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28 Mar 2013 11:22
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Leed Resources PLC
Half-yearly report for the six months ended 31 December 2012
Chairman's statement
During the period under review, the Directors examined a number of potential reverse takeover transactions and in particular spent considerable time and effort on one particular transaction in Asia which, on examination, failed to live up to expectations and was therefore aborted.
We have continued to review prospective reverse acquisitions in the resources sector since then and currently have a number under review.
I indicated some problems associated with our investment in Manas in my statement accompanying the results for the year to 30 June 2012. I am glad to say that these have been in part resolved. The licence for the larger part of the original Kok Kiya area has been renewed. However, they have so far been unsuccessful in recovering the area under dispute through the Kyrgyz courts. They intend to pursue an appeal to a higher court, with they believe, a good chance of success. In the meantime, while the remaining area is thought to have a viable coal resource, work there remains on hold.
As previously indicated, the Company raised Β£959,000 during the period under review to replenish its cash resources and increase assets per share.
Costs during the period include significant legal expenditure in relation both to the prospective reverse transaction referred to above and to Manas. The Board has since taken steps to reduce future outgoings.
We remain hopeful of completing a major transaction during the present financial year though shareholders need to be aware that the search for a successful reverse transaction does often involve the prudent examination of a number of potential transactions before a suitably value enhancing proposal is identified as meriting recommendation to shareholders.
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Peter Redmond
Chairman
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28 March 2013
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Unaudited statement of comprehensive incomefor the six months ended 31 December 2012
Six months ended 31 Dec 2012 | Six months ended 31 Dec 2011 | Year Β ended 30 Jun 2012 | ||
Note | Β£000 | Β£000 | Β£000 | |
Continuing operations | ||||
Administrative expenses | (205) | (214) | (306) | |
Share based payment expense | - | (10) | (19) | |
Operating loss | (205) | (224) | (325) | |
Gain on disposal of investments | - | - | 37 | |
Finance income | 1 | 1 | 2 | |
Finance costs | - | - | (45) | |
Loss before taxation | (204) | (223) | (331) | |
Taxation | - | - | - | |
Loss for the period | (204) | (223) | (331) | |
Other comprehensive loss | ||||
Market value adjustment to investments | (23) | - | (41) | |
Total comprehensive loss for the period | (227) | (223) | (372) | |
Loss per share (pence) | 3 | |||
Basic and diluted | (0.007p) | (0.009p) | (0.013p) |
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Unaudited statement of changes in equityfor the six months ended 31 December 2012
Share | Share | Investment | Option & warrant | Retained | ||
capital | premium | reserve | reserve | earnings | Total | |
Β£000 | Β£000 | Β£000 | Β£000 | Β£000 | Β£000 | |
Total owners' equity at 30 June 2011 | 36,235 | 76,633 | - | 3,686 | (114,224) | 2,330 |
Transactions with owners: | ||||||
- Share capital issued | 167 | - | - | - | - | 167 |
- Issue of warrants | - | - | - | 40 | - | 40 |
- Share-based payments | - | - | - | 10 | - | 10 |
Total transactions with owners | 167 | - | - | 50 | - | 217 |
- Comprehensive loss: | ||||||
- Loss for the period | - | - | - | - | (223) | (223) |
Total comprehensive loss for the period | - | - | - | - | (223) | (223) |
Total owners' equity at 31 December 2011 | 36,402 | 76,633 | - | 3,736 | (114,447) | 2,324 |
Transactions with owners: | ||||||
- Share-based payments | - | - | - | 9 | - | 9 |
Total transactions with owners | - | - | - | 9 | - | 9 |
Comprehensive loss: | ||||||
- Loss for the period | - | - | - | - | (108) | (108) |
- Market value adjustment to investments | - | - | (41) | - | - | (41) |
Total comprehensive loss for the period | - | - | (41) | - | (108) | (149) |
Total owners' equity at 30 June 2012 | 36,402 | 76,633 | (41) | 3,745 | (114,555) | 2,184 |
Transactions with owners: | ||||||
- Share capital issued by Company | 436 | 523 | - | - | - | 959 |
- Share issue costs | - | (55) | - | - | - | (55) |
Total transactions with owners | 436 | 468 | - | - | - | 904 |
Comprehensive loss: | ||||||
- Loss for the period | - | - | - | - | (204) | (204) |
- Market value adjustment to investments | - | - | (23) | - | - | (23) |
Total comprehensive loss for the period | - | - | (23) | - | (204) | (227) |
Total owners' equity at 31 December 2012 | 36,838 | 77,101 | (64) | 3,745 | (114,759) | 2,861 |
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Statement of financial positionas at 31 December 2012
31 Dec 2012 | 31 Dec 2011 | 30 Jun 2012 | ||
Note | Β£000 | Β£000 | Β£000 | |
Assets | ||||
Nonβcurrent assets | ||||
Investments | 4 | 1,480 | 1,026 | 1,503 |
1,480 | 1,026 | 1,503 | ||
Current assets | ||||
Trade and other receivables | 27 | 50 | 68 | |
Cash and cash equivalents | 1,481 | 1,335 | 668 | |
1,508 | 1,385 | 736 | ||
Liabilities | ||||
Current liabilities | ||||
Trade and other payables | 127 | 87 | 55 | |
127 | 87 | 55 | ||
Net current assets | 1,381 | 1,298 | 681 | |
Net assets | 2,861 | 2,324 | 2,184 | |
Owners' equity | ||||
Ordinary Share Capital | 2 | 36,838 | 36,402 | 36,402 |
Share premium | 77,101 | 76,633 | 76,633 | |
Investment reserve | (64) | - | (41) | |
Other reserve | 3,745 | 3,736 | 3,745 | |
Retained earnings | (114,759) | (114,447) | (114,555) | |
Total owners' equity | 2,861 | 2,324 | 2,184 |
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Unaudited statement of Cash Flowsfor the six months ended 31 December 2012
Six months ended 31 Dec 2012 | Six months ended 31 Dec 2011 | Year Β ended 30 Jun 2012 | ||
Β£000 | Β£000 | Β£000 | ||
Loss before taxation | (204) | (223) | (331) | |
Adjustments for: | ||||
Gain on disposal of investments | - | - | (37) | |
Investment income | (1) | (1) | (2) | |
Finance expense | - | - | 45 | |
Share-based payments | - | 10 | 19 | |
Changes in working capital | ||||
Decrease in trade and other receivables | 41 | 423 | 405 | |
Increase/(decrease) in payables | 72 | 10 | (22) | |
Net cash flow from operating activities | (92) | 219 | 77 | |
Cash flows from investing activities | ||||
Purchase of investments | - | (819) | (1,424) | |
Disposal of investments | - | - | 124 | |
Interest received | 1 | 1 | 2 | |
Net cash from/(used in) investing activities | 1 | (818) | (1,298) | |
Cash flows from financing activities | ||||
Proceeds from issue of Ordinary Shares | 959 | - | - | |
Share issue costs | (55) | - | - | |
Interest and other financing costs paid | - | - | (45) | |
Net cash from/(used in) financing activities | 904 | - | (45) | |
Net increase/(decrease) in cash and cash equivalents | 813 | (599) | (1,266) | |
Cash and cash equivalents at beginning of period | 668 | 1,934 | 1,934 | |
Cash and cash equivalents at end of period | 1,481 | 1,335 | 668 |
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Notes to the interim accounts
for the six months ended 31 December 2012
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1. General information
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Leed Resources PLC is a company incorporated in the United Kingdom.
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These unaudited condensed interim financial statements for the six months ended 31 December 2012 have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. This condensed set of financial statements has been prepared applying the accounting policies that were applied in the preparation of the Company's published consolidated financial statements for the year ended 30 June 2012.
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The comparative statement of financial position at the financial year ended 30 June 2012 has been extracted from the Company's statutory accounts which have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under the Companies Act 2006 regarding matters which are required to be noted by exception.
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2. Issued capital
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A recap of issued capital follows:
31 Dec 2012 | 31 Dec 2011 | 30 June 2012 | |
Issued and fully paid | Β£000 | Β£000 | Β£000 |
3,105,177,765 Ordinary shares of 0.1 pence each | 3,105 | 2,669 | 2,669 |
67,602,008 Deferred shares of 49.9 pence each | 33,733 | 33,733 | 33,733 |
36,838 | 36,402 | 36,402 |
The restricted rights attaching to the deferred shares are such that the deferred shares have no economic value.
On 18 October 2012, 227,272,727 ordinary shares of 0.1 pence each were issued at 0.22p per share as the result of a private placing which raised Β£500,000, before expenses.
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On 24 October 2012, 208,636,363 ordinary shares of 0.1 pence each were issued at 0.22p per share as the result of a private placing which raised Β£459,000, before expenses.
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3. Loss per Ordinary Share
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The loss per share has been calculated based on the following results and weighted average number of shares:
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31 Dec 2012 | 31 Dec 2011 | 30 Jun 2012 | |
Loss attributable to Ordinary Shareholders | (Β£204,000) | (Β£223,000) | (Β£331,000) |
Weighted average shares in issue | |||
Weighted average number of shares for the purposes of basic earnings per share | 2,837,776,579 | 2,530,379,786 | 2,589,578,329 |
Effect of share options in issue | - | - | - |
Weighted average number of shares for the purposes of diluted earnings per share | 2,837,776,579 | 2,530,379,786 | 2,589,578,329 |
Basic and diluted loss per share (pence) | (0.007p) | (0.009p) | (0.013p) |
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4. Fixed asset investments
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The company operates as an investment company in the natural resources industry.
31 Dec 2012 | 31 Dec 2011 | 30 June 2012 | |
Β£000 | Β£000 | Β£000 | |
LEVEL 1 | 523 | 69 | 546 |
LEVEL 3 | 957 | 957 | 957 |
1,480 | 1,026 | 1,503 |
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LEVEL 1 - Where financial instruments are traded in active financial markets, fair value is determined by reference to the appropriate quoted market price at the reporting date. Active markets are those in which transactions occur in significant frequency and volume to provide pricing information on an on-going basis.
LEVEL 3 - Valuations in this level are those with inputs that are not based on observable market data.
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For further information, please contact: | |
Leed Resources plc | |
Peter Redmond | Tel: 0771 8660727 |
Libertas Capital Corporate Finance Limited | |
Sandy Jamieson | Tel: 020 7569 9650 |
Peterhouse Corporate Finance Limited | |
Jon Levinson/Lucy Williams | Tel: 0207 469 0935/ 0207 469 0936 |
VSA Capital Limited | |
Andrew Raca/Charlie Wilson | Tel: 020 3005 5000 |
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