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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Shearwater Group Plc | LSE:SWG | London | Ordinary Share | GB00BKT6VH21 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 44.00 | 43.00 | 45.00 | 44.00 | 44.00 | 44.00 | 1,538 | 08:00:09 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 26.69M | -8.18M | -0.3431 | -1.28 | 10.48M |
TIDMAUR
RNS Number : 2169G
Aurum Mining PLC
19 November 2015
AURUM MINING PLC
("Aurum" or "the Company")
Interim Results for the six months ended 30 September 2015
Aurum Mining plc (AIM: AUR), the Spanish focused gold and tungsten explorer, is pleased to report its interim results for the six months ended 30 September 2015.
Contacts: Aurum Mining plc www.aurummining.net Sean Finlay +44 (0) 20 7499 4000 WH Ireland Limited Nominated Adviser & Broker www.wh-ireland.co.uk Mike Coe, Ed Allsopp +44 (0) 117 945 3470
Aurum Mining Plc
Review of Activities
Aurum Mining plc (AIM: AUR) is pleased to announce its interim results for the six months ended 30 September 2015.
The Company's 2014 Annual Report, which was published on 30 June 2015, outlined that the Board was in the process of changing the direction of the Company due to the very challenging market conditions that continue to impact the Natural Resource sector. The Report went onto say that the Board would be pursuing a twin strategy of identifying a transformational deal for the Company while looking to deliver value from the Company's existing highly prospective gold and tungsten portfolio.
The Board continues to be optimistic about the Company's exploration assets in North-West Spain and is in the process of designing a future work programme for the gold projects with the Company's joint venture partner, Ormonde Mining plc ("Ormonde") (AIM: ORM).
Given that the mining sector for small companies is likely to be difficult for some time to come, the Board will continue to actively look at other opportunities to maximise Aurum's potential as a listed company and thus provide the Company's loyal shareholders with a chance to improve their returns. Mindful of the Company's size in what has become a very tough sector, the Board has continued to keep operational costs to a bare minimum during the period.
The Board is aware of the fact that the past few years have witnessed a lacklustre performance for Shareholders, but is hopeful that the Company will be able to provide positive updates on both tiers of the strategy by the time of the Company's 2015 Annual Results.
Key financials
For the six months to 30 September 2015, the Group reported a loss of GBP89,000 compared to a loss of GBP172,000 for the same period in 2014.
On 15 April 2015 the Company announced that it had completed a subscription of 25,758,356 New Ordinary Shares to new and existing Shareholders at a price of 1 pence per share to raise approximately GBP257,500 before expenses. The funds raised are being used to fund working capital requirements to enable the business to pursue its revised strategy.
During this period of transition, cash management and cost control have remained key priorities for the Company. Administrative costs have been materially reduced over the last twelve months.
Corporate
The Board would like to thank its Shareholders and advisers for their input during this transitional period.
To facilitate the transformation process and to reduce costs, the Company announced various Directorate changes during the period. David Williams, the Company's major Shareholder, was appointed to the Board as Chairman, and Chris Eadie and Mark Jones stepped down from the Board. Sean Finlay stepped down as Chairman on David's appointment but remains on the Board as a Non-Executive Director along with Haresh Kanabar who also remains on the Board as a Non-Executive Director. Chris Eadie continues to assist the Company as a consultant on a part-time basis.
In order to preserve cash and keep operating costs to a minimum, David Williams has agreed to take no salary until a transformational deal is completed.
Qualified Person
Sean Finlay, Professional Geologist, Chartered Engineer, Non-Executive Director of Aurum Mining Plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, has reviewed and approved the technical information contained in this report.
On behalf of the Board
David Williams
Chairman
19 November 2015
aurum mining plc
STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
for the six months ended 30 september 2015
Six months Six months Year to 30 to 30 ended September September 31 March 2015 2014 2015 Notes GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Impairment charge (2) - (27) Administrative expenses (87) (172) (290) ----------- ----------- ---------- Operating loss (89) (172) (317) Finance income - - - ----------- ----------- ---------- Loss for the year before taxation (89) (172) (317) Taxation - - - ----------- ----------- ---------- Loss and total comprehensive loss (89) (172) (317) ----------- ----------- ---------- Loss and total comprehensive loss per share expressed in pence per share Basic and Diluted 2 (0.05)p (0.12)p (0.22)p
aurum mining plc
statement of financial position
as at 30 september 2015
Six months Six months Year to 30 to 30 ended September September 31 March 2015 2014 2015 Assets Notes GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Non-current assets Intangible assets 3 899 899 899 Investments 4 77 64 79 ----------- ----------- ---------- Total non-current assets 976 963 978 ----------- ----------- ---------- Current assets Receivables 13 57 13 Cash and cash equivalents 83 67 106 ----------- ----------- ---------- Total current assets 96 124 119 ----------- ----------- ---------- Total assets 1,072 1,087 1,097 ----------- ----------- ---------- Liabilities Current liabilities Trade and other payables 39 74 89 ----------- ----------- ---------- Total current liabilities 39 74 89 ----------- ----------- ---------- Total liabilities 39 74 89 ----------- ----------- ---------- Net assets 1,033 1,013 1,008 ----------- ----------- ---------- Capital and reserves attributable to the equity holders of the company Share capital 5 1,718 1,461 1,461 Shares to be issued - - 140 Share premium 11,593 11,596 11,596 Retained deficit (12,278) (12,044) (12,189) ----------- ----------- ---------- Total equity 1,033 1,013 1,008 ----------- ----------- ----------
aurum mining plc
statement of Changes in equity
Shares Share to be Share Retained Total capital issued premium deficit Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 April 2015 1,461 140 11,596 (12,189) 1,008 Total comprehensive expense for the period - - - (89) (89) Issue of shares net of issue costs 257 (140) (3) - 114 At 30 September 2015 (unaudited) 1,718 - 11,593 (12,278) 1,033 --------- -------- ----------------- ----------------- ---------------- At 1 April 2014 1,413 - 11,585 (11,872) 1,126 Total comprehensive expense for the period - - - (172) (172) Issue of shares net of issue costs 48 - 11 - 59 At 30 September 2014 (unaudited) 1,461 - 11,596 (12,044) 1,013 ------ ------- --------- ------ At 1 April 2014 1,413 - 11,585 (11,872) 1,126 Total comprehensive expense for the
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November 19, 2015 02:00 ET (07:00 GMT)
year - - - (317) (317) Issue of shares net of issue costs 48 - 11 - 59 Shares to be issued - 140 - - 140 At 31 March 2015 (audited) 1,461 140 11,596 (12,189) 1,008 ------ ---- ------- --------- ------
aurum mining plc
statement of cash flows
for the six months ended 30 september 2015
Six months Six months Year to 30 to 30 ended September September 31 March 2015 2014 2015 GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Cash flows from operating activities Loss for the year before tax (89) (172) (317) Adjustments for: Impairment charge 2 - 27 Cash flow from operating activities before changes in working capital (87) (172) (290) Decrease in other receivables - 5 7 (Decrease) / increase in trade and other payables (50) (39) (24) ---------------------- ---------------- -------------------- Net cash flow used in operating activities (137) (206) (307) ---------------------- ---------------- -------------------- Financing activities Proceeds from issue of share capital 117 60 60 Expenses paid in connection with share issues (3) (1) (1) Cash received in respect of shares to be issued - - 140 ---------------------- ---------------- -------------------- Net cash flow from financing activities 114 59 199 ---------------------- ---------------- -------------------- Net decrease in cash and cash equivalents (23) (147) (108) ---------------------- ---------------- -------------------- Cash and cash equivalents at the beginning of the period/ year 106 214 214 Cash and cash equivalents at the end of the period/ year 83 67 106 ---------------------- ---------------- --------------------
Aurum Mining Plc
Notes to the Interim Financial Statements
For the half year ended 30 September 2015
1. Basis of preparation
The unaudited interim financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs). The company has not elected to comply with IAS 34 "Interim Financial Reporting" as permitted. The principal accounting policies used in preparing the interim financial statements are unchanged from those disclosed in the Company's Annual Report for the year ended 31 March 2015 and are expected to be consistent with those policies that will be in effect at the year end except the Company has adopted a number of revised standards and interpretations. However, none of these has had a material affect on the Company's reporting. In addition the IASB has issued a number of IFRS and IFRIC amendments and interpretations since the last annual report.
The financial statements for the six months ended 30 September 2015 and 30 September 2014 are un-reviewed and unaudited. The comparative financial information does not constitute statutory financial statements as defined by Section 434 of the Companies Act 2006. The comparative financial information for the year ended 31 March 2015 is not the Company's full statutory accounts for that period. A copy of those statutory financial statements has been delivered to the registrar of companies. The auditors' report on those accounts was unqualified, but did draw attention by way of emphasis, in respect of the company's ability to continue as a going concern, but did not contain a statement under section 498 (2) - (3) of the Companies Act 2006.
The company's financial statements are presented in Great Britain Pounds Sterling, and all values are rounded to the nearest thousand Pounds (GBP'000) except when otherwise indicated.
Going concern
Following a review of the Company's operations, its current financial position and cash flow forecasts, the Directors have formed a view that the Company will have sufficient cash resources available to it to continue in operational existence and meet its financial commitments as they arise in the next twelve months. The Directors have formed this view based on the amount of available cash within the Company, the Company's historical track record of raising funds from the AIM market, and the assets and investments the Company holds which could be made available for potential sale, should the need arise.
Based on the above the Directors have concluded that the Company can continue as a going concern for a period of at least twelve months from the date of signing the interim financial statements. Accordingly, the Directors continue to adopt the going concern basis for the preparation of these interim financial statements.
The forecasts prepared by the directors reflect the requirements for the Company to raise further funds over the next twelve months or to dispose of at least one of the assets or investments of the Company. Given that at the date of approval of these financial statements there are no legally binding agreements in place relating to either fundraising or to the sale of any of the company's assets or investments, there can be no certainty relating to these potential causes of action, despite the Company's track record of raising funds or completing asset transactions. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern, which would principally relate to the impairment of intangible assets and investments.
2. Loss per share
Basic loss per share is calculated by dividing the loss attributable to the ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
For diluted loss per share, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.
As at 30 September 2015 there were 4,450,000 (30 September 2014: 4,450,000, 31 March 2015: 4,450,000) potentially dilutive ordinary shares.
The effect of all potential ordinary shares arising from the exercise of options is anti-dilutive and therefore diluted loss per share has not been calculated.
Six months Six months Year ended to 30 September to 30 September 31 March 2015 2014 2015 GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Net loss attributable to equity holders of the parent: From total operations (89) (172) (317) ---------------------- ----------------- ----------- Six months Six months Year ended to 30 September to 30 September 31 March 2015 2014 2015 Number Number Number Unaudited Unaudited Audited Weighted average number of shares: Weighted average number of shares 170,687,372 142,162,260 145,296,862 ----------------- ----------------- ------------
3. Intangible assets
30 September 30 September 31 March 2015 2014 2015 GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Gold exploration 899 899 899 Total intangible assets 899 899 899 --------------- --------------- -----------
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