TIDMHRE
RNS Number : 3215O
Hameldon Resources Limited
28 June 2010
Hameldon Resources Limited (formerly Upstream Marketing and Communications Inc.)
Final Results
For the year ended 31 December 2009
Chairman's and Chief Executive's Statement
Dear Shareholders,
As noted in the interim report issued by the Company on 29 September 2009, the
Board was considering ways to address the high costs of maintaining Upstream as
a public listed company, relative to Upstream's revenues and profitability. The
Board considered whether a public listed company was the appropriate vehicle for
an Asian-based marketing and communications business. Given the focused nature
of the Upstream business and the volatility of its earnings, the Board concluded
that the Upstream brand, while strong, would do better as part of a larger
group. The Board looked at a range of options before concluding that a sale of
the Upstream business to Next 15, the holding company for a group of worldwide
public relations businesses, would be in the best interests of shareholders.
At the EGM held on 26 October 2009, the shareholders approved the sale of the
Upstream business to Next 15. Subsequent to the sale, the Company became
classified under the AIM Rules as an investing company and shareholders also
approved a change in investment strategy to acquire holdings in natural
resources, minerals, metals and oil & gas companies. A change of name for the
Company, to Hameldon Resources Limited, was also approved by shareholders to
better reflect the new strategic direction for the Company.
Subsequent to the sale of the Upstream business, the Board has been active in
seeking opportunities in the natural resources arena and has looked at a number
of companies in which to invest. These include companies engaged in oil and
gas, gold, copper and zinc production amongst others. In attempting to make the
appropriate investment choices the Board has focused on ensuring that it can
protect the value of the Company for all shareholders. The Board continues in
its attempts to find the most appropriate investments.
Nikul Sarin, Chief Executive Stephen Smith, Chairman
www.hameldonresources.com
Hameldon Resources Limited (formerly Upstream Marketing and Communications Inc.)
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2009
+---------------------------------------+-------+---------+----------+
| | | | Restated |
+---------------------------------------+-------+---------+----------+
| | | | (Note |
| | | | 4) |
+---------------------------------------+-------+---------+----------+
| | | 2009 | 2008 |
+---------------------------------------+-------+---------+----------+
| |Notes | US$'000 | US$'000 |
+---------------------------------------+-------+---------+----------+
| Continuing operations | | | |
+---------------------------------------+-------+---------+----------+
| Turnover | | - | - |
+---------------------------------------+-------+---------+----------+
| Material cost of sales | | - | - |
+---------------------------------------+-------+---------+----------+
| Gross profit | | - | - |
+---------------------------------------+-------+---------+----------+
| Other income | | - | - |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Total income | | - | - |
+---------------------------------------+-------+---------+----------+
| Other operating expenses | | (331) | (504) |
+---------------------------------------+-------+---------+----------+
| Loss from operations prior to share | | (331) | (504) |
| based payment charge | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Share based payment charge | | (89) | (103) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Loss from operations | | (420) | (607) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Finance income | | - | - |
+---------------------------------------+-------+---------+----------+
| Finance costs | | - | - |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Loss before taxation | | (420) | (607) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Taxation expense | 3 | - | - |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Loss from continuing operations | | (420) | (607) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Discontinued operations | | | |
+---------------------------------------+-------+---------+----------+
| (Loss)/Profit from discontinued | 4 | (283) | 1,040 |
| operations | | | |
+---------------------------------------+-------+---------+----------+
| (Loss)/Profit for the | | (703) | 433 |
| year, attributable to owners of the | | | |
| Company | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Other comprehensive income | | | |
+---------------------------------------+-------+---------+----------+
| Exchange differences on translation | | 364 | 65 |
| of foreign operations | | | |
+---------------------------------------+-------+---------+----------+
| Total comprehensive (expense)/income | | (339) | 498 |
| for the year, attributable to owners | | | 498 |
| of the Company | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| (Loss)/Earnings per share | 5 | US | US |
| attributable to owners of the | | cents | cents |
| Company during the year | | | |
+---------------------------------------+-------+---------+----------+
| Basic: | | | |
+---------------------------------------+-------+---------+----------+
| Continuing operations | | (0.31) | (0.44) |
+---------------------------------------+-------+---------+----------+
| Discontinued operations | | (0.21) | 0.76 |
+---------------------------------------+-------+---------+----------+
| Total | | (0.52) | 0.32 |
+---------------------------------------+-------+---------+----------+
| Diluted: | | | |
+---------------------------------------+-------+---------+----------+
| Continuing operations | | (0.31) | (0.40) |
+---------------------------------------+-------+---------+----------+
| Discontinued operations | | (0.21) | 0.69 |
+---------------------------------------+-------+---------+----------+
| Total | | (0.52) | 0.29 |
+---------------------------------------+-------+---------+----------+
Hameldon Resources Limited (formerly Upstream Marketing and Communications Inc.)
Consolidated Statement of Financial Position
At 31 December 2009
+-----------------------+------+-----------+-----------+-----------+
| |Note | 2009 | 2008 | 2007 |
+-----------------------+------+-----------+-----------+-----------+
| | | US$'000 | US$'000 | US$'000 |
+-----------------------+------+-----------+-----------+-----------+
| ASSETS | | | | |
+-----------------------+------+-----------+-----------+-----------+
| | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Non-current assets | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Property, plant and | | - | 150 | 180 |
| equipment | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Intangible assets | | - | 86 | 198 |
+-----------------------+------+-----------+-----------+-----------+
| | | - | 236 | 378 |
+-----------------------+------+-----------+-----------+-----------+
| | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Current assets | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Trade and other | | 25 | 1,235 | 1,092 |
| receivables | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Cash and cash | | 737 | 719 | 264 |
| equivalents | | | | |
+-----------------------+------+-----------+-----------+-----------+
| | | 762 | 1,954 | 1,356 |
+-----------------------+------+-----------+-----------+-----------+
| Total assets | | 762 | 2,190 | 1,734 |
+-----------------------+------+-----------+-----------+-----------+
| | | | | |
+-----------------------+------+-----------+-----------+-----------+
| LIABILITIES | | | | |
+-----------------------+------+-----------+-----------+-----------+
| | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Current liabilities | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Trade and other | | 255 | 1,104 | 1,404 |
| payables | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Deferred income | | - | 118 | 55 |
+-----------------------+------+-----------+-----------+-----------+
| Current tax provision | | - | 162 | 25 |
+-----------------------+------+-----------+-----------+-----------+
| Bank loan | | - | 23 | - |
+-----------------------+------+-----------+-----------+-----------+
| | | 255 | 1,407 | 1,484 |
+-----------------------+------+-----------+-----------+-----------+
| Non-current | | | | |
| liabilities | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Deferred taxation | | - | 22 | 38 |
+-----------------------+------+-----------+-----------+-----------+
| Bank loan | | - | 4 | - |
+-----------------------+------+-----------+-----------+-----------+
| Total liabilities | | 255 | 1,433 | 1,522 |
+-----------------------+------+-----------+-----------+-----------+
| | | | | |
+-----------------------+------+-----------+-----------+-----------+
| EQUITY | | | | |
+-----------------------+------+-----------+-----------+-----------+
| | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Share capital | 6 | 636 | 636 | 632 |
+-----------------------+------+-----------+-----------+-----------+
| Reserves | | (129) | 121 | (420) |
+-----------------------+------+-----------+-----------+-----------+
| Equity attributable | | 507 | 757 | 212 |
| to owners of the | | | | |
| Company and total | | | | |
| equity | | | | |
+-----------------------+------+-----------+-----------+-----------+
| Total equity and | | 762 | 2,190 | 1,734 |
| liabilities | | | | |
+-----------------------+------+-----------+-----------+-----------+
Hameldon Resources Limited (formerly Upstream Marketing and Communications Inc.)
Consolidated Statement of Changes in Equity
At 31 December 2009
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| | Share | | Share | Capital | Foreign | Retained | Total |
| | capital | | premium | reserve | exchange | earnings/(Accum-ulated | equity |
| | | | | | reserve | losses) | |
| | | Shares | | | | | |
| | | to be | | | | | |
| | | issued | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| At 1 January 2008 | 632 | 113 | 4,385 | 6,547 | 8 | (11,473) | 212 |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Exchange | - | - | - | - | 65 | - | 65 |
| difference | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Profit for the | - | - | - | - | - | 433 | 433 |
| year | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Total | - | | - | - | 65 | 433 | 498 |
| comprehensive | | - | | | | | |
| income for the | | | | | | | |
| year | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Share issue | 4 | (57) | 53 | - | - | - | - |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Cancellation of | - | | - | - | - | - | (56) |
| shares to be | | (56) | | | | | |
| issued | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Share based | - | - | - | - | - | 103 | 103 |
| payments | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Transactions with | 4 | (113) | 53 | - | - | 103 | 47 |
| owners | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| At 31 December | 636 | | 4,438 | 6,547 | 73 | (10,937) | 757 |
| 2008 and 1 January | | - | | | | | |
| 2009 | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Loss for the year | - | - | - | - | - | (703) | (703) |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Exchange | - | - | - | - | 364 | - | 364 |
| difference | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Reclassification | - | - | - | 22,667 | (4,417) | (18,250) | - |
| adjustment on | | | | | | | |
| disposal of | | | | | | | |
| foreign operations | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Total | - | | - | 22,667 | (4,053) | (18,953) | (339) |
| comprehensive | | - | | | | | |
| income for the | | | | | | | |
| year | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Share based | - | - | - | - | - | 89 | 89 |
| payments | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| Transactions with | - | - | - | - | - | 89 | 89 |
| owners | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
| At 31 December | 636 | - | 4,438 | 29,214 | (3,980) | (29,801) | 507 |
| 2009 | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+------------------------+---------+
Hameldon Resources Limited (formerly Upstream Marketing and Communications Inc.)
Consolidated Statement of Cash Flows
For the year ended 31 December 2009
+-------------------------------------------+----------+------------+----------+------------+
| | | Restated |
+-------------------------------------------+----------------------------------+------------+
| | | (Note 4) |
+-------------------------------------------+----------------------------------+------------+
| | 2009 | 2008 |
+-------------------------------------------+----------------------------------+------------+
| | US$'000 | US$'000 |
+-------------------------------------------+----------------------------------+------------+
| Operating activities | | |
+-------------------------------------------+----------------------------------+------------+
| Continuing operations | | |
+-------------------------------------------+----------------------------------+------------+
| Loss before taxation | (420) | (607) |
+-------------------------------------------+----------------------------------+------------+
| Adjustments for: | | |
+-------------------------------------------+----------------------------------+------------+
| Share based payment charge | 89 | 103 |
+-------------------------------------------+----------------------------------+------------+
| | | |
+-------------------------------------------+----------------------------------+------------+
| Operating cashflow before working capital | (331) | (504) |
| changes | | |
+-------------------------------------------+----------------------------------+------------+
| (Decrease)/Increase in trade and other | (8) | 9 |
| receivables | | |
+-------------------------------------------+----------------------------------+------------+
| Increase in trade and other payables | 266 | 498 |
+-------------------------------------------+----------------------------------+------------+
| | | |
+-------------------------------------------+----------------------------------+------------+
| | | |
+-------------------------------------------+----------------------------------+------------+
| Net cash (outflow)/inflow from operating | | |
| activities from continuing operations | (73) | 3 |
+-------------------------------------------+----------------------------------+------------+
| | | |
+-------------------------------------------+----------------------------------+------------+
| Discontinued operations | | |
+-------------------------------------------+----------------------------------+------------+
| Net cash (outflow)/inflow from operating | | |
| activities from discontinued operations | (51) | 69 |
+-------------------------------------------+----------------------------------+------------+
| | | |
+-------------------------------------------+----------------------------------+------------+
| Net cash (outflow)/inflow from operating | (124) | 72 |
| activities | | |
+-------------------------------------------+----------------------------------+------------+
| | | |
+------------------------------------------------------+------------+-----------------------+
| | | |
+------------------------------------------------------+------------+-----------------------+
| Investing activities | | |
+------------------------------------------------------+------------+-----------------------+
| Discontinued operations | | |
+------------------------------------------------------+------------+-----------------------+
| Net cash inflow from investing activities from | | |
| discontinued operations | 130 | 311 |
+------------------------------------------------------+------------+-----------------------+
| | | |
+------------------------------------------------------+------------+-----------------------+
| Net cash inflow from investing activities | 130 | 311 |
+------------------------------------------------------+------------+-----------------------+
| | | |
+------------------------------------------------------+------------+-----------------------+
| Financing activities | | |
+------------------------------------------------------+------------+-----------------------+
| Discontinued operations | | |
+------------------------------------------------------+------------+-----------------------+
| Net cash (outflow)/inflow from financing activities | | |
| from discontinued operations | (20) | 6 |
+------------------------------------------------------+------------+-----------------------+
| | | |
+------------------------------------------------------+------------+-----------------------+
| Net cash (outflow)/inflow from financing activities | (20) | 6 |
+------------------------------------------------------+------------+-----------------------+
| | | |
+------------------------------------------------------+------------+-----------------------+
| | | |
+------------------------------------------------------+------------+-----------------------+
| Net (decrease)/increase in cash and cash | (14) | 389 |
| equivalents | | |
+------------------------------------------------------+------------+-----------------------+
| Cash and cash equivalents as at 1 January | 719 | 264 |
+------------------------------------------------------+------------+-----------------------+
| Effect of exchange rate fluctuations | 32 | 66 |
+------------------------------------------------------+------------+-----------------------+
| | | |
+------------------------------------------------------+------------+-----------------------+
| Cash and cash equivalents as at 31 December | 737 | 719 |
+------------------------------------------------------+------------+-----------------------+
| | | |
+------------------------------------------------------+------------+-----------------------+
| Analysed into: | | |
+------------------------------------------------------+------------+-----------------------+
| - Continuing operations | 737 | 7 |
+------------------------------------------------------+------------+-----------------------+
| - Discontinued operations | - | 712 |
+------------------------------------------------------+------------+-----------------------+
| Total | 737 | 719 |
+------------------------------------------------------+------------+-----------------------+
| | | | | |
+-------------------------------------------+----------+------------+----------+------------+
Hameldon Resources Limited (formerly Upstream Marketing and Communications Inc.)
Notes to the preliminary announcement
For the year ended 31 December 2009
1. General information
The Company was incorporated as a Corporation in the Cayman Islands which does
not prescribe the adoption of any particular accounting framework. The Board has
therefore adopted International Financial Reporting Standards as adopted by the
European Union (IFRSs). The Company's shares are listed on the AIM market of
the London Stock Exchange.
The principal accounting policies of the
Group, which are consistent with those applied in the 2008 financial statements
except for the adoption of IAS1 Presentation of Financial Statements (Revised
2007), IFRS 2 Share-based payment - Amendment relating to vesting conditions and
cancellations and IFRS 8 Operating Segments, are set out in the annual report
and financial statements.
During the year, the Group has applied, for the
first time, the following new standards, amendment and interpretations, which
are effective for the Group's accounting periods beginning on 1 January 2009:
+-------------+---------------------------------------------------+
| IAS 1 | Presentation of Financial Statements |
| (Revised) | This amendment affects the presentation of owner |
| | changes in equity and introduces a statement of |
| | comprehensive income. The Group has presented |
| | items of income and expense and components of |
| | other comprehensive income with subtotals. This |
| | amendment does not affect the financial position |
| | or results of the Group but has given rise to |
| | additional disclosures. |
+-------------+---------------------------------------------------+
| IFRS 2 | Share-based Payment - Amendment relating to |
| | vesting conditions and cancellations |
| | This amendment means that all non-vesting |
| | conditions are taken into account in the estimate |
| | of the fair value of the equity instrument. This |
| | has not resulted in any changes to the Group's |
| | accounting policies. |
+-------------+---------------------------------------------------+
| IFRS 8 | Operating Segments |
| | The adoption of IFRS 8 Operating Segments has not |
| | affected the identified operating segments. IFRS |
| | 8 requires segments to be identified based on the |
| | internal management reporting information that is |
| | regularly reviewed by the chief operating |
| | decision maker. In the previous financial |
| | statements, segments were identified by reference |
| | to the dominant source and nature of the |
| | Company's risks and returns. |
| | |
+-------------+---------------------------------------------------+
Going concern
The Directors have prepared cash flow forecasts through to 30
June 2011 which assume no significant investment activity is undertaken unless
sufficient funding is in place to undertake the investment activity. The
expenses of the Group's continuing operations are minimal and the cash flow
forecasts demonstrate that the Group is able to meet these liabilities as they
fall due. On this basis, the Directors have a reasonable expectation that the
Group has adequate resources to continue operating for the foreseeable future.
For this reason they continue to adopt the going concern basis in preparing the
Group financial statements.
2. Segmental information
The Group's only segment is that of
marketing and public relations. The Group's marketing and public relations
activities were discontinued during the year. An analysis of the results of
discontinued operations is given in note 4.
3. Taxation expense - continuing operations
There is no tax credit on the loss for the current or prior year.
A reconciliation of the tax expense to the loss before taxation using the
statutory rates for the countries in which the Company and its subsidiaries are
domiciled to the tax expense at the effective tax rates, and a reconciliation of
the statutory tax rates to the effective tax rates, are as follows :
+--------------------------+---------+--------+---------+--------+
| | 2009 | 2008 |
+--------------------------+------------------+------------------+
| | US$'000 | | US$'000 | |
| | | % | | % |
+--------------------------+---------+--------+---------+--------+
| | | | | |
+--------------------------+---------+--------+---------+--------+
| Loss before taxation | (420) | | (607) | |
+--------------------------+---------+--------+---------+--------+
| | | | | |
+--------------------------+---------+--------+---------+--------+
| | | | | |
+--------------------------+---------+--------+---------+--------+
| Tax at the domestic | (69) | (16.5) | (106) | (17.5) |
| income tax rates | | | | |
+--------------------------+---------+--------+---------+--------+
| Tax effect of | 69 | 16.5 | 106 | 17.5 |
| unrecognised tax losses | | | | |
+--------------------------+---------+--------+---------+--------+
| | | | | |
+--------------------------+---------+--------+---------+--------+
| Current year tax charge | - | - | - | - |
+--------------------------+---------+--------+---------+--------+
| | | | | |
+--------------------------+---------+--------+---------+--------+
The Group has unrelieved tax losses of US$Nil (2008 :US$373,000).
4. (Loss)/Profit from discontinued operations
On 27 October 2009, the Group disposed of its entire shareholdings in its
subsidiary undertakings, for a gross consideration of US$1,100,000, being cash
consideration of US$900,000 plus US$200,000 of liabilities which were assumed by
the buyer. As this represents the whole of the Group's marketing and public
relations business it is considered to be a discontinued operation. The results
of the discontinued operations are analysed as follows:
+-------------------------------------------------+-----------+----------+
| | 2009 | 2008 |
+-------------------------------------------------+-----------+----------+
| | US$'000 | US$'000 |
+-------------------------------------------------+-----------+----------+
| | | |
+-------------------------------------------------+-----------+----------+
| (Loss)/Profit from discontinued operations | (443) | 1,040 |
+-------------------------------------------------+-----------+----------+
| Gain on disposal of subsidiary undertakings | 160 | - |
+-------------------------------------------------+-----------+----------+
| | (283) | 1,040 |
+-------------------------------------------------+-----------+----------+
The results for discontinued operations were as follows:
+---------------------------------------+------+---------+---------+
| | | 2009 | 2008 |
+---------------------------------------+------+---------+---------+
| | | US$'000 | US$'000 |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| Turnover | | 3,708 | 9,268 |
+---------------------------------------+------+---------+---------+
| Material cost of sales | | (370) | (3,110) |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| Gross profit | | 3,338 | 6,158 |
+---------------------------------------+------+---------+---------+
| Other income | | 218 | 472 |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| Total income | | 3,556 | 6,630 |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| Other operating expenses | | (3,923) | (5,444) |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| (Loss)/Profit from operations prior | | (367) | |
| to share based payment charge | | (367) | 1,186 |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| Share based payment charge | | - | - |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| (Loss)/Profit from operations | | (367) | 1,186 |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| Finance income | | 3 | 8 |
+---------------------------------------+------+---------+---------+
| Finance costs | | (7) | (21) |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| (Loss)/Profit before taxation | | (371) | 1,173 |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| Taxation expense | | (72) | (133) |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| | | | |
+---------------------------------------+------+---------+---------+
| (Loss)/Profit after taxation | | (443) | 1,040 |
+---------------------------------------+------+---------+---------+
The result for discontinued operations is for the period to 27 October 2009,
being the date of disposal.
4. (Loss)/Profit from discontinued operations (continued)
The gain on disposal of subsidiary undertakings can be summarised as follows:
+--------------------------------------------------------+-----------+
| | Total |
+--------------------------------------------------------+-----------+
| | |
| | US$'000 |
+--------------------------------------------------------+-----------+
| | |
+--------------------------------------------------------+-----------+
| Net assets disposed of: | |
+--------------------------------------------------------+-----------+
| Property, plant and equipment | 127 |
+--------------------------------------------------------+-----------+
| Intangible assets | 40 |
+--------------------------------------------------------+-----------+
| Trade and other receivables | 1,038 |
+--------------------------------------------------------+-----------+
| Cash and cash equivalents | 624 |
+--------------------------------------------------------+-----------+
| Trade and other payables | (938) |
+--------------------------------------------------------+-----------+
| Current tax provision | (57) |
+--------------------------------------------------------+-----------+
| Bank loan | (8) |
+--------------------------------------------------------+-----------+
| Deferred taxation | (7) |
+--------------------------------------------------------+-----------+
| | |
+--------------------------------------------------------+-----------+
| | 819 |
+--------------------------------------------------------+-----------+
| | |
+--------------------------------------------------------+-----------+
| Gain on disposal (including vendor's liabilities | 160 |
| assumed by the buyer) | |
+--------------------------------------------------------+-----------+
| | |
+--------------------------------------------------------+-----------+
| Consideration | 979 |
+--------------------------------------------------------+-----------+
| | |
+--------------------------------------------------------+-----------+
| | |
+--------------------------------------------------------+-----------+
| Satisfied by: | |
+--------------------------------------------------------+-----------+
| Cash | 900 |
+--------------------------------------------------------+-----------+
| Vendor's liabilities assumed by the buyer | 200 |
+--------------------------------------------------------+-----------+
| Transaction costs settled in cash | (121) |
+--------------------------------------------------------+-----------+
| | |
+--------------------------------------------------------+-----------+
| | 979 |
+--------------------------------------------------------+-----------+
5. (Loss)/Earnings per share
(a) Basic
The basic (loss)/earnings per share is calculated by dividing the consolidated
(loss)/profit attributable to owners of the Company by the weighted average
number of ordinary shares in issue during the year.
+---------------------------------------+------+-------------+-------------+
| | | 2009 | 2008 |
+---------------------------------------+------+-------------+-------------+
| | | US$'000 | US$'000 |
+---------------------------------------+------+-------------+-------------+
| | | | |
+---------------------------------------+------+-------------+-------------+
| (Loss)/Profit attributable to owners | | | |
| of the Company | | | |
+---------------------------------------+------+-------------+-------------+
| - Continuing operations | | (420) | (607) |
+---------------------------------------+------+-------------+-------------+
| - Discontinued operations | | (283) | 1,040 |
+---------------------------------------+------+-------------+-------------+
| | | | |
+---------------------------------------+------+-------------+-------------+
| | | (703) | 433 |
+---------------------------------------+------+-------------+-------------+
| | | | |
+---------------------------------------+------+-------------+-------------+
| | | 2009 | 2008 |
+---------------------------------------+------+-------------+-------------+
| | | | |
+---------------------------------------+------+-------------+-------------+
| Weighted average number of shares for | | | |
| calculating basic loss per share | | 137,401,194 | 137,187,094 |
+---------------------------------------+------+-------------+-------------+
| | | | |
+---------------------------------------+------+-------------+-------------+
| | | 2009 | 2008 |
+---------------------------------------+------+-------------+-------------+
| | | US | US |
| | | cents | cents |
+---------------------------------------+------+-------------+-------------+
| | | | |
+---------------------------------------+------+-------------+-------------+
| Basic (loss)/earnings per share | | | |
+---------------------------------------+------+-------------+-------------+
| - Continuing operations | | (0.31) | (0.44) |
+---------------------------------------+------+-------------+-------------+
| - Discontinued operations | | (0.21) | 0.76 |
+---------------------------------------+------+-------------+-------------+
| | | | |
+---------------------------------------+------+-------------+-------------+
| | | (0.52) | 0.32 |
+---------------------------------------+------+-------------+-------------+
(b) Diluted
The diluted loss per share for 2009 is the same as the basic loss per share as
the outstanding share options were anti-dilutive. The share options were
cancelled on 27 October 2009.
The diluted (loss)/earnings per share for 2008 is based on a weighted average
number of shares of 150,864,178, calculated as follows:
+-----------------------------------------------+-------------+
| | 2008 |
+-----------------------------------------------+-------------+
| | |
+-----------------------------------------------+-------------+
| Weighted average number of shares for | 137,187,094 |
| calculating basic loss per share | |
+-----------------------------------------------+-------------+
| Weighted average number of share options | 13,677,084 |
+-----------------------------------------------+-------------+
| Weighted average number of shares for | 150,864,178 |
| calculating diluted loss per share | |
+-----------------------------------------------+-------------+
6. Share capital
+---------------------------------------------+---------------+---------+
| | Number | Value |
| | of | US$'000 |
| | ordinary | |
| | shares | |
+---------------------------------------------+---------------+---------+
| | | |
+---------------------------------------------+---------------+---------+
| Authorised (par value of 0.25p) | | |
+---------------------------------------------+---------------+---------+
| At 31 December 2007, 31 December 2008 and | 4,000,000,000 | 18,470 |
| 31 December 2009 | | |
+---------------------------------------------+---------------+---------+
| | | |
+---------------------------------------------+---------------+---------+
| Issued and fully paid (par value of 0.25p | | 632 |
| each) | 136,544,794 | 4 |
| At 31 December 2007 | 856,400 | |
| Shares issued in year | | |
+---------------------------------------------+---------------+---------+
| At 31 December 2008 and 31 December 2009 | 137,401,194 | 636 |
+---------------------------------------------+---------------+---------+
Share options
The Group adopted an employee Share Option Scheme in order to incentivise key
management and staff. The fair value of options granted was determined using
Black-Scholes valuation models. Significant inputs into the calculations were
as follows:
* 41% - 47% volatility based on expected share price (ascertained by reference
to historic share prices of both the Company and comparable listed companies)
* share price of between 7p and 2p per share at date of grant of options
* exercise price of between 20p and 2p per share
* a risk free interest rate of 2.78%
* 0% dividend yield
* estimated options lives of three years.
At 31 December 2009, the Group had no options outstanding (2008: 13,677,084) as
all options were cancelled on completion of the disposal of the Group's
subsidiary undertakings (note 4), resulting in a share based payment charge for
the year of US$89,000.
7. Publication of non-statutory accounts
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006.
Then consolidated statement of financial position at 31 December
2009 and the consolidated statement of comprehensive income, the consolidated
statement of changes in equity, the consolidated statement of cash flows and
the associated notes for the year then ended have been extracted from the
Group's financial statements upon which the auditor's opinion is unqualified and
does not include any statement under section 498 of the Companies Act 2006.
The accounts for the year ended 31 December 2009 will be posted to shareholders
and laid before the Company at the Annual General Meeting in due course. Copies
will also be available from the registered office of the Company and via the
Company's website www.hameldonresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UWUWRRRANURR
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