BHR.L Regulatory News (BHR)

28 Sep 2006 07:01

Carnegie Minerals plc28 September 2006 28 September 2006 Carnegie Minerals Plc ("the Company") Interim results for the period ended 30 June 2006 The Company announces its unaudited interim results for the period fromincorporation, 3 February 2006, to 30 June 2006. Alan Burns, Chairman, said: "The interim financial statements to 30 June 2006 show little change from thoseincluded in the document published prior to our admission to AIM. I am pleasedto be able to report that, since then, we have successfully placed 25 millionshares at 8p per share, raising £2 million before issue expenses and that thestart of trading on AIM saw our shares open at a healthy premium to the issueprice." "The Company's two projects, in The Gambia and in Senegal, are proceeding inline with our plans and the first delivery of zircon from Gambia has taken placeahead of schedule. As has already been announced, we have decided to prepare ourfinancial reports on a calendar year basis and accordingly our first auditedresults will be for the period to 31 December 2006." Enquiries: Carnegie Minerals Plc Timothy Jones, Financial Director 01372 464549 www.carnegiemins.com Corporate Synergy Plc Romil Patel / John Prior 020 7448 4400 Financial Dynamics Limited Edward Westropp 020 7831 3113 Financial information The financial information contained in this announcement covers the period fromincorporation on 3 February 2006 to 30 June 2006. The consolidated financialstatements show the position of the company together with its wholly-ownedsubsidiary Carnegie Minerals Limited which was acquired on 29 March 2006. Apart from small amounts of interest income and some minor administrativeexpenses, the only transactions in the period were payments relating to certaincosts of the Share Placing and AIM Listing which took place on 14 August 2006.In the consolidated balance sheet at 30 June 2006, these costs were carriedforward as prepayments. Unaudited Consolidated Profit and Loss Accountfor the period ended 30 June 2006 Unaudited period ended 30 June 2006 Note £ Administrative expenses (416) Operating Loss (416) Interest income 1,117 Profit on ordinary activities before taxation 701 Tax on profit on ordinary activities - Profit on ordinary activities after taxation 701 Profit for the period 701 Earnings per ordinary share 2 0.02p Unaudited Consolidated Balance Sheetat 30 June 2006 Unaudited 30 June 2006 Note £ £ Current assetsDebtors 65,189Cash at bank and in hand 59,231 124,420Creditors: amounts fallingdue within one year (9,373) Net current assets 115,047 Net assets 115,047 Capital and reservesCalled up share capital 4 50,000Share premium account 4 64,346Profit and loss account 4 701 Equity shareholders' funds 115,047 Unaudited Consolidated Cash Flow Statementfor the period ended 30 June 2006 Unaudited period ended 30 June 2006 Note £Net cash outflow from operating activities (56,232) Returns on investments and servicing of financeInterest received 1,117 Acquisitions and disposalsCash obtained with subsidiary undertaking 192,028Creditors assumed with subsidiary undertaking (77,682) Increase in cash in the period 59,231 Reconciliation of operating loss to netcash outflow from operating activitiesOperating loss (416)Increase in debtors (65,189)Increase in creditors 9,373 Net cash outflow from operating activities (56,232) Reconciliation of movements in shareholders' fundsfor the period ended 30 June 2006 Unaudited period ended 30 June 2006 £Profit for the financial period 701 New share capital issued 114,346Addition to shareholders' funds 115,047 Opening shareholders' funds - Closing shareholders' funds 115,047 Notes to the interim results 1. Accounting policies The interim financial information in this announcement has been prepared on thehistorical cost basis and in accordance with applicable accounting standards(United Kingdom Generally Accepted Accounting Practices). Basis of consolidation: The consolidated financial statements incorporate the results of CarnegieMinerals Limited, a company incorporated in the Isle of Man, using theacquisition method of accounting. The results of the subsidiary undertaking areincluded from the date of acquisition. 2. Earnings per share The calculation of earnings per ordinary share is based on a profit of £701 andon 3,141,892 ordinary shares, being the weighted average number of ordinaryshares in issue during the period. 3. Dividends The directors do not recommend the payment of a dividend. 4. Capital and reserves Called up share Share premium Profit and loss Total capital account account £ £ £ £At 3 February 2006 - - - -Issue of shares 50,000 64,346 - 114,346Profit for the period - - 701 701At 30 June 2006 50,000 64,346 701 115,047 5. Subsequent events On 3 August 2006, the Company acquired the entire issued share capital of CoastResources Limited, a Company incorporated in the Isle of Man. The considerationwas the issue of 22,500,000 ordinary shares of £0.01. On 7 August 2006, the Company paid £25,000 to companies under the control of twodirectors in consideration for the cancellation of options held by thosedirectors to subscribe for shares in the company. The companies subscribed that£25,000 for 2,500,000 new ordinary shares in the Company at a subscription priceof 1p per share. On 14 August 2006 the Company placed 25,000,000 new ordinary shares at asubscription price of 8p per share (with one warrant for every two ordinaryshares subscribed exercisable at 12p per ordinary share). On the same date, theentire issued share capital of the company was admitted to trading on AIM. This information is provided by RNS The company news service from the London Stock Exchange