TIDMMILA
RNS Number : 3922U
Mila Resources PLC
29 March 2019
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural
Resources
29 March 2019
Mila Resources Plc
("Mila" or "the Company")
Interim Results
Mila Resources Plc, a London listed natural resources company,
is pleased to present its interim results for the six-month period
ended 31 December 2018.
Highlights:
-- Ongoing appraisal of investment targets in regions and
commodities with strong valuation or cash-flow growth potential
-- Suspension of trading ahead of a potential reverse take-over
while a due diligence process was conducted on a high-grade
minerals sand project in Southern Asia.
-- Strong balance sheet position with cash balance at the end of
the period GBP573,200 due to continuous prudent financial
management. Mila has also negotiated a contribution of GBP37,500
towards Mila's cost from Capital Metals Limited (CML) subject to
them completing a successful listing.
Chairman Statement
I am pleased to present the interim financial statements to
shareholders for the six months ended 31 December 2018.
We formed the Company to undertake an acquisition of a
controlling interest in a company or business (an "Acquisition").
Any Acquisition is expected to constitute a reverse takeover
transaction and consideration for the Acquisition may be in part or
in whole in the form of share-based consideration or funded from
the Company's existing cash resources or the raising of additional
funds.
Following completion of an Acquisition, the objective of the
Company will be to add value to the acquired business or asset
through the deployment of capital with a view to generating value
for its shareholders.
The last year has seen Mila focus on a strategy focused on
investments and acquisition targets in certain specific commodities
and projects within a particular stage of the development cycle.
This strategy has proven challenging to identify explicit targets
at valuations that were justifiable.
We recently mutually terminated a proposed reverse takeover of
Capital Metals Limited, however we continue to see a strong flow of
potential Acquisition opportunities. The Board of Directors,
together with the Company's advisers, are constantly evaluating
these opportunities to ensure that we secure and execute the right
transaction.
I look forward to reporting our progress to you over the coming
the months.
Financial Review
For the half year to 31 December 2018, the Company reports a net
loss of GBP104,650 (2017: GBP124,732). During the six-month period
to 31 December 2018, the Company continued its strict financial
discipline, incurring a net operating cash outflow of GBP128,350
(GBP2017: GBP120,645). The Company held cash at 31 December 2018 of
GBP573,200 (2017: GBP811,389)
Directors
The following directors have held office during the period:
George Donne
Anthony Eastman
Mark Stephenson
Corporate Governance
The UK Corporate Governance Code (September 2014) ("the Code"),
as appended to the Listing Rules, sets out the Principles of Good
Corporate Governance and Code Provisions which are applicable to
listed companies incorporated in the United Kingdom. As a standard
listed company, the Company is not subject to the Code, but the
Board recognises the value of applying the principles of the Code
where appropriate and proportionate and has endeavoured to do so
where practicable.
Responsibility Statement
The Directors are responsible for preparing the Unaudited
Interim Condensed Consolidated Financial Statements in accordance
with the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority ("DTR") and with International
Accounting Standard 34 on Interim Reporting ("IAS 34"). The
directors confirm that, to the best of their knowledge, this
condensed consolidated interim report has been prepared in
accordance with IAS 34 as adopted by the European Union. The
interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the six months ended 31 December 2018 and their impact on the
condensed consolidated financial statements for the period, and a
description of the principal risks and uncertainties for the
remaining six months of the financial year; and
-- related party transactions that have taken place in the six
months ended 31 December 2018 and that have materially affected the
financial position of the performance of the business during that
period.
Outlook
The appetite for listing on the London Standard List is
currently appealing to many domestic and international private
companies. Mila's current existing investment strategy is to
broaden its horizons. Evaluating opportunities across a range of
sectors, the company believes will lead to a more efficient process
of identifying suitable candidates.
On behalf of the board
Mark Stephenson
Director
29 March 2019
MILA RESOURCES PLC
Interim Statement of Comprehensive Income (Unaudited)
For the six months ended 31 December 2018
Notes Six months Six months Year ended
ended ended 30 June
31 December 31 December 2018 Audited
2018 Unaudited 2017 Unaudited
GBP GBP GBP
Revenue - - -
Administrative expenses (104,650) (124,732) (235,264)
Loss before taxation (104,650) (124,732) (235,264)
Income tax expense 3 - - -
Loss for the year (104,650) (124,732) (235,264)
---------------- ---------------- --------------
Other comprehensive income
/ (loss) - - -
---------------- ---------------- --------------
Total comprehensive loss
for the year attributable
to equity holders (104,650) (124,732) (235,264)
---------------- ---------------- --------------
Loss per share (basic
and diluted) attributable
to equity holders (p) 4 (0.45)p (0.54)p (1,01)p
---------------- ---------------- --------------
The income statement has been prepared on the basis that all
operations are continuing operations.
MILA RESOURCES PLC
Interim Statement of Financial Position (Unaudited)
As at 31 December 2018
At 31 December At 31 December At 30 June
2018 Unaudited 2017 Unaudited 2018 Audited
Notes GBP GBP GBP
Current assets
Trade and other receivables 11,651 4,664 8,791
Cash at bank and in hand 573,200 811,389 701,550
---------------- ---------------- --------------
584,851 816,053 710,341
Current liabilities
Trade and other payables 1,537 17,557 22,377
---------------- ---------------- --------------
1,537 17,557 22,377
Net current assets 583,314 798,496 687,964
Net assets 583,314 798,496 687,964
---------------- ---------------- --------------
Equity
Share capital 5 232,000 232,000 232,000
Share premium 5 849,300 849,300 849,300
Share based payment reserve 4,720 4,720 4,720
Retained losses (502,706) (287,524) (398,056)
Equity attributable to
the owners of the parent 583,314 798,496 687,964
---------------- ---------------- --------------
MILA RESOURCES PLC
Statements of changes in equity (Unaudited)
For the six months ended 31 December 2018
Share Share Premium Share Based Retained TOTAL
Capital Account Payment Loss
Reserve
GBP GBP GBP GBP GBP
Balance at 30 June 2017 232,000 849,300 4,720 (162,792) 923,228
Total comprehensive
loss for the period - - - (235,264) (235,264)
Balance at 30 June 2018 232,000 849,300 4,720 (398,056) 687,964
Total comprehensive
loss for the period - - - (104,650) (104,650)
Balance at 31 December
2018 232,000 849,300 4,720 (502,706) 583,314
========= ============== ============ ========== ==========
MILA RESOURCES PLC
Statement of cash flow (Unaudited)
For the six months ended 31 December 2018
Six months Six months 12 months
to 31 December to 31 December to 30 June
2018 2017 2018
GBP GBP GBP
Cash flows from operating activities
Loss for the period (104,650) (124,732) (235,264)
Adjustments for:
Costs settled by the payment of - - -
shares / warrants
----------------
Operating cashflow before working
capital movements (104,650) (124,732) (235,264)
(Increase) / decrease in trade
and other receivables (2,860) (3,423) (7,550)
Increase / (decrease) in trade
and other payables (20,840) 7,510 12,330
---------------- ---------------- ------------
Net cash flow from operating activities (128,350) (120,645) (230,484)
---------------- ---------------- ------------
Net increase in cash and cash equivalents (128,350) (120,645) (230,484)
Cash and cash equivalents at beginning
of the period 701,550 932,034 932,034
Cash and cash equivalents at end
of the period 573,200 811,389 701,550
---------------- ---------------- ------------
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2018
1 General information
Mila Resources Plc (the "Company") looks to identify potential
companies, businesses or asset(s) that have operations in the
natural resources exploration, development and production
sector.
The Company is domiciled in the United Kingdom and incorporated
and registered in England and Wales, with registration number
09620350.
The Company's registered office is Lockstrood Farm, Ditchling
Common, Burgess Hill, West Sussex RH15 0SJ.
2 Accounting policies
The principal accounting policies applied in preparation of
these consolidated financial statements are set out below. These
policies have been consistently applied unless otherwise
stated.
Basis of preparation
The interim unaudited financial statements for the period ended
31 December 2018 have been prepared in accordance with IAS 34
Interim Financial Reporting. This interim financial information is
not the Company's statutory financial statements and should be read
in conjunction with the annual financial statements for the period
ended 30 June 2018, which have been prepared in accordance with
International Financial Reporting Standards (IFRS) and have been
delivered to the Registrars of Companies. The auditors have
reported on those accounts; their report was unqualified, did not
include references to any matters which the auditors drew attention
by way of emphasis of matter without qualifying their report and
did not contain statements under section 498 (2) or (3) of the
Companies Act 2006.
The interim financial information for the six months ended 31
December 2018 is unaudited. In the opinion of the Directors, the
interim consolidated financial information presents fairly the
financial position, and results from operations and cash flows for
the period.
The Directors have made an assessment of the Company's ability
to continue as a going concern and are satisfied that the Company
has adequate resources to continue in operational existence for the
foreseeable future. The Company, therefore, continues to adopt the
going concern basis in preparing its consolidated financial
statements.
The financial information of the Company is presented in British
Pounds Sterling (GBP).
Critical accounting estimates and judgements
The preparation of interim financial information requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities and the reported amounts of
income and expenses during the reporting period. Although these
estimates are based on management's best knowledge of current
events and actions, the resulting accounting estimates will, by
definition, seldom equal related actual results.
In preparing the interim financial information, the significant
judgements made by management in applying the Company's accounting
policies and the key sources of estimation uncertainty were the
same as those that applied to the financial statements for the year
ended 30 June 2018.
3 Income tax expense
No tax is applicable to the Company for the six months ended 31
December 2018. No deferred income tax asset has been recognised in
respect of the losses carried forward, due to the uncertainty as to
whether the Company will generate sufficient future profits in the
foreseeable future to prudently justify this.
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2018 (cont.)
4 Loss per share
Basic loss per ordinary share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares.
There are currently no dilutive potential ordinary shares.
Earnings Weighted average Per-share
GBP number of shares amount
unit pence
Loss per share attributed
to ordinary shareholders (104,650) 23,200,000 (0.45)p
5 Share capital
Number
of shares Share Share
in issue capital premium Total
GBP GBP GBP
Balance at 30 June 2018 23,200,000 232,000 849,300 1,081,300
Movements during the period - - - -
Balance at 31 December 2018 23,200,000 232,000 849,300 1,081,300
=========== ======== ======== ==========
The Company has one class of ordinary share which carries no
right to fixed income.
6 Related party disclosures
Remuneration of directors and key management personnel
The remuneration of the Directors during the six-month period to
31 December 2018 amounted to GBP36,000 (31 December 2017:
GBP36,000).
Shareholdings in the Company
Shares and warrants held by the Directors of the Company which
remained unchanged during the period.
Shares Warrants (1)
Mr George Donne 200,000 400,000
Mr Anthony Eastman 200,000 400,000
Mr Mark Stephenson 600,000 1,200,000
Balance at 31 December
2018 1,000,000 2,000,000
========== =============
(1) Exercisable at GBP0.05, on or before 31 December 2020.
7 Subsequent events
Termination of talks with Capital Management Limited ("CML")
On the 19(th) of March 2019, the Company announced an update on
the negotiations regarding the acquisition of 100% of the share
capital of CML. Unfortunately, the agreement between the two
parties did not materialise, resulting in negotiations being
terminated by mutual consent.
Resignation of Directors
On the 19(th) of March 2019, following the termination of talks
with CML, Mr George Donne and Mr Anthony Eastman, both Executive
Directors, resigned from the board.
New Board Appointment
On the 26(th) of March 2019, Mr Lee Daniels was appointed as a
Non-executive Director.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR SEAFWAFUSEFD
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