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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vane Hldgs | LSE:VHL | London | Ordinary Share | GB00B013M672 | 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% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:3069F
Vane Holdings PLC
17 November 2004
Vane Holdings Plc
Interim Report - September 2004
Highlights
* Listed on AIM in June 2004 raising #3.288m net of expenses
* At the reporting end, group has cash balances of #2.64m
* All work programmes are on schedule and under budget
* Completed 38-hole drilling programme on Diablito gold-silver prospect in
Mexico
* First production planned for Q1 2005
* Follow-up exploration work at prospective Guadalcazar gold prospect in
Mexico significantly progressed
* Drilling on Guadalcazar scheduled to commence early in 2005
* Option acquired on the Mina Charay gold-silver prospect in Mexico
Chairman's Statement
It gives me great pleasure to report VANE Holdings' first interim financial
results following your Company's successful flotation on to AIM in June 2004.
During this time we have made significant progress towards achieving our
objectives as set out when listing.
In our prospectus we stated that our primary intention would be to confirm the
existence of a suitable grade and tonnage in order to fast track the Diablito
gold-silver prospect in Nayarit, Mexico, for early production.
Since June, our efforts have been focused on completing a 38-hole drilling
programme on Diablito and mineralised quartz vein material was intersected at
all but two locations drilled. Holes at locations No. 4 and 5 collared in post
mineral alluvium were inadvertently placed in the footwall of the 40 degrees
south-dipping quartz vein. The core has been split and assayed for gold and
silver content. Check assays continue to confirm the original results that were
published in two separate press releases dated 29th September 2004 and 25th
October 2004. I am pleased to report that the values obtained confirm the
continuity and extent of the mineralisation, and indicate that, as anticipated,
Diablito represents a small but very high dollar value prospect which remains
open at depth.
At present we intend to initiate production of siliceous ore suitable for use as
smelter flux early in the first quarter of 2005. By shipping ore directly to a
smelter, we will minimise capital requirements by eliminating the need for an
on-site concentrating (milling) facility.
Follow-up exploration of our Guadalcazar gold prospect in San Luis Potosi,
Mexico has continued. The work completed to date includes pitting and
geochemical rock chip, water and mesquite tree sampling. A programme of ground
geophysics has been completed, which included magnetics, VLF (very low
frequency) and gravity surveys. The results of these work programmes are being
analysed to identify drilling targets. Drilling is planned to commence early in
2005.
During the 3rd quarter ending September 30th, VANE secured an option on the Mina
Charay gold-silver prospect in Sinaloa, Mexico. This is an un-drilled prospect
where the work to date has indicated the presence of primarily gold-silver
mineralisation both in veins and in larger brecciated areas having the potential
to be mined as an open-pit operation. The geology of Mina Charay is
characterised by a thick sequence of volcanic rocks of Tertiary age. This
sequence is cut by a steep fault zone believed to be the same structure that
controls the gold-silver mineralisation. This structure extends into a zone of
brecciated andesite and rhyolite which is intensely silicified, fractured and
cut by a stockwork of quartz veinlets carrying values in gold and silver as well
as geochemically anomalous values of lead, zinc, molybdenum and mercury. Other
veins, known to occur in the immediate area, some parallel with the Mina Charay
vein, have not yet been explored. Surface sampling has been completed and has
exposed previously unknown mineralisation. Upon receipt of analytical results a
drill programme will be formalised with drilling scheduled to begin in November.
The listing in June raised a total of 3.288 million net of expenses and, at the
reporting period end, with all our work programmes on schedule and under budget,
the group had cash balances of #2.64 million, well within the budgeted
expenditure. We continue to fund the ongoing programme of exploration and
development and we have sufficient cash resources to maintain the tempo of this
programme until Diablito enters production and begins to generate revenue for
the group.
Having brought together an experienced team of explorationists and operators,
established excellent local working relationships in the areas under
investigation in Mexico and given the results described above, we believe that
the Company's share price performance since listing has failed to reflect the
developing value of our exploration projects in Mexico. We are fortunate to be
able to anticipate early cash flow from gold and silver production at Diablito,
and possibly early production from Mina Charay, while Guadalcazar's promising
potential as a multi-million ounce gold deposit has yet to be drill tested.
We are committed to our strategy of early cash flow to help fund the next major
mineral discovery. Meanwhile, we wish to record our thanks for the patient and
continuing support of all of our shareholders.
Michael Spriggs
Chairman
16th November 2004
Consolidated Profit and Loss Account
#'000's Unaudited Unaudited
Notes 6 months ended 6 months ended
30-Sep-04 31-Mar-04
Administrative Expenses (316) (208)
-------- --------
Operating Loss 3 (316) (208)
Interest receivable and similar
income 29 1
Interest payable and similar charges (1) (2)
-------- --------
Loss on ordinary activities before
taxation (288) (209)
Taxation - -
-------- --------
Loss on ordinary activities after
taxation 4 (288) (209)
-------- --------
Loss per share
Basic and Diluted (0.213p) (0.186p)
-------- --------
Statement of Total Recognised Gains and Losses
#'000's Unaudited Unaudited
6 months ended 6 months ended
30-Sep-04 31-Mar-04
Loss for the Financial Period (288) (209)
Currency translation differences on foreign
exchange currency investments 9 -
-------- --------
Total recognised gains and losses relating
to the period (279) (209)
-------- --------
Consolidated Balance Sheet
#'000's Unaudited Unaudited
Notes As at As at
30-Sep-04 31-Mar-04
Fixed Assets
Intangible fixed assets 5 11,473 11,073
Current Assets
Debtors 103 24
Cash at bank 2,639 46
-------- --------
2,742 70
Creditors: amounts falling due within 1 year (89) (106)
-------- --------
Net Current Assets 2,653 (36)
-------- --------
Total assets less current liabilities 14,126 11,037
-------- --------
Capital and Reserves
Called up share capital 6 14,614 11,246
Share Premium 7 - -
Profit and Loss Account (488) (209)
-------- --------
Equity Shareholders' funds 14,126 11,037
-------- --------
Consolidated Cash Flow Statement
#'000's Unaudited Unaudited
6 months 6 months
ended ended
30-Sep-04 31-Mar-04
Net cash outflow from operating activities (323) (250)
-------- --------
Returns on investment and servicing of finance
Interest received 29 1
Interest paid (1) (2)
-------- --------
Net cash flow from returns on investment and
servicing of finance 28 (1)
Taxation - -
Capital expenditure and financial investment
Purchase of intangible fixed assets (400) -
-------- --------
Net cash flow from capital expenditure and
financial investment (400) -
-------- --------
Financing
Proceeds of share issue 3,705 -
Expenses of share issue (417) -
-------- --------
Net cash flow for financing activities 3,288 -
-------- --------
Increase / (decrease) in cash for the period 2,593 (251)
-------- --------
Reconciliation of net cash flow to movement in net
funds
Increase / (decrease) in cash in period 2,593 (251)
Opening net funds 46 297
-------- --------
Closing net funds 2,639 46
-------- --------
Notes to the Accounts
1. The financial information contained in this interim report does not
constitute statutory accounts within the meaning of section 240 of the Companies
Act 1985.
The consolidated financial statements incorporate those of Vane Holdings Plc and
its subsidiary undertakings for the period.
The six months figures for the period ended 30th September 2004 and 31st March
2004, which have not been audited, use the same accounting policies as used by
the Group for the year ended 30 September 2003. The interim accounts were
approved by the Directors on 16th November 2004.
2. The figures for the 6 month period to March 2004 are presented for
consistency of comparison as if the Company was the head company for the whole
of the period. In fact Vane Minerals Limited and its subsidiaries were acquired
by Vane Holdings Plc as part of a capital restructuring in December 2003.
3. The Group's operating loss is derived from its continuing operations where
the principal activity is the evaluation, acquisition and development of mineral
exploration targets, principally gold and silver targets abroad, from its base
in the United Kingdom. The operating loss includes #80,392 of expenses charged
to the Profit and Loss account in respect of non-recurring costs of the listing.
4. The calculation of the basic and diluted loss per ordinary share is based
on the loss after taxation of #288,000 (31 March 2004: loss #209,000) and on the
weighted average number of ordinary shares in issue during the period of
134,916,549 (31 March 2004: 112,462,000).
5. Intangible assets include adjustment for fair value on acquisition of
subsidiaries (AVEN Associates LLC in the United States and Vane Minerals Limited
in the UK) and capitalisation of property development costs incurred by
Minerales Vane S.A. de C.V., the Mexican subsidiary of Vane Minerales Limited.
AVEN Associates LLC
Value Adj at Acq
Net assets acquired # # #
Intangible fixed assets - 49,783 49,783
Cash at bank 217 - 217
-------- -------- --------
Net assets 217 49,783 50,000
-------- -------- --------
Consideration
Cash paid 50,000
--------
Vane Minerals Limited
Initial book Fair value Fair value
value Adj at Acq
Net assets acquired # # #
Intangible fixed assets 184,000 10,888,000 11,072,000
Current assets 330,000 - 330,000
Current liabilities (156,000) - (156,000)
-------- ---------- ----------
Net assets 358,000 10,888,000 11,246,000
-------- ---------- ----------
Consideration
Shares issued at par 11,246,000
----------
6. The company was admitted to AIM on June 2nd 2004, and on the same date a
total of 33,681,823 shares were placed at 11p per share.
7. The share premium account was used in its entirely to offset the placing
and admission costs.
8. Reconciliation of Movement in Equity Shareholders' Funds
#'000's Unaudited Unaudited
6 months ended 6 months ended
30-Sep-04 31-Mar-04
Loss for Period (288) (209)
Effect of currency exchange movements 9 -
Share Issue 3,705 -
Expenses of share issue not shown in Profit
and Loss Account (337) -
------- -------
Net increase / (decrease) in shareholders'
funds 3,089 (209)
Opening Shareholders' Funds 11,037 11,246
------- -------
Closing Shareholders' Funds 14,126 11,037
------- -------
9. Reconciliation of operating loss to operating cash flow
#'000's Unaudited Unaudited
6 months ended 6 months ended
30-Sep-04 31-Mar-04
Operating loss (316) (208)
Increase in debtors (79) 9
Decrease in creditors (17) (51)
Share issue costs written off 80 -
Exchange difference 9 -
------- -------
Operating cash flow (323) (250)
The interim results are being posted to shareholders today and will be available
to the public, free of charge, from the offices of Seymour Pierce Limited,
Bucklersbury House, 3 Queen Victoria Street, London EC4N 8EL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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