Back to all announcements

DJ Imperial Minerals Plc Half-yearly Report

 
TIDMIMPP 
 
23 March 2016 
 
                             Imperial Minerals Plc 
 
                         ("Imperial" or the "Company") 
 
        Unaudited interim report for the six months to 31 December 2015 
 
Dear Shareholder, 
 
I am pleased to present the unaudited financial results of Imperial Minerals 
Plc for the half-year ended 31 December 2015. 
 
During the period the Company has continued to seek opportunities in the 
natural resources sector as part of its stated Investment Policy. Whilst a 
number of interesting opportunities were considered, your company continues to 
be frustrated by a paucity of risk capital in the resources space - a problem 
that has not been helped by negative commentary on the growth prospects of 
China and a general fall in commodity prices across the board during the 
period. 
 
Consequently, Imperial is considering changing its Investment Policy to better 
encompass a broader range of opportunities - by potentially doing this your 
Company hopes it can better fulfil its intention of acquiring assets, funding 
them with secondary monies and overlaying technical and management expertise to 
take them up the value curve. Should the Board decide to change Imperial's 
Investment Policy a circular will be sent out to shareholders calling for a 
General Meeting and asking them to vote on the matter. 
 
Imperial currently holds 68,972,755 shares in AIM listed North River Resources 
Plc ("NRR"). Whilst NRR too has been afflicted by the resource sector's general 
malaise, during and subsequent to the period, NRR made substantive steps 
towards the re-opening of its brownfield Namib lead-zinc-silver mine in 
Namibia. On 01 February 2016,  NRR announced it had received from the Namibian 
Ministry of Mines and Energy a Notice of Preparedness to grant a mining licence 
for the Namib project. Imperial consequently continues to review its investment 
in NRR. 
 
On 22 December 2014 Imperial announced that it had entered into an agreement 
with Symerton Holdings S.A. ("Symerton") under which it effectively secured an 
option to investigate an opportunity to invest in a South American gold 
project. 
 
Under this agreement Imperial made a 12% unsecured convertible loan to Symerton 
of US$150,000 (the "Loan") and has the option to invest further amounts in 
Symerton subject to certain conditions. 
 
To date development work to secure the gold opportunity continues but has made 
little material advancement. Imperial has subsequently written down the value 
of its investment.  Symerton's Loan to Imperial is still outstanding and 
Imperial maintains all rights under the agreement. 
 
Immediately subsequent to the period, Imperial announced that it had raised GBP 
50,000 before expenses for general working capital through the placing of 
10,000,000 new Ordinary Shares of 0.1p each at a price of 0.5p per share. The 
Company's enlarged capital is now 28,995,000 shares. 
 
The raising was accompanied with a change of Directors. Mr Frank Moxon tendered 
his resignation and Mr James Hamilton was appointed a non-executive Director, 
as announced on 7 January 2016. 
 
Financial Review 
 
During the period, the Company only earned revenue in the form of bank interest 
and proceeds from the sale of shares.  Its cash reserves will be used in the 
short term to cover travel costs, salaries, professional consultancy fees, 
initial due diligence and other costs incidental to the identification and 
development of acquisition opportunities. 
 
During the six month period ended 31 December 2015, the Company made a pre-tax 
loss of GBP38,760 (2014: GBP59,147). Cash at bank at the end of December 2015 was GBP 
16,994 (30 June 2015: GBP45,837). 
 
Total expenses during the period were GBP44,671 (2014: GBP59,480), which consisted 
mainly of salaries & wages of GBP13,607, impairment of loans receivable and loss 
on disposal of available for sale investment of GBP17,979, with the balance 
comprising corporate and administration expenses. 
 
Financial Position 
 
The Group's Statement of Financial Position as at 31 December 2015 and 
comparatives at 31 December 2014 and 30 June 2015 are summarised below: 
 
                                         31 Dec 2015 31 Dec 2014  30 June 2015 
 
                                              GBP           GBP            GBP 
 
Current assets                                23,649      217,822       54,058 
 
Non current assets                            41,384      351,917      281,533 
 
Total assets                                  65,033      569,739      335,591 
 
Current liabilities                            6,675       19,736        5,723 
 
Total liabilities                              6,675       19,736        5,723 
 
Net assets                                    58,358      550,003      329,868 
 
On behalf of the Board, I would like to record our thanks to the Company's 
advisory committee who have played a key role in sourcing and reviewing 
opportunities and to those who have contributed in other ways throughout the 
year. 
 
James Hamilton 
 
Chairman 
 
Imperial Minerals Plc 
 
23 March 2016 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
For further information please contact: 
 
Imperial Minerals plc 
 
Russell Hardwick 
 
+61 417 714 292 
 
Peterhouse Corporate Finance Limited 
 
Guy Miller and Mark Anwyl 
 
Tel: 020 7220 9796 
 
 
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
For the six months ended 31 December 2015 
 
                                         6 months to  6 months to   Year ended 
                                         31 Dec 2015  31 Dec 2014  30 June 2015 
                                          Unaudited    Unaudited     Audited 
 
                                   Note       GBP            GBP            GBP 
 
Continuing operations 
 
Revenue                                             -            -            - 
 
Impairment of receivable and loss            (17,979)            -    (101,623) 
on disposal of available for sale 
investment 
 
Administrative expenses                      (26,692)     (59,480)    (113,923) 
 
Loss before taxation                         (44,671)     (59,480)    (215,546) 
 
Finance income - interest                       5,911          333        6,648 
receivable 
 
Income tax                           2              -            -            - 
 
Loss for the year attributable to            (38,760)     (59,147)    (208,898) 
the equity shareholders of the 
parent 
 
Other comprehensive income 
 
Items that may be subsequently 
reclassified to profit or loss 
 
Unrealised changes in value of              (232,750)       21,115     (49,269) 
available for sale financial 
assets 
 
Other comprehensive income for the          (232,750)       21,115     (49,269) 
year, net of tax 
 
Total comprehensive income for the          (271,510)     (38,032)    (258,167) 
period/year attributable to the 
equity shareholders of the parent 
 
Loss per share 
 
Basic and diluted loss per share             (0.204p)     (0.200p)     (1.100p) 
attributable to the equity           3 
shareholders of the parent (pence) 
 
 
 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
As at 31 December 2015 
 
                                        As at         As at     As at 30 June 
                                     31 Dec 2015   31 Dec 2014      2015 
                                      Unaudited     Unaudited      Audited 
 
                                          GBP             GBP             GBP 
 
ASSETS 
 
Non-current assets 
 
   Financial assets - Available for        41,384       351,917       281,533 
sale 
 
Total non-current assets                   41,384       351,917       281,533 
 
Current assets 
 
  Trade and other receivables               6,655       105,206         8,221 
 
  Cash and cash equivalents                16,994       112,616        45,837 
 
Total current assets                       23,649       217,822        54,058 
 
TOTAL ASSETS                               65,033       569,739       335,591 
 
LIABILITIES 
 
Current Liabilities 
 
  Trade and other payables                  6,675        19,736         5,723 
 
Total current liabilities                   6,675        19,736         5,723 
 
TOTAL LIABILITIES                           6,675        19,736         5,723 
 
NET ASSETS                                 58,358       550,003       329,868 
 
EQUITY ATTRIBUTABLE TO OWNERS OF 
THE COMPANY 
 
Share capital                             189,950       189,950       189,950 
 
Share premium                             782,408       753,171       781,171 
 
Other reserve                              24,241        53,478        25,478 
 
Available for sale reserve              (373,517)      (70,383)     (140,767) 
 
Retained losses                         (564,724)     (376,213)     (525,964) 
 
TOTAL EQUITY                               58,358       550,003       329,868 
 
 
 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
For the six months ended 31 December 2015 
 
                     Share      Share    Shares to   Retained  Available    Total 
                    capital    premium   be issued    losses    for sale    Equity 
                                           under                reserve 
                                          options 
 
                       GBP          GBP          GBP          GBP          GBP          GBP 
 
At 1 July 2014        189,950    753,171     53,478  (317,066)   (91,498)    588,035 
 
Loss for the                -          -          -   (59,147)          -   (59,147) 
period 
 
Other                       -          -          -          -     21,115     21,115 
comprehensive 
income for the 
period 
 
Total                       -          -          -   (59,147)     21,115   (38,032) 
comprehensive 
income for the 
period 
 
Balance at 31 Dec     189,950    753,171     53,478  (376,213)   (70,383)    550,003 
2014 
 
At 1 July 2015        189,950    781,171     25,478  (525,964)  (140,767)    329,868 
 

(MORE TO FOLLOW) Dow Jones Newswires

March 23, 2016 11:18 ET (15:18 GMT)

DJ Imperial Minerals Plc Half-yearly Report -2-

Loss for the                -          -          -   (38,760)          -   (38,760) 
period 
 
Other                       -          -          -          -  (232,750)  (232,750) 
comprehensive 
income for the 
period 
 
Total                       -          -          -   (38,760)  (232,750)  (271,510) 
comprehensive 
income for the 
period 
 
Expiry of share             -      1,237    (1,237)          -          -          - 
options 
 
Balance at 31 Dec     189,950    782,408     24,241  (564,724)  (373,517)     58,358 
2015 
 
 
 
 
CONSOLIDATED STATEMENT OF CASH FLOWS 
 
For the six months ended 31 December 2015 
 
                                   Note    6 months      6 months       Year 
                                         to    31 Dec  to     31 Dec  ended 
                                             2015          2014        30 June 
                                           Unaudited     Unaudited      2015 
                                                                       Audited 
 
                                               GBP             GBP            GBP 
 
Cash flows from operating            4        (29,933)      (52,381)   (120,407) 
activities 
 
Net cash used in operating                    (29,933)      (52,381)   (120,407) 
activities 
 
Cash flows from investing 
activities 
 
Interest received                                   26           333         442 
 
Proceeds from disposal of                        1,064             -           - 
available for sale financial 
assets 
 
Loans to other entities                              -      (96,555)    (95,417) 
 
Cash flows used in investing                     1,090      (96,222)    (94,975) 
activities 
 
Net decrease in cash and cash                 (28,843)     (148,603)   (215,382) 
equivalents 
 
Cash and cash equivalents at                    45,837       261,219     261,219 
beginning of the period 
 
Cash and cash equivalents at end                16,994       112,616      45,837 
of the period 
 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS 
 
For the six months ended 31 December 2015 
 
NOTE 1: BASIS OF PREPARATION 
 
The condensed consolidated interim financial information of the Group for the 
six months ended 31 December 2015 which comprise the Company and its subsidiary 
(together referred to as the "Group) were approved by the Board on 23 March 
2015.  The interim financial information has not been reviewed or audited. The 
interim financial information has been prepared in accordance with the 
recognition and measurement criteria of International Financial Reporting 
Standards (IFRS and IFRIC interpretations) issued by the International 
Accounting Standards Board ("IASB") as adopted for use in the EU. The financial 
information for the six months to 31 December 2015 does not constitute 
statutory accounts of the Group.  This financial information has been prepared 
in accordance with the accounting policies that are expected to be applied in 
the Report and Accounts of Imperial Minerals PLC for the year ending 30 June 
2016.  The statutory accounts for the year ended 30 June 2015 have been filed 
with the Registrar of Companies.  The auditor's report on those accounts was 
unqualified, did not include any references to any matters to which the 
auditors drew attention by way of emphasis and did not contain a statement 
under section 498(2)-(3) of the Companies Act 2006. 
 
Imperial Minerals plc, the legal parent, is domiciled and incorporated in the 
United Kingdom. The functional currency of Imperial Minerals plc is GBP sterling. 
 
The Financial Statements are presented in sterling (GBP), rounded to the nearest 
pound and have been prepared on the going concern basis. 
 
NOTE 2: TAXATION 
 
No taxation has been provided due to losses in the period.  No deferred tax 
asset has been recognised for past or current losses as the recoverability of 
any such assets is not probable in the foreseeable future. 
 
NOTE 3:  LOSS PER SHARE 
 
The calculation of the basic loss per share of 0.204 pence is based on the loss 
attributable to ordinary shareholders of GBP38,760 and on the weighted average 
number of ordinary shares of 18,995,000 in issue during the period. 
 
In accordance with IAS 33, no diluted earnings per share is presented as the 
effect on the exercise of share options or warrants would be to decrease the 
loss per share. 
 
NOTE 4: NOTES TO THE CASH FLOW STATEMENT 
 
                                           6 months to 6 months to Year ended 
                                           31 Dec 2015 31 Dec 2014   30 June 
                                            Unaudited   Unaudited     2015 
                                                                     Audited 
 
                                                GBP           GBP           GBP 
 
Reconciliation of loss from operations to 
cash flows from operating activities 
 
Loss from operations                          (38,760)    (59,147)   (208,898) 
 
Interest receivable                            (5,911)       (333)     (6,648) 
 
Impairment of loan receivable                    5,885           -     101,623 
 
Net loss from disposal of available for          6,335           -           - 
sale financial assets 
 
Decrease / (Increase) in trade and other         1,567     (6,547)     (6,117) 
receivables 
 
Increase / (Decrease) in trade and other           951      13,646       (367) 
payables 
 
Cash flow from operating activities           (29,933)    (52,381)   (120,407) 
 
NOTE 5:POST BALANCE SHEET EVENTS 
 
On the 7 January 2016 the Company announced that it raised GBP50,000 through a 
placing of 10,000,000 new ordinary shares of 0.1p each at a price of 0.5p per 
share.  On this date the Company also announced the appointment of James 
Hamilton as a non-executive Director of the Company. 
 
Other than the above, there has not been any matter or circumstance occurring 
subsequent to the end of the half year, that has significantly affected or may 
significantly affect the operations of the Group, the results of those 
operations or the state of affairs of the Group in future financial years. 
 
NOTE 6: FORWARD LOOKING STATEMENTS 
 
This report contains certain forward looking statements, which include 
assumptions with respect to future plans, results and expenditures. The reader 
is cautioned that assumptions used in the preparation of such information may 
prove to be incorrect. All such forward looking statements involve substantial 
known and unknown risks and uncertainties, certain of which are beyond the 
Company's control. Please refer to the Company's Annual Report available from 
the Company's web site for a list of risk factors. The Company's actual results 
could differ materially from those expressed in, or implied by, these 
forward-looking statements and, accordingly, no assurances can be given that 
any of the events anticipated by the forward-looking statements will transpire 
or occur, or if any of them do so, what benefits the Company will derive 
therefrom. All subsequent forward-looking statements, whether written or oral, 
attributable to the Company or persons acting on its behalf are expressly 
qualified in their entirety by these cautionary statements. Furthermore, the 
forward-looking statements contained in this report are made as at the date of 
this report 
 
NOTE 7: INTERIM REPORT 
 
Copies of this interim report for the six months ended 31 December 2015 will be 
available from the offices of Imperial Minerals Plc, 2 Stone Buildings Lincolns 
Inn London WC2A 3TH, and on the company's website www.imperialminerals.com 
 
 
 
END 
 

(END) Dow Jones Newswires

March 23, 2016 11:18 ET (15:18 GMT)