TIDMSPSM
RNS Number : 6122A
Stallion Resources PLC
30 September 2015
30 September 2015
(Stallion Resources plc)
(the "Company")
Interim Unaudited Results for the period ended 30 June 2015
Stallion Resources plc is pleased to announce its unaudited
results for the six months ended 30 June 2015.
Results for the period
The Company made a loss before tax of GBP91,157 for the six
months to 30 June 2015 and cash balances held at 30 June 2015 were
GBP70,765.
Review of activities
On 9 May 2014, the Company's shareholders approved a new
Investing Policy which is to invest in and/or acquire companies
and/or projects within the natural resources and/or energy sector
with potential for growth. The Investing Policy states that the
Company will also consider opportunities in other sectors as they
arise if the Directors consider there is an opportunity to generate
an attractive return for Shareholders. In selecting investment
opportunities, the Directors will focus on businesses, assets
and/or projects that are available at attractive valuations and
hold opportunities to unlock embedded value.
As an Investing Company, the Company was required to make an
acquisition or acquisitions which constitutes a reverse takeover
under the AIM Rules or otherwise implement its proposed Investing
Policy on or before the date falling twelve months from the
adoption of the Investing Policy failing which, in accordance with
the AIM rules, the Company's Ordinary Shares would then be
suspended from trading on AIM. The Company's Board of Directors
considered a wide range of investments throughout the reporting
period, including conducting detailed due diligence and engaging in
negotiations on several project opportunities, both in the natural
resources sector but also in other unrelated sectors. However, as
at 9 May 2015, being 12 months after the approval of the Company's
Investing Policy, the Company had not implemented its Investing
Policy or completed a reverse takeover. As such, the Company's
shares were suspended from trading on 11 May 2015. The Company has
a period of six months from 11 May 2015 to make a reverse takeover
or implement the Company's Investing Policy in order for the
Company's shares to recommence trading.
While the suspension of the Company's shares from trading is
regrettable, the Company's Board of Directors has continued to work
diligently with a view to ensuring that an appropriate transaction
or transactions are consummated to enable trading to re-commence.
We will keep shareholders appraised of developments.
On behalf of the Board on 30 September 2015.
David Ajemian
Non-Executive Chairman
For further information, please contact:
+44 20 3006
Stallion Resources plc 0260
George Frangeskides (Company Secretary)
Sanlam Securities UK Limited (Nominated +44 20 7628
adviser and joint broker) 2200
Lindsay Mair/James Thomas
Peterhouse Corporate Finance Limited +44 20 7469
(Joint broker) 0930
Duncan Vasey
Eran Zucker
STALLION RESOURCES PLC
CONSOLIDATED INCOME STATEMENT
Period from 1 January 2015 to 30 June 2015
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 31 Dec
30 June 30 June 2014
2015 2014
EUR EUR EUR
Revenue
Cost of sales - - (1,329)
Gross loss - - (1,329)
Administrative expenses (91,157) (78,505) (182,556)
Write-off of balances
on disposal of investments - 209,860 -
Share based payments - - (181,570)
----------- ---------- ------------
Operating (loss)/profit (91,157) 131,355 (365,455)
Financial expenses - (8,278) (8,323)
(Loss)/profit before
income tax (91,157) 123,077 (377,778)
Tax charge for the
year - - (6,570)
(Loss)/profit for
the period from continuing
operations (91,157) 123,077 (380,348)
Profit from discontinued
operations - - 265,031
(Loss)/profit attributable
to the owners of the
parent (91,157) 123,077 (115,317)
----------- ---------- ------------
Other comprehensive
income
Currency translation
differences 6,113 762 (23,223)
Total comprehensive
(loss)/profit for
the period attributable
to owners of the parent (85,044) 123,839 (138,540)
----------- ---------- ------------
(Loss)/profit per
share
Basic and diluted (0.00p) 0.00p (0.00p)
----------- ---------- ------------
STALLION RESOURCES PLC
CONSOLIDATED BALANCE SHEET
As at 30 June 2015
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 Dec
2015 2014 2014
EUR EUR
Assets
Current assets
Trade and other receivables 9,572 11,865 11,692
Cash and cash equivalents 70,765 365,040 124,459
Total Assets 80,337 376,905 136,151
------------ ------------ ------------
Equity and Liabilities
Equity attributable
to owners of the parent
Share capital 335,564 335,564 335,564
Share premium reserve 2,505,416 2,505,416 2,505,416
Share-based payments
reserve 181,570 - 181,570
Retained losses (3,018,949) (2,554,399) (2,933,905)
Total equity 3,601 286,581 88,645
------------ ------------ ------------
Liabilities
Current liabilities
Trade and other payables 76,736 90,324 47,506
Total Equity and Liabilities 80,337 376,905 136,151
------------ ------------ ------------
STALLION RESOURCES PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period from 1 January 2015 to 30 June 2015
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 31 Dec
30 June 30 June 2014
2015 2014
EUR EUR EUR
Operating activities
(Loss)/profit before
taxation (91,157) 123,077 (373,778)
Adjustments for:
Finance costs - 8,278 14,785
Investment valuation
adjustments - (209,860) (252,944)
Share-based payments - - 181,570
Results of discontinued
operations - - 265,031
Loss from operations
before changes in
workings capital (91,157) (91,784) (165,336)
Decrease / (increase)
in receivables 2,119 (1,915) (1,743)
Increase / (decrease)
in payables 29,230 (11,364) (12,622)
----------- ----------- ------------
Cash generated from
operations (59,807) (91,784)) (179,701)
Tax payable - - (6,570)
----------- ----------- ------------
Cash flow from operating
activities (59,807) (91,784) (186,271)
----------- ----------- ------------
Cash flow from financing
activities
Interest payable - (8,278) (14,785)
Proceeds from issue
of share capital - 489,502 489,502
Share issue costs - (133,953) (133,953)
----------- ----------- ------------
Net cash inflow from
financing activities - 347,271 340,764
----------- ----------- ------------
Net cash (outflow)/inflow
for the year (59,807) 255,487 154,493
----------- ----------- ------------
Foreign exchange differences
on translation 6,113 (762) (140,349)
Cash and cash equivalents
at the start of year 124,459 110,315 110,315
Cash and cash equivalents
at the end of the
year 70,765 365,040 124,459
----------- ----------- ------------
STALLION RESOURCES PLC
NOTES TO THE INTERIM RESULTS ANNOUNCEMENTS
(Loss)/profit per share
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