Source - RNS
RNS Number : 2470L
Reabold Resources PLC
29 September 2016
 

29 September 2016

REABOLD RESOURCES PLC

 ("the Company")

 

Unaudited Interim Results for six months ended 30 June 2016

 

Reabold Resources plc (AIM: RBD) the AIM quoted resources investment company announces its unaudited interim results for the six months ended 30 June 2016 ("the Period").

 

For further information, contact:

 

Reabold Resources plc

Jeremy Edelman (Executive Chairman)

Anthony Samaha (Executive Director)

 

 

+44 (0) 20 7440 0640

 

 

Beaumont Cornish Limited

Roland Cornish

+44 (0) 20 7628 3396

Felicity Geidt

 

 

CHAIRMAN'S STATEMENT

 

The Board has continued to be active in the identification and evaluation of investment opportunities in various sectors towards the objective of an acquisition that drives creation of value for stakeholders. 

 

Placement

 

The Board was pleased to announce on 8 January 2016 the placement by the Company of 40,000,000 new Ordinary Shares of 0.1p each in the Company at a price of 0.5p per share, to a new strategic investor, to raise £200,000 for working capital purposes. 

 

Mogul Ventures Corp. Investment

 

The Company holds 5 million shares in Mogul Ventures Corp. ("Mogul"), a private company focused on natural resources in Mongolia, principally in tin.   Reabold's holding in Mogul amounts to a 4.2% undiluted interest.

 

On 29 April 2016, Knowlton Capital Inc ("Knowlton"), a TSX-V listed company, announced the termination of the agreement to acquire all of the issued and outstanding shares of Mogul to pursue another reverse take-over transaction.  Notwithstanding the termination of the transaction with Knowlton, the management and key stakeholders in Mogul remain positive towards Mogul's future in the public markets under improved market conditions. Mogul is in discussions as to alternative financing routes, including other listed shell companies with the prerequisite cash.

 

In Q4 2015, Mogul conducted a drilling program to collect samples for metallurgical test work at Mogul's Oortsog Ovoo tin-polymetallic project. Mogul believes the program will be important in significantly de-risking the project.  Composite samples have been delivered to the ALS Burnie laboratory in Tasmania to assay samples and conduct magnetic and gravity separation trials.  Mogul has been informed that the mineralization has very little sulfides so there will most likely be no need for flotation. Steinert Australia will conduct pre-concentration trials as well as a separate magnetic separation trials using their equipment.  

 



Financial Review

 

The loss of the Company for the 6 months ended 30 June 2016 was £55,000 (2015: loss of £34,000) in line with expectations. The net assets as at 30 June 2016 were £569,000 (2015: £294,000). 

 

As at 30 June 2016, the Company had cash of £384,000. 

 

 

Outlook

 

Having successfully raised further capital, the Board is moving forward positively to drive shareholder value through the investment strategy.  Whilst the Board believes there are positive cyclical investment opportunities in resources stocks, they may be subject to significant volatility in financial markets and commodity prices, as well as other potential risk areas, including operational, geological, environmental, sovereign issues and access to capital.  The Board will evaluate investment opportunities in other sectors as they arise.  The Board is positive towards the outlook for quality investment opportunities.

 

The Board looks forward to reporting further in due course.

 

This report was approved by the Board and signed on its behalf:

 

 

Jeremy Edelman

Chairman

 

29 September 2016

 



 

 

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2016

 



Unaudited

Unaudited

Audited


 6 months to

 6 months to

12 months to


30-Jun-16

30-Jun-15

31-Dec-15

Notes

£'000

£'000

£'000











Other operating income


-

-

-

Administration expenses


(55)

(34)

(104)






Operating loss



(55)

(34)

(104)








Finance income



-

-

-

Finance costs



-

-

-








Loss on ordinary activities before taxation


(55)

(34)

(104)






Taxation on loss on ordinary activities


-

-

-






Loss for the financial period


(55)

(34)

(104)








Other comprehensive income


-

-

-






Total comprehensive income for the period

(55)

(34)

(104)








Attributable to:






Equity holders


(55)

(34)

(104)



(55)

(34)

(104)








Earnings per share





Basic and diluted loss per share (pence)

2

(0.02)

(0.01)

(0.04)








 

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2016

 



Unaudited

Unaudited

Audited



30-Jun-16

30-Jun-15

31-Dec-15


Notes

£'000

£'000

£'000

ASSETS





Non-current assets





Investments available for sale

3

200

200

200



200

200

200

Current assets





Cash


384

157

481

Trade and other receivables


3

3

1



387

160

482






Total assets


587

360

682






EQUITY





Capital and reserves





Share capital

4

435

355

395

Share premium account


8,451

8,131

8,291

Advance received for shares to be issued


-

-

200

Capital redemption reserve


200

200

200

Retained earnings


(8,517)

(8,392)

(8,462)

Total equity


569

294

624






LIABILITIES





Current liabilities





Trade and other payables


18

66

58



18

66

58






Total liabilities


18

66

58

Total equity and liabilities


587

360

682



 

CASH FLOW STATEMENT

FOR THE PERIOD ENDED 30 JUNE 2016

 



Unaudited


Unaudited


Audited



6 months to


6 months to


12 months to



30-Jun-16


30-Jun-15


31-Dec-15


Note

£'000


£'000


£'000

Cash flows from operating activities







Loss before taxation


(55)


(34)


(104)








Adjustments


-


-


-








Operating cash flows before movement in working capital


(55)


(34)


(104)








Decrease/(increase) in receivables


(3)


(1)


1

Increase/(decrease) in payables


(40)


(4)


(12)








Net cash used in operating activities


(97)


(39)


(115)








Net cash flows from investment activities


-


-


-








Cash flows from financing activities







Share placement received


-


-


200

Advance received for shares to be issued


-


-


200

Net cash generated from financing activities


-


-


400








Net increase/(decrease) in cash and cash equivalents


(97)


(39)


285








Cash and cash equivalents at the beginning of the period


481


196


196








Cash and cash equivalents at the end of the period


384


157


481

 

Cash and cash equivalents comprises the following:







 

Cash and cash equivalents


384


157


481



384


157


481

 



 

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2016


Share

Capital

Share Premium

Advance received for shares to be issued

Capital Redemption Reserve

Retained Earnings

Total


£'000

£'000


£'000

£'000

£'000

£'000








Balance 31 December 2014 - audited

355

8,131

-

200

(8,358)

328

Total comprehensive income for period

-

-

-

-

(34)

(34)

Changes in equity for period to 30 June 2015







Issue of share capital

-

-

-

-

-

-








Balance 30 June 2015 - unaudited

355

8,131

-

200

(8,392)

294








Total comprehensive income

-

-

-

-

(70)

(70)

Changes in equity for period to 31 December 2015







Issue of share capital

40

160

-

-

-

200

Advance received for shares to be issued

-

-

200

-

-

200








Balance 31 December 2015 - audited

395

8,291

200

200

(8,462)

624








Total comprehensive income

-

-

-

-

(55)

(55)

Changes in equity for period to 30 June 2016







Issue of share capital

40

160

-

-

-

200

Advance received for shares to be issued

-

-

(200)

-

-

(200)








Balance 30 June 2016 - unaudited

435

8,451

-

200

(8,517)

569


NOTES TO THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2016

 

1.     Basis of preparation

 

These interim financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2015 Annual Report. The financial information for the half years ended 30 June 2016 and 30 June 2015 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and is unaudited.

 

The annual financial statements of Reabold Resources Plc are prepared in accordance with IFRSs as adopted by the European Union. The comparative financial information for the year ended 31 December 2015 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2015 have been filed with the Registrar of Companies. The Independent Auditors' Report on that Annual Report and Financial Statement for 2015 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

 

After making enquiries, the directors have a reasonable expectation that the Company have adequate resources and support from key shareholders to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly financial statements.

 

The same accounting policies, presentation and methods of computation are followed in these condensed financial statements as were applied in the Company's latest annual audited financial statements, with additional information in respect of significant accounting policies disclosed below.

 

The IASB has issued a number of IFRS and IFRIC amendments or interpretations since the last annual report was published. It is not expected that any of these will have a material impact on the Company.

 

 

2.         Loss per share

 

 

The calculations of the basic and diluted earnings per share are based on data the following:

Unaudited

6 months to

30-Jun-16

£'000

Unaudited

6 months to 30-Jun-15

£'000

Audited

12 months to 31-Dec-15

£'000

 

Loss for the year

 

(55)

 

(34)

 

(104)





Loss for the purpose of basic earnings per share

(55)

(34)

(104)





Number of shares




Weighted average number of ordinary shares in issue during the year

317,816,913

240,915,896

251,682,611

Effect of dilutive options

-

-

-

Effect of dilutive long-term incentive plan

-

-

-

Effect of dilutive deferred consideration

-

-

-

Effect of shares held in treasury

-

-

-





Diluted weighted average number of ordinary shares in issue during the year

317,816,913

240,915,896

251,682,611





(Loss)/profit/earnings per share




Basic (loss)/profit/earnings per share (pence)

(0.02)

(0.01)

(0.04)





 

 

3.    Investments available for sale



Unaudited

Unaudited

Audited



30-Jun-16

£'000

30-Jun-15

£'000

31-Dec-15

£'000

Opening cost


200

200

200

Additions at cost


-

-

-

Disposals


-

-

-

Closing cost


200

200

200

 

 

4.    Called up share capital


30-Jun-16

No. shares

30-Jun-15

No. shares

31-Dec-15

No. shares

Ordinary shares




Opening ordinary shares of 0.10 pence each

280,915,896

240,915,896

240,915,896

Issue of new ordinary shares of 0.10 pence each

40,000,000

-

40,000,000

Closing ordinary shares of 0.10 pence each

320,915,896

240,915,896

280,915,896





"A" Deferred Share




Opening "A" Deferred Share of 1.65 pence each

6,915,896

6,915,896

 6,915,896

Capital reorganisation and consolidation

-

-

-

Closing "A" Deferred Share of 1.65 pence each

6,915,896

6,915,896

6,915,896






30-Jun-16

£'000

30-Jun-15

£'000

31-Dec-15

£'000

Ordinary shares




Opening ordinary shares of 0.10 pence each

281

241

241

Issue of new ordinary shares of 0.10 pence each

40

-

40

Closing ordinary shares of 0.10 pence each

321

241

281





"A" Deferred Share




Opening "A" Deferred Share of 1.65 pence each

114

114

114

Capital reorganisation and consolidation

-

-

-

Closing "A" Deferred Share of 1.65 pence each

114

114

114

 

At 30 June 2016 no share options were outstanding (2015: nil).

 

On 18 September 2015, the Company issued 40,000,000 new ordinary shares of 0.1p each at a price of 0.5p per share raising £200,000 in funds for working capital purposes.

 

On 8 January 2016, the Company announced the placement of 40,000,000 ordinary shares at 0.5 pence per share to raise gross proceeds of £200,000 to provide additional working capital for the Company.  The funds in respect of this placement were received prior to 31 December 2015.

 

 

5.    Events after the reporting period

 

There were no disclosable events after the reporting period to the date of this announcement.

 



 

6.    General Information

 

Reabold Resources Plc is a company registered in England and Wales under the Companies Act. Registered in England number 3542727 at 200 Strand, London WC2R 1DJ. The principal activity of the Company is that of an investing company in accordance with the AIM Rules for Companies.

 

 

7.    Availability of this announcement

 

Copies of this announcement are available from the Company's website www.reabold.com.

 


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