TIDMRBD
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) +44 (0) 20 7440
Anthony Samaha (Executive Director) 0640
Beaumont Cornish Limited +44 (0) 20 7628
Roland Cornish 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 GBP200,000 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
GBP55,000 (2015: loss of GBP34,000) in line with expectations. The
net assets as at 30 June 2016 were GBP569,000 (2015:
GBP294,000).
As at 30 June 2016, the Company had cash of GBP384,000.
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 PERIODED 30 JUNE 2016
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30-Jun-16 30-Jun-15 31-Dec-15
Notes GBP'000 GBP'000 GBP'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 GBP'000 GBP'000 GBP'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 PERIODED 30 JUNE 2016
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30-Jun-16 30-Jun-15 31-Dec-15
Note GBP'000 GBP'000 GBP'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 PERIODED 30 JUNE 2016
Advance
received
for
shares Capital
Share Share to be Redemption Retained
Capital Premium issued Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 PERIODED 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
Unaudited Unaudited Audited
6 months 6 months 12 months
The calculations of the basic to to 30-Jun-15 to 31-Dec-15
and diluted earnings per share 30-Jun-16 GBP'000 GBP'000
are based on data the following: GBP'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 30-Jun-15 31-Dec-15
GBP'000 GBP'000 GBP'000
Opening cost 200 200 200
Additions at cost - - -
Disposals - - -
Closing cost 200 200 200
----------- ----------- -----------
4. Called up share capital
30-Jun-16 30-Jun-15 31-Dec-15
No. shares No. shares 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 30-Jun-15 31-Dec-15
GBP'000 GBP'000 GBP'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 GBP200,000
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 GBP200,000 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
IR SESFIUFMSESU
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