Trident Resources Plc INTERIM RESULTS (8148M)

TIDMTRR

RNS Number : 8148M

Trident Resources Plc

11 January 2019

11 January 2019

TRIDENT RESOURCES PLC ("Trident" or the "Company")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 31 OCTOBER 2018

CHAIRMAN'S STATEMENT

I am pleased to present the interim financial statements to shareholders for the six months ended 31 October 2018, our first as a public company.

Trident Resources Plc ("Trident" or the "Company") was incorporated on 25 April 2018. On 1 October 2018 the Company raised GBP4.0 million before expenses in an initial public offering on the Main Market of the London Stock Exchange ("IPO"), following an earlier pre-IPO equity financing of GBP0.1 million.

We formed the Company to undertake an acquisition of a controlling interest in a company or business (an "Acquisition"). The Company's efforts in identifying a target Acquisition are currently focused on an asset or business in the mining sector, reflecting the experience of the Company's board of directors and advisers. Any Acquisition is expected to constitute a reverse takeover transaction and consideration for the Acquisition may be in part or in whole in the form of share-based consideration or funded from the Company's existing cash resources or the raising of additional funds.

Following completion of an Acquisition, the objective of the Company will be to add value to the acquired business or asset through the deployment of capital with a view to generating value for its shareholders.

I was delighted by the strong support we received for our IPO which was led by a number of leading institutional natural resource investors, and high net worth individuals. As we start 2019, Trident has a strong balance sheet including just under GBP4 million of cash, a supportive shareholder base, a clean capital structure and an experienced board of directors and adviser team. I believe that this makes Trident an extremely attractive proposition to prospective Acquisition counterparties, including asset vendors considering a listing transaction on the London Stock Exchange.

In the short time since the IPO, the Company has seen a strong flow of potential Acquisition opportunities which are consistent with the acquisition criteria set out in our IPO prospectus. The Board of Directors, together with the Company's advisers, are constantly screening and evaluating these opportunities to ensure that we secure and execute the right transaction.

The market volatility and global economic uncertainty that characterised the end of 2018, and which has persisted into 2019, has led to a reduction in the capital available to the mining sector. This scarcity of capital reinforces my belief that the Company is in an advantageous position from which to secure an Acquisition that creates value for shareholders.

Whilst the IPO represented an important milestone in the Company's life, it is just the beginning and a great deal of work remains to be done to deliver our strategy and make the most of the strong platform that we have created so far.

I look forward to reporting our progress to you over the coming the months.

James Kelly

Chairman

** Ends **

Contact details:

 
 Trident Resources Plc     www.tridentresources.co.uk 
 
  James Kelly               Tel: [phone] 
 Tamesis Partners LLP         www.tamesispartners.com 
 
  Richard Greenfield             [phone] 
                          --------------------------- 
 Azure Capital Limited        www.azurecapital.com.au 
 
  John Toll                           [phone] 
                          --------------------------- 
 Ashanti Capital Pty Ltd    www.ashanticapital.com.au 
 
  Rob Hamilton                        [phone] 
                          --------------------------- 
 
 
 STATEMENT OF COMPREHENSIVE INCOME FOR THE 
  PERIODED 31 OCTOBER 2018 
 
                                            Notes     Unaudited 
                                                     31/10/2018 
 Continuing operations                                      GBP 
                                                    ----------- 
 
 Administration expenses                              (128,314) 
 Loss before taxation                                 (128,314) 
 
 Taxation                                                     - 
                                                    ----------- 
 Loss for the period                                  (128,314) 
                                                    ----------- 
 
 Loss attributable to equity holders 
  and total comprehensive income for 
  the period                                          (128,314) 
 
 Earnings per share: 
 Basic and diluted loss per share (pence 
  per share)                                            (2.68p) 
 
 
 STATEMENT OF FINANCIAL POSITION 
  FOR THE 
  PERIODED 31 OCTOBER 2018               Unaudited 
                                    Notes   31/10/2018 
                                                   GBP 
                                           ----------- 
 Current assets 
 Trade and other receivables                 2,096,204 
 Cash and cash equivalents                   1,851,570 
                                           ----------- 
                                             3,947,774 
 
 Total Assets                                3,947,774 
 
 Current Liabilities 
 Trade and other payables                    (176,082) 
 Net Assets                                  3,771,692 
                                           ----------- 
 
 
 Equity 
 Share Capital                        4        250,000 
 Share Premium Account                4      3,650,006 
 Retained Earnings                           (128,314) 
 Total Equity                                3,771,692 
                                           ----------- 
 
 
 
 CASH FLOW STATEMENT FOR THE PERIODED 
  31 OCTOBER 2018 
 
                                                Unaudited 
                                               31/10/2018 
                                                      GBP 
                                              ----------- 
 Cash flows from operating activities 
 Operating loss                                 (128,314) 
 
 Operating cash flows before movement 
  in working capital                            (128,314) 
 
 (Increase) in receivables                        (7,703) 
 Increase in payables                             176,082 
 
 Cash flows from operations                        40,065 
                                              ----------- 
 
 Cash flows from financing activities 
 *Proceeds from issue of ordinary shares 
  (net of expenses)                             1,811,505 
 Net cash inflow from financing activities      1,811,505 
                                              ----------- 
 
 Net increase in cash and cash equivalents      1,851,570 
 
 Cash at the beginning of period                        - 
 
 Cash at the end of the period                  1,851,570 
                                              ----------- 
 

*Net proceeds of share issues totalled GBP3,900,006, of which funds totalling GBP2,088,501 were received subsequent to 31 October 2018.

 
 STATEMENT OF CHANGES IN EQUITY FOR 
  THE PERIODED 31 OCTOBER 2018 
 
                                                                Retained 
                               Share capital   Share Premium    Earnings         Total 
                                         GBP             GBP         GBP           GBP 
                              --------------  --------------  ----------  ------------ 
 Total Comprehensive income                -               -   (128,314)     (128,314) 
 Issue of share capital              220,000       3,880,000           -     4,100,000 
 Share capitalisation                 30,000        (30,000)           -             - 
 Share issue expenses                      -       (199,994)           -     (199,994) 
 
 
 Balance at 31 October 2018          250,000       3,650,006   (128,314)     3,771,692 
                              --------------  --------------  ----------  ------------ 
 

NOTES TO THE FINANCIAL STATEMENTS

   1.    General Information 

Trident Resources plc is a company incorporated and domiciled in England and Wales. The Company's ordinary shares are traded on AIM of the London Stock Exchange. The address of the registered office is 30 Percy Street, London W1T 2DB.

The Company was formed to undertake the acquisition of a controlling interest in a company or business, targeting an acquisition in the mining sector.

2. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the period covered by these financial statements.

Basis of preparation

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.

The financial statements have been prepared under the historical cost convention.

The interim financial information for the six month period from incorporation to 31 October 2018 has not been reviewed or audited. The interim financial report has been approved by the Board on 9 January 2019.

Going concern

The Directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the interim financial statements for the period ended 31 October 2018.

Critical accounting estimates

The preparation of interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period.

3. Loss per share

The basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

 
                                                        Unaudited 
                                                       31/10/2018 
                                                      ----------- 
 The calculations of the basic and diluted earnings 
  per share 
 are based on the following: 
 
 Loss for the period                                    (128,314) 
 
 Weighted average number of shares                      4,778,973 
 
 Loss per share 
 Basic and diluted( pence per share)                       (2.68) 
 

4. Share capital

 
                            Number of shares       Share capital       Share 
                          Ordinary    Deferred  Ordinary  Deferred    premium 
                                                     GBP       GBP        GBP 
 ---------------------  ----------  ----------  --------  --------  --------- 
 ISSUED AND FULLY 
  PAID: 
 Issues of ordinary 
  shares Of GBP0.01     22,000,000               220,000            3,880,000 
 Capitalisation of 
  deferred shares of 
  GBP0.01 each                       3,000,000              30,000   (30,000) 
 Share issue expenses                                               (199,994) 
 ---------------------  ----------  ----------  --------  --------  --------- 
 At 31 October 2018     22,000,000   3,000,000   220,000    30,000  3,650,006 
 ---------------------  ----------  ----------  --------  --------  --------- 
 

The deferred shares have restricted rights such that they have no economic value

On 24 April 2018, the date of incorporation, 1 ordinary share of GBP1 was issued for cash

On 18 May 2018, 1 ordinary share of GBP1 was issued for cash

On 28 May 2018, the 2 issued ordinary shares of GBP1 were subdivided into 200 shares of GBP0.01 each.

On 30 May 2018, 1,999,800 ordinary shares of GBP0.01 were issued for cash at 5p per share.

On 3 September 2018, an amount of GBP30,000, being part of the share premium, was capitalised to issue 3,000,000 deferred shares of GBP0.01.

On 1 October 2018, 20,000,000 ordinary shares of GBP0.01 were issued for cash at 20p per share.

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January 11, 2019 02:00 ET (07:00 GMT)