CIR.L Regulatory News (CIR)

28 Sep 2005 15:17

Capricorn Resources PLC28 September 2005 Capricorn Resources Plc: CIR / Index: AIM / Sector: Mining & Exploration CAPRICORN RESOURCES PLC INTERIM RESULTS Capricorn Resources Plc ('Capricorn' or 'the Company'), the AIM listed miningand exploration company, announces its results for the six-months ended 30 June2005. CHAIRMAN'S STATEMENT Since the last report to shareholders, the Board structure at the Company haschanged which has lead to a shift in strategy. Therefore, although the reportingperiod was not under my direct stewardship, I thought this was a goodopportunity to reiterate to shareholders the changes and outline my plans forthe future. I assumed the role of executive chairman in place of Phil Edmonds, who steppeddown on 15 July 2005. I acquired 8,000,000 ordinary shares from otherdirectors, comprising 4,000,000 from Mr Edmonds and 4,000,000 from AndrewGroves, and as a result I now hold 10,000,000 ordinary shares (15%) in theCompany. Mr Edmonds maintains an interest in 2,500,000 ordinary shares (3.8%)while Mr Groves no longer has a shareholding and has stepped down from theBoard. In August 2005 we appointed John Stuttaford as a Non-Executive Director. MrStuttaford, a Chartered Secretary, has worked extensively with growth companiesand currently operates MSP Secretaries Limited, a UK corporate secretarialservice company. He brings with him a wide variety of expertise and experiencewhich I am confident will prove invaluable for the future development of theCompany. As previously stated in the announcement dated 15 July 2005, I am examining anumber of possible resource based acquisitions for Capricorn in Southern Africa.This is likely to comprise a reverse takeover. I remain committed to thisstrategy and when the right deal is secured I will update the marketaccordingly. On stepping down as Chairman, Mr Edmonds pledged his and Mr Groves' ongoingsupport to the Company. He gave full backing to my appointment as he believedit would best serve the interests of the shareholders, especially as the dealthat he was trying to complete had unfortunately not crystallised. For the period ending 30 June 2005 we are reporting a pre and post tax loss of£73,349 and no dividend is to be paid. We have kept expenditure to a minimumand our current cash position remains healthy. Finally, I'd like to thank our staff for their efforts and our shareholders fortheir continued support and I hope I can reward them by finding a suitableproject for Capricorn. Brian MoritzChairman28 September 2005 CAPRICORN RESOURCES PLC UNAUDITED PROFIT AND LOSS ACCOUNTFor the six months ended 30 June 2005 SIX MONTHS ENDED SIX MONTHS ENDED YEAR ENDED 30 JUNE 2005 30 JUNE 2004 31 DECEMBER 2004 £ £ £ TURNOVER - - -Net operating expenses (73,438) (103,881) (175,594) OPERATING LOSS (73,438) (103,881) (175,594) Interest receivable 89 414 483 Loss on ordinary activities before taxation (73,349) (103,467) (175,111)Taxation - - - LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (73,349) (103,467) (175,111)LOSS PER SHARE Basic and diluted (0.11p) (0.16p) (0.27p) UNAUDITED BALANCE SHEETAs at 30 June 2005 30 JUNE 30 JUNE 31 DECEMBER 2005 2004 2004 £ £ £ FIXED ASSETS 2,309 4,856 3,158 CURRENT ASSETSDebtors 31,939 88,157 26,368Cash at bank and in hand 254,917 286,623 294,263 286,856 374,780 320,631CREDITORS: Amounts following due within oneyear (73,504) (31,237) (46,033) NET CURRENT ASSETS 213,352 343,543 274,598 NET ASSETS 215,661 348,399 277,756 CAPITAL AND RESERVESCalled up share capital 66,575 65,349 65,449Share premium account 491,867 479,613 480,614Other reserves 57,126 58,351 58,251Profit and loss account (399,907) (254,914) (326,558) EQUITY SHAREHOLDERS' FUNDS 215,661 348,399 277,756 UNAUDITED CASH FLOW STATEMENTFor the six months ended 30 June 2005 SIX MONTHS ENDED SIX MONTHS ENDED YEAR ENDED 30 JUNE 2005 30 JUNE 2004 31 DECEMBER 2004 £ £ £ Cash outflow from operating activities (50,689) (210,678) (204,108) Returns on investments and servicing offinance 89 414 483 Capital expenditure and financial investment - (920) (920) CASH OUTFLOW BEFORE FINANCING (50,600) (211,184) (204,545) Financing 11,254 85,200 86,201 (DECREASE) IN CASH IN THE PERIOD (39,346) (125,984) (118,344) Reconciliation of Net Cash Flow to Movementin Net Funds (Decrease) in cash in the period (39,346) (125,984) (118,344) Net funds at beginning of period 294,263 412,607 412,607 Net funds at end of period 254,917 286,623 294,263 1. The financial information contained in this unaudited interim report does not constitute statutory accounts as defined in section 240 of the Company Act 1985. 2. Basic and diluted loss per share is calculated by reference to the loss after taxation and the weighted average number of shares in issue during the period of 65,893,167 (six months to 30 June 2004 - 64,243,344 : year ended 31 December 2004 - 64,855,150). Due to the loss in the period, there is no dilutive effect from the issue of share options and warrants. * * E N D S * * Contacts: Brian Moritz Capricorn Resources Plc Tel: 07976 994 300Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock Exchange