TIDMGUN
RNS Number : 7747I
Gunsynd PLC
06 December 2022
Gunsynd plc
("Gunsynd" or the "Company")
Final Results for the Year Ended 31 July 2022
Gunsynd (AIM: GUN, AQSE: GUN) is pleased to announce that its
Final Results for the year ended 31 July 2022 will shortly be
posted to shareholders and are available on the Company's website:
http://www.gunsynd.com/ .
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
The Directors of the Company are responsible for the release of
this announcement.
For further information please contact:
Gunsynd plc
Hamish Harris / Peter Ruse +44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 (0) 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
CHAIRMAN'S REPORT (INCORPORATING THE STRATEGIC REVIEW)
I am pleased to present the annual report and financial
statements for the year ended 31 July 2022. The Company made a loss
for the year to 31 July 2022 of GBP2,426,000 (2021: profit
GBP2,012,000) after taxation. The loss was a result of unrealised
losses on the value of investments held. The Company had net assets
of GBP3,851,000 (2021: GBP6,303,000) at 31 July 2022, and cash
balances of GBP824,000 (2021: GBP1,071,000).
Review of Investments
Charger Metals Limited ("Charger")
Gunsynd currently holds 3,175,000 shares in Charger representing
approximately 5.12% of Charger's issued share capital, of which
1,200,000 shares are subject to an escrow period of 24 months
following its IPO on 7 July 2021.
Charger is a Western Australian ("WA") focussed base metals
(Ni,Cu,Co-PGE) and lithium exploration company which currently
holds three highly prospective projects in WA and the Northern
Territory ("NT") in Australia. The principal activity of Charger
during the financial year was the entering into agreements to
acquire interests in mineral exploration and evaluation tenements,
conducting exploration work on those interests as well as seeking
out further exploration, acquisition and joint venture
opportunities.
Bynoe Lithium Project, NT (Charger 70%)
The Bynoe Project is located within the Litchfield Pegmatite
Field, Northern Territory, Australia, approximately 80km southeast
of Darwin and is considered prospective for the preferred lithium
mineral, spodumene.
The project is surrounded by the extremely large tenement
holdings of Core Lithium Limited's Finniss Lithium Project, which
has commenced development and mining. During the year, Charger
completed an aeromagnetic survey and approximately 3,000 soil
geochemistry samples were analysed. When combined with additional
publicly available drilling information the interpretation by
Charger's consultants concluded that the project shows potential to
host multiple lithium-caesium-tantalum (LCT) pegmatite systems.
Charger received approval for its Mine Management Plan from the
Department of Industry, Tourism and Trade (Mining and Petroleum) as
a precursor to drilling. Charger applied for an aboriginal heritage
clearance early this year through the Aboriginal Areas Protection
Authority, a NT governmental agency. Once received, drilling can
commence in cleared areas.
Lake Johnston Lithium Project, WA (Charger 70%-100%)
Previous government and industry explorers had identified
pegmatites at the Lake Johnston Project, located approximately
470km east of Perth, Western Australia. More recent work by Charger
has confirmed that a number of these pegmatites have LCT
affinities, making them prospective for lithium. LCT pegmatites
have formed within a 50km long corridor and include the high
priority Medcalf spodumene discovery and much of the Mount Day LCT
pegmatite field.
During the year approximately 7,100 soil geochemistry samples
throughout the Lake Johnston Project, including the Mt Day and
Medcalf Prospect areas, were analysed. The Medcalf Prospect has the
most advanced target and is being prepared for drilling. The drill
target consists of a swarm of about 20 anastomosing,
spodumene-bearing pegmatite dykes that outcrop in an area between
500m and 800m long, within a corridor 300m wide. A program of
approximately 40 RC holes is proposed to test the Medcalf Prospect
spodumene-pegmatites. Ahead of drilling, Charger must complete a
Spring flora survey and an aboriginal heritage protection survey.
The Mt Day prospect has many outcrops of LCT pegmatites, however
further fieldwork is required before drill targets will be
proposed.
Coates Ni Cu Co Platinum Group Elements (PGE) Project, WA
(Charger 70%-85% interest)
Charger recognised that the Coates mafic intrusive complex is
prospective for nickel, copper and platinum group elements
mineralisation following a review of geochemical results from an
earlier exploration company. The Coates Project is located
approximately 60km northeast of Perth, Western Australia. This year
Charger initially completed a SkyTEM helicopter-borne geophysical
survey and then a follow-up, higher precision, ground-based FLTEM
geophysical survey. Charger initiated 5 drill holes at the T1
Prospect, where EM conductor targets coincide with a geochemical
anomaly. Drilling returned 593m of diamond core, with 4 holes
reaching the prescribed target depth. One hole was abandoned due to
poor rock conditions. Assays have not yet been received.
Rincon Resources Pty Ltd ("Rincon")
Gunsynd holds 8.9 million shares representing approximately 17%
of Rincon's issued share capital.
Rincon (ASX:RCR) is a Western Australian ("WA") focussed gold
and base metals exploration company quoted on the ASX. It holds the
rights to three highly prospective gold and copper projects in WA,
with a main focus on the South Telfer Project, covering
50,000-hectares in Paterson province. Rincon progressed exploration
activities across its projects in Western Australia. Rincon has a
100% interest in three highly prospective gold and base metal
projects in Western Australia: The South Telfer Copper-Gold
Project, Laverton Gold Project, and Kiwirrkurra Copper-Gold (IOCG)
Project. Each project has been subject to historical exploration,
which has identified prospective mineralised systems. Rincon is
systematically exploring these projects, aiming to delineate
economic resources.
South Telfer Copper-Gold Project
The South Telfer Project consists of six exploration and two
prospecting licences covering approximately 540km(2) and greater
than 60km strike of prospective geology known to host significant
Telfer and Havieron style gold and copper mineralisation. The
project area has seen previous, yet limited exploration completed
by Newcrest Mining (ASX: NCM) (Newcrest) which identified
significant outcropping gold and copper mineralisation at the
Hasties Prospect and low-level bedrock gold anomalism at Westin.
During the period, Rincon completed its maiden reverse circulation
(RC) drilling program, totalling 27 holes for 4,944m. The program
aimed to validate historical drilling results as well as test
extensions to the known shallow copper-gold mineralisation at both
Hasties Main and Hasties South-East (SE) zones along a +1km long
mineralised trend. Drilling broadly defined a moderate to steep
east dipping reef/breccia style copper-gold system at Hasties Main
Zone, currently defined over a strike of approximately 300m in
length, a depth of over 100m below surface and up to 50m wide at
surface, with mineralisation remaining open in all directions.
Multiple, significant zones of copper-gold mineralisation were
intercepted from both the Hasties Main and Hasties SE Zones.
The Phase 2 drilling program recommenced in April 2022 following
the arrival of a diamond drill rig to site 6 to drill the EIS
co-funded diamond hole, 22STDC002. This was drilled to 660m,
successfully intersected the target fold axis zone near the apex of
the dolerite sill, approximately 350m below the surface, and about
150m below the deepest drilled copper gold mineralisation at
Hasties. The hole proceeded to drill through the dolerite and also
tested the eastern limb contact zone. Multiple zones of intense
alteration, veining, brecciation and sulphides (mainly pyrite &
minor chalcopyrite) were intersected throughout and proximal to
target zones, including zones of disseminated sulphides
(chalcopyrite +/- pyrite), alteration and veining also within the
dolerite. Unfortunately, 22STDC002 did not intersect any
significant copper-gold mineralisation.
On 28 September 2022, Rincon announced the results of the latest
geophysical modelling at its 100% owned South Telfer Copper-Gold
Project, located in the Paterson Province, Western Australia.
Reinterpretation of existing geophysical aeromagnetic data using 3D
inverted magnetic modelling techniques has defined a significant
new target ('Mammoth') 700m to the northeast of the company's
existing Westin Prospect, located 25km southwest of the giant
Havieron deposit (5.5Moz Au, 218kt Cu2) and 35km directly along
strike of the world-class Telfer Gold Mine. Mammoth is the largest
of three new targets defined over a strike length of 15km along the
highly prospective Telfer - Westin Trend within the company's
highly underexplored Westin tenement area.
Eagle Mountain Mining Limited ("Eagle Mountain")
Gunsynd holds 2.5 million shares in Eagle Mountain representing
approximately 1% of its issued share capital.
Eagle Mountain Mining Limited (ASX:EM2), is a copper focused
exploration and development company with a key objective of
becoming a low emission producer at its high-grade Oracle Ridge
project in Arizona, USA, to supply the rapidly growing green energy
market. Eagle Mountain commenced its first large diameter drilling
in the Talon area to collect samples for metallurgical testwork
which is necessary for future feasibility studies. Preparations for
the refurbishment of the underground mine are well advanced to
enable underground diamond drilling at the Oracle Ridge Copper
Project. The company received $1 million investment from Managing
Director Charles Bass, demonstrating his strong and ongoing support
for Eagle Mountain, which is well-funded with $11.1 million cash
held at 30 June 2022.
Pacific Nickel Limited ("Pacific Nickel")
Gunsynd currently holds 3,083,741 shares in Pacific Nickel
representing approximately 1.1% of its issued capital.
During the year, Pacific Nickel advised:
- Work continued on the Definitive Feasibility Study (DFS).
Planning for construction of the wharf, haul road linking the
mining areas, camp and mining facilities was undertaken. Australian
Mine Design and Development (AMDAD) were appointed to review the
Kolosori Project for project start-up factors and to prepare a
reserve statement for the DFS. Key areas of focus include the water
moisture content of the DSO and the haul road location and
design.
- The 1 July 2022 lifting of Covid 19 border restrictions in the
Solomon Islands allowed overseas consultants and contractors to
visit the site. A LiDAR survey has been arranged to provide a
detailed topographical map of the Kolosori area. Preparations are
underway to construct a second field trial stockpile for detailed
assessment of the DSO drying characteristics. The DFS will be
finalised once the LiDAR survey and moisture content assessment
have been completed.
- Following the recent granting of the Mining Lease for the
Kolosori Nickel Project, Pacific Nickel is now focussed on the key
steps to achieve commercial nickel laterite direct shipping ore
(DSO) cargoes from mid-2023.
- Pacific Nickel is working to complete the Kolosori Definitive
Feasibility Study (DFS). Key design and development activities for
the remainder of 2022 that are required to achieve DSO shipping in
2023 include the construction of the DSO loadout wharf and the haul
road to the initial mining area. Discussions are underway with a
local contractor to commence these early works as soon as possible.
Pacific Nickel has also engaged with HBS PNG Pty Ltd, a
well-established PNG mining contractor via an early involvement
mandate. Pacific Nickel report that it has recently completed
construction of a trial ore stockpile which has been designed to
blend ore types and approximate the characteristics of stockpiles
expected during DSO production and shipping.
- Pacific Nickel is working closely with Glencore to complete
the agreement for a USD $22 million project financing facility and
DSO offtake sales for all of Kolosori's nickel laterite
production.
First Tin Limited ("First Tin")
Gunsynd currently holds 1,083,333 shares in First Tin
representing approximately 0.4% of its issued capital.
First Tin (LSE:1SN) successfully completed its IPO on the
Standard List of the London Stock Exchange in April 2022, raising
GBP20 million (before expenses) of new equity capital, positioning
it to invest into and add value to its advanced portfolio of tin
assets. As part of the IPO, First Tin acquired the Taronga tin
asset in NSW Australia, the 5(th) largest undeveloped tin reserve
globally. Taronga will now be developed alongside First Tin's other
lead asset of Tellerhäuser which is located in Saxony in
Germany.
First Tin recently commenced Definitive Feasibility Studies
("DFS") at Taronga and Tellerhäuser, which are both scheduled to be
completed in Q4 2023. In addition, Environmental and permitting
work continued at Taronga and Tellerhäuser with all required
permits expected to be granted by the end of 2023. First Tin also
commenced drill campaigns at Taronga and Tellerhäuser comprising
24,000 metres of diamond and RC drilling. The intention is to both
expand the existing known resources while also drilling new
satellite exploration targets
Rogue Baron PLC ("Rogue Baron")
Rogue Baron PLC (AQSE: SHNJ) is a leading company in the premium
spirit sector listed on the Access segment of the AQSE Growth
Market. Gunsynd currently holds 21,543,563 ordinary shares in Rogue
Baron, representing approximately 24% of its issued share capital.
Gunsynd also retains a balance of GBP111,464 of Convertible Loan
Notes consisting of accrued interest.
Rogue Baron's flagship Shinju Whisky won two medals in October
2021 including a double gold with a perfect score of 100 when voted
best whisky at the 2021 Santé International Spirit Competition.).
In November 2021 Shinju won another gold medal, this time at the
prestigious John Barleycorn awards.
In April 2022, Rogue Baron announced it had secured new
distribution deals in both the UK and Spain for Shinju. Rogue Baron
also announced its first sales in both Austria and Switzerland.
Rogue Baron also hired a key sales person in the USA where it
continues to progress discussions on a large increase in its
distribution capability. In the period Rogue Baron successfully
released an 8 year old version of its Shinju whisky and announced
it intended to release a 12 and 15 year old version in the
future.
Low 6 Limited ("Low6")
Low6 has developed a next-generation sports gaming technology
platform that powers franchises with their own branded gaming
experiences to engage their digital fanbases.
Low6's current focus is to charge customers, typically iGaming
operators and sporting franchises, for developing and licensing
digital free-to-play games that they embed in their mobile
apps/websites as a way of driving users to their core operations.
The current financial year is progressing well with signed
contracts, signed term sheets or advanced contractual negotiations
being achieved in respect of a significant portion of that year's
revenue which, due to the investment made in Low6's technology
platform, is hoped to be high margin. At the same time Low6's cost
base and burn rate have been reduced significantly.
Oscillate plc ("Oscillate"; formerly DiscovOre plc)
Oscillate is an investment company listed on the AQSE Growth
Market Exchange with the ticker, AQSE: MUSH. In April 2021, Gunsynd
invested GBP200,000 into Oscillate being 10 million shares at 2p
representing circa 4.5% of Oscillate. Oscillate underwent internal
repositioning and restructuring during what has been a difficult
year.
Oyster Oil and Gas Limited ("Oyster")
Gunsynd has a holding valued at GBP130,000, and there has been
no material change since year end. The oil price gives the Company
some confidence of restoring value to this investment. Gunsynd will
update the market as and when material developments occur.
Finance Review
As noted above, the Company made a loss for the year of
GBP2,426,000 (2021: profit GBP2,012,000) after taxation. The
majority of the loss generated was from decrease in value of the
Company's investment portfolio. The Company had net assets of
GBP3,851,000 (2021: GBP6,303,000) at 31 July 2022, and cash
balances of GBP824,000 (2021: GBP1,071,000).
Outlook
In the last annual report, I stated "Debate lingers over whether
the economic effects resulting from Covid19 pandemic are a
temporary hiccup or the harbinger of structural changes. We are far
from convinced that the current inflation level is just a blip,
hence our positioning towards predominantly gold, copper and
battery metals."
On the one hand the board was proven correct in its macro
economic stance but failed to see the breakdown of the traditional
perceived inverse relationship between gold and inflation. Whilst
the reverse of last year's profit and subsequent share price
depreciation is obviously a disappointment, we maintain that our
positioning predominantly towards gold, copper and battery metals
is one that should be persisted with given the apparently
unstoppable determination of governments to head towards net zero
despite the costs involved regarding higher power prices. Worries
re scarcity with respect to battery metals have now seen motor
companies directly deal with mining companies for supply as per
Ford and BHP's nickel supply agreement
(https://www.bhp.com/news/media-centre/releases/2022/07/bhp-signs-mou-for-nickel-supply-with-ford-motor-company).
Whilst good progress was made by a number of companies in our
portfolio not least Eagle Mountain and Pacific Nickel this
unfortunately hasn't been as yet reflected in their share price
performance. Now that the Chinese government appears to have
finally accepted the obvious i.e. that continual lockdowns is not a
sustainable policy, this bodes well for the Chinese economy and
copper in particular.
The board took the decision to take profits on one of our listed
investments at prices much higher than they are today which has
allowed the Company to maintain a healthy cash balance. The board
undertook substantial due diligence on a number of projects during
the period not least an Australian gas project which we
subsequently decided not to invest in. Gunsynd has not raised money
since 2020 and is still adequately funded for the foreseeable
future. Gunsynd maintains a low fixed cost structure and this will
continue through volatile and uncertain conditions across global
markets.
We maintain a level of diversification in our portfolio with
positions in natural resources, gaming and beverages.
The Board continues to look at investments in line with its
investment policy as highlighted on the Company's website. This
could potentially include increasing a stake(s) in investments
already held. Such investment(s) may or may not lead to a reverse
takeover.
The Board would also like to take this opportunity to thank
shareholders for their continued support.
s172 Statement
The Directors continue to act in a way that they consider, in
good faith, to be most likely to promote the success of the Company
for the benefits of the members as a whole.
This section serves as the Directors' Section 172 statement and
should be read in conjunction with the Director's Statement and
Strategic Report and the Report from the Company's Corporate
Governance Committee. This disclosure describes how the Directors
have had regard to the matters set out in section 172(1)(a) to (f)
and forms the Directors' statement required under section 414CZA of
The Companies Act 2006.
The matters set out in Section 172(1) (a) to (f) are that a
Director must act in the way they consider, in good faith, which
would be most likely to promote the success of the Company for the
benefit of its stakeholders as a whole, and in doing so have regard
(amongst other matters) to:
-- Consider the likely consequences of any decision in the long
term,
-- Act fairly between the members of the Company,
-- Maintain a reputation for high standards of business
conduct,
-- Consider the interests of the Company's employees,
-- Foster the Company's relationships with suppliers, customers
and others, and
-- Consider the impact of the Company's operations on the
community and the environment.
In the above Chairman's Report, the Company has set out the
short to long term strategic priorities, and described the plans to
support their achievement. The Company is an early-stage investment
company quoted on a minor exchange and its members will be fully
aware, through detailed announcements, shareholder meetings and
financial communications, of the Board's broad and specific
intentions and the rationale for its decisions. The Company pays
its employees and creditors promptly and keeps its costs to a
minimum to protect shareholders' funds. When selecting investments,
issues such as the impact on the community and the environment have
actively been taken into consideration; as is clear from the
portfolio set out in the Chairman's report.
The application of the s172 requirements during the year can be
demonstrated through the choice of investments made in the year, as
described in the Chairman's report, all of which have been chosen
to maximise profits for our members, whilst ensuring they meet our
requirements on their impact on the local communities and
environment.
Stakeholder mapping and engagement activities within the
reporting period.
The Company continuously interacts with a variety of
stakeholders important to its success, such as equity investors,
business partners, workforce, government bodies, suppliers and
advisors. The Company strives to strike the right balance between
engagement and communication. Furthermore, the Company works within
the limitations of what can be disclosed to the various
stakeholders with regards to maintaining confidentiality of market
and/or commercially sensitive information.
The table below acts as our Section 172 statement by setting out
the key stakeholder Groups and how the Group has engaged with them
over the reporting year.
Who: Key Stakeholder Groups Why: why is it important to engage How: how Gunsynd engaged with the
this group of stakeholders stakeholder group and outcomes
Equity Investors and Business Access to capital is of vital The Board engages with investors at
Partners importance to the Group to ensure the AGM, through RNS releasers and
long-term success. maintains regular dialogue
with key investors, and business
partners.
-------------------------------------- --------------------------------------
Workforce The Company's long-term success is The Company has few employees, and
predicated on the commitment of our has in place appropriate policies,
workforce to our vision to reward key personnel.
and the demonstration of our values
on a daily basis. Regular communication takes place
with all staff, and the Company has
not experienced any
problems.
-------------------------------------- --------------------------------------
Key suppliers and Advisors A good relationship with key Regular communication takes place
suppliers is essential to ensure with all key advisors and suppliers.
timely supplies so as to not
interrupt mining and processing. The Company has not experienced any
problems with suppliers or corporate
Key advisors are essential to ensure governance issues
we maintain good governance in all during the year.
areas.
-------------------------------------- --------------------------------------
Hamish Harris
Chairman
5 December 2022
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 31 JULY
2022
2022 2021
Note GBP000 GBP000
-------------------------------------------------- ------ --------- --------
Continuing operations
Income
Unrealised (loss)/gain on financial investments 11 (2,168) 2,371
Realised gain on financial investments 11 221 236
(1,947) 2,607
Administrative expenses
Salaries and other staff costs 6 (300) (278)
Other costs 8 (224) (245)
Share based payment charge 19 - (24)
-------------------------------------------------- ------ --------- --------
Total administrative expenses (524) (547)
Impairment of financial investments 11 - (130)
Write down of convertible loan notes - (2)
Other income 7 15 26
Finance income 30 58
(Loss)/Profit before tax (2,426) 2,012
Taxation 9 - -
-------------------------------------------------- ------ --------- --------
(Loss)/Profit for the period attributable
to equity shareholders of the Company (2,426) 2,012
-------------------------------------------------- ------ --------- --------
Other comprehensive income / (expenditure) - -
for the period net of tax
Total comprehensive earnings for the period
attributable to shareholders (2,426) 2,012
-------------------------------------------------- ------ --------- --------
Earnings per ordinary share
Basic (pence) 10 (0.540) 0.558
Diluted (pence) n/a 0.428
-------------------------------------------------- ------ --------- --------
The notes form an integral part of these financial
statements.
STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2022
2022 2021
Note GBP000 GBP000
----------------------------------------------- ------ ---------- ---------
ASSETS
Non-current assets
Financial investments 11 2,944 5,124
Total non-current assets 2,944 5,124
----------------------------------------------- ------ ---------- ---------
Current assets
Trade and other receivables 12 163 174
Cash and cash equivalents 17 824 1,071
----------------------------------------------- ------ ---------- ---------
Total current assets 987 1,245
----------------------------------------------- ------ ---------- ---------
Total assets 3,931 6,369
----------------------------------------------- ------ ---------- ---------
Current liabilities
Trade and other payables 13 (80) (66)
Total current liabilities (80) (66)
----------------------------------------------- ------ ---------- ---------
Total liabilities (80) (66)
----------------------------------------------- ------ ---------- ---------
Net assets 3,851 6,303
----------------------------------------------- ------ ---------- ---------
Equity attributable to equity holders of the
company
Ordinary share capital 14 382 382
Deferred share capital 14 2,299 2,299
Share premium reserve 14 13,459 13,459
Investment in own shares 15 (26) -
Share based payments reserve 39 131
Retained earnings (12,302) (9,968)
Total equity 3,851 6,303
----------------------------------------------- ------ ---------- ---------
STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 JULY 2022
Deferred Share Investment Share-based
Share Share premium in own payments Retained
capital capital reserve shares reserve earnings Total
GBP000 GBP 000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
At 31 July 2020 216 2,299 11,828 - 192 (12,065) 2,470
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
Profit for the
year - - - - - 2,012 2,012
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
Total comprehensive
income for the
period - - - - - 2,012 2,012
Transactions
with owners:
Issue of share
capital 166 - 1,690 - - - 1,856
Share issue costs - - (59) - - - (59)
Share options
issued - - - - 24 - 24
Share options
lapsed - - - - (84) 84 -
Transfer within
Equity on lapse
of share options - - - - (1) 1 -
At 31 July 2021 382 2,299 13,459 - 131 (9,968) 6,303
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
Loss for the
year - - - - - (2,426) (2,426)
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
Total comprehensive
Loss for the
period - - - - - (2,426) (2,426)
Transactions
with owners:
Adjustment for
shares held in
Trust - - - (26) - - (26)
Transfer within
Equity on lapse
of share options - - - - (92) 92 -
At 31 July 2022 382 2,299 13,459 (26) 39 (12,302) 3,851
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
STATEMENT OF CASH FLOWS FOR THE YEARED 31 JULY 2022
2022 2021
Note GBP000 GBP000
----------------------------------------------------------------- ------ --------- ---------
Cash flow from operating activities
(Loss)/Profit after tax (2,426) 2,012
Tax on losses - -
Finance income net of finance costs (10) (58)
Unrealised loss/(gain) on revaluation of financial investments 2,168 (2,371)
Realised (gain) on sale of financial investments (221) (236)
Share based payment - 24
Write down of convertible loan notes - 2
Impairment provision - 130
Adjustment for issue of own shares (26) -
Foreign exchange movements 1 3
Changes in working capital:
Decrease in trade and other receivables 11 7
Increase/(decrease) in trade and other payables 14 (32)
Cash outflow from operations (489) (519)
Taxation received - -
----------------------------------------------------------------- ------ --------- ---------
Net cash outflow from operating activities (489) (519)
----------------------------------------------------------------- ------ --------- ---------
Cash flow from investing activities
Payments for financial investments 11 (158) (2,143)
Disposal proceeds from sale of financial investments 11 400 1,042
Repayment of loans to investee company - 62
Unsecured loans to investee company - (6)
Net cash inflow/(outflow) from investing activities 242 (1,045)
----------------------------------------------------------------- ------ --------- ---------
Cash flows from financing activities
Proceeds on issuing of ordinary shares 14 - 1,856
Cost of issue of ordinary shares - (59)
----------------------------------------------------------------- ------ --------- ---------
Net cash inflow from financing activities - 1,797
----------------------------------------------------------------- ------ --------- ---------
Net increase in cash and cash equivalents 17 (247) 233
Cash and cash equivalents at the beginning of the year 1,071 838
Cash and cash equivalents at the end of the year 18 824 1,071
----------------------------------------------------------------- ------ --------- ---------
NOTES TO THE FINANCIAL STATEMENTS
1 Presentation of the financial statements
Description of business & Investing Policy
Gunsynd plc is public limited company domiciled in the United
Kingdom. The Company's registered office is 78 Pall Mall, London
SW1Y 5ES.
The Company's Investing Policy is to invest in and/or acquire
companies and/or projects within the natural resources sector, life
sciences sector (concentrating on but not being limited to,
plant-based nutrition and environmentally friendly alternatives to
food sources) and the alcohol beverage sector, (concentrating on
but not being limited to, ingredients used within the production of
such beverages including sugar cane, agave, and molasses) which the
Board considers, in its opinion, have potential for growth. The
Company will consider opportunities in all sectors as they arise if
the Board considers there is an opportunity to generate potential
value for Shareholders. The geographic focus will primarily be
Europe, Australia, the US and the Caribbean, however investments
may also be considered in other regions to the extent the Board
considers that potential value can be achieved.
Where appropriate, the Board may seek to invest in businesses
where it may influence the business at a board level, add their
expertise to the management of the business, and utilise their
industry relationships and access to finance.
The Company's interests in an investment and/or acquisition may
range from a minority position to full ownership and may comprise
one investment or multiple investments. The investments may be in
either quoted or unquoted companies; be made by direct acquisitions
or farm-ins; and may be in companies, partnerships, earn-in joint
ventures, debt or other loan structures, joint ventures or direct
or indirect interests in assets or projects. The Board may focus on
investments where intrinsic value may be achieved from the
restructuring of investments or merger of complementary
businesses.
The Board expects that investments will typically be held for
the medium to long term, although short term disposal of assets
cannot be ruled out if there is an opportunity to generate a return
for Shareholders. The Board will place no minimum or maximum limit
on the length of time that any investment may be held. The Company
may be both an active and a passive investor depending on the
nature of the individual investment. There is no limit on the
number of projects into which the Company may invest, and the
Company's financial resources may be invested in a number of
propositions or in just one investment, which may be deemed to be a
reverse takeover under the AIM Rules. The Board intends to mitigate
risk by appropriate due diligence and transaction analysis. Any
transaction constituting a reverse takeover under the AIM Rules
will also require Shareholder approval. The Board considers that,
as investments are made and new investment opportunities arise,
further funding of the Company may also be required.
Where the Company builds a portfolio of related assets, it is
possible that there may be cross holdings between such assets. The
Company does not currently intend to fund any investments with debt
or other borrowings but may do so if appropriate. Investments in
early stage assets are expected to be mainly in the form of equity,
with debt potentially being raised later to fund the development of
such assets. Investments in later stage assets are more likely to
include an element of debt to equity gearing. The Board may also
offer New Ordinary Shares by way of consideration as well as cash,
thereby helping to preserve the Company's cash for working capital
and as a reserve against unforeseen contingencies including, for
example, delays in collecting accounts receivable, unexpected
changes in the economic environment and operational problems.
Investments may be made in all types of assets and there will be
no investment restrictions on the type of investment that the
Company might make or the type of opportunity that may be
considered. The Company may consider possible opportunities
anywhere in the world.
The Board will conduct initial due diligence appraisals of
potential business or projects and, where they believe further
investigation is warranted, intend to appoint appropriately
qualified persons to assist. The Board believes its expertise will
enable it to determine quickly which opportunities could be viable
and so progress quickly to formal due diligence. The Company will
not have a separate investment manager.
Compliance with applicable law and IAS
The financial statements have been prepared in accordance with
UK adopted International Accounting Standards (IAS) in conformity
with the provisions of the Companies Act 2006.
Composition of the financial statements
The Company financial statements are drawn up in Sterling, the
functional currency of Gunsynd plc and in accordance with IFRS
accounting presentation. The level of rounding for financial
information is the nearest thousand pounds.
Accounting convention
The financial statements have been prepared using the historical
cost convention, as modified by the revaluation of certain items,
as stated in the accounting policies.
Basis of preparation - Going concern
The financial statements have been prepared on a going concern
basis. This basis assumes that the company will have sufficient
funding to enable it to continue to operate for the foreseeable
future and the Directors have taken steps to ensure that they
believe that the going concern basis of preparation remains
appropriate.
The Company made a loss for the year of GBP2,426,000 (2021:
profit GBP2,012,000) after taxation. The Company had net assets of
GBP3,851,000 (2021: GBP6,303,000) and cash balances of GBP824,000
(2021: GBP1,071,000) at 31 July 2022. The Directors have prepared
financial forecasts which cover a period of at least 12 months from
date that these financial statements are approved to 31 December
2023. These forecasts show that the Company expects to have
sufficient financial resources to continue to operate as a going
concern.
In forming the conclusion that it is appropriate to prepare the
financial statements on a going concern basis the Directors have
made the following assumptions that are relevant to the next twelve
months:
- In the event that the Company's investments require further
funding, sufficient funding can be obtained; and
- In the event that operating expenditure increases
significantly as a result of successful progress with regards to
the Company's investments, sufficient funding can be obtained.
The cost structure of the Company comprises a high proportion of
discretionary spend and therefore in the event that cash flows
become constrained, costs can be quickly reduced to enable the
Company to operate within its available funding. As a junior
investment company, the Directors are aware that the Company must
go to the marketplace to raise cash to meet its investment plans,
and/or consider liquidation of its investments and/or assets as is
deemed appropriate. The Company has previously constantly
demonstrated its ability to raise further cash by way of completing
placings during the prior years, and are confident of further
equity fund raising should the company require such cash injection.
Therefore, they are confident that existing cash balances, along
with the any new funding would be adequate to ensure that costs can
be covered.
Consequently, the Directors have a reasonable expectation that
the Company has adequate resources to continue to operate for the
foreseeable future and that it remains appropriate for the
financial statements to be prepared on a going concern basis.
Financial period
These financial statements cover the financial year from 1
August 2021 to 31 July 2022, with comparative figures for the
financial year from 1 August 2020 to 31 July 2021.
Accounting principles and policies
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
The financial statements have been prepared in accordance with
the Company's accounting policies approved by the Board and signed
on their behalf by Hamish Harris and Donald Strang, and described
in Note 2, 'Accounting principles and policies'. Information on the
application of these accounting policies, including areas of
estimation and judgement is given in Note 3, 'Key accounting
judgements and estimates. Where appropriate, comparative figures
are reclassified to ensure a consistent presentation with current
year information.
2 Accounting principles and policies
Revenue and other income
Revenue is recognised when persuasive evidence of an arrangement
exists, profit has been derived from investments or services have
been rendered, prices are fixed or determinable and there is a
probability that economic benefits will flow to the Company.
Realised profits or losses are recognised at the time in which a
contract is entered into to sell and investment. Unrealised profits
or losses are recognised when the fair value of financial
investments is measured at each period end. Other income relates to
services provided and is recognised at the time the service is
delivered.
Segment reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.
The chief operating decision maker has been identified as the Board
of Directors. Further details are set out in Note 5.
Share capital
Financial instruments issued by the Company are treated as
equity only to the extent that they do not meet the definition of a
financial liability. The Company's ordinary and deferred shares are
classified as equity instruments. The deferred shares have no
voting rights and are not eligible for dividends.
Share-based payments
Where equity settled share options are awarded to employees, the
fair value of the options at the date of grant is charged to the
statement of comprehensive income over the vesting period.
Non-market vesting conditions are taken into account by adjusting
the number of equity instruments expected to vest at each balance
sheet date so that, ultimately, the cumulative amount recognised
over the vesting period is based on the number of options that
eventually vest.
Market vesting conditions are factored into the fair value of
the options granted. As long as all other vesting conditions are
satisfied, a charge is made irrespective of whether the market
vesting conditions are satisfied. The cumulative expense is not
adjusted for failure to achieve a market vesting condition.
Foreign exchange
Transactions in currencies other than Sterling are recorded at
the rates of exchange prevailing on the dates of the transactions.
At each balance sheet date, monetary assets and liabilities that
are denominated in foreign currencies are retranslated at the rates
prevailing on the balance sheet date. Gains and losses arising on
retranslation are included in the income statement for the
period.
Fair value measurement
IFRS 13 establishes a single source of guidance for all fair
value measurements. IFRS 13 does not change when an entity is
required to use fair value, but rather provides guidance on how to
measure fair value under IFRS when fair value is required or
permitted. The resulting calculations under IFRS 13 affected the
principles that the Company uses to assess the fair value, but the
assessment of fair value under IFRS 13 has not materially changed
the fair values recognised or disclosed. IFRS 13 mainly impacts the
disclosures of the Company. It requires specific disclosures about
fair value measurements and disclosures of fair values, some of
which replace existing disclosure requirements in other
standards.
Financial instruments
Financial assets
The Group classifies its financial assets into one of the
categories discussed below, depending on the purpose for which the
asset was acquired. The Group's accounting policy for each category
is as follows:
Fair Value through Profit or Loss (FVTPL)
This category comprises in-the-money derivatives and
out-of-money derivatives where the time value offsets the negative
intrinsic value. They are carried in the statement of financial
position at fair value with changes in fair value recognised in the
consolidated statement of comprehensive income in the finance
income or expense line. Other than derivative financial
instruments, which are not designated as hedging instruments, the
Group does not have any assets held for trading nor does it
voluntarily classify any financial assets as being at fair value
through profit or loss.
Financial instruments
Financial assets
The Group classifies its financial assets into one of the
categories discussed below, depending on the purpose for which the
asset was acquired. The Group's accounting policy for each category
is as follows:
Fair Value through Profit or Loss (FVTPL)
This category comprises in-the-money derivatives and
out-of-money derivatives where the time value offsets the negative
intrinsic value. They are carried in the statement of financial
position at fair value with changes in fair value recognised in the
consolidated statement of comprehensive income in the finance
income or expense line. Other than derivative financial
instruments, which are not designated as hedging instruments, the
Group does not have any assets held for trading nor does it
voluntarily classify any financial assets as being at fair value
through profit or loss.
Amortised Cost
These assets comprise the types of financial assets where the
objective is to hold these assets in order to collect contractual
cash flows and the contractual cash flows are solely payments of
principal and interest. They are initially recognised at fair value
plus transaction costs that are directly attributable to their
acquisition or issue and are subsequently carried at amortised cost
using the effective interest rate method, less provision for
impairment. Impairment provisions for current and non-current trade
receivables are recognised based on the simplified approach within
IFRS 9 using a provision matrix in the determination of the
lifetime expected credit losses.
During this process the probability of the non-payment of the
trade receivables is assessed. This probability is then multiplied
by the amount of the expected loss arising from default to
determine the lifetime expected credit loss for the trade
receivables. For the receivables, which are reported net, such
provisions are recorded in a separate provision account with the
loss being recognised in the consolidated statement of
comprehensive income. On confirmation that the receivable will not
be collectable, the gross carrying value of the asset is written
off against the associated provision.
Impairment provisions for receivables from related parties and
loans to related parties are recognised based on a forward-looking
expected credit loss model. The methodology used to determine the
amount of the provision is based on whether there has been a
significant increase in credit risk since initial recognition of
the financial asset, based on analysis of internal or external
information. For those where the credit risk has not increased
significantly since initial recognition of the financial asset,
twelve month expected credit losses along with gross interest
income are recognised. For those for which credit risk has
increased significantly, lifetime expected credit losses along with
the gross interest income are recognised. For those that are
determined to be credit impaired, lifetime expected credit losses
along with interest income on a net basis are recognised.
The Group considers a financial asset in default when
contractual payments are 180 days past due. However, in certain
cases, the Group may also consider a financial asset to be in
default when internal or external information indicates that the
Group is unlikely to receive the outstanding contractual amounts in
full before taking into account any credit enhancements held by the
Group. A financial asset is written off when there is no reasonable
expectation of recovering the contractual cash flows.
The Group's financial assets measured at amortised cost comprise
trade and other receivables and cash and cash equivalents in the
consolidated statement of financial position. Cash and cash
equivalents include cash in hand, deposits held at call with banks,
other short term highly liquid investments with original maturities
of three months or less, and - for the purpose of the statement of
cash flows - bank overdrafts. Bank overdrafts are shown within
loans and borrowings in current liabilities on the consolidated
statement of financial position.
Financial investments
Non-derivative financial assets comprising the Company's
strategic financial investments in entities not qualifying as
subsidiaries, associates or jointly controlled entities. These
assets are classified as financial assets at fair value through
profit or loss. They are carried at fair value with changes in fair
value recognised through the income statement. Where there is a
significant or prolonged decline in the fair value of a financial
investment (which constitutes objective evidence of impairment),
the full amount of the impairment is recognised in the income
statement.
Listed investments are valued at closing bid price on 31 July
2022. Unlisted investments that are not publicly traded and whose
fair value cannot be measured reliably, are measured at fair value
through profit and loss. less impairment
Fair Value Measurement
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to
sell the asset or transfer the liability takes place either:
-- In the principal market for the asset or liability; or
-- In the absence of a principal market, in the most
advantageous market for the asset or liability
The principal or the most advantageous market must be accessible
by the Group.
The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the
asset or liability, assuming that market participants act in their
economic best interest.
A fair value measurement of a non-financial asset takes into
account a market participant's ability to generate economic
benefits by using the asset in its highest and best use or by
selling it to another market participant that would use the asset
in its highest and best use.
The Company uses valuation techniques that are appropriate in
the circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or
disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest
level input that is significant to the fair value measurement as a
whole:
-- Level 1 - Quoted (unadjusted) market prices in active markets
for identical assets or liabilities
-- Level 2 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is directly
or indirectly observable
-- Level 3 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable
For assets and liabilities that are recognised in the financial
statements on a recurring basis, the Company determines whether
transfers have occurred between levels in the hierarchy by
re-assessing categorisation (based on the lowest level input that
is significant to the fair value measurement as a whole) at the end
of each reporting period.
For the purpose of fair value disclosures, the Company has
determined classes of assets and liabilities on the basis of the
nature, characteristics and risks of the asset or liability and the
level of the fair value hierarchy, as explained above.
Convertible Loans
Convertible Loans made to companies are classified as financial
assets. The embedded derivative asset, relating to a convertible
loan where the carrying asset converts into a variable number of
shares, is held at "fair value through profit or loss". The
carrying value of the loan is measured at fair value through profit
and loss.
Trade and other receivables
Trade receivables are measured at initial recognition at fair
value, and are subsequently measured at amortised cost using the
effective interest rate method. Trade and other receivables are
accounted for at original invoice amount less any provisions for
doubtful debts. Provisions are made where there is evidence of a
risk of non-payment, taking into account the age of the debt,
historical experience and general economic conditions. If a trade
debt is determined to be uncollectable, it is written off, firstly
against any provisions already held and then to the statement of
comprehensive income. Subsequent recoveries of amounts previously
provided for are credited to the statement of comprehensive
income.
Appropriate allowances for estimated irrecoverable amounts are
recognised in profit or loss in accordance with the expected credit
loss model under IFRS 9. For trade and other receivables which do
not contain a significant financing component, the Company applies
the simplified approach. This approach requires the allowance for
expected credit losses to be recognised at an amount equal to
lifetime expected credit losses. For other debt financial assets,
the Company applies the general approach to providing for expected
credit losses as prescribed by IFRS 9, which permits for the
recognition of an allowance for the estimated expected loss
resulting from default in the subsequent 12-month period. Exposure
to credit loss is monitored on a continual basis and, where
material, the allowance for expected credit losses is adjusted to
reflect the risk of default during the lifetime of the financial
asset should a significant change in credit risk be identified.
The majority of the Company's financial assets are expected to
have a low risk of default. A review of the historical occurrence
of credit losses indicates that credit losses are insignificant due
to the size of the Company's clients and the nature of its
activities. The outlook for the natural resources industry is not
expected to result in a significant change in the Company's
exposure to credit losses. As lifetime expected credit losses are
not expected to be significant the Company has opted not to adopt
the practical expedient available under IFRS 9 to utilise a
provision matrix for the recognition of lifetime expected credit
losses on trade receivables. Allowances are calculated on a
case-by-case basis based on the credit risk applicable to
individual counterparties.
Trade and other payables
Trade and other payables are held at amortised cost which
equates to nominal value.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, current
balances with banks and similar institutions and liquid investments
generally with maturities of 3 months or less. They are readily
convertible into known amounts of cash and have an insignificant
risk of changes in values.
Taxation
The tax expense for the period comprises current and deferred
tax. Tax is recognised in the income statement, except to the
extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case the tax is also
recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the
tax laws enacted or substantively enacted at the balance sheet date
in the countries where the company's subsidiaries and associates
operate and generate taxable income. Management periodically
evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation and
establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability
method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the
consolidated financial statements. However, the deferred income tax
is not accounted for if it arises from initial recognition of an
asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither
accounting nor taxable profit nor loss. Deferred income tax is
determined using tax rates (and laws) that have been enacted or
substantially enacted by the balance sheet date and are expected to
apply when the related deferred income tax asset is realised, or
the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it
is probable that future taxable profit will be available against
which the temporary differences can be utilised. Deferred income
tax is provided on temporary differences arising on disallowed
expenses, expect where the timing of the reversal of the temporary
difference is controlled by the company and it is probable that the
temporary difference will not reverse in the foreseeable
future.
Deferred income tax assets and liabilities are offset when there
is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income taxes assets
and liabilities relate to income taxes levied by the same taxation
authority on either the taxable entity or different taxable
entities where there is an intention to settle the balances on a
net basis.
Impairment of non-current assets
The carrying values of all non-current assets are reviewed for
impairment when there is an indication that the assets might be
impaired. Any provision for impairment is charged to the statement
of comprehensive income in the year concerned.
Impairment losses on other non-current assets are only reversed
if there has been a change in estimates used to determine
recoverable amounts and only to the extent that the revised
recoverable amounts do not exceed the carrying values that would
have existed, net of depreciation or amortisation, had no
impairments been recognised.
Employee Benefit Trusts
Employee Benefit Trusts ("EBTs") are accounted for under IFRS 10
and are consolidated on the basis that the parent has control, thus
the assets and liabilities of the EBT are included on the Company
balance sheet and shares held by the EBT in the Company are
presented as a deduction from equity. Although shares were issued
to the EBT in prior years, the prior year accounts have not been
re-stated for the adjustment as the amounts relating to the prior
period was not material.
3 Key accounting judgements and estimates
The preparation of financial statements in conformity with IFRSs
requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are
not readily apparent from other sources.
Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in
which the estimate is revised if the revision only affects that
period, or in the period of the revision and future periods if the
revision affects both current and future periods.
Significant estimates and assumptions that may have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities at 31 July 2022 are set out
below:
Share Based Payments
The Company issued Nil options over its unissued share capital
to the directors during the year to 31 July 2022. (2021: 19.00
million)
The fair value of share based payments is calculated by
reference to Black Scholes model. Inputs into the model are based
on management's best estimates of appropriate volatility, dividend
yields, discount rate and share price. During the year, the Company
incurred GBPNil share based payment charge (2021: GBP24,000
charge).
Unlisted investments
The Company is required to make judgments over the carrying
value of investments in unquoted companies where fair values cannot
be readily established and evaluate the size of any impairment
required. It is important to recognise that the carrying value of
such investments cannot always be substantiated by comparison with
independent markets and, in many cases, may not be capable of being
realised immediately. Management's significant judgement in this
regard is that the value of their investment represents their cost
less previous impairment. Further details relating to management's
assessment of the carrying value of unlisted investments can be
found in the Chairman's Report (incorporating the Strategic
Review).
Recoverability of receivables
The Company makes assumptions when implementing the
forward-looking ECL model under IFRS 9. The model is used to assess
material loans receivable for impairment. Estimates are made
regarding the credit risk and underlying probability of default in
each of the relevant credit loss scenarios. The Directors makes
judgements on the expected likelihood and outcome of each of the
scenarios and these expected values are applied to the loan
balances.
Fair value of convertible loans
The Company makes assumptions when measuring the fair value of
convertible loans. At the year end the Company held a balance on
its convertible loan with Rogue Baron plc relating to accrued
interest. The Directors expect this balance to be repaid in cash
and, having considered the valuation and the value of the
derivative option to convert, have concluded that the difference is
not material. The fair value of the loan is therefore considered to
be the same as the carrying value of the loan.
4 New accounting requirements
These financial statements have been prepared in accordance with
UK-adopted international accounting standards and in accordance
with the requirements of the Companies Act 2006. The financial
statements have been prepared under the historical cost
convention.
Adoption of new and revised standards:
During the financial year, the Company has adopted the following
new IFRSs (including amendments thereto) and IFRIC interpretations
that became effective for the first time.
Standard Effective date, annual period beginning on or after
Amendments to IFRS 16: Covid-19-Related Rent Concessions 1 April 2021
beyond 30 June 2021
-----------------------------------------------------
Annual Improvements to IFRS Standards 2018-2020 Cycle 1 January 2021
-----------------------------------------------------
Their adoption has not had any material impact on the
disclosures or amounts reported in the financial statements.
Standards issued but not yet effective:
At the date of authorisation of these financial statements, the
following standards and interpretations relevant to the Company and
which have not been applied in these financial statements, were in
issue but were not yet effective.
Standard Effective date, annual period beginning on or after
Amendments to IAS 1: Presentation of Financial Statements: 1 January 2023
Disclosure of Accounting Policies
-----------------------------------------------------
Amendments to IAS 1:Presentation of Financial Statements: 1 January 2023
Classification of Liabilities as
Current or Non-current
-----------------------------------------------------
Amendments to IAS 8: Accounting policies, Changes in 1 January 2023
Accounting Estimates and Errors - Definition
of Accounting Estimates
-----------------------------------------------------
Amendments to IAS 12: Income Taxes -Deferred Tax related to 1 January 2023
Assets and Liabilities arising
from a Single Transaction
-----------------------------------------------------
Amendments to IFRS 17 Insurance: Insurance contracts 1 January 2023
-----------------------------------------------------
The adoption of these standards is not expected to have any
material impact on the financial statements of the Company.
5 Segmental analysis
Segmental analysis is not applicable as there is only one
operating segment of the continuing business - investment
activities. The performance measure of investment activities is
considered by the Board to be profitability and is disclosed on the
face of the statement of comprehensive Income. The Board will
continually review the segmental analysis of the business on an
ongoing basis and at each reporting date.
6 Information regarding Directors and employees
2022 2021
GBP000 GBP000
---------------------------------------------------- -------- --------
Included within continuing operations
Fees and salaries 254 258
Social security costs 29 17
Share based payments - 20
Post- employment payments to defined contribution
pension scheme 17 3
---------------------------------------------------- -------- --------
300 298
---------------------------------------------------- -------- --------
2022 2021
Number Number
---------------------------------------------------- -------- --------
Average number of persons employed by the Company
(including Directors) during the year
Directors 3 3
Administrative staff 1 1
---------------------------------------------------- -------- --------
Total 4 4
---------------------------------------------------- -------- --------
The compensation of the Directors, in aggregate,
was as follows: 2022 2021
GBP000 GBP000
---------------------------------------------------- -------- --------
Fees and salaries 231 235
Social security costs 27 15
Share based payments - 20
Post- employment payments to defined contribution
pension scheme 15 2
---------------------------------------------------- --------
273 272
---------------------------------------------------- -------- --------
Full details of the remuneration of individual directors,
including the highest paid director, are set out below:
Fees and Social Pension Total Total
---------- ---------- --------------- -------- --------
security
salaries costs contributions 2022 2021
---------- ---------- --------------- -------- --------
Directors GBP000 GBP000 GBP000 GBP000 GBP000
-------------- ---------- ---------- --------------- -------- --------
Mr H Harris 94 12 8 114 97
---------- ---------- --------------- -------- --------
Mr D Strang 91 10 7 108 96
---------- ---------- --------------- -------- --------
Mr P Ruse 46 5 - 51 59
-------------- ---------- ---------- --------------- -------- --------
231 27 15 273 252
-------------- ---------- ---------- --------------- -------- --------
No Directors fees have been accrued (2021: GBPNil) and GBP8,269
remain unpaid at 31 July 2022 (2021: GBPNil).
7 Other income
2022 2021
GBP000 GBP000
------------------------ -------- --------
Other fees & services 15 26
Total other income 15 26
------------------------ -------- --------
8 Profit/(Loss) for the year
The following items have been included in operating
profit/(loss):
2022 2021
GBP000 GBP000
------------------------------------------------- -------- --------
Fees payable to the Company's auditors:
Audit and assurance services:
- Audit of parent Company financial statements 24 18
Total auditor's fees 24 18
------------------------------------------------- -------- --------
Analysis of other costs:
Legal and professional fees 8 11
Foreign exchange losses 1 7
Other general overheads 215 227
224 245
------------------------------------------------- -------- --------
9 Taxation
2022 2021
Taxation charge based on profit/losses for the GBP000 GBP000
year
------------------------------------------------------- --------- --------
UK Corporation tax - -
Deferred taxation - -
------------------------------------------------------- --------- --------
Total tax expense - -
------------------------------------------------------- --------- --------
Factors affecting the tax charge for the year:
(Loss)/profit on ordinary activities before taxation (2,426) 2,012
------------------------------------------------------- --------- --------
(Loss)/profit on ordinary activities at the average
UK standard rate of 19% (2021: 19%) (461) 382
Effect of:
Deferred tax (asset)/liability not recognised (678) (616)
Expenses not deductible for tax purposes 372 85
Chargeable gains/(losses) 42 -
Remeasurement of deferred tax for changes in tax (14) -
rates
Movement in deferred tax not recognised 62 (467)
Current tax charge - -
------------------------------------------------------- --------- --------
As set out in Note 2, the Company has not recognised a deferred
tax asset in the financial statements as there is no certainty that
taxable profits will be available against which these assets could
be utilised.
10 Earnings per share
(Loss)/profit attributable to ordinary shareholders 2022 2021
The calculation of ( loss)/profit per share is
based on the loss after taxation divided by the
weighted average number of shares in issue during
the period:
(Loss)/profit from operations (GBP000) (2,426) 2,012
Total (GBP000) (2,426) 2,012
--------- --------
Number of shares
Weighted average number of ordinary shares for
the purposes of basic (loss)/earnings per share
(millions) 449.80 362.57
Weighted average number of ordinary shares for
the purposes of diluted (loss)/earnings per share
(millions) 533.84 470.73
Basic (loss)/profit per share (expressed in pence) (0.540) 0.558
Diluted (loss)/profit per share (expressed in
pence) n/a 0.428
--------- --------
11 Financial investments
Financial assets at fair value through GBP000 GBP000 GBP000 GBP000
profit or loss:
-------------------------------------------- --------- -------- --------- ---------
Level Level Level Total
1 2 3
-------------------------------------------- --------- -------- --------- ---------
Fair Value at 31 July 2020 340 - 1,153 1,493
-------------------------------------------- --------- -------- --------- ---------
Additions 1,752 - 504 2,256
Fair value changes 1,468 - 903 2,371
Gains/(loss) on disposals 352 - (116) 236
Transfer to level 1 1,542 - (1,542) -
Disposal (1,041) - (59) (1,100)
Impairment provision - - (132) (132)
Foreign Exchange - - - -
Fair Value at 31 July 2021 4,413 - 711 5,124
-------------------------------------------- --------- -------- --------- ---------
Additions 114 - 54 168
Fair value changes (2,168) - - (2,168)
Gains/(loss) on disposals 220 - - 220
Transfer to level 1 125 - (125) -
Disposal (400) - - (400)
Impairment provision - - - -
Foreign Exchange - - - -
Fair Value at 31 July 2021 2,304 - 640 2,944
-------------------------------------------- --------- -------- --------- ---------
The financial assets splits are as
below:
Non-current assets - listed 2,304 - - 2,304
Non-current assets - unlisted - - 454 454
Non-current assets - unlisted convertible
loans* - - 186 186
-------------------------------------------- --------- -------- --------- ---------
Total 2,304 - 640 2,944
-------------------------------------------- --------- -------- --------- ---------
*GBP111,000 of the convertible loans is an unlisted convertible
loan held in a listed security.
Gains on investments held at fair value
through profit or loss
Fair value gain on investments (2,168) - - (2,168)
Realised gain on disposal of investments 221 - - 221
--------- --- --- ---------
Net gain on investments held at fair
value through profit or loss (1,947) - - (1,947)
========= === === =========
Level 1 represents those assets, which are measured using
unadjusted quoted prices for identical assets.
Level 2 applies inputs other than quoted prices that are
observable for the assets either directly (as prices) or indirectly
(derived from prices).
Level 3 applies inputs, which are not based on observable market data.
The Directors carried out an impairment review as at 31 July
2022 and determined a further impairment charge of GBPNil (2021:
GBP130,000) was required.
Financial investments comprise investments in listed and
unlisted Companies, of which the listed investments are traded on
stock markets throughout the world, and are held by the Company as
a mix of strategic and short-term investments. The listed
investments have been valued at bid price, as quoted on their
respective Stock Exchanges, at 31 July 2022.
Fair value hierarchy of financial assets at fair value through
profit or loss.
12 Trade and other receivables
2022 2021
Current assets GBP000 GBP000
-------------------- -------- --------
Other receivables 131 152
Prepayments 32 22
-------------------- -------- --------
163 174
-------------------- -------- --------
The carrying value of receivables approximates their fair
value.
13 Trade and other payables
2022 2021
Amounts due within one year GBP000 GBP000
------------------------------- -------- --------
Trade payables 52 23
Other creditors 1 23
Accruals and deferred income 27 20
80 66
------------------------------- -------- --------
14 Share capital and share premium account
Number Ordinary Deferred Share
of shares share share premium
capital capital
Share capital issued and fully GBP000 GBP000 GBP000
paid
At 31 July 2020 254,367,047 216 2,299 11,828
-------------------------------------- ------------- ---------- ---------- ---------
Issue of new ordinary shares
on 19 November 2020 56,606,789 48 - 518
Issue of new ordinary shares
on 4 December 2020 56,393,211 48 516
Exercise of warrants on 22 December
2020 3,589,743 3 - 44
Exercise of warrants on 26 January
2021 15,384,610 13 - 187
Issue of new ordinary shares
on 1 February 2021 15,000,000 13 - -
Exercise of warrants on 22 February
2021 2,750,000 2 - 53
Exercise of warrants on 15 March
2021 5,128,176 4 - 62
Exercise of warrants on 6 May
2021 16,492,320 14 - 200
Issue of new ordinary shares
on 3 June 2021 15,000,000 13 - -
Exercise of warrants on 1 July
2021 9,084,610 8 - 110
Less: costs of share placing - - - (59)
-------------------------------------- ------------- ---------- ---------- ---------
At 31 July 2021 449,796,506 382 2,299 13,459
-------------------------------------- ------------- ---------- ---------- ---------
No Activity - - - -
-------------------------------------- ------------- ---------- ---------- ---------
At 31 July 2022 449,796,506 382 2,299 13,459
-------------------------------------- ------------- ---------- ---------- ---------
15 Movements in equity
Share capital represents the nominal value of the amount
subscribed for shares. Share premium represents the amount
subscribed for shares in excess of their nominal value less costs
of subscription. Ordinary shares carry the rights to one vote per
share at general meetings of the Company and the rights to share in
any distributions of profits or returns of capital and to share in
any residual assets available for distribution in the event of a
winding up. The deferred shares have no voting rights and are not
eligible for dividends.
The share-based payment reserve represents amounts arising from
the requirement to expense the fair value of share-based
remuneration in accordance with IFRS 2 'Share-based Payments'.
Investment in Own Shares represents shares held in trust. As at
31 July 2022 the Company held in Trust 30,000,000 (2021:
30,000,000) of its own shares with a nominal value of GBP25,500
(2020: GBP25,500). The Trust has waived any entitlement to the
receipt of dividends in respect of its holding of the Company's
ordinary shares. The market value of these shares at 31 July was
GBP150,000 (2021: GBP360,000). In the current period nil were
repurchased (2021: nil) and nil were transferred into the Trust
(2021: 30,000,000), with nil reissued on award of shares to
directors.
The shares held in EBT were incorrectly classified as an expense
in prior period. An adjustment has been made in the current period
to correct this. The amounts involved are immaterial and therefor
no prior year adjustment was considered necessary.
Retained earnings are the cumulative net losses recognised in
the income statement and other comprehensive income.
Movements on these reserves are set out in the statement of
changes in equity.
16 Related party transactions
The Company had the following transactions with related
parties:
The Company charged rent of GBP15,000 to Cadence Minerals Plc, a
company of which Don Strang is a director (2021: GBP9,000).
The Company held a convertible loan of GBP111,000 with Rogue
Baron Plc, a company of which Hamish Harris is a director (2021:
GBP111,000). Additionally, the Company holds 21,543,653 shares in
Rogue Baron plc (2021: 21,543,653). There were no transactions with
Rogue Baron Plc during the year. In 2021, the Company converted
GBP639,000 of its Convertible Loan to Rogue Baron Plc into
22,033,293 ordinary shares in Rogue Baron Plc.
Compensation of key management personnel of the Company
The Company considers the directors to be its key management
personnel. Full details of the remuneration of the directors are
shown in Note 6.
17 Reconciliation of net cash flow to movement in net funds
2022 2021
GBP000 GBP000
------------------------------------- -------- --------
Net funds at beginning of the year 1,071 838
(Decrease)/increase in cash (247) 233
Net funds at end of the year 824 1,071
------------------------------------- -------- --------
Analysis of changes in net funds
At 31 At 31
July Cash July
2021 Flow 2022
GBP000 GBP000 GBP000
---------------------------- -------- -------- --------
Cash and cash equivalents 1,071 (247) 824
Net funds 1,071 (247) 824
---------------------------- -------- -------- --------
Significant non-cash transactions
During the year the significant non-cash transactions during the
year were as follows:
-- GBP 2,168,000 of unrealised losses in movement in the market
value of the Company's listed financial investments were revalued
through the income statement
18 Financial instruments and related disclosures
General objectives, policies and processes
The Board has overall responsibility for the determination of
the Company's risk management objectives and policies and, whilst
retaining ultimate responsibility for them, it has delegated
authority for designing and operating processes that ensure the
effective implementation of the objectives and policies to the
Company's finance function. The Board receives monthly reports
through which it reviews the effectiveness of the processes put in
place and the appropriateness of the objectives and policies it
sets.
The overall objective of the Board is to set policies that seek
to reduce risk as far as possible without unduly affecting the
Company's competitiveness and flexibility.
The Company reports in Sterling. Internal and external funding
requirements and financial risks are managed based on policies and
procedures adopted by the Board of Directors. The Company does not
use derivative financial instruments such as forward currency
contracts, interest rate and currency swaps or similar instruments.
The Company does not issue or use financial instruments of a
speculative nature.
Capital management
The Company's objectives when maintaining capital are:
-- to safeguard the entity's ability to continue as a going
concern, so that it can continue to provide returns for
shareholders and benefits for other stakeholders; and
-- to provide an adequate return to shareholders.
The capital structure of the Company consists of total
shareholders' equity as set out in the 'Statement of changes in
equity'. All working capital requirements are financed from
existing cash resources.
Capital is managed on a day to day basis to ensure that all
entities in the Company are able to operate as a going concern.
Operating cash flow is primarily used to cover the overhead costs
associated with operating as an AIM and NEX-listed company.
Liquidity risk
Liquidity risk arises from the Company's management of working
capital. It is the risk that the Company will encounter difficulty
in meeting its financial obligations as they fall due.
The Directors consider that there is no significant liquidity
risk faced by the Company. The Company maintains sufficient
balances in cash to pay accounts payable and accrued expenses.
The Board receives forward looking cash flow projections at
periodic intervals during the year as well as information regarding
cash balances. At the balance sheet date, the Company had cash
balances of GBP824,000 and the financial forecasts indicated that
the Company expected to have sufficient liquid resources to meet
its obligations under all reasonably expected circumstances and
will not need to establish overdraft or other borrowing
facilities.
Interest rate risk
As the Company has no borrowings, it only has limited interest
rate risk. The impact is on income and operating cash flow and
arises from changes in market interest rates. Cash resources are
held in current, floating rate accounts.
Market risk
Market price risk arises from uncertainty about the future
valuations of financial instruments held in accordance with the
Company's investment objectives. These future valuations are
determined by many factors but include the operational and
financial performance of the underlying investee companies, as well
as market perceptions of the future of the economy and its impact
upon the economic environment in which these companies operate.
This risk represents the potential loss that the Company might
suffer through holding its financial investment portfolio in the
face of market movements, which was a maximum of GBP2,761,000
(2021: GBP4,949,000).
The investments in equity of quoted companies that the Company
holds are less frequently traded than shares in more widely traded
securities. Consequently, the valuations of these investments can
be more volatile.
Market price risk sensitivity
The table below shows the impact on the return and net assets of
the Company if there were to be a 20% movement in overall share
prices of the Listed financial investments held at 31 July
2022.
2022 2021
----------------------------------------------------- --------------------- ---------------------
Other comprehensive Other comprehensive
income and income and
Net assets Net assets
GBP000 GBP000
----------------------------------------------------- --------------------- ---------------------
Decrease if overall share price falls by 20%, with
all other variables held constant (461) (883)
Decrease in other comprehensive earnings and net
asset value per Ordinary share (in pence) (0.001)p (0.002)p
Increase if overall share price rises by 20%, with
all other variables held constant 461 883
Increase in other comprehensive earnings and net
asset value per Ordinary share (in pence) 0.001p 0.002p
----------------------------------------------------- --------------------- ---------------------
The impact of a change of 20% has been selected as this is
considered reasonable given the current level of volatility
observed and assumes a market value is attainable for the Company's
unlisted investments.
Currency risk
The Directors consider that there is no significant currency
risk faced by the Company. The foreign currency transactions the
Company enters into are either denominated in USD, AUD and or CAD.
These are all in relation to the Company's investments in
Non-Current Assets. These are not considered to hold a separate
currency risk as movements in foreign currencies form part of the
market price sensitivity risk covered above.
Credit risk
Credit risk is the risk that a counterparty will fail to
discharge an obligation or commitment that it has entered into with
the Company. The Company's maximum exposure to credit risk is:
2022 2021
GBP000 GBP000
-------------------- -------- --------
Cash at bank 824 1,071
Other receivables 163 174
987 1,245
-------------------- -------- --------
The Company's cash balances are held in accounts with Barclays
Bank plc, and with its Investment Broker accounts.
Fair value of financial assets and liabilities
Financial assets and liabilities are carried in the Statement of
Financial Position at either their fair value (financial
investments) or at a reasonable approximation of the fair value
(trade and other receivables, trade and other payables and cash at
bank).
The fair values are included at the amount at which the
instrument could be exchanged in a current transaction between
willing parties, other than in a forced or liquidation sale.
Trade and other receivables
The following table sets out the fair values of financial assets
within Trade and other receivables.
2022 2021
Financial assets (Note 12) GBP000 GBP000
----------------------------------------------------- -------- --------
Trade and other receivables - Non interest earning 163 174
There are no financial assets which are past due and for which
no provision for bad or doubtful debts has been made.
Trade and other payables
The following table sets out financial liabilities within Trade
and other payables. These financial liabilities are predominantly
non-interest bearing. Other liabilities include tax and social
security payables and provisions which do not constitute
contractual obligations to deliver cash or other financial
assets.
2022 2021
Financial liabilities (Note 13) GBP000 GBP000
---------------------------------- -------- --------
Trade and other payables 80 66
19 Share schemes
The Company has a share option scheme for all employees
(including Directors). Options are exercisable at a price agreed at
the date of grant. The vesting period is usually between zero and
five years. The exercise of options is dependent upon eligible
employees meeting performance criteria. The options are settled in
equity once exercised.
If the options remain unexercised after their expiry date, the
options expire. Options lapse if the employee leaves the Company
before the options vest.
Options issued, cancelled, & outstanding for the
year ended 31 July 2022
Weighted
average
exercise
Number price
--------------------------------------------------- ------------- ----------
At 31 July 2020 10,251,399 3.06p
--------------------------------------------------- ------------- ----------
Issued 19,000,000 1.00p
Lapsed (19,046) 446.25p
--------------------------------------------------- ------------- ----------
At 31 July 2021 29,232,353 1.43p
--------------------------------------------------- ------------- ----------
Lapsed (3,529,412) 4.25p
--------------------------------------------------- ------------- ----------
At 31 July 2022 25,702,941 1.04p
--------------------------------------------------- ------------- ----------
Range of exercise prices 1.00p - 4.25p
--------------------------------------------------- -------------------------
Weighted average remaining contractual life 1.04 years
--------------------------------------------------- -------------------------
Options outstanding & exercisable
at 31 July 2022
Exercise Expiry
Date of grant Number price (p) date
12 February 2018 352,941 4.25 11/02/2023
29 July 2020 6,350,000 1.00 29/07/2023
26 August 2020 19,000,000 1.00 26/08/2023
------------------------------------ ------------ ----------- ------------
Total 25,702,941
------------------------------------ ------------ ----------- ------------
A modified Black-Scholes model has been used to determine the
fair value of the share options on the date of grant. The fair
value is expensed to the income statement on a straight-line basis
over the vesting period, which is determined annually. The model
assesses a number of factors in calculating the fair value. These
include the market price on the date of grant, the exercise price
of the share options, the expected share price volatility of the
Company's share price, the expected life of the options, the
risk-free rate of interest and the expected level of dividends in
future periods.
For those options granted where IFRS 2 "Share-Based Payment" is
applicable, the fair values were calculated using the Black-Scholes
model. The inputs into the model were as follows:
Risk free rate Share price volatility Expected life Share price at date of grant
26 August 2020 1.3% 27.52% 3 years GBP0.00875
---------------- ------------------------ --------------- ------------------------------
Expected volatility was determined by calculating the historical
volatility of the Company's share price for 12 months prior to the
date of grant. The expected life used in the model is the term of
the options.
Charges to the statement of comprehensive income
2022 2021
GBP000 GBP000
------------------------------ -------- --------
Share based payment charges - 24
------------------------------ -------- --------
Warrants issued, cancelled, & outstanding for
the year ended 31 July 2022
Weighted
average
exercise
Number price
------------------------------------------------ -------------- ----------
At 31 July 2020 62,717,950 1.30p
------------------------------------------------ -------------- ----------
Issued 56,500,000 2.00p
Exercised (49,679,459) 1.30p
Exercised (2,750,000) 2.00p
Lapsed (2,064,103) 1.30p
------------------------------------------------ -------------- ----------
At 31 July 2021 64,724,388 1.88p
------------------------------------------------ -------------- ----------
Lapsed (64,724,388) 1.88p
------------------------------------------------ -------------- ----------
At 31 July 2022 - -
------------------------------------------------ -------------- ----------
20 Commitments and contingencies
The Company announced it has agreed binding heads of terms with
Metals One Plc ("Metals One") to farm into the Black Schist
Projects in Finland (the "Projects"), containing a
nickel-zinc-copper-cobalt deposit proximal, and analogous, to the
large Talvivaara mine.
The Company has agreed to provide funding to Metals One of GBP1
million for the development of the Project (the "Investment"), for
which it will be issued such number of shares in the capital of
Finnaust Mining Northern OY ("Finnaust", which holds the Projects),
which equal 25% of the voting rights in Finnaust (the
"Farm-in").
The Investment is conditional upon Metals One's ordinary shares
being admitted to trading on the AIM market of the London Stock
Exchange ("Admission") and simultaneous acquisition of Finnaust.
Gunsynd will provide the GBP1 million funding and receive the 25%
of Finnaust over a period of 18 months in four equal tranches,
beginning on Metals One's Admission and thereafter at six-monthly
intervals, to be invested in the development of the Projects.
The Company had a rental commitment under a short term lease
totalling GBP23,000 at 31 July 2022, which is due within one
year.
21 Ultimate controlling party
There is not considered to be an ultimate controlling party of
the company.
22 Events after the end of the reporting period
On 13 September 2022, the C ompany announced it had
conditionally invested approximately a further GBP100,000 in one of
its investee companies, Rincon Resources Limited ("Rincon"). This
further investment was approved at a general meeting of Rincon
shareholders on 28 October 2022.
On 20 September 2022, the company announced it had invested a
further AUD$175,000 (approximately GBP100,000) into Charger Metals
NL.
On 25 October 2022, the company announces that it has invested
AUD$90,000 (approximately GBP50,000) into Omega Oil & Gas
Limited, an ASX listed Australian energy and resources company
focused on natural gas exploration and oil production.
Note:
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not a guarantee of future performance and are
subject to known and unknown risks, uncertainties, and other
factors, some of which are beyond the Company's control, are
difficult to predict, and could cause actual results to differ
materially from those expressed or forecasted in the
forward-looking statements. The Company cautions security holders
and prospective security holders not to place undue reliance on
these forward-looking statements, which reflect the view of the
Company only as of the date of this announcement. The
forward-looking statements made in this announcement relate only to
events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions
or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of
this announcement except as required by law or by any appropriate
regulatory authority.
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END
FR FLFLLFDLRIIF
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December 06, 2022 06:19 ET (11:19 GMT)
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