter Mines Limited (ASX:JMS), a company in which Red Rock holds 18,524,914 shares, or approximately 0.95% of the business. Jupiter announced that it would pay an H2 2019 unfranked dividend of A$0.025 per share, and that the dividend record date would be 7 May 2019 with the dividend to be paid on 21 May 2019. This payment would constitute an FY 2019 yield of 24% with a total of A$147m paid out to shareholders during the year. Since listing Jupiter had exceeded its stated goal of a 70% payout policy from its operations of the Tshipi manganese asset in South Africa.
Based on Red Rock's shareholding in Jupiter, the Company expected to receive A$463k in May 2019.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR LLFFAVEITFIA
(END) Dow Jones Newswires
March 29, 2019 03:01 ET (07:01 GMT)
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