TIDMMIR
RNS Number : 0688B
Mining Investments Resources PLC
28 March 2013
MINING INVESTMENTS RESOURCES PLC
formerly
LAGAN CAPITAL PLC
Company number 03744133.
("MIR" or the "Company")
Interim Report for the six months ended 31 December 2012
Chairman's review
The Company has undergone a change of name, leadership and
strategic direction during the period under review and on 31
October 2012 was renamed Mining Investments Resources plc.
The previous business direction undertaken up to 30 June 2012
has been abandoned as it was considered unsuccessful and all known
financial liabilities relating to the previous business were
provided for in the accounts for the year ended 30 June 2012. On 28
August 2012 the Company raised approximately GBP690,000 by the
placing of 69,074,119 new shares and 44,537,059 warrants with
investors and on 29 August 2012 a further 3,687,501 shares were
issued to the two outgoing directors in settlement of outstanding
fees. On 28 August two new Directors were appointed to replace the
outgoing Directors.
Objectives
MIR's objective is to seek investment opportunities in the
mining industry in Russia.
To achieve this objective, MIR entered into a Strategic Alliance
Agreement with Artel Vostok during the period. Artel Vostok
principally operates alluvial gold mines on the Pacific coast of
Russia. The opportunities created by this relationship continue to
be developed, alongside other opportunities in this part of
Russia.
In addition, MIR is currently in negotiations to invest in a
company which has a controlling interest in a silver mine in the
Primorsky region of Russia and three exploration licences located
in the vicinity of the mine. A letter of intent has been entered
into which is conditional on due diligence and negotiation of an
investment agreement, which will define the terms of the
transaction.
Investments
Of the funds raised by the share issue GBP563,830 was initially
invested in quoted mining stocks whilst longer term opportunities
such as described above were being more fully explored. At the
period end these investments had yielded a realisednet gain of
GBP81,001 and investments still held at a cost of GBP332,117 were
standing at an unrealised gain of GBP16,777. Total administrative
expenses, including directors' fees, during the period were
GBP137,848.
Outlook
Since 31 December MIR has continued to develop the relationship
with Artel Vostok and has also approved preparatory expenditure on
due diligence, including geology, financial and legal reports, on
the Primorsky Silver Project in Eastern Russia.
On behalf of the Board
Michael Nosworthy
26 March 2013
For further information:
Mining Investments Resources
Michael Nosworthy plc +33 675657274
Mining Investments Resources
Steve Roberts plc 07812043436
Northland Capital Partners
Luke Cairns / Matthew Limited
Johnson (Nomad and Joint Broker) 020 7796 8800
Peterhouse Corporate Finance
John Levinson/ Limited
Lucy Williams (Joint Broker) 020 7469 0930
Jonathan Anderson Investor Relations 07950410680
The Interim Report for the six month period ended 31 December
2012 (the "2012 Interim Report") set out below will be available
from today on MIR's web site: www.mirplc.com
Unaudited consolidated statement of comprehensive income
for the period ended 31 December 2012
6 months 6 months Year ended
-----------------------------
31-Dec-12 31-Dec-11 30-Jun-12
-----------------------------
Unaudited Unaudited Audited
Notes GBP000's GBP000's GBP000's
----------------------------- ------ ---------- ---------- -----------
Trading Revenue 25 0
----------------------------- ------ ---------- ---------- -----------
Realised gains on short
term investments 81
----------------------------- ------ ---------- ---------- -----------
Unrealised gains on short
term investments 17
----------------------------- ------ ---------- ---------- -----------
Total Revenue 98 25 0
----------------------------- ------ ---------- ---------- -----------
Cost of sales 0 - -
----------------------------- ------ ---------- ---------- -----------
Gross profit 98 25 0
----------------------------- ------ ---------- ---------- -----------
Admin expenses -148 -226 -634
----------------------------- ------ ---------- ---------- -----------
Operating (loss)/profit -50 -201 -634
----------------------------- ------ ---------- ---------- -----------
Interest receivable 0
----------------------------- ------ ---------- ---------- -----------
Exceptional Items
----------------------------- ------ ---------- ---------- -----------
Cost of raising capital -89
----------------------------- ------ ---------- ---------- -----------
Pre-tax result for the year -139 -201 -634
----------------------------- ------ ---------- ---------- -----------
Taxation 3 - - -
----------------------------- ------ ---------- ---------- -----------
Net result for the year -139 -201 -634
----------------------------- ------ ---------- ---------- -----------
(Loss)/earnings per share
----------------------------- ------ ---------- ---------- -----------
- basic 4 (0.16p) (3.64p) (11.48p)
----------------------------- ------ ---------- ---------- -----------
- diluted 4 (0.10p) (3.64p) (11.48p)
----------------------------- ------ ---------- ---------- -----------
Unaudited consolidated balance sheet
as at 31 December 2012
notes 6 months 6 months Year ended
----------------------------------- -------
31-Dec-12 31-Dec-11 30-Jun-12
----------------------------------- -------
Unaudited Unaudited Audited
GBP000's GBP000's GBP000's
----------------------------------- ------- ---------- ---------- -----------
ASSETS
----------------------------------- ------- ---------- ---------- -----------
Non-current assets 0 0 0
-------------------------------------------- ---------- ---------- -----------
Loans and receivables 281
-------------------------------------------- ---------- ---------- -----------
Quoted investments for resale 349
-------------------------------------------- ---------- ---------- -----------
Trade and other receivables 2 135
-------------------------------------------- ---------- ---------- -----------
Cash and cash equivalents 247 55 20
-------------------------------------------- ---------- ---------- -----------
Total assets 598 471 20
-------------------------------------------- ---------- ---------- -----------
EQUITY
----------------------------------- ------- ---------- ---------- -----------
Capital and reserves attributable
to the Company's equity
holders
----------------------------------- ------- ---------- ---------- -----------
Share capital 3,267 2,539 2,539
-------------------------------------------- ---------- ---------- -----------
Share premium account 7,633 7,633 7,633
-------------------------------------------- ---------- ---------- -----------
Retained earnings -10,474 -9,902 -10,335
Total equity 426 270 -163
-------------------------------------------- ---------- ---------- -----------
LIABILITIES
----------------------------------- ------- ---------- ---------- -----------
Current liabilities
----------------------------------- ------- ---------- ---------- -----------
Trade and other payables 173 41 183
-------------------------------------------- ---------- ---------- -----------
Non-current liabilities
----------------------------------- ------- ---------- ---------- -----------
Trade and other payables 160
-------------------------------------------- ---------- ---------- -----------
Total liabilities 173 201 183
-------------------------------------------- ---------- ---------- -----------
Total equity and liabilities 598 311 20
-------------------------------------------- ---------- ---------- -----------
Michael Nosworthy Stephen Roberts
Director Director
Company No: 03744133
Unaudited consolidated cash flow statement
for the period ended 31 December 2012
6 months 6 months Year
ended
---------------------------------
31-Dec-12 31-Dec-11 30-Jun-12
---------------------------------
Unaudited Unaudited Audited
GBP000's GBP000's GBP000's
--------------------------------- ---------- ---------- ----------
Operating activities
--------------------------------- ---------- ---------- ----------
Result for the year before
tax -139 -201 -634
--------------------------------- ---------- ---------- ----------
Impairment of assets 0 140 454
--------------------------------- ---------- ---------- ----------
Depreciation and amortisation 0
--------------------------------- ---------- ---------- ----------
Decrease /( Increase) in
trade and other receivables -2 195 331
--------------------------------- ---------- ---------- ----------
Increase / (Decrease) in
trade and other payables -10 33 14
--------------------------------- ---------- ---------- ----------
Interest accrued on financial
assets 0 -25
--------------------------------- ---------- ---------- ----------
Expenses settled through
issue of equity 37
--------------------------------- ---------- ---------- ----------
Net cash inflow from operating
activities -115 142 165
--------------------------------- ---------- ---------- ----------
Investing activities -349 -115 -173
--------------------------------- ---------- ---------- ----------
Net cash outflow from investing
activities -349 -115 -173
--------------------------------- ---------- ---------- ----------
Financing activities
--------------------------------- ---------- ---------- ----------
Shares issued 691 0
--------------------------------- ---------- ---------- ----------
Net cash inflow from financing
activities 691 0 0
--------------------------------- ---------- ---------- ----------
Net (decrease)/increase
in cash and cash equivalents 227 27 -8
--------------------------------- ---------- ---------- ----------
Cash and cash equivalents,
beginning of year 20 28 28
--------------------------------- ---------- ---------- ----------
Cash and cash equivalents,
end of period 247 55 20
--------------------------------- ---------- ---------- ----------
Unaudited consolidated statement of changes in equity
for the period ended 31 December 2012
Share Share Profit Total
&
-----------------------------
capital premium loss equity
-----------------------------
GBP000's GBP000's GBP000's GBP000's
----------------------------- --------- --------- --------- ---------
Balance as at 30 June 2011 2539 7633 -9701 471
----------------------------- --------- --------- --------- ---------
Loss for the period - - -201 -201
----------------------------- --------- --------- --------- ---------
Total comprehensive income
for the period - - -201 -201
Balance as at 31 December
2011 2536 7614 -9902 270
----------------------------- --------- --------- --------- ---------
Loss for the period - - -433 -433
----------------------------- --------- --------- --------- ---------
Total comprehensive income
for the period - - -433 -433
Balance as at 30 June 2012 2539 7633 -10335 -163
----------------------------- --------- --------- --------- ---------
Shares issued 728 728
----------------------------- --------- --------- --------- ---------
Transactions with owners 728 728
----------------------------- --------- --------- --------- ---------
Loss for the period - - -139 -139
----------------------------- --------- --------- --------- ---------
Total comprehensive income
for the period - - -139 -139
Balance as at 31 December
2012 3267 7633 -9902 426
----------------------------- --------- --------- --------- ---------
Notes to the consolidated unaudited financial statements
for the period ended 31 December 2012
1 General information
Mining Investments Resources plc is a public limited company
incorporated and domiciled in the United Kingdom. The address of
the registered office is Bridge House, London Bridge, London SE1
9QR. The shares of Mining Investments Resources plc are listed on
the AIM Market of the London Stock Exchange. Mining Investments
Resources plc has a subsidiary company Lagan Capital Investments
Limited, incorporated in the Republic of Ireland, which has not
traded to date and together these entities comprise the Group.
2 Summary of significant accounting policies
2.1 Basis of preparation
The unaudited interim financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRSs)
and on the same basis and using the same accounting policies as
used in the audited financial statements for the year ended 30 June
2012. The information set out in these interim financial statements
does not constitute statutory accounts as defined in Section 435 of
the Companies Act 2006. The figures for the year ended 30 June 2012
have been extracted from the statutory financial statements which
have been filed with the Registrar of Companies. The auditors'
report on those financial statements was unmodified. The board
approved the interim report on 26 March 2013.
2.2 Segment reporting
The Board monitors performance on a unitary basis comprising
only one segment. Consequently there is no further segmental
analysis available for disclosure.
3. Taxation
No provision for taxation has been made due to the availability
of losses
4. Earnings per share
Basic
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of MIR by the weighted average
number of Ordinary Shares in issue during the year.
6 months 6 months Year ended
31 Dec 2012 31 Dec 2011 30 June 2012
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
-------------------------------- ------------- ------------- --------------
(Loss)/profit attributable
to equity
holders of MIR (129) (201) (634)
-------------------------------- ------------- ------------- --------------
Weighted average number
of
Ordinary Shares in issue
-------------------------------- ------------- ------------- --------------
Basic 78,281,120 5,219,500 5,226,075
-------------------------------- ------------- ------------- --------------
Dilutive effect of outstanding 44,537,059 - -
options -
-------------------------------- ------------- ------------- --------------
122,818,179 5,219,500 5,226,075
-------------------------------- ------------- ------------- --------------
Diluted earnings/(loss)
per share:
-------------------------------- ------------- ------------- --------------
Basic and diluted (0.10p) (3.64p) (11.48p)
-------------------------------- ------------- ------------- --------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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