TIDMHUN
RNS Number : 3780K
Hunter Resources PLC
21 September 2016
21 September 2016
Hunter Resources plc
("Hunter" or the "Company")
(AIM: HUN)
Unaudited Half-Yearly Financial Results for the 6 Months
to 30 June 2016
REPORT OF THE EXECUTIVE CHAIRMAN
I am pleased to announce the results for Hunter Resources
plc ('Hunter' or the 'Company') for the six months
ended 30 June 2016.
Hunter Resources plc ("Hunter" or the "Company") is
currently suspended on AIM pending the satisfaction
of the Rule 9 conditions imposed on the Company by
AIM on its re-admission to trading in July 2014. The
conditions are that the Company must acquire 51% of
its Pampamali gold and base metals project in Peru
(details on www.hunter-resources.com). Negotiations
to conclude this acquisition and the transfer of the
tenements into a new company are at an advanced stage.
We anticipate that the Company's shares will return
from suspension on completion of the acquisition and
the transfer of the tenements. We expect to be able
to give an update on this shortly.
The Company announced during the period that it had
agreed a new financing facility of GBP100,000 with
Marine Investments (WA) Pty Limited ("Marine"), its
largest shareholder, to provide an interim funding
facility (the "Facility") to the Company (see Note
4). The Facility came in two parts. The first part
of the Facility (the "Initial Facility") involved a
loan of GBP50,000 on terms as announced on 20 June
2016. The second part, which included rolling over
the Initial Facility, into a convertible loan note,
was subject to the approval by shareholders of certain
resolutions relating to the share capital of the Company
at the annual general meeting held on 12 July 2016.
The terms of the second part of the Facility were also
announced on 20 June 2016. As set out in that announcement
the Facility is convertible into new ordinary shares
in the Company at a price of 0.157 pence per ordinary
share (being a 15% discount to the closing mid-market
price on 14 June 2016) at any time up until maturity.
As announced the Facility was to satisfy the short-term
general working capital requirements of the Company,
but the Company will look to raise further capital
during 2016. More details on this will be announced
shortly.
Simon D Hunt
Executive Chairman
For further information, please contact:
Hunter Resources PLC Allenby Capital Limited
Simon Hunt (Nominated Adviser and
(Chairman) Broker)
+44 7733 337 755 John Depasquale/Nick Harriss/Nick
www.hunter-resources.com Naylor
+44 20 3328 5656
www.allenbycapital.com
CONSOLIDATED INCOME STATEMENT
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
---- ------------ ------------ ------------
Administrative expenses (57) (95) (213)
Investment revenues - - 3
------------ ------------ ------------
Loss before taxation (57) (95) (210)
Taxation - - -
------------ ------------ ------------
LOSS FOR THE PERIOD (57) (95) (210)
------------ ------------ ------------
LOSS PER SHARE
Basic and diluted loss per share - pence 2 (0.04) (0.07) (0.16)
------------ ------------ ------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
------------ ------------ ------------
Loss for the period (57) (95) (210)
Items that will be reclassified subsequently to profit or
loss:
Foreign exchange translation differences (10) - (2)
------------ ------------ ------------
Other comprehensive income for the year (10) - (2)
------------ ------------ ------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO OWNERS OF THE
PARENT COMPANY (67) (95) (212)
------------ ------------ ------------
All results derive from continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June
2016 2015 31 December 2015
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
----- ------------- ------------- -----------------
ASSETS
Non-current assets
Exploration and evaluation assets 3 543 436 495
543 436 495
------------- ------------- -----------------
Current assets
Prepayments 11 11 7
Other receivables 9 25 6
Cash and cash equivalents 35 272 96
55 308 109
------------- ------------- -----------------
TOTAL ASSETS 598 744 604
------------- ------------- -----------------
LIABILITIES
Current liabilities
Loan notes 4 50 - -
Trade and other payables 38 50 27
------------- ------------- -----------------
TOTAL LIABILITIES 88 50 27
------------- ------------- -----------------
NET CURRENT (LIABILITIES) / ASSETS (33) 258 82
------------- ------------- -----------------
NET ASSETS 510 694 577
------------- ------------- -----------------
Share capital 5 2,170 2,170 2,170
Share premium 5,406 5,406 5,406
Currency translation reserve 458 470 468
Accumulated losses (7,524) (7,352) (7,467)
------------- ------------- -----------------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT COMPANY 510 694 577
------------- ------------- -----------------
These Interim financial statements were approved by the Board of
Directors and authorised for issue on 20 September 2016. Signed on
behalf of the Board of Directors by:
Simon Hunt
Director and
Executive Chairman
21 September 2016
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Currency translation Accumulated
Share capital Share premium reserve losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------------- ---------------------------- ------------ --------
Balance at 1 January 2015
(Audited) 2,170 5,406 470 (7,257) 789
Loss for the period - - - (95) (95)
-------------- -------------- ---------------------------- ------------ --------
Total comprehensive income
for the period - - - (95) (95)
-------------- -------------- ---------------------------- ------------ --------
Balance at 30 June 2015
(Unaudited) 2,170 5,406 470 (7,352) 694
Loss for the period - - - (115) (115)
Other comprehensive income:
Exchange translation loss on
foreign operations - - (2) - (2)
-------------- -------------- ---------------------------- ------------ --------
Total comprehensive income
for the period - - (2) (115) (117)
-------------- -------------- ---------------------------- ------------ --------
Balance at 31 December 2015
(Audited) 2,170 5,406 468 (7,467) 577
Loss for the period - - - (57) (57)
Other comprehensive income:
Exchange translation loss on
foreign operations - - (10) - (10)
-------------- -------------- ---------------------------- ------------ --------
Total comprehensive income
for the period - - (10) (57) (67)
-------------- -------------- ---------------------------- ------------ --------
Balance as at 30 June 2016
(Unaudited) 2,170 5,406 458 (7,524) 510
-------------- -------------- ---------------------------- ------------ --------
CONSOLIDATED CASH FLOW STATEMENT
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
----- --------------- --------------- ----------------
Cash flows from operating activities
Loss for the period (57) (95) (210)
Adjustments for:
Investment revenues - - (3)
Foreign exchange (gain) / loss (42) 5 (13)
Operating cash flows before movements in
working capital (99) (90) (226)
(Increase) / decrease in receivables (8) 3 26
Increase / (decrease) in trade and other
payables 11 (31) (50)
--------------- --------------- ----------------
Cash used in operating activities (96) (118) (250)
--------------- --------------- ----------------
Cash flows from investing activities
Acquisition of intangible assets (16) (85) (131)
Net cash used in investing activities (16) (85) (131)
--------------- --------------- ----------------
Cash flows from financing activities
Proceeds from the issue of loan notes 4 50 - -
Net cash provided by financing activities 50 - -
--------------- --------------- ----------------
Net decrease in cash and cash equivalents (62) (203) (381)
Effects of exchange rate changes on the
balance of cash held in foreign currencies 1 (3) (1)
Cash and cash equivalents at the beginning of
the period 96 478 478
--------------- --------------- ----------------
Cash and cash equivalents at the end of the
period 35 272 96
--------------- --------------- ----------------
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Hunter Resources Plc is a company incorporated and domiciled in
the Isle of Man, under the Companies Act 2006, with registered
number 011261V.
The Interim financial statements, which are unaudited and have
not been reviewed by the Company's auditor, have been prepared in
accordance with the IFRS accounting policies adopted by the Group
and set out in the 2015 Financial Statements. The Group does not
anticipate any change in these accounting policies for the year
ended 31 December 2016.
The Interim financial statements have been prepared to comply
with the requirements of the AIM Rules. In preparing the Interim
financial statements, the Group has adopted the guidance in the AIM
Rules for interim accounts which do not require that the Interim
financial statements are prepared in accordance with IAS 34,
'Interim financial reporting'. While the financial figures included
in this report have been computed in accordance with IFRSs
applicable to interim periods, this report does not contain
sufficient information to constitute interim financial statements
as that term is defined in IFRSs.
The financial information contained in this Interim report also
does not constitute statutory accounts under the Isle of Man
Companies Acts 1931 to 2004 or the Isle of Man Companies Act 2006.
The financial information for the year ended 31 December 2015 is
based on the 2015 Financial Statements. The auditors reported on
those accounts: while their report was unqualified it included a
statement of emphasis of matter regarding the Company and Group's
going concern status. Readers are referred to the auditors' report
to the 2015 Financial Statements (available at
www.hunter-resources.com).
The Interim financial statements have been prepared in
accordance with the IFRS principles applicable to a going concern,
which contemplate the realisation of assets and liquidation of
liabilities during the normal course of operations. Having carried
out a going concern review in preparing the Interim financial
statements, the Directors have concluded that there is a reasonable
basis to adopt the going concern principle.
The Group's presentation currency is Great British Pounds ('GBP'
or GBP') which is the functional currency of the Company and the
currency of the country in which the Company's Ordinary Shares are
listed on AIM. Except where otherwise noted, amounts are presented
in this Interim report in rounded thousands of GBP's.
2. LOSS PER ORDINARY SHARE
There is no difference between the diluted loss per share and
the basic loss per share presented as the Group is loss making in
all periods presented.
The calculation of basic and diluted loss per share is based on
the following data:
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
Loss for the period - GBP'000 (57) (95) (210)
Weighted average number of Ordinary Shares 133,195,035 133,195,035 133,195,035
--------------- --------------- ----------------
Basic and diluted loss per Ordinary Share - pence (0.04) (0.07) (0.16)
--------------- --------------- ----------------
3. EXPLORATION AND EVALUATION ASSETS
Intangible assets
GBP'000
------------------
COST AND NET BOOK VALUE
At 1 January 2015 (audited) 353
Additions 85
Foreign exchange loss (2)
------------------
At 30 June 2015 (unaudited) 436
Additions 46
Foreign exchange gain 13
At 31 December 2015 (audited) 495
Additions 16
Foreign exchange gain 32
------------------
At 30 June 2016 (unaudited) 543
------------------
Exploration and evaluation assets comprise the Group's initial
investments to participate in exploration and evaluation projects,
including the Pampamali Project and the Prospero Project, related
legal and other expenditure, and expenditure incurred by the Group
in the initial and ongoing exploration and evaluation of the
resource at these projects. Initial exploration and evaluation
expenditure includes, inter alia, the initial geological assessment
and environmental impact assessment of the project, geological
analysis, drilling, trenching, sample analysis and similar
expenditure. Ongoing exploration and evaluation expenditure is
expenditure which is directly attributable to the exploration and
evaluation of the Group's license sites, such as geological
analysis, drilling, trenching, sample analysis and similar
expenditure.
Expenditure incurred in the Group's general administrative
activities in Peru is expensed to profit and loss as incurred.
Further details on development of the Group's exploration and
evaluation assets is provided in the Report of the Executive
Chairman.
4. BORROWINGS
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
Loan from Marine 50 - -
------------- ------------- ------------
On 20 June 2016, the Company agreed a new financing facility
with Marine, its largest shareholder, to provide an interim funding
facility to the Company. The Facility comes in two parts. The terms
of the Initial Facility are as follows:
-- an initial loan amount of GBP50,000;
-- interest payable at 8% per annum on the amount of the Initial Facility;
-- it is unsecured; and
-- the Initial Facility is for a term of three months.
The Initial Facility was drawn down in full by the Company
during the Period.
The second part of the Facility was subject to the resolution to
remove the par value at the 2016 AGM held on 12 July 2016, which
was obtained subsequent to the period end. The terms of the Second
Facility are as follows:
-- a total loan amount of GBP100,000, including a rolling over of the Initial Facility;
-- interest payable at 8% per annum on the full amount of the Facility;
-- it is unsecured;
-- for a term of two years, with early repayment by mutual consent;
-- the Facility is convertible into new Ordinary Shares in the
Company at a price of 0.157 pence per Ordinary Share (being a 15%
discount to the closing mid-market price on 14 June 2016) at any
time up until maturity; and
-- warrants to be issued on the basis of one warrant for every
two Ordinary Shares issued on conversion. The warrants will entitle
Marine to subscribe for new Ordinary Shares in the Company at a
price of 0.157 pence per ordinary share for a period of three years
following conversion.
The Second Facility was drawn down in full subsequent to the
period end.
The Facility is expected to satisfy the short-term general
working capital requirements of the Company, but the Company
anticipates the need to raise further capital during 2016.
5. SHARE CAPITAL AND SHARE PREMIUM
The authorised share capital of the Company is comprised of the
following at all balance sheet dates presented:
No. GBP
------------ ----------
Ordinary Shares of GBP0.01 each 300,000,000 3,000,000
Deferred Shares of GBP0.09 each 20,000,000 1,800,000
------------ ----------
320,000,000 4,800,000
------------ ----------
The Company's Ordinary Shares carry no right to fixed income.
Each Ordinary Share carries the right to one vote at the general
meetings of the Company. The Company's Deferred Shares do not carry
voting rights or a right to receive a dividend. The holders of
Deferred Shares do not have the right to receive notice of any
general meeting of the Company, nor have any right to attend, speak
or vote at any such meeting. In addition, holders of Deferred
Shares will only be entitled to a payment on a return of capital or
on a winding up of the Company after each of the holders of
Ordinary Shares has received a payment of GBP100,000 in respect of
each Ordinary Share. Accordingly, the Deferred Shares have no
economic value. The Deferred Shares are not admitted to trading on
any stock exchange.
No new Ordinary Shares were issued in any period presented. In
all periods presented, the issued share capital of the Company
comprised:
Number of Deferred Shares Share
Number of Ordinary Shares Issued and Fully Paid capital Share premium
Issued and Fully Paid GBP'000 GBP'000
-------------------------- -------------------------- --------- --------------
Balance at 31 December
2014, 30 June 2015, 31
December 2015 and 30 June
2016 133,195,035 9,316,483 2,170 5,406
-------------------------- -------------------------- --------- --------------
Subsequent to the period end, at the 2016 AGM held on 12 July
2016, the Shareholders approved the removal of the par value of the
Company's Ordinary Shares. Accordingly, the Company's Ordinary
Shares were re-designated as Ordinary Shares of no par value with
effect from that date.
6. ULTIMATE CONTROLLING PARTY
As at the date of this report, the Directors are of the opinion
that there is no ultimate controlling party of the Company.
7. EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE
7.1. Drawdown on the Second Facility
As announced on 27 July 2016, the Company completed the drawdown
of the Second Facility subsequent to the period end. Further
details on the Second Facility are provided in note 4.
7.2. Removal of the par value of the Company's Ordinary Shares
As more fully described in note 5, the Company's Ordinary Shares
were re-designated as ordinary shares of no par value at the 2016
AGM following the removal of the par value of this class of shares.
The removal of the par value and re-designation was completed to
permit the Company to issue new Ordinary Shares.
TERMS USED IN THIS REPORT
'2015 Financial Statements' the Group and Company audited financial statements for the year ended 31 December
2015 available
at the Company's website, www.hunter-resources.com;
'2016 AGM' The Annual General Meeting of Shareholders of the Company held on 12 July 2016.
'AIM' the market of that name operated by the London Stock Exchange;
'AIM Rules' the rules which set out the obligations and responsibilities in relation to
companies whose
shares are admitted to AIM as published and amended from time to time by the London
Stock
Exchange;
'Board' or 'Directors' the directors of the Company;
'Company' or 'Hunter' Hunter Resources plc;
'Deferred Shares' Deferred shares of GBP0.09 each in the share capital of the Company;
'Facility' the GBP100,000 interim funding facility provided to the Company by Marine, as more
fully described
in note 4.
'Gold Hunter' Gold Hunter S.A.C., a company incorporated in Peru with certificate number 13164856;
'Group' the Company and its subsidiary undertakings;
'Initial Facility' the initial GBP50,000 made available to the Company under the Facility and drawn
down by the
Company in the Period;
'Interim financial statements' the condensed consolidated financial statements of the Group for the six months
ended 30 June
2016;
'Interim report' the Interim financial statements, collectively with the Report of the Executive
Chairman;
'Marine' Marine Investments (WA) Pty Limited, a company incorporated in Western Australia,
with ABN
number 57 315 206 483;
'Ordinary Shares' ordinary shares of GBP0.01 each in the share capital of the Company until the 2016
AGM and
ordinary shares of no par value subsequent to the 2016 AGM;
'Pampamali Project' the 8 Pampamali mineral exploration concessions located in central Peru in the
department
of Huancavelica;
'Period' the six-month period ended 30 June 2016;
'Propsero Project' tenements comprising 5,000 hectares to the North West of the Pampamali Project;
'Second Facility' the second part of the Facility, drawn down by the Company subsequent to the period
end;
'Shareholders' holders of the Company's Ordinary Shares and / or Deferred Shares;
This information is provided by RNS
The company news service from the London Stock Exchange
END
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