Celsius Resources Limited Regulatory News (CLA)

28 Jul 2006 14:58

Cordillera Resources PLC28 July 2006 CORDILLERA RESOURCES PLC Interim Report For the six months ending 30 April 2006 Registered Number 05215726 Operation's Review The last 6 months have been extremely challenging for Cordillera. After severalmonths of due diligence in relation to the proposed acquisition of ContinentalPetroleum Limited, the Company was advised by its lawyers that procedural andother delays in Russia meant that it would not be possible to complete theacquisition in time to satisfy the terms of the Share Purchase Agreement. As aresult, the parties to the agreement entered into a Deed of Termination. The Company was due to lose its quotation on AIM on 21 June 2006 however, as aresult of the Deed of Termination, AIM agreed to extend the Company's suspensionto 2 October 2006. This extension has allowed the Company to begin to evaluateother prospects with an aim to making an investment in the mining and mineralssector in accordance with the Company's investment strategy prior to thisdeadline. As can be seen from the operating results, the costs incurred in relation to theContinental transaction were kept to a minimum. This has left the Company with asignificant cash balance, enabling it to pursue other investments. We are currently evaluating several exciting opportunities that we feel willenhance shareholder value and provide the Company with a positive directionforward. Colin Orr-EwingChairman28 July 2006 Profit and loss account (unaudited) for the six months ended 30 April 2006 Six months Period ending ending 31 October Note 30 April 2006 2005 (unaudited) (audited) £'000 £'000 Administrative expenses (45) (164) Operating loss (45) (164) Interest receivable 27 36 Loss on ordinary activities before taxation (18) (128) Taxation on loss on ordinary activities - - Retained Loss (18) (128) Loss per share expressed in pence per share - Basic 2 (0.009) (0.09) Balance sheet (unaudited) At 30 April 2006 30 April 31 October Notes 2006 2005 (unaudited) (audited) £'000 £'000 Current assets Debtors 7 7Prepayments 1 1Cash at bank 1,359 1,382 1,367 1,390 Creditors - falling due within one year (6) (11) Net current assets 1,361 1,379 Net assets 1,361 1,379 Capital and reservesCalled up share capital 3 420 420Share premium account 4 1,087 1,087Profit and loss account 4 (146) (128) Total Equity shareholders' funds 1,361 1,379 Notes to the interim reportfor the six months ended 30 April 2006 1. Basis of preparation The financial information contained herein does not constitute statutoryaccounts within the meaning of Section 240 of the Companies Act 1985. Theunaudited interim financial information has been prepared on the basis of theaccounting policies both set out in the accounts for the year ended 31st October2005 and to be adopted in the Company's accounts for the year ended 31st October2006. The Company's figures for the year ended 31st October 2005 have beenextracted from the accounts. Those accounts have been filed with the Registrarof Companies and contained an unqualified audit report and did not contain anystatement under section 237(2) or (3) of the Companies Act 1985. The Company'sauditors, Chapman Davis LLP, have reviewed the interim financial information forthe six months ended 30th April 2006 and their report is set out below. The financial information for the 6 months ended 30th April 2006 is unaudited.In the opinion of the Directors the financial information for this period fairlypresents the financial position, results of operations and cash flows for thisperiod and conforms with generally accepted U.K. accounting principles. A copy of this interim report is available from the Company's registered officeat 55-56 St James Street, London SW1A 1LA. 2. Loss per share Six months ending Period ending 30 April 2006 31 October 2005 (Unaudited) (Audited) Basic Loss for the period (Loss) £(18,000) £(128,000)Weighted Average Number of Shares 210 million 141.50 million (Loss) Per Share - pence (0.009)p (0.09)p The basic earnings per share has been calculated on a loss on ordinaryactivities after taxation of £18,000 (31 October 2005: £32,892 loss) and on210,000,002 (31 October 2005: 141.50million) ordinary shares being the weightedaverage number of shares in issue and ranking for dividend during the period.No diluted loss per share is presented as the effect of exercise of outstandingoptions is to decrease the loss per share. Notes to the interim reportfor the six months ended 30 April 2006 (continued) 3. Share Capital The authorised share capital of the Company and the called up and fully paidamounts at 30 April 2006 were as follows:- £ £ Six months ending Period ending 30 April 2006 31 October 2005 (Unaudited) (Audited)Authorised: 210,000,002 ordinary shares of 0.2p each 2,000,000 2,000,000 Allotted, called up and fully paid:210,000,002 ordinary shares of 0.2p each 420,000 420,000 4. Reconciliation of movement in shareholders funds Share Share Profit Total capital premium and loss account £ £ £ £ At 1 November 2005 420,000 1,087,000 (128,000) 1,379,000(Loss) for the period - - (18,000) (18,000)At 30 April 2006 420,000 1,087,000 (146,000) 1,361,000 Independent Review Report to Cordillera Resources Plc Introduction We have been instructed by the Company to review the financial information forthe six months ended 30th April 2006 which comprises Group Balance Sheet,Reconciliation of Movements in Shareholders' Funds and the related notes 1 to 7.We have read the other information contained in the interim report andconsidered whether it contains any apparent misstatements or materialinconsistencies with the financial information. This report is made solely to the Company having regard to guidance contained inBulletin 1999/4 'Review of interim financial information' issued by the AuditingPractices Board. To the fullest extent permitted by the law, we do not acceptor assume responsibility to anyone other than the Company, for our work, forthis report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by, the Directors. The Directorsare responsible for preparing the interim report as required by the AIM Rulesissued by the London Stock Exchange. Review work performed We conducted our review having regard to the guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing PracticesBoard for use in the United Kingdom. A review consists principally of makingenquiries of management and applying analytical procedures to the financialinformation and underlying financial data, and based thereon, assessing whetherthe accounting policies and presentation have been consistently applied, unlessotherwise disclosed. A review excludes audit procedures such as tests ofcontrols and verification of assets, liabilities and transactions. It issubstantially less in scope than an audit performed in accordance with UnitedKingdom Auditing Standards and therefore provides a lower level of assurancethan an audit. Accordingly we do not express an audit opinion on the financialinformation. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 30th April 2006. Chapman Davis LLPChartered AccountantsLondon 28 July 2006 This information is provided by RNS The company news service from the London Stock Exchange