TIDMMVC
RNS Number : 5005Y
Medavinci PLC
23 December 2010
For Immediate Release
23 December 2010
MedaVinci plc
("MedaVinci" or the "Company")
Announcement of Interim Results for the six months to 30
September 2010
Chairman's statement
As highlighted in the circular to shareholders dated 9th August
2010 the Company has re-focussed its investment strategy to that of
a gold mineral exploration and production business in Europe.
Highlights
-- Raised GBP842,000 in August 2010 and invested GBP370,000 in
Orogen Gold Limited for a 49% stake with a twelve month option to
acquire the 51% balance
-- Appointed Michael Nolan to the Board as a non-executive
director
Highlights post the period end
-- New exploration licence re-issued by the Serbian Ministry of
Mining and Energy to Deli Jovan Exploration d.o.o. in which
MedaVinci plc is earning an interest through its holding in Orogen
Gold Limited.
-- The appointment of XCAP Securities as joint brokers alongside
Zeus Capital Limited
-- The successful fund raising of GBP1.5m through the issue of
375m new ordinary shares
-- Exploration programme now initiated and plans being submitted
to the Serbian Mining Ministry for the re-opening of the two former
mines at Deli Jovan to facilitate detailed underground structural
mapping and close-spaced channel sampling
It is my view that we have secured the future for MedaVinci and
it is our intention early in the New Year to invite John Barry, Ed
Slowey and Alan Mooney ("Proposed Directors"), all currently
directors of Orogen Gold Limited, onto the Board of the Company at
which point a further announcement will be made; all three have
substantial experience and are very well respected within the
mining and exploration industry.
I believe that the company is now positioned for an exciting
future and together with having a healthy balance sheet, cash
resources and the experience of the Proposed Directors, this all
gives me great confidence for the year ahead. I would like to take
this opportunity to thank the rest of my Board for the backing and
support they have given me in turning MedaVinci into a company
which I hope can provide substantial returns to shareholders in the
near future.
Adam Reynolds
Chairman
For further information, please contact:
MedaVinci plc Tel: +44 (0) 207 245 1100
Adam Reynolds
Paul Foulger
Zeus Capital Limited Tel: +44 (0) 161 831 1512
Ross Andrews
XCap Securities plc Tel: +44 (0) 207 101 7070
John Grant
David Newton
MEDAVINCI PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2010
Unaudited Unaudited Audited
6 months 6 months Year
ended 30 ended 30 ended 31
September September March
Notes 2010 2009 2010
GBP'000 GBP'000 GBP'000
- Other administrative
expenses (236) (60) (144)
- Impairment of investments,
capital contribution and
receivables - - (518)
-------------------------------- ------ ----------- ----------- ----------
Administrative expenses (236) (60) (662)
Loss before taxation (236) (60) (662)
Income tax expense - - -
Loss for the year attributable
to owners of the company (236) (60) (662)
Other comprehensive expense
Exchange difference on
translating foreign balances - - -
Total comprehensive expense
for the year attributable
to owners of the Company (236) (60) (662)
=========== =========== ==========
Loss per share Pence Pence Pence
Basic and diluted 3 (0.04) (0.02) (0.2)
=========== =========== ==========
MEDAVINCI PLC
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2010
Audited
Unaudited Unaudited as at
as at as at 31
30 September 30 September March
2010 2009 2010
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Investments 670 742 300
670 742 300
-------------- -------------- --------
Current assets
Cash and cash equivalents 563 389 160
563 389 160
-------------- -------------- --------
TOTAL ASSETS 1,233 1,131 460
============== ============== ========
EQUITY AND LIABILITIES
Equity
Share capital 1,642 1,158 1,158
Share premium reserve 5,789 5,305 5,305
Retained loss (6,313) (5,475) (6,077)
Total equity 1,118 988 386
-------------- -------------- --------
Current liabilities
Trade and other payables 115 143 74
Net current assets 115 143 74
-------------- -------------- --------
TOTAL EQUITY AND LIABILITIES 1,233 1,131 460
============== ============== ========
MEDAVINCI PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2010
Unaudited Unaudited
6 months 6 months Audited
ended 30 ended 30 year
September September to 31 March
2010 2009 2010
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Loss before taxation (236) (60) (662)
Impairment loss on investments - - 518
Decrease in trade and other
receivables - 14 14
Increase/(decrease) in trade
and other payables 41 (104) (173)
Net cash outflow from operating
activities (195) (150) (303)
----------- ----------- -------------
Cash flows from investing
activities
Increase in investments (245) - (76)
Net cash outflow from investing
activities (245) - (76)
----------- ----------- -------------
Cash flows from financing
activities
Proceeds from issue of equity
instruments 843 422 422
Net cash flow inflow from
financing activities 843 422 422
----------- ----------- -------------
Net increase in cash and cash
equivalents 403 272 43
Cash and cash equivalents
at beginning of the period 160 117 117
Cash and cash equivalents
at end of the period 563 389 160
=========== =========== =============
MEDAVINCI PLC
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
AS AT 30 SEPTEMBER 2010
Share Share Retained
capital premium loss Total
GBP'000 GBP'000 GBP'000 GBP'000
At 31 March 2009 736 5,305 (5,415) 626
Total comprehensive expenses
for the period - - (60) (60)
Shares issued during the
year 422 - - 422
--------- --------- --------- ---------
At 30 September 2009 1,158 5,305 (5,475) 988
Total comprehensive expenses
for the period - - (602) (602)
--------- --------- --------- ---------
At 31 March 2010 1,158 5,305 (6,077) 386
Total comprehensive expenses
for the period - - (236) (236)
Shares issued during the
year 484 484 - 968
--------- --------- --------- ---------
At 30 September 2010 1,642 5,789 (6,077) 1,118
========= ========= ========= =========
MEDAVINCI PLC
NOTES TO THE INTERIM UNAUDITED FINANCIAL INFORMATION
1. General Information
MeDaVinci plc is a public limited company governed by UK Law,
established in the UK and listed on the Alternative Investment
Market (AIM). The company's registered office is in the UK. Its
office address is 14 Kinnerton Place South, London SW1X 8EH.
2. Basis of preparation
The interim financial information in this report has been
prepared using accounting policies consistent with IFRS as adopted
by the European Union. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board
(IASB) and the International Financial Reporting Standards
Interpretations Committee and there is an ongoing process of review
and endorsement by the European Commission. The financial
information has been prepared on the basis of IFRS that the
Directors expect to be adopted by the European Union and applicable
as at 30 March 2011. While the financial figures included in this
interim statement have been computed in accordance with IFRS
applicable to interim periods, this interim statement does not
contain sufficient information to constitute an interim financial
report as that term is defined in IAS 34.
The financial information in this statement does not constitute
statutory accounts as defined under Section 434 of the Companies
Act 2006 and has neither been audited nor reviewed by the Company's
auditors Jeffreys Henry LLP pursuant to guidance issued by the
Auditing Practices Board.
The Company's statutory accounts for the year ended 31 March
2010 have been filed with the Registrar of Companies. The auditors
reported on those accounts: their report was unqualified, did not
draw attention to any matters by way of emphasis and did not
contain a statement under section 498 of the Companies Act
2006.
The interim financial information has been prepared using same
accounting policies as those of the annual financial statements for
the year ended 31 March 2010. Significant accounting policies in
annual financial statements are as follows:
Going concern
The company has changed its investment strategy to investing in
companies involved in mineral exploration and has also successfully
completed a fundraising. The directors confirm that, after giving
due consideration to the financial position and cash flows of the
company they have reasonable expectation that the company has
adequate resources to continue in operational existence for the
foreseeable future. For this reason the company adopted the going
concern basis in preparing the financial statements.
Exemption from preparing consolidated financial statements
The financial information contains information about MeDaVinci
Plc as an individual company and does not contain consolidated
financial information as the parent of a group. The company is
exempt under Section 405(2) of the Companies Act 2006 from the
requirements to prepare consolidated financial statements, as the
subsidiary undertakings are not material for the purpose of giving
a true and fair view. During the year ended 31 March 2010 the
company's subsidiaries were dormant and immaterial and accordingly
the financial statements are presented on an unconsolidated basis
i.e. as a single entity rather than consolidated as reported in the
previous periods.
MEDAVINCI PLC
NOTES TO THE INTERIM UNAUDITED FINANCIAL INFORMATION
3. Loss per share
Basic
Basic loss per share is calculated by dividing the loss
attributable to equity shareholders by the weighted average number
of ordinary shares in issue during the period.
Unaudited Unaudited Audited
6 months 6 months year
ended 30 ended 30 ended 31
September September March
2010 2009 2010
GBP'000 GBP'000 GBP'000
Loss attributable to equity
holders of the company (236) (60) (662)
----------- ----------- ----------
Weighted average number of
ordinary shares in issue (thousands) 575,727 267,094 389,755
----------- ----------- ----------
Basic loss per share (pence) (0.04) (0.02) (0.2)
=========== =========== ==========
The company had no dilutive potential ordinary shares in either
year, which would serve to increase the loss per ordinary share.
Therefore, there is no difference between the loss per ordinary
share and the diluted loss per ordinary share.
4. Subsequent events
On 3 December 2010 the company issued 375,000,000 shares of 0.1
pence each at 0.4 pence per share. The total cash consideration
received amounted to GBP1.5m before expenses. At the date of this
announcement there are 1,353,660,817 ordinary shares of 0.1 pence
each in issue and 73,599,817 deferred shares of 0.9 pence each in
issue.
5. A copy of this announcement is available from the Company's
web site, being www.medavinciplc.com
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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