Interim Results
28 September 2007 - 12:47AM
UK Regulatory
RNS Number:6420E
Xceldiam Limited
27 September 2007
Xceldiam Limited
("Xceldiam" or "the Company")
Xceldiam, the AIM quoted diamond investment company, announces its consolidated
unaudited interim results for the 6 month period to June 30, 2007.
Interim Highlights
* Disposal of interest in Luangue Concession in Angola to Petra Diamonds
Limited ("Petra") in an all share transaction
* Profit on disposal of interest in Luangue Concession of $50.4 million
recognised
* Distribution of 19,674,584 Petra shares to Xceldiam shareholders other
than Petra
* Xceldiam shareholders remain interested in the Luangue Concession
alongside a broader exposure to Petra's other production and advanced
exploration activities
* Cash of $1.25m retained by Xceldiam to pursue its investing strategy
Overview
Xceldiam's operations were focused on the 3,000km2 Luangue Concession in north
east Angola where the Company held a 39% interest in a kimberlite exploration
license and a 40% interest in an alluvial exploration license through its wholly
owned subsidiary, Frannor Investments and Finance Limited ("Frannor"), which was
disposed of with effect from 26 March 2007, as set out below.
Corporate developments
On 1 March 2007, the Company announced that it had entered into a conditional
agreement to dispose of its entire shareholding in Frannor to Petra in an all
share transaction in which Petra would issue 19,674,584 shares ("Consideration
Shares") to Xceldiam ("the Transaction").
On 19 March 2007, shareholders approved the Transaction, including the
distribution of the Consideration Shares to Xceldiam shareholders, other than
Petra, as a dividend in specie. The remaining conditions to the Transaction
were satisfied on 26 March 2007 and the Transaction was accordingly completed.
Following the Transaction and subsequent distribution, $1.25 million was
retained by the Company to be utilised to fund the Company's operating costs for
the subsequent twelve month period and to be invested by the directors in
accordance with the proposed investing strategy, whereby the Company will:
* (i) invest by way of purchasing shares in diamond companies, or other
resource opportunities, which hold exploration or mining licences in the
sub-Saharan region of Africa, most notably the Democratic Republic of the
Congo ("DRC"), or (ii) acquire the assets held by these companies. The
recent democratic elections in the DRC, and the revision of its mining
legislation, makes this country in the directors' opinion, a good target for
exploration and mining activities;
* make an investment or acquisition within 12 months from March 2007,
failing which it will return all funds held by the company to the
shareholders by way of dividend;
* make only one or two key investments or acquisitions with the funds it
currently holds;
* if it chooses to invest by way of a purchase of shares, rather than by way
of an acquisition of assets, it will be an active investor in the way that
it manages those investments;
* if it chooses to acquire further assets, initially rely on the corporate
finance, legal and geological skills base along with the investor base that
is available from companies associated with Michael Nunn to facilitate
initial assessment of new projects and investments and only appoint full
time staff to any acquired projects should it be deemed appropriate.
Subsequent to the completion of the Transaction and the distribution of the
Consideration Shares, the Company reduced the exercise price of the warrants
traded on AIM from 50p to 1.7p and extended the period in which they can be
exercised to 19 March 2008.
Results for the period
The profit for the six month period to 30 June 2007 was $49.1 million. The
profit for the period includes a profit of $50.4 million arising as a result of
the disposal of Frannor.
For further information, please contact:
Xceldiam Limited +27 (11) 214 1000
Mark Summers +27 (83) 253 5539
WH Ireland Limited
David Youngman +44 161 832 2174
www.xceldiamgroup.com
XCELDIAM LIMITED
CONSOLIDATED BALANCE SHEET
As at 30 June 2007
Un-audited Un-audited Un-audited
30 June 31 December 30 June
2007 2006 2006
USD USD USD
Assets
Non-current assets - 6 793 206 5 473 205
Plant and equipment - 6 296 139 4 977 731
Intangible asset - 497 067 495 474
Current assets 1 458 313 5 841 861 9 515 836
Trade and other receivables 106 907 323 858 36 283
Cash and cash equivalents 1 351 406 5 518 003 9 479 553
Total assets 1 458 313 12 635 067 14 989 041
Equity and liabilities
Capital and reserves 1 451 135 12 243 583 14 956 566
Issued share capital 33 363 32 955 32 955
Share premium 2 738 963 20 515 841 20 515 841
Other reserves - 194 850 167 643
Accumulated loss (1 321 191) (8 500 063) (5 759 873)
Current liabilities
Trade and other payables 7 178 391 484 32 475
Total equity and liabilities 1 458 313 12 635 067 14 989 041
XCELDIAM LIMITED
CONSOLIDATED INCOME STATEMENT
Period 1 January 2007 to 30 June 2007
Un-audited Un-audited Un-audited
30 June 31 December 30 June
2007 2006 2006
USD USD USD
Interest received 20 486 297 648 145 956
Operating loss (1 283 856) (4 473 281) (1 592 068)
Profit on disposal of subsidiary 50 401 731 - -
Profit/loss for the period 49 138 361 (4 175 633) (1 446 112)
XCELDIAM LIMITED
CONSOLIDATED CASH FLOW STATEMENT
Period 1 January 2007 to 30 June 2007
Un-audited Un-audited Un-audited
30 June 31 December 30 June
2007 2006 2006
USD USD USD
Cash flows from operating (2 634 382) (3 489 225) (1 695 811)
activities
Cash absorbed by operations (2 654 868) (3 786 873) (1 841 767)
Net interest received 20 486 297 648 145 956
Cash flows from investing (1 925 751) (4 899 642) (2 731 526)
activities
Acquisition of plant and equipment - (4 899 642) (2 731 526)
Cash outflow on disposal of (1 925 751) - -
subsidiary
Cash flows from financing 393 536 (26 561) (26 541)
activities
Increase in share capital 408 - -
Increase in share premium 393 128 - -
Decrease in interest bearing - (26 561) (26 541)
liability
Decrease in cash and cash (4 166 597) (8 415 428) (4 453 878)
equivalents
Cash and cash equivalents at 5 518 003 13 933 431 13 933 431
beginning of period
Cash and cash equivalents at end 1 351 406 5 518 003 9 479 553
of period
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UBOSRBWRKUAR
Xceldiam (LSE:XLD)
Historical Stock Chart
From May 2024 to Jun 2024
Xceldiam (LSE:XLD)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Xceldiam (London Stock Exchange): 0 recent articles
More Xceldiam Limited News Articles