27 Sep 2013 14:15
ARMSTRONG VENTURES PLC
("Armstrong Ventures" or the "Company")
(AIM: AVP)
Unaudited Interim results for the six month period ended 30 June 2013
Chairman's Statement
Armstrong Ventures is pleased to announce its interim results for the six months period ended 30 June 2013.
During the period under review the Company has been seeking suitable opportunities to utilise its listing and make investments in the natural resources and energy sectors. The Company recorded a loss of £57,974 and a loss per share of 0.003p. This compares to a corresponding six month period loss last year of £69,142 and a loss per share of 0.046p.
We have seen global economic volatility and the medium term outlook certainly remains volatile. Chinese economic growth has declined this year and is unlikely to recover significantly in the near term. This, in turn, has had a very direct impact on companies such as Armstrong Ventures. To do a successful transaction that has the potential to deliver value to shareholders, the Company would have to raise additional funds and or use its quoted shares as currency for any transaction. The equity markets for small fledgling resource exploration and development companies has been difficult of late and to all intents and purposes dried up. It is very challenging to raise equity funds for early stage resource projects.
The Directors will continue their efforts in seeking out investment opportunities despite the difficult conditions mentioned above and are hopeful that an attractive opportunity may be put to the shareholders for their consideration in the next few months.
Events Following Period End
As at the year end, £500,000 of the Company's money was being held by a third party whilst the Company was evaluating an acquisition opportunity. After due diligence, the Company decided it did not wish to pursue this opportunity. The Company has received cash of £150,000 from the third party and confirmation from the third party's English solicitors that they are holding £250,000 to the Company's order which will be released to the Company in the first week of November 2013. The Company is now in the process of collecting the remaining £100,000.
Haresh Kanabar
Chairman
Unaudited Income Statement
For the six months ended 30 June 2013
Six months ended 30 June 2013 (unaudited) | Six months ended 30 June 2012 (unaudited) |
Year ended 31 December 2012 (audited) | |
CONTINUING OPERATIONS | £ | £ | £ |
Administrative expenses | (61,724) | (69,142) | (121,491) |
Operating loss | (61,724) | (69,142) | (121,491) |
Loss on disposal of investments | (2,479) | ||
Finance income | 3,750 | - | 2,973 |
Loss before income tax | (57,974) | (69,142) | (120,997) |
Tax on loss on ordinary activities | - | - | - |
Net loss from ordinary activities | (57,974) | (69,142) | (120,997) |
Basic and diluted earnings per share | (0.003p) | (0.046p) | (0.016p) |
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The results for the six months ended 30 June 2013 and 30 June 2012 have been prepared on the basis that all operations are continuing operations.
Unaudited Statement of Financial Position
As at 30 June 2013
As at 30 June 2013 (unaudited) | As at 30 June 2012 (unaudited) | As at 31 December 2012 (audited) | |
£ | £ | £ | |
Assets | |||
Non-current Assets | |||
Fixed asset investments | 49,900 | 49,900 | 49,900 |
49,900 |
49,900 |
49,900 | |
Current assets | |||
Other receivables | 20,319 | - | 128,579 |
Cash & cash equivalents | 540,485 | 2,585 | 500,951 |
560,804 |
2,585 |
629,530 | |
Total assets | 610,704 | 52,485 | 679,430 |
Equity and liabilities | |||
Share capital and reserves | |||
Issued capital | 818,360 | 623,301 | 818,360 |
Share premium account | 4,262,258 | 3,729,817 | 4,262,258 |
Merger reserve | - | 6,797,313 | - |
Retained earnings | (4,490,382) | (11,177,866) | (4,432,408) |
Translation reserve | - | - | - |
Total equity | 590,236 | (27,435) |
648,210 |
Non-current liabilities | - | - | - |
Current liabilities | |||
Trade & other payables | 20,468 | 79,920 | 31,220 |
Total current liabilities | 20,468 | 79,920 | 31,220 |
Total liabilities | 20,468 | 79,920 | 31,220 |
Total equity and liabilities | 610,704 | 52,485 | 679,430 |
Unaudited Statement of Cash Flows
For the six months ended 30 June 2013
Six months ended 30 June 2013 (unaudited) | Six months ended 30 June 2012 (unaudited) | Year ended 31 December 2012 (audited) | |
£ | £ | £ | |
Cash flows from operating activities | |||
Loss before taxation | (57,974) | (69,142) | (120,997) |
Adjustments for: | |||
Loss on disposal of investments | - | - | 2,479 |
Cash absorbed by operations |
(57,974) |
(69,142) |
(118,518) |
(Increase)/decrease in trade and other receivables | 108,260 | 1,715 | (10,912) |
Increase/(decrease) in trade and other payables | (10,752) | 68,423 | 19,723 |
Net cash outflow from operating activities | 39,534 | 996 | (109,707) |
Cash flows from investing activities | |||
Investments purchased | - | - | (160,000) |
Proceeds from investment disposals | - | - | 157,521 |
Net cash outflow from investing activities | - | - | (2,479) |
Cash flows from financing activities | |||
Proceeds from issue of shares | - | - | 611,548 |
Net cash inflow from financing activities | - | - | 611,548 |
Net (decrease)/increase in cash and cash equivalents | 39,534 | 996 | 499,362 |
Cash and cash equivalents brought forward | 500,951 | 1,589 | 1,589 |
Cash and cash equivalents carried forward | 540,485 | 2,585 | 500,951 |
Unaudited Statement of Changes in Equity
For the six months ended 30 June 2013
Share capital |
Share premium |
Merger reserve |
Retained earnings |
Total | |
£ | £ | £ | £ | £ | |
At 1 January 2012 | 623,301 | 3,729,817 | 6,797,313 | (11,108,724) | 41,707 |
Total comprehensive income for the period | - | - | - | (69,142) | (69,142) |
At 30 June 2012 | 623,301 | 3,729,817 | 6,797,313 | (11,177,866) | (27,435) |
Total comprehensive income for the period | - | - | - | (51,855) | (51,855) |
Transfer following disposal of subsidiary undertakings | - | - | (6,797,313) | 6,797,313 | - |
Issues of shares net of expenses | 195,059 | 532,441 | - | - | 727,500 |
At 31 December 2012 | 818,360 | 4,262,258 | - | (4,432,408) | 648,210 |
Total comprehensive income for the period | - | - | - | (57,974) | (57,974) |
At 30 June 2013 | 818,360 | 4,262,258 | - | (4,490,382) | 590,236 |
Notes to the Unaudited Interim Financial Statements for the six months ended 30 June 2013
1. Basis of preparation
These interim financial statements which have not been reviewed or audited by the Company's auditors include the financial position of the Company as at 30 June 2013 and the results of the Group's operations for the six months then ended. They have been prepared on accounting bases and policies that are consistent with those used in the preparation of the financial statements for the year ended 31 December 2012.
These interim financial statements have been prepared under the historical cost convention and are for the six months ended 30 June 2013.
The information set out in this interim report for the six months ended 30 June 2013 does not constitute statutory accounts as defined by section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2012, incorporating an unqualified auditor's report, have been filed with the Registrar of Companies.
The Company is now a shell company listed on AIM. The directors are currently reviewing a number of projects and investment opportunities and believe that the Company is well placed to progress.
2. Loss per share
The basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of shares in issue.
The weighted average number of shares in the period was:
| Six months ended 30 June 2013 (unaudited) | Six months ended 30 June 2012 (unaudited) |
Year ended 31 December 2012 (audited) |
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Total | 2,101,105,791 | 148,970,525 | 758,560,901 |
Loss attributable to equity shareholders of the Company | (57,974) | (69,142) | (120,997) |
Basic and diluted loss per share - from continuing and total operations | (0.003p) | (0.046p) | (0.016p) |
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3. Dividends
No dividend has been declared for the six months ended 30 June 2013.
4. Copies of the Interim Results
Copies of the Interim Results are available on the Company's website www.armstrongventures.com.