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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vordere Plc | LSE:VOR | London | Ordinary Share | GB00B6QZLQ32 | ORD GBP0.02 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.00 | 8.50 | 11.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jul 2019 to Jul 2024
TIDMACO
RNS Number : 1802U
Acorn Minerals PLC
28 November 2013
ACORN MINERALS PLC
("Acorn" or the "Company")
Half-Yearly Report for the Six Months Ended 30 September 2013
Chairman's Report
As at 30 September 2013
Dear Shareholders
It is with pleasure that I present the half yearly report to shareholders.
The period under review is the 6 months to 30(th) September 2013.
Since listing your board has worked to fulfil our investment strategy of identifying opportunities in the mining, minerals & energy sectors, with consideration given to both conventional and alternative energy projects as well as mining and energy infrastructure projects.
To date we have reviewed 18 projects that meet this criterion. Of that 18 we are continuing to assess 2 projects where we think Acorn shareholders could benefit from some form of investment in those projects.
At the period end we have approximately LIR1.369m cash, no debt and continue to keep administration costs to a minimum so that maximum funds can be dedicated to the review of and potentially investments in suitable projects.
Regrettably however we have had to provide for doubtful debts an amount owing to the company of LIR26,300. This amount owing resulted from a project we were reviewing in the US where part of the option fee was to be refunded if we did not proceed with the transaction. Whilst we will continue to pursue the money we have taken the prudent position of providing for the amount in the accounts under review as to date the debtor has failed to repay the amount despite numerous requests and promises to repay.
We are working towards having one of the projects under review completed in the coming accounting period.
All related party transactions are disclosed, in full in note 7 to the report.
Tony Brennan
Chairman
For further information, please contact:
Acorn Minerals Plc Tel: +61 8 9322 5944
www.acornminerals.com
Anthony Brennan, Executive Chairman
Shore Capital Tel: 020 7408 4090
Bidhi Bhoma / Toby Gibbs (corporate finance)
Jerry Keen (corporate broking)
Unaudited statement of profit or loss and other comprehensive income
for the six months ended 30 September 2013
Hot Features
Premium
Note Six months Year
ended ended
30 Sep 31 Mar
2013 2013
GBP GBP
Revenue - -
Administrative costs (56,106) (101,546)
------------------------------------ ----- ----------- -----------------
Operating (Loss) (56,106) (101,546)
Net finance costs 503 415
Exceptional items 4 - (143,421)
------------------------------------ ----- ----------- -----------------
(Loss) before taxation (55,603) (244,552)
Taxation - -
------------------------------------ ----- ----------- -----------------
(Loss) for the period attributable
to owners of the company (55,603) (244,552)
------------------------------------ ----- ----------- -----------------
Total comprehensive income
attributable to the owners
of the company (55,603) (244,552)
------------------------------------ ----- ----------- -----------------
Loss per share
Basic 5 (0.006) (0.036)
Diluted (0.006) (0.036)
Statement of financial position
as at 30 September 2013
Note Six months Year
ended ended
30 Sep 31 Mar
2013 2013
GBP GBP
----------------------------------- ----- ----------- ----------------
CURRENT ASSETS
Trade and other receivables - 62,300
Cash and cash equivalents 1,369,422 1,427,669
----------------------------------- ----- ----------- ----------------
Total current assets 1,369,422 1,489,969
LIABILITIES
Trade and other payables (2,900) (67,844)
----------------------------------- ----- ----------- ----------------
Total current liabilities (2,900) (67,844)
----------------------------------- ----- ----------- ----------------
NET ASSETS 1,366,522 1,422,125
----------------------------------- ----- ----------- ----------------
EQUITY
Capital and reserves attributable
to owners of the company
Share capital 6 285,760 285,760
Share premium 1,380,917 1,380,917
Retained earnings (300,155) (244,552)
----------------------------------- ----- ----------- ----------------
1,366,522 1,422,125
----------------------------------- ----- ----------- ----------------
Unaudited statement of changes in equity
for the six months ended 30 September 2013
Share Share Retained Total
capital premium earnings
GBP GBP GBP GBP
Transactions with owners
Shares issued 285,760 1,473,788 - 1,759,548
Share issue costs - (92,871) - (92,871)
-------------------------- --------- ---------- ---------- ----------
Total transactions with
owners 285,760 1,380,917 - 1,666,677
Comprehensive loss
Loss for the period - - (244,552) (244,552)
-------------------------- --------- ---------- ---------- ----------
Total comprehensive
loss for the period - - (244,552) (244,552)
-------------------------- --------- ---------- ---------- ----------
Total owners equity
at 31 March 2013 285,760 1,380,917 (244,552) 1,422,125
-------------------------- --------- ---------- ---------- ----------
Transactions with owners
Shares issued - - - -
Share issue costs - - - -
Total transactions with - - - -
owners
Comprehensive Loss
Loss for the period - - (55,603) (55,603)
Total comprehensive
loss for the period - - (55,603) (55,603)
-------------------------- --------- ---------- ---------- ----------
Total owners equity
at 30 September 2013 285,760 1,380,917 (300,155) 1,366,522
-------------------------- --------- ---------- ---------- ----------
Unaudited statement of cash flows
for the six months ended 30 September 2013
Six months Year
ended ended
30 Sep 31 Mar
2013 2013
GBP GBP
-------------------------------------- ----------- ----------------
Cash flows from operating activities
Operating (Loss) (56,106) (101,546)
Exceptional item - (143,421)
Decrease/(Increase) in receivables 62,300 (26,300)
(Decrease)/Increase in payables (64,944) 67,844
-------------------------------------- ----------- ----------------
Net cash used in operating
cash flows (58,750) (203,423)
Net cash used in cash flows
from investing activities
Interest received 503 415
-------------------------------------- ----------- ----------------
Net cash generated from investing
activities 503 415
Cash flow from financing activities
Issue of share capital for
cash - 1,723,548
Share issue costs - (92,871)
-------------------------------------- ----------- ----------------
Net cash generated from financing
activities - 1,630,677
Net increase in cash and cash
equivalents (58,247) 1,427,669
Net cash at start of the period ,1,427,669 -
-------------------------------------- ----------- ----------------
Cash and cash equivalents at
period end 1,369,422 1,427,669
-------------------------------------- ----------- ----------------
Notes to the interim accounts
For the six months ended 30 September 2013
1. General information
Acorn Minerals Plc is a company incorporated in the United Kingdom.
These unaudited condensed interim financial statements for the six months ended 30 September 2013 have been prepared in accordance with International Financial Reporting Standards (IFRS) and IAS 34 "Interim Financial Reporting" as adopted by the European Union and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. This condensed set of financial statements has been prepared applying the accounting policies that were applied in the preparation of the Company's published financial statements for the year ended 31 March 2013 and are presented in pounds sterling.
The comparative figures for the financial year ended 31 March 2013 have been extracted from the Company's statutory accounts which have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under the companies Act 2006 regarding matters which are required to be noted by exception. The half year results have not been audited or subject to review by the company's auditors.
2. Changes in accounting policies
The assessment of new standards, amendments and interpretations issued but not effective, are not anticipated to have a material impact on the financial statements.
3. Going concern
The company's activities, together with the factors likely to affect its future development and performance, the financial position of the company, its cash flows and liquidity position have been considered by the Directors, taking account of the current market conditions which demonstrate that the company shall continue to operate within its own resources.
The Directors believe that the company is well placed to manage its business risks successfully, and that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they consider it appropriate to adopt the going concern basis in preparing these condensed financial statements.
4. Exceptional item
Six months Year
ended ended
30 Sep 31 Mar
2013 2013
GBP
GBP
Listing costs - 143,421
------------ ----------------
- 143,421
---------------------------- ----------------
The exceptional item represents all costs associated with the listing on to the London Stock Exchange.
5. Loss per share
The calculation of the basic and fully diluted loss per share is based on the loss for the period after tax of GBP55,603 (31 Mar 2013: GBP244,552) divided by the weighted average issued ordinary shares of 6,770,921 (31 Mar 2013: 6,770,291).
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category of dilutive potential ordinary shares being share options. The company has made a loss and the potential shares options are therefore anti-dilutive.
6. Issued share capital
Authorised, allotted and called up share capital:
Six Year
months ended
ended 31
30 Sep Mar 2013
2013
GBP GBP
7,739,255 Ordinary shares of GBP0.02
each 285,760 285,760
285,760 285,760
------- ---------
7. Related parties
The related parties and the nature of costs recharged are as disclosed in the company's annual financial statements for the year ended 31 March 2013.
Mr A Brennan, a Director of Acorn Minerals PLC is also a Director of Delta Capital Pty Ltd. Delta Capital Pty Ltd has entered into a Corporate Advisor Mandate with the company. During the period the following was paid to Delta Capital Pty Ltd:
Six months Year ended
ended 31 Mar
30 Sept 2013
13
GBP GBP
Capital raising
fees - 54,225
Listing fees - 38,000
Project travel
costs reimbursed 1,094 19,850
Directors fees 7,500 19,008
----------- -----------
GBP8,594 GBP131,083
----------- -----------
At 31 March 2013 the company owed Mr A Brennan GBP8,000. This loan was due to payments made to the company totalling GBP27,090 and repayments of GBP19,090. During the period the loan balance has been waived by the director.
Mr B Fitzpatrick, a Director of Acorn Minerals PLC is also a Director of Ocean Developments Ltd. During the period Directors' fees of GBP3,000 (31 Mar 2013: GBP6,000) and reimbursed travel expenses of GBP201 (31 Mar 2013: GBPnil) were paid to Ocean Developments Ltd on behalf of Mr B Fitzpatrick.
During the period Project fees of GBPnil (31 Mar 2013: GBP2,000) and Directors fees of GBP3,000 (31 Mar 2013: GBP7,000) were paid to Mr C Goodfellow, a Director of Acorn Minerals PLC.
8. Principal risks and uncertainties
Principal risks and uncertainties are set out in the annual financial statements within the directors' report and also in note 6 and are reviewed on an on-going basis.
The Board will provide leadership within a framework of appropriate and effective controls. The Board will set up, operate and monitor the corporate governance values of the company, and will have overall responsibility for setting the company's strategic aims, defining the business objective, managing the financial and operational resources of the Company and reviewing the performance of the officers and management of the company's business both prior to and following an acquisition.
There have been no significant changes in the first six months of the financial year to the principle risks and uncertainties as set out in the 31 March 2013 Annual Report and Accounts.
9. Board Approval
These interim results were approved by the Board of Acorn Minerals Plc on 27(th) November 2013.
DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPAL RISKS AND UNCERTANTIES
Responsibility statement
We confirm to the best of our knowledge:
(a) The condensed set of financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
(b) The interim management report includes a fair review of the information required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during the period; and any changes in the related party described in the last annual report that could do so.
Mr Anthony Brennan
Chairman
27(th) November 2013
Directors
Mr Anthony Brennan (Chairman)
Mr N Brent Fitzpatrick MBE
Mr Charles Goodfellow
This information is provided by RNS
The company news service from the London Stock Exchange
END
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