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GMA Gma Resources

0.12
0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gma Resources LSE:GMA London Ordinary Share GB0032875873 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.12 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Interim Results

25/09/2003 12:02pm

UK Regulatory


RNS Number:1682Q
GMA Resources PLC
25 September 2003

                                GMA RESOURCES PLC
                                Unaudited Results

              FOR THE PERIOD FROM 21 FEBRUARY 2003 TO 30TH JUNE 2003


GMA Resources plc, the gold mining company, announces its maiden results since
its admission to trading on the Alternative Investment Market on 14 May 2003 and
commencement of dealings.


For further information, please contact:

Colin Ikin, Chief Executive, GMA Resources plc
Mobile: + 33 678 389 762


Peter Binns, Binns & Co PR Ltd
Tel: 020 7786 9600



Chairman's Statement


Summary

  * The profit and loss and balance sheet from the period from the date of the
    Company's incorporation on 21 February 2003 to 30 June 2003 comply with UK
    General Applicable Accounting Standards, but have not been audited or
    reviewed by the Company's auditors.

  * The unaudited results for the period from 21 February 2003 to 30 June 2003
    show a loss of #408,267.

  * The balance sheet of the Company at 30 June 2003 shows a net asset
    deficiency of #403,267 as a result of the presentation of the 8% convertible
    unsecured loan stock as a non current liability. The attached pro forma
    balance sheet shows a net asset position, treating the loan stock as equity,
    as #3,515,985.

  * The consolidated results comprise GMA Resources PLC and its fully owned
    subsidiary GMA Pty Ltd. The financial report does not include the results
    for ENOR Spa as control over that entity was only deemed to have been
    acquired subsequent to reporting date. At 30 June 2003, the interest in ENOR
    Spa is reported as an investment in the consolidated balance sheet.


Pro Forma Results

At balance date GMA Resources PLC had on issue #4 million 8% convertible loan
stock 2008.

Loan stock terms specify that if at any time 75% or more of the nominal amount
of loan stock is converted or cancelled, then the Company is entitled to convert
the whole of the loan stock into ordinary shares at the applicable conversion
rate.

A pro-forma balance sheet and profit and loss has been prepared to display the
financial position of the company once such a conversion has taken place.

Pursuant to a shareholder and loan stock holder meeting approval received on 8
September 2003, loan stock holders will be able to convert all or part of their
holdings of loan stock into new ordinary shares at a reduced conversion rate of
8.5p nominal of loan stock per share for a 3 week period ending 30 September
2003. As at the date of this report, a number of loan stock holders have applied
for conversion.

Based on current conversions granted, the directors are confident that a full
conversion of loan stock on issue will take place prior to the 31 December 2003
reporting period.



Richard J Linnell
Chairman
25 September 2003



                CONSOLIDATED PROFIT AND LOSS ACCOUNT - (UNAUDITED)
              FOR THE PERIOD FROM 21 FEBRUARY 2003 TO 30TH JUNE 2003


                     
                                                                          2003
                                                                      # Actual
------------------------------------------------------------------------------



Administration expenses - continuing activities                       (411,082)
                                                                      --------
Operating loss - continuing activities                                (411,082)

Interest receivable and similar income                                   2,815
                                                                      --------
Loss on ordinary activities before taxation                           (408,267)

Tax on loss on ordinary activities                                           -
                                                                      --------

Loss sustained for the period                                         (408,267)
                                                                      ========




Notes to the Interim Statement


1. The directors do not recommend the payment of an interim dividend.

2. The financial information contained in this document does not constitute
   statutory accounts within the meaning of Section 240 of the Companies Act 1985.

3. Copies of this statement will be available from the company's registered
   office at 30 Farringdon Street, London, EC4A 4HJ.


                               


                    CONSOLIDATED BALANCE SHEET - (UNAUDITED)
                                AS AT 30 JUNE 2003

              
                                                            2003          2003
                                            Notes       # Actual   # Pro-forma
------------------------------------------------------------------------------

FIXED ASSETS
Intangible Assets                                        476,646       395,898
Tangible Assets                                            3,656         3,656
Investments                                     1      8,290,248     8,290,248
                                                      ----------    ----------
                                                       8,770,550     8,689,802
CURRENT ASSETS
Debtors                                                  303,531       303,531
Cash at bank                                             687,410       687,410
                                                      ----------    ----------
                                                         990,941       990,941

Creditors: Amounts falling due within one               
year                                                    (164,758)     (164,758)

Net Current Assets                                       826,183       826,183
                                                      ----------    ----------
Total Assets less current liabilities                  9,596,733     9,515,985

Creditors: Amounts falling due after more       
than one year                                   2    (10,000,000)   (6,000,000)
                                                      ==========    ==========

                                                        (403,267)    3,515,985
                                                      ==========    ==========

CAPITAL AND RESERVES
Called up share capital                                    5,000     3,924,252
Accumulated losses                                      (408,267)     (408,267)
                                                      ----------    ----------
SHAREHOLDERS' (DEFICIENCY) / FUNDS                      (403,267)    3,515,985
                                                      ==========    ==========



NOTES TO THE BALANCE SHEET

 1   Investments

     Investments                                       8,290,248     8,290,248
                                                      ==========    ==========

     Included in investments is an amount of #8.286 million (1,039,996,000
     Algerian Dinar) representing the full consideration, both paid and payable
     for the acquisition of 52% interest in ENOR Spa, under the terms of the
     Subscription Agreement as set out in the Company's Admission Document of 8
     May 2003.

 2   Creditors: Amounts Falling Due After More Than One Year

     Investment in ENOR SPA - Deferred Installments    6,000,000     6,000,000
     Loan Stock                                        4,000,000             -
                                                      ----------    ----------
                                                      10,000,000     6,000,000
                                                      ----------    ----------

     The deferred installment of #6 million (751,918,440 Algerian Dinar) payable
     on or before 31 May 2006, represents the balance of consideration payable
     for the 52% interest acquired in ENOR Spa.

     Loan stock is unsecured and convertible at 8% on or before 31 December
     2008.







                      This information is provided by RNS
            The company news service from the London Stock Exchange

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