30 Sep 2009 11:00
AIM: EVE
PRESS RELEASE
30 September 2009
Everfor Resources plc
Interim Results for the Period Ended 30 June 2009
Everfor Resources plc ("Everfor", or the "Company") (AIM:EVE), announces its interim results for the period ended 30 June 2009.
All amounts are presented in UK pounds sterling.
Executive Chairman's Statement
As announced in the press release of 29 June 2009, Everfor Resources plc ("Everfor" or "the Company") had adopted a new investment strategy during 2008, however the Board was unable to identify an asset or investment suitable for its investment policy as at 30 June 2009.
Pursuant to the AIM Rules for Companies, as Everfor was unable to implement its investment policy by 30 June 2009, trading in Everfor shares on AIM was suspended from 8.00am on 1 July 2009. If the investment policy is not implemented within six months of the suspension of share trading, Everfor's shares shall be cancelled from trading on AIM.
The Everfor Board does not expect to be able to implement its investment policy within this six month period and consequently the Board is now considering the possibility of liquidating the Company.
Dr Sergey V Kurzin
Executive Chairman
29 September 2009
The Interim Report for the period ended 30 June 2009 is available for download from the Company's website (www.everfor.com).
Everfor Resources plc
Condensed consolidated interim income statement for the six months ended 30 June 2009
| Six months ended | Six months ended | |||
| 30 June | 30 June | |||
| 2009 | 2008 | |||
| (Unaudited) | (Unaudited) | |||
| £'000 | £'000 | |||
| Operating loss | (55) | (77) | ||
| Operating loss | (55) | (77) | ||
| Finance income | - | 6 | ||
| Loss before taxation | (55) | (71) | ||
| Net loss for the financial period | (55) | (71) | ||
| Attributable to: | ||||
| Equity shareholders of the parent | (55) | (71) | ||
| Minority interest | - | - | ||
| (55) | (71) | |||
| Loss per share | ||||
| Basic and diluted | (1.1)p | (1.4)p | ||
Everfor Resources plc
Condensed consolidated interim balance sheet for the six months ended 30 June 2009
| At 30 June | At 30 June | At 31 December | ||||
| 2009 | 2008 | 2008 | ||||
| (Unaudited) | (Unaudited) | (Audited) | ||||
| £'000 | £'000 | £'000 | ||||
| ASSETS | ||||||
| Non-current assets | ||||||
| Property, plant and equipment | 1 | 2 | 1 | |||
| Total non-current assets | 1 | 2 | 1 | |||
| Current assets | ||||||
| Other receivables | - | 9 | 2 | |||
| Cash and cash equivalents | 131 | 196 | 165 | |||
| Total current assets | 131 | 205 | 167 | |||
| Total assets | 132 | 207 | 168 | |||
| EQUITY AND LIABILITIES | ||||||
| Current liabilities | ||||||
| Trade and other payables | 82 | 156 | 41 | |||
| Total current liabilities | 82 | 156 | 41 | |||
| Total liabilities | 82 | 156 | 41 | |||
| Capital and reserves | ||||||
| Called up share capital | 989 | 989 | 989 | |||
| Share premium account | 4,111 | 4,111 | 4,111 | |||
| Merger reserve | 1,950 | 1,950 | 1,950 | |||
| Foreign currency translation reserve | (25) | (97) | (3) | |||
| Retained earnings | (6,975) | (6,902) | (6,920) | |||
| Equity attributable to shareholders of the parent | 50 | 51 | 127 | |||
| Minority interests | - | - | - | |||
| Total equity and liabilities | 132 | 207 | 168 |
Everfor Resources plc
Condensed consolidated interim cash flow statement for the six months ended 30 June 2009
| Six months ended | Six months ended | |||
| 30 June | 30 June | |||
| 2009 | 2008 | |||
| (Unaudited) | (Unaudited) | |||
| £'000 | £'000 | |||
| Cash flows from operating activities | ||||
| Loss from ordinary activities | (55) | (71) | ||
| Adjustments for: | ||||
| Depreciation of property, plant and equipment | - | - | ||
| Share based payments | 2 | 6 | ||
| Finance Income | - | (6) | ||
| Foreign exchange differences | (21) | (74) | ||
| Cash flow from operating activity before changes in working capital | (74) | (145) | ||
| Decrease in trade and other receivables | 2 | 17 | ||
| Increase in trade and other payables | 38 | 58 | ||
| Cash used by operations | (34) | (70) | ||
| Net cash used in operating activities | (34) | (70) | ||
| Investing activities | ||||
| Interest income | - | 6 | ||
| Cash flows from investing activities | - | 6 | ||
| Decrease in cash | (34) | (64) | ||
| Cash and cash equivalents at 1 January | 165 | 260 | ||
| Effect of exchange rate changes on cash and cash equivalents | - | - | ||
| Cash and cash equivalents at end of the period | 131 | 196 |
Everfor Resources plc
Condensed consolidated interim statement of recognised income and expense for the six months ended 30 June 2009
| Six months ended | Six months ended | |||
| 30 June | 30 June | |||
| 2009 | 2008 | |||
| (Unaudited) | (Unaudited) | |||
| £'000 | £'000 | |||
| Exchange translation differences on consolidation of Group entities | (25) | (68) | ||
| Net loss recognized directly in equity | (25) | (68) | ||
| Loss for the financial period | (55) | (71) | ||
| Total recognized income and expense for the financial period | (80) | (139) | ||
| Attributable to: | ||||
| Equity shareholders of the parent | (80) | (139) | ||
| Minority interest | - | - | ||
| (80) | (139) |
ENDS
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For further information please contact:
Tania Tchedaeva, Company Secretary, Everfor Resources Plc
Tel: +44 (0) 20 7514 0590
Gavin Dallas, Investor Relations, Everfor Resources Plc
Tel: +44 (0)20 7514 0590
Ryan Gaffney, Canaccord Adams Limited
Tel: +44 (0) 20 7050 6500
www.everfor.com