TIDMEMM
RNS Number : 5689I
Emerging Market Minerals PLC
26 March 2015
26 March 2015
Emerging Market Minerals Plc
("Emerging Market Minerals" or the "Company")
Interim Results for the six months ended 31 December 2014
Emerging Market Minerals (AIM: EMM), the AIM listed uranium,
thorium, base and precious metals and gemstones exploration and
development company operating in Madagascar, announces its
unaudited interim results for the six months ended 31 December
2014.
Highlights:
-- Continued identification and assessment of a number of
attractive project opportunities for potential acquisition in order
to expand the Company's asset portfolio.
-- Loss before and after taxation for the period of
approximately GBP100,000 (31 December 2013: GBP77,000).
-- Group's indebtedness extinguished following an equity
subscription of GBP405,000, before expenses, by an existing
substantial shareholder in the Company.
-- Change of Company's name approved by shareholders and new corporate website launched.
For further information, please contact:
Emerging Market Minerals Plc Tel: +61 8 9368 4966
Bernard Olivier, Executive Chairman Mob: +61 40 894 8182
Strand Hanson Limited (Nominated Adviser) Tel: +44 (0)20 7409 3494
James Harris
Matthew Chandler
James Dance
Pareto Securities Limited (Broker) Tel: +44 (0)20 7786 4370
Guy Wilkes
or visit: www.emergingmarketminerals.com
Chairman's Statement
I am pleased to present the Group's unaudited interim results
for the six-month period ended 31 December 2014.
The Group incurred a loss before and after taxation for the six
month period of approximately GBP100,000 (2013: GBP77,000). The
loss reflects the limited essential care and maintenance
expenditure required to maintain the good standing of our Marodambo
Project, corporate running costs and expenditure associated with
conducting the requisite due diligence on potential new attractive
project opportunities.
During the reporting period, the Board has continued to
diligently assess further potential opportunities to expand the
Company's asset portfolio in line with our stated strategy. Market
conditions have continued to be extremely challenging for companies
operating in the mining sector, such that the Board has yet to
secure a suitably compelling proposition, at a sensible valuation,
to present to shareholders and potential investors to raise the
requisite funding to pursue such an opportunity.
The Group's early stage Marodambo Project in Madagascar, focused
on exploration for uranium and thorium, remains on a care and
maintenance footing, pending receipt of the requisite environmental
clearances and approvals from the relevant Madagascan government
authorities in respect of the potential Phase 2 exploration work
programme for the project.
On 9 September 2014, the Company announced that it had raised
GBP405,000 before expenses, via a subscription for new ordinary
shares by Kijani Resources Limited ("Kijani"), an existing
substantial shareholder in the Company. Kijani subscribed for
1,000,000 new ordinary shares at a price of 40.5 pence per share.
The net proceeds raised from the subscription were used to repay
the Group's existing indebtedness with the balance to be applied
for general working capital purposes. The Company anticipates
raising additional equity and/or debt finance in due course in
order to ensure that the Group maintains an appropriate capital
structure and is able to fund its ongoing working capital
requirements and potential future development opportunities.
Concurrently with the subscription, we announced certain Board
changes, including the appointment of William Redford as a
Non-Executive Director of the Company. As part of the Board
changes, I assumed the role of Executive Chairman with Roy Spencer
assuming the role of Non-Executive Director. William joined the
Board to assist us in identifying and evaluating potential
opportunities to expand the Company's asset portfolio in line with
our stated strategy and we continue to believe in the longer-term
fundamentals for the natural resources sector. On 21 October 2014,
the Company also announced the resignation of James Slade as a
Non-Executive Director to pursue his other business interests.
At the Company's Annual General Meeting held on 5 December 2014,
shareholders approved a change in the Company's name to "Emerging
Market Minerals PLC" and, we subsequently launched a new corporate
website at: www.emergingmarketminerals.com.
We again thank all of our shareholders, advisers and other
stakeholders for their continued support and patience as we
continue to pursue our objective of securing a suitable opportunity
to generate long-term shareholder value.
Dr Bernard Olivier
Executive Chairman
26 March 2015
Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2014
Six months to Year ended
31 December Six months 30 June
2014 to 31 December 2014
Unaudited 2013 Unaudited Audited
GBP'000s GBP'000s GBP'000s
Revenue - - -
Administrative expenses (97) (64) (641)
Interest payable (3) (13) (24)
---------------- ---------------- ----------------
(Loss) before taxation (100) (77) (665)
Taxation - - -
---------------- ---------------- ----------------
(Loss) for the period from continuing
operations attributable to shareholders (100) (77) (665)
(Loss) per share
Basic & Diluted (0.26)p (0.26)p (2.10)p
Consolidated Statement of Financial Position
as at 31 December 2014
Six months Six months Year ended
to 31 December to 30 June
2014 31 December 2014
Unaudited 2013 Unaudited Audited
GBP'000s GBP'000s GBP'000s
ASSETS
Non-current assets
Goodwill 704 1,145 704
Intangibles - 38 -
-------------- -------------- --------------
704 1,183 704
-------------- -------------- --------------
LIABILITIESCurrent assets
Trade and other receivables 15 8 16
Cash and cash equivalents 66 85 11
-------------- -------------- --------------
81 93 27
-------------- -------------- --------------
Current liabilities
Trade and other payables (53) (533) (304)
-------------- -------------- --------------
(53) (533) (304)
-------------- -------------- --------------
Net current assets/(liabilities) 28 (440) (277)
-------------- -------------- --------------
Non-current liabilities
Financial liabilities -
borrowings and
interest bearing loans - (200) -
-------------- -------------- --------------
Net assets 732 543 427
EQUITY
Capital and reserves
Called up share capital 116 107 115
Share premium 4,478 3,559 4,074
Share option reserve - 50 -
Profit and loss deficit (3,863) (3,174) (3,763)
-------------- -------------- --------------
Total equity 731 542 426
Minority Interest 1 1 1
-------------- -------------- --------------
732 543 427
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2014
Share Share Share Retained
Capital Premium Option Losses Total
Reserve
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
As at 1 January 2013 107 3,559 50 (3,038) 678
(Loss) after tax for
the period - - - (59) (59)
-------------- -------------- ------------ ------------ ------------
As at 30 June 2013 107 3,559 50 (3,097) 619
(Loss) after tax for
the period - - - (77) (77)
-------------- -------------- ------------ ------------ ------------
As at 31 December 2013 107 3,559 50 (3,174) 542
(Loss) after tax for
the period - - - (588) (589)
Movement in share option
reserve - - (50) - (50)
Conversion of loan and
accrued interest 8 515 - - 523
-------------- -------------- ------------ ------------ ------------
As at 30 June 2014 115 4,074 - (3,762) 426
(Loss) after tax for
the period - - - (100) (100)
Issue of new shares 1 404 - - 405
-------------- -------------- ------------ ------------ ------------
As at 31 December 2014 116 4,478 - (3,862) 731
Consolidated Cash Flow Statement
For the six months ended 31 December 2014
Six months
to Six months Year ended
31 December to 30 June
2014 31 December 2014
Unaudited 2013 Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Operating activities 6 (347) (64) 24
Finance costs (3) (13) (24)
-------------- -------------- --------------
Cash generated/(absorbed)
by operating activities (350) (77) -
-------------- -------------- --------------
Investing activities
Purchase of intangibles - - -
-------------- -------------- --------------
Net cash from investing - - -
activities
-------------- -------------- --------------
Financing activities
Loan received - 150 -
Issue of new shares 405 - -
-------------- -------------- --------------
Net cash from financing
activities 405 150 -
-------------- -------------- --------------
Net cash inflow/(outflow) 55 73 -
Cash and cash equivalents
at the beginning of the
period 11 12 11
-------------- -------------- --------------
Cash and cash equivalents
at the end of the period 66 85 11
Notes to the Interim Financial Information
For the six months ended 31 December 2014
1. General information
Emerging Market Minerals Plc is a mineral exploration and
development company. The Company is a public limited company
incorporated in England and Wales with company number 05980987. It
is quoted on AIM, a market operated by the London Stock Exchange
Plc.
2. Basis of preparation
The interim financial information, which incorporates the
financial information of the Company and its subsidiary
undertakings (the "Group"), has been prepared using the historical
cost convention, on a going concern basis and in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union ("EU").
The interim financial information for the 6 months to 31
December 2014, which complies with IAS 34 "Interim Financial
Reporting", was approved by the board on 25 March 2015.
The unaudited interim financial information for the period
ending 31 December 2014 does not constitute statutory accounts
within the meaning of section 435 of the Companies Act 2006. The
comparative figures for the year ended 30 June 2014 are extracted
from the statutory financial statements for that financial year
which have been delivered to the Registrar of Companies and which
contained an unqualified audit report and did not contain any
statements under Sections 498 and 502 of the Companies Act
2006.
3. Significant accounting policies
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 30 June 2014, as
described in those financial statements.
There are no IFRSs or IFRIC interpretations that are effective
for the first time in this financial period that would be expected
to have a material impact on the Group.
There are no other IFRSs or IFRIC interpretations that are not
yet effective that would be expected to have a material impact on
the Group.
4. Segmental analysis
The Group's primary reporting format is business segments and
its secondary format is geographical segments. The Group currently
only operates in a single business and geographical segment.
Accordingly, no segmental information by business segment or
geographical segment is required.
5. Losses per share
Losses per ordinary share have been calculated using the
weighted average number of shares in issue during the relevant
financial period. The weighted average number of equity shares in
issue was, basic and diluted, 39,060,968 (30 June 2014: 31,626,887;
31 December 2013: 30,137,806). The loss for the financial period
was GBP100,000 (loss 31 December 2013: GBP77,000; loss 30 June
2014: GBP665,000).
6. Reconciliation of operating (loss) to net cash outflow from operating activities
Six months Six months
to to Year ended
31 December 31 December 30 June
2014 2013 2014
GBP'000s GBP'000s GBP'000s
Operating (loss) for the
period (97) (64) (665)
Adjustments for:
Decrease in receivables 1 11 4
Increase/(decrease) in payables (251) (11) 257
Non-cash movement in share
option reserve - - (50)
Impairment expense - - 479
-------------- -------------- --------------
Net cash inflow/(outflow)
from operating activities (347) (64) 24
7. Called up share capital
The issued ordinary share capital as at 31 December 2014 was
39,441,403 (30 June 2014: 38,441,403; 31 December 2013: 30,137,806)
ordinary shares of GBP0.001 each.
8. Unsecured loan and convertible loan notes
The Company entered into an unsecured loan agreement with Irvine
Securities Limited on 11 July 2013. The principal amount was
GBP150,000 and interest accrued at a rate of 8 per cent. above
Barclays Bank PLC's base rate from time to time. The loan and
accrued interest were settled in full on 3 October 2014.
The GBP200,000 unsecured convertible loan notes due 27 February
2015 were converted in full, at the election of the noteholder, on
26 June 2014 into 3,333,333 new ordinary shares at a conversion
price of 6 pence per new ordinary share. The convertible loan notes
accrued interest at a rate of 2 per cent. above the Royal Bank of
Scotland plc's base rate from time to time.
9. Related party transactions
Transactions between the Group and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
required to be disclosed.
10. Post balance sheet events
There are no post balance sheet events to report.
11. Availability of Interim Financial Statements
A copy of these unaudited interim results will be made available
from the Company's registered office at 30 Portland Place, London
W1B 1LZ during normal business hours on any weekday. The interim
results will also be made available on the Company's website at:
www.emergingmarketminerals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FQLFLEXFBBBZ
Emerging Mkt (LSE:EMM)
Historical Stock Chart
From May 2024 to Jun 2024
Emerging Mkt (LSE:EMM)
Historical Stock Chart
From Jun 2023 to Jun 2024
