LSAI.L Regulatory News (LSAI)

LONGSHIPS PLC

INTERIM REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2012

Longships plc ("Longships" or the "Company") (AIM: LONG) is pleased to announce its results for the six months ended 30 June 2012.

During the period the Company's main focus was its investment in Praetorian Resources Limited and the capital reduction and distribution to shareholders of this investment in Praetorian Resources Limited. This was completed via a B share scheme following the period on 23 August 2012. The Company has included an illustrative example of the taxation implications of the recent B share scheme in the document section of the company's website www.longshipsplc.com.

Enquiries:

CHAIRMAN'S STATEMENT

Dear Shareholder,

I present the Chairman's report for the six month interim period ending 30 June 2012. During the period under review the Company reported a net loss of £67,944 (six months ended 30 June 2011: £97,241) and as at 30 June 2012 had liquid cash balances of £2,957,069 (30 June 2011: £3,099,008).

During the period under review, the Company focused its attentions on the proposed investment in Praetorian Resources Limited combined with the capital reduction and distribution to shareholders of this investment in Praetorian Resources Limited. The transaction was completed on 21 August 2012 and shareholders will now have received their entitlement to shares in Praetorian Resources Limited. This transaction has enabled shareholders to participate in a strongly managed resource based investment company within an effectively managed structure. Details of Praetorian Resources Limited were sent to shareholders on 9 July 2012.

Following this transaction the company has cash resources of approximately £500,000. Your board's efforts are now focused on using these cash resources on an impact reverse takeover transaction to further enhance shareholder value.

Malcolm Burne

Chairman

27 September 2012

CONDENDSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2012

CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2012

CONDENSED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2012

CONDENSED STATEMENT OF CHANGES IN NET EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2012

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2012

1. GENERAL

The interim financial statements for the six months ended 30 June 2012 are unaudited and were approved by the Directors of the Company on 27 September 2012. The condensed financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The information given as comparative figures for the period ended 31 December 2011 was extracted from the Company's audited annual financial statements for that financial year. Those financial statements, which represent the statutory accounts for that year, and on which the auditors gave an unqualified opinion, have been filed with the Registrar of Companies.

The financial information has been prepared in accordance with IAS 34 "Interim Financial Reporting".

The Company's operations are not subject to seasonality or cyclicality.

2. ACCOUNTING POLICIES

The principal accounting policies and methods of computation have remained unchanged from those used in the preparation of the Company's 2011 annual financial statements.

3. CASH FLOWS FROM OPERATING ACTIVITIES

4. LOSS PER SHARE

Due to there being a loss during each period under review, the share options are anti-dilutive and therefore no diluted loss per share has been presented.

5. NET ASSET VALUE PER SHARE

The "basic" net asset value per share figures are calculated on the basis of the net assets attributable to equity shareholders divided by the number of ordinary shares in issue at the relevant dates.

As the exercise price of the share options is above the "basic" net asset value per share the share options are anti-dilutive and therefore a "fully diluted" net assets per share has not been calculated.

6. POST BALANCE SHEET EVENT

On 21 August 2012, the company acquired 4,616,013 shares of 50p each in Praetorian Resources Limited for a consideration of £2,308,006.50 and subsequently distributed these shares to shareholders by the implementation of a capital reduction following an application to court on the same date.

Copies of the interim report are available to the public free of charge from the Company at 2nd Floor, 18 Pall Mall, London, SW1Y 5LU during normal office hours, Saturdays and Sundays excepted, for 14 days from today and are available on the website at www.longshipsplc.com.