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Half Yearly Report

30 Sep 2011 14:00

RNS Number : 3219P
Zoltav Resources Inc
30 September 2011
 

30 September 2011

 

Zoltav Resources Inc.

(the 'Company' or 'ZOL' and together with its subsidiaries the 'Group')

 

Interim Results for the six months ended 30 June 2011

 

Highlights

 

·; Change of name to Zoltav Resources Inc.

·; New major shareholder, ARA Capital Limited, acquired an 18 per cent interest in the Company in April, later increased to 40 per cent

·; £2.25 million raised to fund the Company's investing policy

·; New strategic focus on capturing the significant opportunities that exist in the Former Soviet Union ("FSU"), specifically in the oil and gas industry

·; Company is actively reviewing a number of significant possible investment opportunities in Russia

 

Summary Financials

 

·; Turnover 2011: Nil (2010: US$1.0 million)

·; Loss Attributable to Shareholders 2011: US$0.8 million (Profit Attributable to Shareholders 2010: US$1.0 million)

·; Shareholder Equity 2011: US$2.5 million (2010: US$0.1 million)

·; Loss Per Share (basic) 2011: US$0.002 (Profit Per Share (basic) 2010: US$0.0039)

 

Chairman's Statement

 

The Company has undergone significant transformation during the period under review, successfully raising £2.25 million in January and February to fund its investing policy and subsequently completing six investments in listed natural resources companies.

 

Following the acquisition of an 18% holding in the Company by ARA Capital Limited in April, the Company changed its name to 'Zoltav Resources Inc.' and now has a new strategic focus on capturing the significant opportunities that exist in the FSU, specifically in the oil and gas industry.

 

Since the period end, the Company has undergone further significant change with the previous board of directors stepping down at the beginning of August and a new board being appointed. I was appointed as Executive Chairman and Steven Lowden and David Francis joined the board as Non-Executive Directors. ARA Capital Limited also increased its stake in the Company to 40 per cent.

 

The new board is delighted to be involved in what we believe to be a very exciting time for the Company as we look to capture some of the significant opportunities that exist in the FSU, our initial area of focus. Our initial focus has been on oil and gas assets and we are currently reviewing a number of significant possible investment opportunities in Russia. The board believes that the FSU region provides significant opportunities to build a portfolio of assets at a very attractive price. We are extremely excited to have the support and leverage of our shareholders, including ARA Capital Limited. We look forward to updating the market on our progress in due course.

 

Symon Drake-Brockman

Executive Chairman

 

 

 

Further information relating to Zoltav can be found at the Company's website: http://zoltav.com/

 

Enquiries:

 

Zoltav Resources Inc

Tel. +41 (0)22 338 2774

Symon Drake-Brockman, Executive Chairman

 

Kati Watson, Company Secretary

 

 

 

Shore Capital

Tel. +44 (0)20 7408 4090

Pascal Keane / Toby Gibbs - Corporate Finance

 

Jerry Keen - Corporate Broking

 

 

 

Renaissance Capital Limited

Tel. +44 (0)20 7367 8257

David Dalhuisen

 

 

 

Pelham Bell Pottinger

Tel. +44 (0)20 7861 3232

James Henderson / Mark Antelme / Lorna Spears

 

 

 

Consolidated Income Statement

 

Continuing Operations

Unaudited

six months ended

30 June

Unaudited

six months ended

30 June

Audited

year

ended

31 December

 

2011

2010

2010

US$'000

US$'000

US$'000

Continuing operations

Revenue

-

1,028

1,630

Cost of sales

-

(285)

(291)

Gross profit

-

743

1,339

Gain/(loss) on financial assets at fair value through profit or loss

 

 

 

93

 

4

 

3

Other income

4

37

3,664

3,976

Administrative expenses

Restructuring credit/(expenses)

5

-

115

23

Other administrative expenses

(775)

(2,639)

(4,116)

(775)

(2,524)

(4,093)

Impairment of available-for-sale investments

 

-

 

(65)

 

(6)

Other operating expenses

(112)

(176)

(550)

(Loss)/profit) from operations

(757)

(1,646)

669

Finance costs

-

(56)

(89)

Gain on disposal of discontinued operations

-

-

1,073

Share of profits of jointly controlled entities

-

51

70

(Loss)/profit before taxation

7

(757)

1,641

1,723

Taxation

8

-

3

3

(Loss)/profit for the period

(757)

1,644

1,726

Attributable to:

Owners of the Company

(757)

958

811

Non-controlling interests

-

686

915

(Loss)/profit for the period

(757)

1,644

1,726

Dividend

-

-

-

(Loss)/profit per share for (loss)/profit attributable to owners of the Company

9

=

 

 

US cents

 

 

US cents

 

 

US cents

- Basic

(0.20)

0.39

0.31

- Diluted

(0.20)

0.39

 

0.31

 

 

 

 

Consolidated Statement of Comprehensive Income

 

Unaudited

six months ended

30 June

Unaudited

six months ended

30 June

Audited

year

ended

31 December

2011

2010

2010

US$'000

US$'000

US$'000

(Loss)/profit for the period

(757)

1,644

1,726

Other comprehensive income:

Exchange differences on translating foreign operations

 

-

 

65

 

175

 Available-for-sale investments

  Deficit on revaluation

Recycle to income statement:

Provision for impairment

Loss upon disposal

 

 

 

 

-

 

-

-

 

(65)

 

65

-

 

322

 

6

(322)

Exchange differences recycled to income statement upon disposal of subsidiaries

 

-

 

-

 

(743)

Other comprehensive income for the period, before and net of tax

 

-

 

65

 

(562)

Total comprehensive income for the period, before and net of tax

 

(757)

 

1,709

 

1,164

Attributable to:

Owners of the Company

(757)

1,023

249

Non-controlling interests

-

686

915

(757)

1,709

1,164

 

Consolidated Statement of Financial Position

 

Unaudited

30 June

 

Unaudited

30 June

 

Audited

31 December

2011

2010

2010

US$'000

US$'000

US$'000

ASSETS

Non-current assets

Property, plant and equipment

36

273

38

Interests in jointly controlled entities

-

68

-

Available-for-sale investments

-

226

-

Note receivable

-

520

-

Intangible assets

-

21

-

36

1,108

38

Current assets

Amounts due from related companies, subsidiaries and former subsidiaries

12

3

6

-

Trade and other receivables

125

751

17

Tax recoverable

-

109

-

Financial assets at fair value through profit or loss

10

583

50

-

Cash and cash equivalents

1,934

5,637

73

2,645

6,553

90

Total assets

2,681

7,661

128

LIABILITIES

Current liabilities

Amounts due to parent and related companies and former subsidiaries

12

(63)

(1,021)

-

Trade and other payables

(105)

(1,481)

(386)

Deferred income

-

(23)

-

Provision for taxation

-

(32)

-

Current portion of obligations under finance leases

-

(309)

-

Provision for liabilities

-

(2,825)

-

(168)

(5,691)

(386)

Non-current liabilities

Loan payable

-

(55)

-

Obligations under finance leases

-

(37)

-

-

(92)

-

Total liabilities

(168)

(5,783)

(386)

EQUITY

 

Share capital

11

3,752

2,435

3,098

Reserves

(1,239)

(2,317)

(3,356)

 

Equity/(Capital deficiency)attributable to owners of the Company

 

 

2,513

 

 

118

 

 

(258)

Non-controlling interests

-

1,760

-

Total equity

2,513

1,878

(258)

Total equity and liabilities

2,681

7,661

128

 

 

 

 

Consolidated Statement of Changes in Equity

 

 

 

Equity attributable to owners of the Company

Total

Equity / (Capital deficiency)

 

 

Share

capital

 

 

Share

premium

 

 

Capital

reserve

Employee

share-based compensation

reserve

 

Profit and loss account

 

 

 

Total

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

At 1 January 2011 (Audited)

 

3,098

 

6,022

 

40,444

 

1,235

 

(51,057)

 

(258)

 

(258)

Employee share-based compensation

 

-

 

-

 

-

 

5

 

-

 

5

 

5

Lapse of share options

-

-

-

-

-

-

-

Issue of shares

654

 

2,869

 

 

 

 

 

 

 

3,523

 

3,523

 

Transactions with owners

 

654

 

2,869

 

-

 

5

 

-

 

3,528

 

3,528

 

Profit for the period

 

-

 

-

 

-

 

-

 

(757)

 

(757)

 

(757)

 

Total comprehensive (deficit) for the period

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(757)

 

 

(757)

 

 

(757)

 

At 30 June 2011 (Unaudited)

 

3,752

 

8,891

 

40,444

 

1,240

 

(51,814)

 

2,513

 

2,513

 

 

Consolidated Statement of Changes in Equity

 

 

 

Equity attributable to owners of the Company

Non-controlling interests

 

Total

equity

 

 

Share

capital

 

 

Share

premium

 

 

Capital

reserve

Employee

share-based compensation

reserve

 

Foreign

exchange

reserve

 

Investment revaluation

reserve

 

Profit and loss account

 

 

 

Total

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

At 1 January 2010 (Audited)

 

2,435

 

6,344

 

23,455

 

3,254

 

25

 

-

 

(36,505)

 

(992)

 

1,030

 

38

Employee share-based compensation

 

-

 

-

 

-

 

119

 

-

 

-

 

-

 

119

 

(1)

 

118

Lapse of share options

-

-

-

(1,378)

-

-

1,378

-

-

-

Effect on exercising share options of a subsidiary

 

-

 

-

 

-

 

(32)

 

-

 

-

 

-

 

(32)

 

45

 

13

 

Transactions with owners

 

-

 

-

 

-

 

(1,291)

 

-

 

-

 

1,378

 

87

 

44

 

131

 

Profit for the period

 

-

 

-

 

-

 

-

 

-

 

-

 

958

 

958

 

686

 

1,644

Other comprehensive income:

Exchange difference on translating foreign exchange operations

 

-

 

-

 

-

 

-

 

65

 

-

 

-

 

65

 

-

 

65

Available-for-sale investments

Deficit on revaluation

 

-

 

-

 

-

 

-

 

-

 

(65)

 

-

 

(65)

 

-

 

(65)

Recycled to income statement:

Provision for impairment

 

-

 

-

 

-

 

-

 

-

 

65

 

-

 

65

 

-

 

65

 

Total comprehensive income for the period

 

 

-

 

 

-

 

 

-

 

 

-

 

 

65

 

 

-

 

 

958

 

 

1,023

 

 

686

 

 

1,709

 

At 30 June 2010 (Unaudited)

 

2,435

 

6,344

 

23,455

 

1,963

 

90

 

-

 

(34,169)

 

118

 

1,760

 

1,878

 

 

 

 

 

 

 

(Capital deficiency)/Equity attributable to owners of the Company

Non-controlling interests

 

Total

equity

 

 

Share

capital

 

 

Share

premium

 

 

Capital

reserve

Employee

share-based compensation

reserve

 

Foreign

exchange

reserve

 

Investment revaluation

reserve

 

Profit and loss account

 

 

 

Total

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

US$'000

 

At 1 January 2010

 

2,435

 

6,344

 

23,455

 

3,254

 

25

 

-

 

(36,505)

 

(992)

 

1,030

 

38

Employee share-based compensation

 

-

 

-

 

-

 

176

 

-

 

-

 

-

 

176

 

1

 

177

Lapse of share options

-

-

-

(2,081)

-

-

2,081

-

-

-

Issue of shares for repayment of loan

 

663

 

(322)

 

-

 

-

 

-

 

-

 

-

 

341

 

-

 

341

Effect on exercising share options of a subsidiary

 

-

 

-

 

-

 

(32)

 

-

 

-

 

-

 

(32)

 

45

 

13

Dividend paid to non-controlling shareholders

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(375)

 

(375)

Release on disposal of subsidiaries

-

-

-

-

-

-

-

-

(1,616)

(1,616)

Reserves appropriation upon disposal of subsidiaries

 

-

 

-

 

16,989

 

(82)

 

543

 

(6))

 

(17,444))

 

-

 

-

 

-

Transactions with owners

663

(322)

16,989

(2,019)

543

(6))

(15,363))

485

(1,945)

(1,460)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the year

-

-

-

-

-

-

811

811

915

1,726

Other comprehensive income:

Available-for-sale investments

Gainon revaluation

 

-

 

-

 

-

 

-

 

-

 

322

 

-

 

322

 

-

 

322

Recycle to income statement:

Provision for impairment

 

-

 

-

 

-

 

-

 

-

 

6

 

-

 

6

 

-

 

6

Upon disposal of subsidiaries

-

-

-

-

-

(316)

-

(316)

-

(316)

Exchange difference on translating foreign exchange operations

 

-

 

-

 

-

 

-

 

175

 

-

 

-

 

175

 

-

 

175

Exchange difference recycle to income statement upon disposal of subsidiaries

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(743)

 

 

-

 

 

-

 

 

(743)

 

 

-

 

 

(743)

Total comprehensive income for the year

 

-

 

-

 

-

 

-

 

(568)

 

6

 

811

 

249

 

915

 

1,164

 

At 31 December 2010

 

3,098

 

6,022

 

40,444

 

1,235

 

-

 

-

 

(51,057)

 

(258)

 

-

 

(258)

 

 

 

 

 

Condensed Consolidated Statement of Cash Flows

 

 

 

 

 

Unaudited

six months

ended

30 June

 

Unaudited

six months

ended

30 June

 

Audited

year

ended

31 December

2011

2010

2010

US$'000

US$'000

US$'000

Net cash outflow from operating activities

(1,139)

(2,055)

(3,214)

Net cash (outflow)/inflow from investing activities

 

(490)

 

85

 

(3,856)

Net cash inflow/(outflow) from financing activities

 

3,477

 

899

 

436

Net increase/(decrease) in cash and cash equivalents

1,848

(1,071)

(6,634)

Cash and cash equivalents as at

start of period

 

 

 

73

 

6,723

 

6,723

Effect of exchange rate fluctuations

13

(15)

(16)

 

Cash and cash equivalents as at end of period

 

 

 

1,934

 

5,637

 

73

 

Notes to the unaudited interim financial information

 

1. Basis of preparation

 

The Company acts as the holding company of the Group. The address of the Company's registered office is Cricket Square, Hutchins Drive, P. O. Box 2681, Grand Cayman, KY1 -1111, Cayman Islands. The Company's shares are listed on the AIM of the London Stock Exchange.

 

The Company was incorporated in the Cayman Islands, which does not prescribe the adoption of any particular accounting framework. The Board has therefore adopted International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board. The interim financial information complies with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the AIM of London Stock Exchange.

 

The interim financial information has been prepared on the historical cost basis except for financial instruments classified as available-for-sale and fair value through profit or loss which are measured at fair value.

 

It should be noted that accounting estimates and assumptions are used in preparation of the interim financial information. Although these estimates are based on management's best knowledge and judgment of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the interim financial information, are set out in Note 3 to the unaudited interim financial information.

 

 

 

2. Principal accounting policies

The interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting". These condensed interim financial information should be read in conjunction with the audited annual financial statements of the Group for the year ended 31 December 2010 (the "2010 Annual Report"), which have been prepared in accordance with International Financial Reporting Standards.

 

The principal accounting policies and methods of computation adopted to prepare the interim financial information are consistent with those detailed in the 2010 Annual Report published by the Company on 19 May 2011.

 

3. Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

(i) Critical accounting estimates and assumptions

 

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting period are discussed below:

 

Fair values of financial instruments

 

Financial instruments such as financial assets at fair value through profit or loss are initially measured at fair value. Certain financial instruments are re-measured at fair value at subsequent reporting dates. The best evidence of fair value is quoted prices in an active market. Where quoted prices are not available for a particular financial instrument, the Group uses the market values determined by the internal or external valuation techniques to estimate the fair value. The use of methodologies, models and assumptions in pricing and valuing these financial assets requires varying degrees of judgement by management, which may result in different fair values and results. The assumptions with regard to the fair value of financial assets at fair value through profit or loss are detailed in Note 10 to the unaudited interim financial information respectively, have a risk of causing a material adjustment to the carrying amounts of assets within the next accounting period.

 

Valuations of share options granted

 

The fair value of share options granted was calculated using the Binomial Option Pricing Model which requires the input of highly subjective assumptions, including the volatility of share price. Because changes in subjective input assumptions can materially affect the fair value estimate, in the opinion of Directors of the Company, the existing model will not always necessarily provide a reliable single measure of the fair value of the share options.

 

 

4. Other income

 

Unaudited

six months ended

30 June

2011

Unaudited

six months ended

30 June

2010

Audited

year

ended

31 December 2010

US$'000

US$'000

US$'000

Bad debts recovery

-

1

-

Bank interest income

-

2

-

Foreign exchange gain, net

27

-

5

Gain on disposal of a subsidiary

-

32

-

Gain on disposal of property, plant and equipment

 

-

 

4

 

-

Other interest income

-

15

-

Release of provision for claims

-

3,046

-

Management fee income

-

-

4

Waiver of amounts due to former fellow

subsidiaries

-

-

157

Others

10

564

3,810

Total

37

3,664

3,976

 

 

5. Restructuring credit/(expenses) 

 

Unaudited

six months ended

30 June

2011

Unaudited

six months ended

30 June

2010

Audited

year

ended

31 December 2010

US$'000

US$'000

US$'000

Provision for onerous contract in respect of operating lease

 

-

 

(15)

 

-

Others

-

130

23

Total

-

115

23

 

 

 

6. Employee benefit expenses (including directors' remuneration)

 

 

Unaudited

six months ended

30 June

2011

 

Unaudited

six months ended

30 June

2010

 

Audited

year

ended

31 December 2010

US$'000

US$'000

US$'000

Fees

-

25

29

Salaries, allowances and benefits in kind

209

1,529

2,281

Salary waiver

(33)

-

-

Commissions paid and payable

-

210

368

Bonus paid and payable

12

15

23

Share-based compensation

5

118

177

Pensions - defined contribution scheme

-

12

18

National insurance costs

17

15

26

Total

210

1,924

2,922

 

 

7. Profit/(Loss) before taxation

 

Unaudited

six months ended

30 June

2011

Unaudited

six months ended

30 June

2010

Audited

year

ended

31 December 2010

US$'000

US$'000

US$'000

Profit/(Loss) before taxation is

arrived at after charging/(crediting):

Auditors' remuneration:

Fee payable to the Company's auditors for the audit of the Company's financial statements

 

 

19

 

 

24

 

 

22

Fee payable to the Company's auditors for the other services:

- audit of the Company's subsidiaries pursuant to legislation

 

-

 

9

 

14

- taxation services

-

5

2

- others

-

3

-

Depreciation

- owned assets

 

34

 

102

 

144

Employee benefits expenses (including directors' remuneration (Note 6)

 

210

 

1,924

 

2,922

Foreign exchange losses/(gain), net

(27)

30

(11)

Impairment of available-for-sale investments

-

65

322

Impairment of other receivables

-

3

3

Operating lease charges in respect of rental premises

 

106

 

148

 

219

 

 

8. Taxation

 

Unaudited

six months ended

30 June

2011

Unaudited

six months ended

30 June

2010

Audited

year

ended

31 December 2010

US$'000

US$'000

US$'000

Current tax

- United Kingdom

-

(32)

(32)

- Overseas

-

35

35

Total

-

3

3

 

United Kingdom and overseas income tax for the period have been calculated at the rates prevailing in the relevant jurisdictions.

 

The Group has significant unrelieved tax losses, the utilisation of which is uncertain and consequently no deferred tax asset has been recognised.

 

 

9. Profit/(Loss) per share for profit/(loss) attributable to owners of the Company

 

(a) Basic

 

 

Unaudited

six months

ended

30 June

2011

 

Unaudited

six months

ended

30 June

2010

 

Audited

year

ended

31 December 2010

US$'000

US$'000

US$'000

(Loss)/profit attributable to owners of the Company

 

(757)

 

958

 

(811)

 

 

Number of shares

Number of shares

Number of shares

Weighted average number of shares for calculating basic loss per share

 

375,244,344

 

243,475,000

 

259,475,821

 

 

Unaudited

six months ended

30 June

2011

 

Unaudited

six months

ended

30 June

2010

 

Audited

year

ended

31 December

2010

US cents

US cents

US cents

Basic (loss)/profit per share

(0.20)

0.39

0.31

 

(b) Diluted

 

No diluted loss per share is shown for the six month ended 30 June 2011, 30 June 2010 or 31 December 2010, as the outstanding share options have no dilutive effect on the weighted average number of ordinary shares in issue during the period.

 

 

10. Financial assets at fair value through profit or loss

 

 

 

 

 

 

Unaudited

30 June

2011

 

Unaudited

30 June

2010

 

Audited

31 December

2010

US$'000

US$'000

US$'000

Held for trading

Listed securities:

- Equity securities - Australia

-

9

-

- Equity securities - Japan

-

32

-

- Equity securities - USA

99

-

-

- Equity securities - United Kingdom

484

-

-

Fair value of listed securities

583

41

-

Unlisted securities:

- Equity securities - Australia

-

9

-

Fair value of unlisted securities

-

9

-

Total

583

50

-

 

The movement in financial assets at fair value through profit or loss during the period is as follows:-

 

Unaudited

six months ended

30 June

Unaudited

six months ended

30 June

Audited

year

ended

31 December

2011

2010

2010

US$'000

US$'000

US$'000

At 1 January

-

115

115

Additions

490

-

-

Disposals

-

(69)

(118)

Gain on financial assets at fair value through profit or loss

 

93

 

4

 

3

 

At 30 June/ 31 December

 

583

 

50

 

-

 

Particulars and valuation basis of principal financial assets held at fair value through profit or loss are as follows:-

 

Name

No. of shares / Percentage of interest held by the Company indirectly

Fair value

Valuation basis

 

 

Unaudited

30 June 2011

 

 

Unaudited

30 June 2010

 

 

Audited

31 December 2010

 

Unaudited

30 June 2011

 

Unaudited

30 June

2010

 

Audited

31 December 2010

Holding

%

Holding

%

Holding

%

US$'000

US$'000

US$'000

IB Daiwa Corporation

- Ordinary shares

-

-

1,410,000

0.23

-

-

-

32

-

Quoted market price at 30 June 2010 of ¥2 per share, listed on JASDAQ Japan

 

 

Evergreen Energy Inc.

- Ordinary

shares

57,692

0.22

-

-

-

-

99

-

-

Quoted market price at 30 June 2011 of US$1.71, listed on NYSE Arca USA

 

Viridas PLC

- Ordinary shares

44,000,000

7.61

-

-

-

-

310

-

-

Quoted market price at 30 June 2011 of £0.0044, listed on London AIM UK

 

Aurum Mining Plc

- Ordinary

shares

3,333,333

2.82

-

-

-

-

174

-

-

Quoted market price at 30 June 2011 of £0.0325, listed on London AIM UK

 

 

11. Share capital

 

Number of ordinary shares

Value

 

US$'000

Authorised

(par value of US$0.01 each)

 

At 30 June 2011, 30 June 2010

and 31 December 2010

 

 

5,000,000,000

 

 

50,000

 

Issued and fully paid

(par value of US$0.01 each)

At 30 June 2010

243,475,000

2,435

 

Issue of shares

 

66,367,043

 

663

At 31 December 2010

309,842,043

3,098

Issue of shares

65,402,301

654

At 30 June 2011

375,244,344

3,752

 

On 13 January 2011 the Company issued 25,000,000 Ordinary shares of US$0.01 each for proceeds of £1,000,000 before expenses.

 

On 14 January 2011 the Company issued 12,500,000 Ordinary shares of US$0.01 each for proceeds of £500,000 before expenses.

 

On 10 February 2011 the Company issued 18,750,000 Ordinary shares of US$0.01 each for proceeds of £750,000 before expenses.

 

On 27 April 2011 the Company issued 9,152,301 Ordinary shares on exercise of a warrant.

 

12. Material contracts with formerly related parties

 

As of 04 October 2010, the parent company Zoltav disposed of it's subsidiaries and therefore from this date all amounts shown as due to or from fellow subsidiaries relate to the former subsidiaries of the Company.

 

(a) During the period, the Group had the following material related party transactions:

 

Unaudited

six months ended

30 June

2011

 

Unaudited

six months ended

30 June

2010

 

Audited

year

ended

31 December 2010

US$'000

US$'000

US$'000

Management services fee received from fellow subsidiaries

 

-

 

281

 

-

Management services fee paid to fellow subsidiaries

 

72

 

-

 

-

Rental expenses, facilities and administrative costs charged by a fellow subsidiary

 

 

-

 

 

(281)

 

 

(415)

Fees paid to a fellow subsidiary

-

(145)

-

 

 

(b) At the balance sheet date, the Group had the following amounts due from/(to) related parties. The amounts due from/(to) related parties are interest free, unsecured and have no fixed repayment terms.

 

Unaudited

six months ended

30 June

2011

Unaudited

six months ended

30 June

2010

Audited

year

ended

31 December 2010

US$'000

US$'000

US$'000

Amounts due from fellow subsidiaries

3

6

-

 

Unaudited

six months ended

30 June

2011

Unaudited

six months ended

30 June

2010

Audited

year

ended

31 December 2010

US$'000

US$'000

US$'000

Amounts due to fellow subsidiaries

(63)

(1,021)

-

Total

(63)

(1,021)

-

 

 

 

13. The Interim Report for the six months to 30 June 2011 was approved by the Directors on 29 September 2011.

 

 

14. Copies of this announcement will be sent to shareholders and will be available for inspection at the Companies Registered Office. The Interim Report may also be viewed at Zoltav Resources Inc's website at: http://zoltav.com/ 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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