TIDMANR
RNS Number : 5424G
Altona Energy PLC
23 November 2015
Embargoed until 7am 23 November 2015
Altona Energy plc
("Altona" or "the Company")
Final Results
Altona (AIM: ANR) is pleased to announce its final results for
the year ended 30 June 2015 and gives notice that its Annual
General Meeting is to be held at the offices of Leander PR, Adam
House, 7-10 Adam Street, London, WC2N 6AA on 16 December 2015 at
11.00 a.m.
Highlights
-- Concluded the renegotiation of the JV Agreement with Sino-Aus and Wintask
-- Amended JV Agreement reflects a proposed bankable feasibility
study into an Underground Coal Gasification project
-- Significant reduction in Company overheads
-- Appointed Nick Lyth as UK-based Non-Executive Director
-- Appointed Qinfu Zhang as Executive Chairman
-- Visit to Arckaringa project by JV Partners in April 2015
Qinfu Zhang, Altona's Executive Chairman, commented, "In a
period of falling oil and coal prices we were delighted that
Sino-Aus have seen the potential in the Arckaringa project and have
committed to join us in its development.
"We are confident that working with our JV Partners will enable
the acceleration of the project and we look forward to informing
the market of developments in due course."
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy plc
Qinfu Zhang, Executive Chairman +44 (0)7555 679 245
Leander (Financial PR)
Christian Taylor- Wilkinson +44 (0)7795 168 157
Northland Capital Partners Ltd (Nomad and
Broker)
Matthew Johnson / Gerry Beaney (Corporate
Finance)
John Howes / Mark Treharne (Corporate Broking) +44 (0)20 738 1100
About Altona Energy
Altona is listed on the London Stock Exchange's AIM market. It
is focused on the evaluation and development of the Company's
Arckaringa Project to exploit the significant coal resources of
approximately 7.8 billion tonnes (non-JORC). The project area is
covered by three Exploration Licences covering 2,500 sq. kms in the
northern portion of the Permian Arckaringa Basin in South
Australia.
Chairman's Statement
Review of the Year
The year under review began positively with the appointment of a
new Chief Executive in October 2014, a new joint venture agreement
("JV Agreement") with Sino Aus Energy Group Limited ("Sino-Aus")
and Wintask Group Limited ("Wintask") ("the JV Partners") announced
on 14 November 2014 and was followed by approval of the new joint
venture arrangements by the Australian Foreign Investment Review
Board ("FIRB") in early December 2014.
The board appointed Mr Qinfu Zhang as Chairman in January 2015,
with him becoming Executive Chairman on 17 April 2015 following the
resignation of Michael Zheng, who had held the position of Chief
Executive.
Also in January, ministerial consent from the South Australian
government was obtained to allow the transfer of the three
Arckaringa Exploration Licences into the Arckaringa Coal Chemical
Joint Venture Co Pty Ltd ("JV Company") following approval by the
FIRB.
In April, the new board, along with its JV Partners agreed that
the JV Agreement would be amended to reflect a bankable feasibility
study ("BFS") into an Underground Coal Gasification ("UCG")
project, with the objective to produce natural gas from the
Arckaringa coal deposit. The JV Partners engaged Parsons
Brinckerhoff (Australia) at this time to provide recommendations as
to the most appropriate method to advance the project given the new
focus on UCG.
On 15 June 2015, the board appointed Nick Lyth as a
non-Executive Director. Mr Lyth is an experienced AIM board
director and has worked with many Chinese companies, being a
Mandarin speaker, making him a highly suitable addition to the
Altona board.
The Company has looked to take extraneous costs out of the
business over the past 12 months, with a number of significant
changes being made, including the closing of the London and Beijing
offices, a reduction in travel and staff numbers.
Post Balance Sheet Events
The changes to the BFS meant the terms of the JV Agreement would
need to be renegotiated, particularly in relation to the planned
payment schedule to be made by Sino-Aus and Wintask. These changes,
which coincided with significant falls in global equity and
commodity markets, lead to protracted negotiations with the JV
Partners. These negotiations were concluded in early November 2015
and the Company announced the signing of a Deed of Variation
modifying the terms of the JV Agreement on 5 November 2015.
Under the terms of the JV Agreement, as amended by the Deed of
Variation, Sino-Aus and Wintask will invest up to AUD$33 million in
four contribution stages. In addition, Sino-Aus will provide Altona
with working capital of up to GBP1.25 million in two tranches,
subject to certain conditions, through a subscription for shares in
Altona.
Arckaringa Project
The Company believes the rationale for the development of the
Arckaringa project remains as compelling as ever. The project's
strong fundamentals include the size of the resource (7.8 billion
tonnes, including 1.3 billion tonnes JORC compliant), a coal
quality which is suitable for gasification and synthetic fuels
production, attractive economics, combined with a very supportive
South Australian government and a location which favours both
domestic use and international export. The BFS which will be
produced over the next three years will focus on whether UCG is a
feasible strategy to turn this highly valuable product into returns
for shareholders.
Financial Review
The financial loss of the Group for the year ended 30 June 2015
of GBP1,312,000 (2014: GBP2,281,000) was in line with expectations
having initiated cost cutting initiatives during the year that are
designed to make shareholder's funds stretch as far as possible
whilst the joint venture completes its important BFS work.
As at 30 June 2015, the Group had cash of GBP543,000 (2014 -
GBP1,913,000). Subsequent to the year end the Group entered into an
agreement for the placing of 200,000,000 new Ordinary Shares,
conditional inter alia on shareholder approval and government
approvals relating to the joint venture, in two tranches of
100,000,000 shares each, the first placing priced at 0.5pence and
the second at 0.75 pence to raise a total of GBP1.25 million to
provide additional working capital.
The balance sheet as at 30th June 2015 continues to hold the
provision amounting to GBP790,000 (2014: GBP790,000) in respect of
a potential liability to HMRC for income tax not deducted and
accounted for under the PAYE system, and National Insurance
Contributions not accounted for, in each case in respect of
payments made on a gross basis to private companies for the
provision of the services of a former director. The provision
remains unchanged but the Company has worked with its professional
advisers and HMRC during the period and will continue to keep
shareholders informed as to progress in this area.
Outlook
The board believes that the new arrangement recently agreed with
its JV Partners is the right strategy for the Company to explore
the huge potential at the Arckaringa site. The focus of the next
three years will be on producing a BFS and the Company believes it
is working with the right partners, consultants and experts to
achieve this goal. It is expected that in the first quarter of
2016, the conditions of the JV Agreement will be met and the
initial phase of the project, the test drilling, will commence.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2015
Group
2015 2014
Notes GBP'000 GBP'000
Other administrative expenses (1,313) (2,362)
Total administrative expenses and loss from
operations 5 (1,313) (2,362)
Finance income 4 1 1
---------- ----------
Loss before taxation (1,312) (2,361)
Tax 9 - 80
---------- ----------
Loss for the year attributable to the
equity holders of the parent. (1,312) (2,281)
Other comprehensive income
Exchange differences on translating foreign
operations that may be subsequently reclassified
to profit or loss (1,341) (929)
Total comprehensive loss attributable to
the equity holders of the parent (2,653) (3,210)
========== ==========
Earnings per share expressed in pence
- Basic and diluted attributable to the
equity holders of the parent 8 (0.17p) (0.33p)
========== ==========
All of the above operations during the year are continuing.
STATEMENTS OF FINANCIAL POSITION
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As at 30 June 2015
Group Group Company Company
2015 2014 2015 2014
Notes GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 10 9,739 11,040 - -
Investment in subsidiaries 11 - - 1,432 1,432
Other receivables 12 2 79 9,091 10,387
---------- ---------- ---------- ----------
Total non-current assets 9,741 11,119 10,523 11,819
---------- ---------- ---------- ----------
Current assets
Trade and other receivables 12 122 202 58 96
Cash and cash equivalents 543 1,913 509 1,869
Total current assets 665 2,115 567 1,965
---------- ---------- ---------- ----------
TOTAL ASSETS 10,406 13,234 11,090 13,784
========== ========== ========== ==========
LIABILITIES
Current liabilities
Provisions 14 790 790 790 790
Trade and other payables 13 108 155 94 70
Total current liabilities 898 945 884 860
---------- ---------- ---------- ----------
TOTAL LIABILITIES 898 945 884 860
========== ========== ========== ==========
NET ASSETS 9,508 12,289 10,206 12,924
========== ========== ========== ==========
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT
Share capital 15 792 792 792 792
Share premium 15 17,778 17,778 17,778 17,778
Merger reserve 2,001 2,001 2,001 2,001
Foreign exchange reserve (22) 1,319 - -
Retained deficit (11,041) (9,601) (10,365) (7,647)
---------- ---------- ---------- ----------
TOTAL EQUITY 9,508 12,289 10,206 12,924
========== ========== ========== ==========
STATEMENTS OF CASH FLOWS
For the year ended 30 June 2015
Group Company
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
Operating activities
Loss for the year before
taxation (1,312) (2,281) (2,590) (3,225)
Finance income (1) (1) (1) (1)
Share based payments (128) 172 (128) 172
Foreign exchange on loans to controlled
entities - - 1,439 981
Decrease / (increase) in
receivables 113 (59) 113 12
(Decrease) / increase in
payables (47) 801 25 754
---------- ---------- ------------ ----------
Cash used in operations (1,375) (1,368) (1,142) (1,307)
Income tax benefit received 43 - - -
---------- ---------- ------------ ----------
Net cash flows used in operating
activities (1,332) (1,368) (1,142) (1,307)
Investing activities
Payments to acquire intangible
fixed assets (35) (452) - -
Loans to subsidiary - - (219) (529)
Interest received 1 1 1 1
Net cash flows used in investing
activities (34) (451) (218) (528)
Financing activities
Proceeds from issue of shares - 3,220 - 3,220
Issue costs paid - (161) - (161)
---------- ---------- ------------ ----------
Net cash inflow from financing - 3,059 - 3,059
Net (decrease)/increase in cash
and cash equivalents (1,366) 1,240 (1,360) 1,224
Cash and cash equivalents at beginning
of the year 1,913 679 1,869 645
Effect of exchange rate changes
on cash and cash equivalents (4) (6) - -
---------- ---------- ------------ ----------
Cash and cash equivalents at 30
June 543 1,913 509 1,869
========== ========== ============ ==========
STATEMENTS OF CHANGES IN EQUITY
For the year ended 30 June 2015
All attributable to equity holders of the parent
Foreign
Share Share Merger exchange Retained Total
capital Premium reserve reserve deficit equity
Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 July 2013 562 14,949 2,001 2,248 (7,492) 12,268
Loss for the year - - - - (2,281) (2,281)
Other comprehensive
income - - - (929) - (929)
Issue of share capital 230 2,990 - - - 3,220
Costs of issue of share
capital - (161) - - - (161)
Share based payments - - - - 172 172
---------- ---------- ---------- ----------- ---------- ---------
Balance at 30 June 2014 792 17,778 2,001 1,319 (9,601) 12,289
---------- ---------- ---------- ----------- ---------- ---------
Loss for the year - - - - (1,312) (1,312)
Other comprehensive
income - - - (1,341) - (1,341)
Share based payments - - - - (128) (128)
Balance at 30 June 2015 792 17,778 2,001 (22) (11,041) 9,508
---------- ---------- ---------- ----------- ---------- ---------
Company GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 July 2013 562 14,949 2,001 - (4,594) 12,918
Loss for the year - - - - (3,225) (3,225)
Issue of share capital 230 2,990 - - - 3,220
Costs of issue of share
capital - (161) - - - (161)
Share based payments - - - - 172 172
Balance at 30 June 2014 792 17,778 2,001 - (7,647) 12,924
--------- --------- --------- --------- ---------- -----------
Loss for the year - - - - (2,590) (2,590)
Share based payments - - - - (128) (128)
Balance at 30 June 2015 792 17,778 2,001 - (10,365) 10,206
--------- --------- --------- --------- ---------- -----------
The following described the nature and purpose of each reserve
within owners' equity:
Reserve Description and Purpose
Share Capital Amount subscribed for share capital at nominal value
Share premium Amount subscribed for share capital in excess of
nominal value.
Merger reserve Reserve created on issue of shares on acquisition
of subsidiaries in prior years.
Foreign exchange Cumulative translation differences of net assets
reserve of subsidiaries.
Retained deficit Cumulative net gains and losses recognised in the
consolidated statement of comprehensive income
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
GENERAL INFORMATION
Altona Energy PLC is a public company which is listed on the AIM
and was incorporated and domiciled in England & Wales, with
registered number 05350512. The Company's financial statements for
the year ended 30 June 2015 were authorised for issue by the Board
on 20 November 2015 and the Statements of Financial Position were
signed on the Board's behalf by Mr Nicholas Lyth.
The principal accounting policies are summarised below. They
have been applied consistently throughout the year.
BASIS OF PREPARATION
The financial statements are presented in Sterling, being the
functional currency and all values are rounded to the nearest
thousand pounds (GBP'000) unless otherwise stated.
These financial statements have been prepared in accordance with
IFRS as adopted for use in the European Union (EU), and with those
parts of the Companies Act 2006 applicable to companies reporting
under IFRS.
GOING CONCERN
The Company raises money for exploration and capital projects as
and when required. There can be no assurance that the Group's
projects will be fully developed in accordance with current plans
or completed on time or to budget. Future work on the development
of these projects, the levels of production and financial returns
arising therefrom may be adversely affected by factors outside the
control of the Group.
On 5 November 2015 the Company announced that the Group had
agreed with Sino-Aus and Wintask the following terms of its joint
venture for the development of the Arckaringa project, whereby they
undertake to fund the Bankable Feasibility Study for the Arckaringa
Project and thereby the Group's licence commitments up to a maximum
of A$33million, and to subscribe to acquire up to 200,000,000
shares to raise a maximum of GBP1.25million. As at the date of the
approval of these financial statements, the ability of the Company,
and therefore the Group, to continue as a going concern is
dependent on securing shareholder approval for this transaction and
completing the process to obtain the necessary regulatory and
government approvals. These conditions indicate the existence of a
material uncertainty which may cast significant doubt about the
ability of the Group to continue as a going concern. However, the
Directors are confident that the necessary shareholder approval
will be secured and fundraising will therefore complete as
anticipated and, alongside existing working capital, the resources
at the Company's disposal will be sufficient for the Company to be
able to meet its working capital requirements for a period of not
less than 12 months from the date of the approval of this
report.
The financial statements have therefore been prepared on a going
concern basis and do not include the adjustments that would result
if the Group was unable to continue in operation.
NEW STANDARDS AND INTERPRETATIONS
The financial statements have been drawn up on the basis of
accounting standards, interpretations and amendments effective at
the beginning of the accounting period.
(i) The following new standards, interpretations and amendments
to published standards effective in the year have been adopted by
the Group:
International Accounting Standards (IAS/IFRS) Effective date
IAS 27 Separate Financial Statements (2011) 1 Jan 2014
IAS 28 Investments in Associates and Joint Ventures 1 Jan 2014
(2011)
IFRS 10 Consolidated Financial Statements 1 Jan 2014
IFRS 11 Joint Arrangements 1 Jan 2014
IFRS 12 Disclosure of Interests in Other Entities 1 Jan 2014
The adoption of these new standards did not have an impact on
the financial statements other than in respect of disclosure.
(ii) Standards, amendments and interpretations, which are
effective for reporting periods beginning after the date of these
financial statements and which have not been adopted early:
Standard Impact on initial application Effective date
IAS 1 (Amendments) Presentation of Financial Statements *1 January 2016
- Disclosure Initiative
IAS 16 (Amendments) Property, plant and equipment - Clarification *1 January 2016
of Acceptable Methods of Depreciation
IAS 16 (Amendments) Property, plant and equipment - Bearer *1 January 2016
Plants
IAS 19 (Amendments) Defined Benefits Plans - Employee 1 February 2015
Contributions
IAS 27 (Amendments) Separate Financial Statements *1 January 2016
IAS 28 (Amendments) Investments in Associates and Joint *1 January 2016
Ventures
IAS 28 (Amendments) Accounting for Investments - Applying *1 January 2016
the Consolidation Exception
IAS 38 (Amendments) Intangible Assets - Clarification *1 January 2016
of Acceptable Methods of Amortisation
IAS 41 (Amendments) Agriculture - Bearer Plants *1 January 2016
IFRS 9 (Amendments) Financial Instruments *1 January 2018
IFRS 10 (Amendments) Consolidated Financial Statements *1 January 2016
- Investments in Associates and Joint
Ventures
IFRS 10 (Amendments) Consolidated Financial Statements: *1 January 2016
Applying the Consolidation Exception
IFRS 11 (Amendments) Joint Arrangements - Accounting for *1 January 2016
Acquisition of Interests in Joint
Operations
IFRS 12 (Amendments) Disclosure of Interests in Other *1 January 2016
Entities: Applying the Consolidation
Exception
IFRS 14 (Amendments) Regulatory Deferral Accounts *1 January 2016
IFRS 15 (Amendments) Revenue from Contracts with Customers *1 January 2018
Annual Improvements 2012 - 2014 Cycle *1 January 2016
Annual Improvements 2010 - 2012 Cycle 1 February 2015
Annual Improvements 2011 - 2013 Cycle 1 January 2015
* Not yet endorsed by European Union. The adoption of IFRS 9
will eventually replace IAS 39 in its entirety and consequently may
have a material effect on the presentation, classification,
measurement and disclosures of the Group's financial instruments;
however its impact on the financial statements has not yet been
assessed.
The Group is evaluating the impact of the remaining new and
amended standards above. The Directors believe that these new and
amended standards are not expected to have a material impact on the
Group's results or shareholders' funds.
BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries) as if they formed a single entity. Control is
achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability
to affect those returns through its power over the investee.
Generally, there is a presumption that a majority of voting
rights result in control. To support this presumption and when the
Group has less than a majority of the voting or similar rights of
an investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an investee,
including:
-- The contractual arrangement with the other vote holders of the investee;
-- Rights arising from other contractual arrangements; and
-- The Group's voting rights and potential voting rights
The Group re-assesses whether or not it controls an investee if
facts and circumstances indicate that there are changes to one or
more of the three elements of control. Subsidiaries are fully
consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date that control ceases.
Assets, liabilities, income and expenses of a subsidiary acquired
or disposed of during the year are included in the consolidated
financial statements from the date the Group gains control until
the date the Group ceases to control the subsidiary.
BUSINESS COMBINATIONS
Acquisitions of subsidiaries and businesses are accounted for
using the purchase method. The cost of the business combination is
measured as the aggregate of the fair values (at the date of
exchange) of assets given, liabilities incurred or assumed, and
equity instruments issued by the Group in exchange for control of
the acquiree. The acquiree's identifiable assets, liabilities and
contingent liabilities that meet the conditions for recognition
under IFRS 3 Revised Business Combinations are recognised at their
fair values at the acquisition date.
FOREIGN CURRENCIES
The functional currency and presentation currency of the Group
is UK Pounds Sterling. Transactions entered into by Group entities
in currency other than the currency of the primary economic
environment in which they operate (the "functional" currency) are
recorded at rates ruling when the transactions occur. Foreign
currency monetary assets and liabilities are translated at the
rates ruling at the reporting date.
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Non-monetary assets and liabilities that are measured in terms
of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets
and liabilities denominated in foreign currencies that are stated
at fair value are translated to Pounds Sterling at the foreign
exchange rates ruling at the dates the fair value was
determined.
On consolidation, the results of the operations are translated
into Pounds Sterling at average rates approximating to those ruling
when the transactions took place. All assets and liabilities of
overseas operations are translated at the rate ruling at the
reporting date. Exchange differences arising on translating the
opening net assets at closing rate are recognised directly in
equity (the "foreign exchange reserve").
Exchange differences recognised in the statement of
comprehensive income of Group entities' separate financial
statements on the translation of long-term monetary items forming
part of the Group's net investment in the overseas operation
concerned are reclassified to the foreign exchange reserve if the
item is denominated in the functional currency of the Company or
the overseas operation concerned.
TAXATION
Deferred tax liabilities are generally recognised for all
taxable temporary differences and deferred tax assets are generally
recognised for all deductible temporary differences to the extent
that it is probable that taxable profits will be available against
which those deductible
temporary differences can be utilised, except for differences
arising on investments in subsidiaries where the Group is able to
control the timing of the reversal of the difference and it is
probable that the difference will not reverse in the foreseeable
future.
Recognition of the deferred tax assets is restricted to those
instances where it is probable that the taxable profit will be
available against which the difference can be utilised.
Deferred tax is calculated based on rates enacted or
substantively enacted at the reporting date and expected to apply
when the related deferred tax asset is realised or liability
settled.
Current and deferred tax is charged or credited in the profit or
loss, except when it relates to items charged or credited directly
to equity, in which case the related tax is also dealt with in
equity. Research and Development tax credits are recognised when
they can be determined to be reliably measured.
PROVISIONS
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event, it
is probable that the Group will be required to settle the
obligation, and a reliable estimate can be made of the amount of
the obligation.
The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at
reporting date, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured using the
cash flows estimated to settle the present obligation, its carrying
amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a
provision are expected to be recovered from a third party, the
receivable is recognised as an asset if it is virtually certain
that reimbursement will be received and the amount of the
receivable can be measured reliably.
INTANGIBLE ASSETS - EXPLORATION AND EVALUATION ASSETS
Exploration and evaluation expenditure in relation to each
separate area of interest is recognised as an exploration and
evaluation asset in the year in which it is incurred where the
following conditions are satisfied:
(i) the rights to tenure of the area of interest are current; and
(ii) at least one of the following conditions is also met:
a) the exploration and evaluation expenditure is expected to be
recovered through successful development and exploration of the
area of interest, or alternatively, by its sale, or
b) Exploration and evaluation activities in the area of interest
have not, at the reporting date, reached a stage which permits a
reasonable assessment of the existence or otherwise of economically
recoverable reserves, and active and significant operations in, or
in relation to, the area of interest are continuing.
Exploration and evaluation assets are initially measured at cost
and include the acquisition of rights to exploration, studies,
exploratory drilling, trenching and sampling and associated
activities and an allocation of depreciation and amortisation of
assets used in exploration and evaluation activities. General,
administrative and share based payment costs are only included in
the measurement of exploration and evaluation costs where they are
related directly to exploration and evaluation activities in a
particular area of interest.
Exploration and evaluation assets are assessed for impairment
when facts or circumstances suggest that the carrying amount of an
exploration and evaluation asset may exceed its recoverable amount.
The recoverable amount of the exploration and evaluation asset (or
the cash-generating unit(s) ('CGU') to which it has been allocated,
being no larger than the relevant area of interest) is estimated to
determine the extent of the impairment loss (if any).
Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of its
recoverable amount, but only to the extent that the increased
carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for the
asset in previous years.
Leasing
Where substantially all of the risks and rewards incidental to
ownership are not transferred to the Group (an 'operating lease'),
the total rentals payable under the lease are charged to the profit
or loss on a straight-line basis over the lease term. The aggregate
benefit of lease incentives is recognised as a reduction of the
rental expense over the lease term on a straight-line basis. The
land and buildings elements of property leases are considered
separately for the purposes of lease classification.
FINANCIAL ASSETS
The only financial assets currently held by the Group are
classified as loans and receivables and cash and cash equivalents.
These assets are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. 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 are recognised when there is objective
evidence (such as significant financial difficulties on the part of
the counterparty or default or significant delay in payment) that
the Group will be unable to collect all of the amounts due under
the terms receivable, the amount of such a provision being the
difference between the net carrying amount and the present value of
the future expected cash flows associated with the impaired
receivable. For receivables which are reported net, such provisions
are recorded in a separate allowance account with the loss being
recognised within administrative expenses in the profit or loss. On
confirmation that the receivable will not be collectable, the gross
carrying value of the asset is written off against the associated
provision.
Loans and receivables comprise trade and other receivables and
cash and cash equivalents in the statement of financial
position.
Included within loans and receivables are cash and cash
equivalents which include cash in hand and other short term highly
liquid investments with a maturity of three months or less. Any
interest earned is accrued monthly and classified as interest.
Short term deposits comprise deposits made for varying periods of
between one day and three months.
For the purposes of the statement of cash flows, cash and cash
equivalents consist of cash and cash equivalents as defined
above.
Derecognition
Financial assets
The Group derecognises a financial asset when the contractual
rights to the cash flows from the asset expire, or it transfers the
asset and substantially all the risk and rewards of ownership of
the asset to another entity.
FINANCIAL LIABILITIES
The Group classifies its financial liabilities into one category
being other financial liabilities. At present, the Group does not
have any liabilities classified as fair value through profit or
loss or any of the other categories.
The Group's accounting policy for the other financial
liabilities category is as follows:
Trade payables and other short-term monetary liabilities, are
initially recognised at fair value and subsequently carried at
amortised cost using the effective interest method. All interest
and other borrowing costs incurred in connection with the above are
expensed as incurred and reported as part of financing costs in the
profit or loss.
Derecognition
Financial liabilities
The Group derecognises financial liabilities when, and only
when, the Group's obligations are discharged, cancelled or they
expire.
INVESTMENTS IN SUBSIDIARIES
In its separate financial statements the Company recognises its
investments in subsidiaries at cost, less any provision for
impairment. The cost of acquisition includes directly attributable
professional fees and other expenses incurred in connection with
the acquisition. It also includes share based payments issued to
employees of the Company for services provided to subsidiaries.
FINANCE INCOME
Finance income is recognised as interest accrues using the
effective interest method. This is a method of calculating the
amortised cost of a financial assets and allocating the interest
income over the relevant period using the effective interest rate,
which is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial asset to the
net carrying amount of the financial asset.
MERGER RESERVE
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The difference between the fair value of an acquisition and the
nominal value of the shares allotted in a share exchange has been
treated in accordance with the merger relief provisions of the
Companies Act 2006 and accordingly no share premium for such
transactions was required to be recognised, resulting in a credit
to the merger reserve.
SHARE BASED PAYMENTS
The Group issues equity-settled share-based payments to certain
employees. Equity-settled share-based payments are measured at fair
value at the date of grant. The equity-settled share-based payments
are expensed to the profit or loss or capitalised to investments or
intangibles in the statement of financial position over a straight
line basis over the vesting period based on the Group's estimate of
shares that will eventually vest.
Where equity instruments are granted to persons other than
employees, the profit or loss is charged with the fair value of
goods and services received over a straight line basis over the
vesting period based on the Group's estimate of shares that will
eventually vest, except where it is in respect to costs associated
with the issue of securities, in which case it is charged to the
share premium account.
SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS
The key assumptions concerning the future and other key sources
of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year
are discussed below:
(i) Impairment of intangibles
The Group determines whether intangibles are impaired when facts
and circumstances suggest that the carrying amount may exceed its
recoverable amount. Such indicators include the point at which a
determination is made as to whether or not commercial reserves
exist. The carrying amount of intangibles at 30 June 2015 is
disclosed in note 10.
(ii) Provisions
A provision is recorded where the Group has potential
liabilities relating to past events or actions of the Group but
that are currently uncertain. The Group therefore records its
reasonable assessment of the Group's probable current liability
based on the opinion of the Directors, having taken appropriate
professional advice. The provision is based on a number of
assumptions and as such no assurance can be given that the estimate
will prove to be accurate. The carrying amount of provisions at 30
June 2015 is disclosed in note 14.
2. FINANCIAL INSTRUMENTS - RISK MANAGEMENT
The financial instruments were categorised Loans and Other financial
as follows: receivables liabilities Total
Group 30 June 2015 GBP'000 GBP'000 GBP'000
Assets as per statement of financial
position
Trade and other receivables 45 - 45
Cash and cash equivalents 543 - 543
-------------- ----------------- ---------
588 - 588
-------------- ----------------- ---------
Liabilities as per statement of financial
position
Provisions - 790 790
Trade and other payables - 108 108
-------------- ----------------- ---------
- 898 898
-------------- ----------------- ---------
Group 30 June 2014 Loans and Other financial
receivables liabilities Total
Assets as per statement of financial GBP'000 GBP'000 GBP'000
position
Trade and other receivables 100 - 100
Cash and cash equivalents 1,913 - 1,913
-------------- ----------------- ---------
2,013 - 2,013
-------------- ----------------- ---------
Liabilities as per statement of financial
position
Other financial liabilities - non-current - 790 790
Trade and other payables - 155 155
-------------- ----------------- ---------
- 945 945
-------------- ----------------- ---------
Loans and Other financial
Company 30 June 2015 receivables liabilities Total
Assets as per statement of financial GBP'000 GBP'000 GBP'000
position
Trade and other receivables - - -
Cash and cash equivalents 509 - 509
-------------- ----------------- ---------
509 - 509
-------------- ----------------- ---------
Liabilities as per statement of financial
position
Provisions - 790 790
Trade and other payables - 13 13
-------------- ----------------- ---------
- 803 803
-------------- ----------------- ---------
Loans and Other financial
Company 30 June 2014 receivables liabilities Total
Assets as per statement of financial GBP'000 GBP'000 GBP'000
position
Other receivables - non current 10,311 - 10,311
Trade and other receivables 97 - 97
Cash and cash equivalents 1,869 - 1,869
-------------- ----------------- ---------
12,277 - 12,277
-------------- ----------------- ---------
Liabilities as per statement of financial
position
Other financial liabilities - non-current - 790 790
Trade and other payables - 70 70
-------------- ----------------- ---------
- 860 860
-------------- ----------------- ---------
The Group's financial instruments comprise cash and sundry
receivables and payables that arise directly from its
operations.
The main risks arising from the Group's financial instruments
are credit risk, liquidity risk and currency risk. The Directors
review and agree policies for managing these risks and these are
summarised below. There have been no substantial changes to the
Group's exposure to financial instrument risks, its objectives,
policies and processes for managing those risks or the methods used
to measure them from previous periods unless otherwise stated in
this note.
There is no significant difference between the carrying value
and fair value of receivables and cash and cash equivalents.
Credit Risk
Credit risk refers to the risk that a counter party will default
on its contractual obligations resulting in financial loss to the
Group. The Group has adopted a policy of only dealing with
creditworthy counterparties, as assessed by the Directors using
relevant available information.
Credit risk also arises on cash and cash equivalents and
deposits with banks and financial institutions. The Group's cash
deposits are only held in banks and financial institutions which
are independently rated with a minimum credit agency rating of
A.
There were no bad debts recognised during the period and there
is no provision required at the reporting date.
Liquidity risk
Liquidity risk arises from the Group's management of working
capital. It is the risk that the Group will encounter difficulty in
meeting its financial obligations as they fall due. Short term
payables are classified as those payables that are due within 30
days. The Group's policy is to ensure that it will always have
sufficient cash to allow it to meet its liabilities when they
become due. To achieve this aim, it seeks to maintain liquid cash
balances (or agreed facilities) to meet expected requirements for a
period of at least 45 days.
Currency risk
The functional currencies of the companies in the Group are
Pounds Sterling and Australian Dollars. The Group does not hedge
against the effects of movements in exchange rates. These risks are
monitored by the Board on a regular basis.
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The following table discloses the year end rates applied by the
Group for the purposes of producing the financial statements:
Australian
Foreign currency units to GBP1.00 GBP Dollar
------------------------------------------ ------------
At 30 June 2015 2.05
------------------------------------------- ------------
At 30 June 2014 1.80
------------------------------------------- ------------
The carrying amounts of the Group's foreign currency denominated
monetary assets and monetary liabilities at the reporting date are
as follows:
Liabilities Assets
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
Australian Dollar 95 84 46 44
========== ========== ========== ==========
The impact of a 20% (2014: 10%) fluctuation in the value of the
Australia Dollar would result in net translation gains or losses of
GBP9,800 (2014: GBP4,084) movement in the profit or loss and net
assets of the Group.
The only monetary asset the Company has is the intercompany
loan. The carrying amounts of the Company's foreign currency
denominated monetary assets and monetary liabilities at the
reporting date are as follows:
Assets
2015 2014
GBP'000 GBP'000
Australian Dollar 9,826 11,040
========== ==========
A 20% (2014: 10%) fluctuation in the value of the Australian
Dollar would result in a net translation gain or loss of
GBP1,637,725 (2014: GBP1,010,000).
Interest rate risk
The Group and Company finances thier operations through the
issue of equity share capital.
The Group and Company manages the interest rate risk associated
with the Group and Company cash assets by ensuring that interest
rates are as favourable as possible, whether this is through
investment in floating or fixed interest rate deposits, whilst
managing the access the Group and Company requires to the funds for
working capital purposes.
The interest rate profile of the Group's cash and cash
equivalents was as follows:
Pound Sterling Australian Total
GBP'000 Dollar
GBP'000 GBP'000
30 June 2015
Cash at bank floating interest
rate 509 34 543
================ ============ ==========
Pound Sterling Australian Total
GBP'000 Dollar
GBP'000 GBP'000
30 June 2014
Cash at bank floating interest
rate 1,869 44 1,913
================ ============ ==========
At the reporting date, cash at bank floating interest rate is
accruing weighted average interest of 0.05% (2014: 0.05%) As
required by IFRS 7, the Group has estimated the interest rate
sensitivity on year end balances and determined that a two
percentage point increase or decrease in the interest rate earned
on floating rate deposits would have caused a corresponding
increase or decrease in net income in the amount of GBP27,000
(2014: GBP38,000).
Capital Management
The Group considers its capital to comprise its ordinary share
capital, share premium and accumulated retained losses as well as
the reserves (consisting of foreign currency translation reserve
and merger reserve).
The Group's objective when maintaining capital is to safeguard
the entity's ability to continue as a going concern, so that it can
provide returns for shareholders and benefits for other
stakeholders.
The Company meets its capital needs by equity financing. The
Group sets the amount of capital it requires to fund the Group's
project evaluation costs and administration expenses. The Group
manages its capital structure and makes adjustments to it in the
light of changes in economic conditions and the risk
characteristics of the underlying assets.
The Company and Group do not have any derivative instruments or
hedging instruments. It has been determined that a sensitivity
analysis will not be representative of the Company's and Group's
position in relation to market risk and therefore, such an analysis
has not been undertaken.
Fair values
The fair values of the Group and Company's financial instruments
approximates to their carrying value.
2. REVENUE AND SEGMENTAL INFORMATION
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision--maker.
The chief operating decision--maker, who is responsible for
allocating resources and assessing performance of the operating
segment and that make strategic decisions, has been identified as
the Board of Directors. The Group had no revenue during the
period.
During the year ended 30 June 2015 the Group operated in one
segment being the evaluation of the Arckaringa coal to chemicals
project in South Australia. The Parent Company serves as an
administrative head office and is based in the United Kingdom.
During the year ended 30 June 2015 the Group's operations spanned
three countries, Australia, China and the United Kingdom. Included
within the results of the administrative and corporate operations
are the results of the Chinese branch. The activity of the Chinese
branch does not breach the 10% level required to be separately
analysed. As at 30 June 2015 the Chinese branch had closed.
Segment result Segment result
2015 2014
GBP'000 GBP'000
Continuing operations
Coal and Coal to chemicals project
(Australia) (160) (117)
Administration and Corporate (United Kingdom and
China) (1,153) (2,245)
---------- ----------
(1,313) (2,362)
Finance income 1 1
Loss before tax (1,312) (2,361)
Income tax benefit - 80
---------- ----------
Loss after tax (1,312) (2,281)
---------- ----------
The current and prior year share based payment charges are
included within the UK segment result.
Segment assets and liabilities
Non-Current Assets Non-Current
Liabilities
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
Coal and Coal to chemicals project
(Australia) 9,741 11,040 - -
Administration and Corporate - 79 - -
(United Kingdom)
---------- ---------- ---------- ----------
Total of all segments 9,741 11,119 - -
---------- ---------- ---------- ----------
Total Assets Total Liabilities
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
Coal and Coal to chemicals project
(Australia) 9,839 11,193 13 85
Administration and Corporate
(United Kingdom) 567 2,041 885 860
---------- ---------- ---------- ----------
Total of all segments 10,406 13,234 898 945
---------- ---------- ---------- ----------
Other segment information
Depreciation and Capital expenditure
amortisation
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
Continuing operations
Coal and Coal to chemicals project
(Australia) - - 35 152
Administration and Corporate - - - -
(United Kingdom)
----------- ----------- ----------- ----------
- - 35 152
----------- ------------------------------------------------- ----------- ----------
3. FINANCE INCOME
Group
2015 2014
GBP'000 GBP'000
Bank interest receivable 1 1
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========== ==========
4. LOSS FROM OPERATIONS
Group
2015 2014
GBP'000 GBP'000
This has been arrived at after charging:
Fees payable to the Company's auditors for the
audit of the annual accounts 16 22
Fees payable to the Company's auditors and its
associates for other services:
Audit of subsidiaries 4 6
Share based payments - Staff and Directors (85) 170
Share based payments - Consultants (2) 2
Staff costs(1) 653 1,402
Operating lease charges - land and buildings 111 106
(1) The Group recognised salaries and fees and long term
payments of GBP568,000 (2014: 958,000) during the year, of which
GBPNil (2014: GBP176,000) was capitalised to intangibles. Included
in Staff costs is an amount of GBPNil (2014: GBP790,000) in respect
of a provision for PAYE and national insurance, further details on
this provision are included in note 14.
5. STAFF COSTS (INCLUDING DIRECTORS)
Group Company
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
Salaries and fees 637 758 637 712
Share based payments (85) 170 (85) 170
Provision for PAYE/NIC - 790 - 790
Long term benefits/incentives 16 30 16 26
Salaries expense 568 1,748 568 1,698
Capitalised to intangible assets - (176) - (136)
---------- ---------- ---------- ----------
Total 568 1,572 568 1,562
---------- ---------- ---------- ----------
The Group averaged 7 employees during the year ended 30 June
2015 (2014:11 employees). The Company averaged 7 employees during
the year (2014: 10 employees). The amount capitalised to intangible
assets in the prior year relates to a portion of the staff costs in
connection with three of the Group's Directors. Directors have been
assessed as the only key management of the Group.
Total
Share Other long
Short based term / post-employment
term benefits payments benefits 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ----------- ------------------------- --------- ---------
Michael Zheng(1) 180 (48) - 132 252
Christopher Lambert (2) 99 (48) - 51 273
Christopher Schrape (3) - - - - 51
Qinfu Zhang 123 5 - 128 25
Phillip Sutherland 63 4 - 67 39
Peter Fagiano(4) - - - - 132
Nicholas Lyth (5) 2 - - 2 -
---------------- ----------- ------------------------- --------- ---------
Total Key Management 2015 467 (87) - 380 -
---------------- ----------- ------------------------- --------- ---------
Total Key Management 2014 604 148 20 - 772
---------------- ----------- ------------------------- --------- ---------
(1) Michael Zheng resigned as a Director on 17 April 2015;
accordingly his share options were cancelled
(2) Christopher Lambert resigned as Director 14(th) October
2014; accordingly his share options were cancelled
(3) Chris Schrape resigned as a Director on 18(th) November
2013
(4) Peter Fagiano passed away on 15(th) May 2014. His options
were cancelled following the anniversary of his passing
(5) Nick Lyth was appointed as a Director on 15(th) June
2015
The total amount payable to the highest paid director in respect
of emoluments was GBP132,000 (2014: GBP273,000). No Directors
exercised any share options during the year. The pension expense
relates to compulsory superannuation in Australia. The Company
provides Directors' and Officers' liability insurance at a cost of
GBP6,500 (2014: GBP6,900). This cost is not included in the above
table.
6. LOSS FOR THE FINANCIAL YEAR
The Company has taken advantage of Section 408 of the Companies
Act 2006 and has not included its own statement of comprehensive
income in these financial statements. The Company's loss for the
year was GBP2,590,000 (2014: loss of GBP3,225,000).
7. EARNINGS PER SHARE
The loss for the year attributed to shareholders is GBP1,312,000
(2014: loss of GBP2,281,000).
This is divided by the weighted average number of Ordinary
shares outstanding calculated to be 792.0 million (2014: 683.8
million) to give a basic loss per share of 0.17 pence (2014: basic
loss per share of 0.33 pence).
As inclusion of the potential ordinary shares would result in a
decrease in the loss per share they are considered to be
anti-dilutive and, as such, the effect of the dilution has not been
applied in the calculation. The potential future share issues that
may dilute the loss per share relate to options in issue and
deferred shares disclosed at note 16.
8. TAX
Group
2015 2014
GBP'000 GBP'000
Current taxation
Group corporation tax credit - 80
Deferred taxation - -
---------- ----------
- 80
========== ==========
Factors affecting the tax charge for
the year
Loss on ordinary activities before
tax (1,312) (2,281)
---------- ----------
Loss on ordinary activities at
the Group standard rate of 21.22%
(2014: 22.15%) (278) (513)
Effects of:
Non-deductible expenses (23) 68
Difference in overseas tax rates (14) (3)
Tax concession (research & development) - 80
Unutilised tax losses carried
forward 315 448
---------- ----------
Total tax credit for the year - 80
========== ==========
Unprovided deferred tax asset:
Group tax losses carried forward of GBP18,895,000
(2014: GBP18,579,000) multiplied by standard rate
of corporation tax 20% (2014: 20%) recoverable
only when it is probable that the taxable profit
will be available which is not at present. 3,779 3,716
========= =========
Changes in tax rates and factors affecting the future tax
charge
The main UK corporation tax rate from 1 April 2014 of 21% was
reduced to 20% from 1 April 2015 resulting in an effective
corporation tax rate of 20.75% for this accounting period. The
Finance Act 2015 includes legislation reducing the main rate of
corporation tax from 21% to 20% from 1 April 2015. Accordingly
deferred tax balances have been calculated at 20%.
9. INTANGIBLE ASSETS
Group
2015 2014
GBP'000 GBP'000
Exploration and evaluation
Cost
At beginning of period 11,040 11,811
Additions 35 152
Currency translation adjustment (1,336) (923)
---------- ----------
Carrying value at 30 June 9,739 11,040
========== ==========
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Exploration and evaluation relates to the development of an
integrated Coal to Chemicals plant, supported by an open-cut coal
mine at the Group's Arckaringa Project in South Australia.
10. INVESTMENTS IN SUBSIDIARIES
Company
2015 2014
GBP'000 GBP'000
Cost
Investments in subsidiaries
- opening and closing balance 1,432 1,432
========== ==========
Subsidiaries of Altona Country of Holding Nature of Business
Energy Plc Registration
2015 2014
% %
Direct
Altona Australia Pty
Ltd Australia 100 100 Dormant holding Company
Altona Investment Holding British Virgin - 100 Holding Company
Ltd* Islands
Indirect
Arckaringa Energy Pty Evaluation of the
Ltd Australia 100 100 Arckaringa Project
Arckaringa Coal Chemical Australia 100 - Evaluation of the
Joint Venture Co Pty Arckaringa Project
Ltd
* liquidated during the year
11. TRADE AND OTHER RECEIVABLES
Group Company
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
Current trade and other receivables
Tax credit receivable 63 106 - -
Taxes & Social security receivable 12 26 11 26
Prepayments and other receivables
(i) 47 70 47 70
------------ ----------- ---------- ----------
122 202 58 96
============ =========== ========== ==========
Non-current other receivables
Loans due from Group companies
(ii) - - 9,091 10,311
Rent deposit (i) - 76 - 76
Tenement bond 2 3 - -
--- ---- ------- --------
2 79 9,091 10,387
=== ==== ======= ========
(i) Other receivables are non-interest bearing and generally
repayable between 30-60 days. Included within other receivables is
an amount for rent deposit which is refundable upon expiry of the
lease.
(ii) The loans to wholly owned subsidiaries are non-interest
bearing and are repayable on demand, however payment is not
anticipated to be within one year.
The other receivables remain within their contractual maturity
at 30 June 2015 (30 June 2014)
12. TRADE AND OTHER PAYABLES
Group Company
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
Trade payables 78 127 70 46
Accruals and other payables 30 28 24 24
108 155 94 70
========== ========== ========== ==========
Trade and other payables are non-interest bearing and are
normally settled on terms of 30 days from month end. The trade and
other payables remain within their contractual maturity at 30 June
2015 and 30 June 2014.
13. PROVISIONS
Group Company
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
Current provision
Taxes & Social Security 790 790 790 790
---------- ---------- ---------- ----------
Current year disclosure:
The Directors have continued to discuss the potential liability
with HMRC and its professional advisors during the year under
review and subsequently. The Directors have reviewed the basis of
the provision made in the 2014 financial statements and consider
the provision remains appropriate. There is an ongoing discussion
between the Company and a former director regarding a settlement
agreement entered into during the year. No provision has been made
at 30 June 2015 because in the opinion of the Directors the
conditions in the settlement agreement had not been satisfied and
the Company has no constructive or legal obligation.
Prior year disclosure:
The provision is in respect of a potential liability to HMRC for
income tax not deducted and accounted for under the PAYE system,
and National Insurance Contributions not accounted for, in each
case in respect of payments made on a gross basis to private
companies for the provision of the services of a former
director.
The precise amount of the Company's liability to HMRC is
currently under negotiation. The sum provided represents, in the
view of the Directors, having taken professional advice, a best
estimate of the Company's probable current liability in this
context. While the quantum of the provision represents their best
estimate, of the ultimate liability, no assurance can be given that
the estimate will prove to be accurate. The Company has submitted
arguments which, if accepted, would result in a significantly lower
liability. It is not, however, anticipated that the liability could
be entirely eliminated, even if the Company's assertions are
accepted in full.
The Company, having taken professional advice, considers that it
has potential claims against third parties, whereby they may be
found liable to compensate the Company for a material part of the
Company's liability eventually agreed with HMRC. If it is necessary
to pursue such claims by legal proceedings, some element of
irrecoverable costs would inevitably be incurred. It is anticipated
that the quantum of any such irrecoverable costs would not be
substantial relative to the potential recovery.
14. SHARE CAPITAL
Group Company
Allotted, called up and fully 2015 2014 2015 2014
paid GBP'000 GBP'000 GBP'000 GBP'000
791,956,853 ordinary shares
of 0.1p each (2014: 791,956,853) 792 792 792 792
========== ========== ========== ==========
During the year the Company issued the following Ordinary 0.1
pence fully paid shares:
Date Issue Price Number of Nominal Share premium
Shares Value GBP'000
GBP'000
30 June 2013 Closing balance 561,956,853 562 14,949
Placing shares at 1.4p
8 October 2013 per share 59,700,000 60 776
Placing shares at 1.4p
14 January 2014 per share 170,300,000 170 2,214
Cost of issue - - (161)
30 June 2014
and 30 June
2015 Closing balance 791,956,853 792 17,778
============= ========== ===============
15. SHARE-BASED PAYMENTS
The Company periodically grants share options to employees,
consultants and Directors, as approved by the Board. At 30 June
2015 and 30 June 2014, the following share options were outstanding
in respect of the ordinary shares:
Year ended 30 June 2015
Grant Expiry Number Issued Forfeited Exercised Number of Exercise
Date Date of Options in Year / Expired in Year Options Price per
Outstanding / Cancelled Outstanding Option
at beginning at end of
of the the year
year
30.03.10 29.03.15 1,300,000 - (1,300,000) - - 10.00p(1)
28.01.13 28.01.18 4,515,000 - - - 4,515,000 1.50p(1)
08.04.13 08.04.18 4,500,000 - - - 4,500,000 1.56p(1)
28.03.14 28.03.19 27,000,000 - (21,250,000) - 5,750,000 1.50p(3)
28.03.14 28.03.19 27,000,000 - (21,250,000) - 5,750,000 3.00p(3)
64,315,000 - (43,800,000) - 20,515,000
--------------- ---------- -------------- ----------- -------------- ------------
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