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DJ ZimNRG plc Preliminary Results for the Year Ended 28 February 2016

 
TIDMMNRG 
 
Preliminary Results for the Year Ended 28 February 2016 
                                                MetalNRG plc 
 
                                              (the "Company") 
 
                          Preliminary Results for the Year Ended 28 February 2016 
 
The Company today announces its preliminary financial results for the year ended 28 February 2016. 
 
Business review 
 
The principal activity of the company during the year was that of an investment holding company. 
 
The results for the year are a reflection of the minimal cost of keeping the Company administered whilst 
continuing searching for suitable opportunities. The actual costs were GBP 36,862 (2015: GBP 41,073) adjusted for 
currency gains of GBP 13,277 (2015: GBP 12,485). The directors have maintained most funds in US dollars as that is 
the currency they anticipate any deal is likely to be conducted in. 
 
The directors have continued to investigate potential investments. Of the various projects considered during the 
course of the financial year ended 28 February 2016 it was determined that none of the projects were suitable for 
the PLC to pursue. The directors remain committed to evaluating commercially viable projects and ultimately taking 
forward one or several projects that they believe will deliver value for shareholders. 
 
The Directors will continue to waive their fees until a suitable investment opportunity is identified. 
 
Post year end events 
 
Since 28 February 2016, the following post year end events have taken place. 
 
 
=-  On 11 March 2016, following approval of various resolutions as set out 
    in the circular and notice of general meeting, sent to shareholders on 
    11 February 2016 (the "Circular"), the company subdivided its existing 
    issued ordinary shares of 0.5p each in the capital of the company into 
    one new ordinary share with a nominal value of 0.01p and one deferred 
    share with a nominal value of 0.49p. Further details of this share 
    capital reorganisation can be found in the Circular. 
 
=-  The company adopted a new investing policy, with greater focus on 
    projects within the natural resources and/or energy sector. The full 
    investing policy can be found on pages 10 and 11 of the Circular and is 
    also available on the company's website. 
 
=-  Strategic investment made by Metal Tiger plc (LON:MTR) to subscribe for 
    19,027,268 ordinary shares of 0.01p each in the company representing 
    28.25% of the company's enlarged issued share capital. 
 
=-  Appointment of Metal Tiger plc's CEO, Paul Johnson, to the Board as a 
    Non-executive director and resignation of J.C.W. De Thierry as a 
    director. 
 
=-  Rebranding and change of name from ZimNRG plc to MetalNRG plc. 
 
 
Principal risks and uncertainties 
 
The principal risks and uncertainties facing the company are general and economic risks, specifically currency 
exchange and liquidity risk. Currency exchange risk is managed by holding funds in US dollars, and monitoring 
closely exchange fluctuations which could affect those funds. Liquidity risk is managed by the control of 
expenditure, but is ultimately dependent on the success of any future viable investment projects. 
 
The annual report and accounts will shortly be sent to shareholders. 
 
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 
 
The directors of the Company accept responsibility for the contents of this announcement. 
 
For further information, please contact: 
 
MetalNRG 
 
Christopher Latilla-Campbell          +44(0) 1604 845 551 
 
Cairn Financial Advisers LLP 
 
James Caithie / Liam Murray           +44(0) 20 7148 7900 
 
 
Statement of Income and Retained Earnings 
Year ended 28 February 2016 
 
                                                                               2016             2015 
                                                               Note            GBP              GBP 
 
Administrative expenses                                                      23,585           28,588 
                                                                    ---------------  --------------- 
Operating loss                                                   2           23,585           28,588 
 
                                                                    ---------------  --------------- 
Loss on ordinary activities before taxation                                  23,585           28,588 
 
Tax on loss on ordinary activities                                                - 
                                                                    ---------------  --------------- 
Loss for the financial year and total comprehensive income                   23,585           28,588 
                                                                    ---------------  --------------- 
                                                                    ---------------  --------------- 
 
Retained losses at the start of the year                                  (753,957)        (725,369) 
                                                                    ---------------  --------------- 
Retained losses at the end of the year                                    (777,542)        (753,957) 
                                                                    ---------------  --------------- 
                                                                    ---------------  --------------- 
 
Earnings per share 
Basic earnings per share/(loss) (pence per share)                            (0.05)           (0.06) 
Diluted earnings per share/(loss) (pence per share)                          (0.05)           (0.06) 
                                                                    ---------------  --------------- 
                                                                    ---------------  --------------- 
 
 
All the activities of the company are from continuing operations. 
 
 
 
Statement of Financial Position 
Year ended 28 February 2016 
 
                                                                      2016                      2015 
                                                      Note          GBP          GBP            GBP 
 
Current assets 
Debtors                                                 4         18,750                      17,043 
Cash at bank and in hand                                         123,127                     147,128 
                                                           -------------               ------------- 
                                                                 141,877                     164,171 
 
Creditors: amounts falling due within one year          5         10,499                       9,208 
                                                           -------------               ------------- 
 
Net current assets                                                            131,378        154,963 
                                                                        -------------  ------------- 
Total assets less current liabilities                                         131,378        154,963 
                                                                        -------------  ------------- 
Net assets                                                                    131,378        154,963 
                                                                        -------------  ------------- 
                                                                        -------------  ------------- 
 
Capital and reserves 
Called up share capital                                 6                     241,660        241,660 
Share premium account                                   7                     667,260        667,260 
Profit and loss account                                 7                   (777,542)      (753,957) 
                                                                        -------------  ------------- 
Shareholders funds                                                            131,378        154,963 
                                                                        -------------  ------------- 
                                                                        -------------  ------------- 
 
 
Statement of Cash Flows 
Year ended 28 February 2016 
 
                                                                          2016                  2015 
                                                                          GBP                   GBP 
 
Cash flows from operating activities 
Loss for the financial year                                           (23,585)              (28,588) 
 
Adjustments for: 
Accrued (income)/expenses                                                (588)                   100 
 
Changes in: 
Trade and other debtors                                                (1,707)               (1,044) 
Trade and other creditors                                                1,879                 (117) 
 
                                                           -------------------   ------------------- 
Cash generated from operations                                        (24,001)              (29,649) 
                                                           -------------------   ------------------- 
Net cash used in operating activities                                 (24,001)              (29,649) 
                                                           -------------------   ------------------- 
                                                           -------------------   ------------------- 
 
Net decrease in cash and cash equivalents                             (24,001)              (29,649) 
Cash and cash equivalents at beginning of year                         147,128               176,777 
                                                           -------------------   ------------------- 
Cash and cash equivalents at end of year                               123,127               147,128 

(MORE TO FOLLOW) Dow Jones Newswires

August 15, 2016 02:00 ET (06:00 GMT)

DJ ZimNRG plc Preliminary Results for the Year Ended -2-

                                                           -------------------   ------------------- 
                                                           -------------------   ------------------- 
 
 
Notes to the Financial Statements 
Year ended 28 February 2016 
 
 
1.  Statement of compliance 
 
    MetalNRG plc is a public limited company incorporated in England. The 
    registered office is 6 Middle Street, London EC1A 7JA. 
 
    These financial statements have been prepared in compliance with FRS 
    102, 'The Financial Reporting Standard applicable in the UK and the 
    Republic of Ireland'. 
 
2.  Operating profit 
 
    Operating profit or loss is stated after crediting: 
 
                                                                          2016                  2015 
                                                                          GBP                   GBP 
Foreign exchange differences                                          (13,277)              (12,485) 
                                                           -------------------   ------------------- 
 
 
3.  Auditor's remuneration 
 
                                                                          2016                  2015 
                                                                          GBP                   GBP 
Fees payable for the audit of the financial statements                   5,400                 6,700 
                                                           -------------------   ------------------- 
 
 
4.  Debtors 
 
                                                                          2016                  2015 
                                                                          GBP                   GBP 
Prepayments and accrued income                                           1,230                 1,253 
Other debtors                                                           17,520                15,790 
                                                           -------------------   ------------------- 
                                                                        18,750                17,043 
                                                           -------------------   ------------------- 
 
 
5.  Creditors: amounts falling due within one year 
 
                                                                          2016                  2015 
                                                                          GBP                   GBP 
Trade creditors                                                          3,317                 1,438 
Accruals and deferred income                                             7,182                 7,770 
                                                           -------------------   ------------------- 
                                                                        10,499                 9,208 
                                                           -------------------   ------------------- 
 
 
6.  Called up share capital 
 
Authorised share capital 
 
                                                   2016                            2015 
                                                 No.            GBP              No.            GBP 
Ordinary shares of GBP 0.005 each        150,000,000         750,000     150,000,000         750,000 
                                     --------------- --------------- --------------- --------------- 
 
 
Issued, called up and fully paid 
 
                                                   2016                            2015 
                                                 No.            GBP              No.            GBP 
Ordinary shares of GBP 0.005 each         48,332,003         241,660      48,332,003         241,660 
                                     --------------- --------------- --------------- --------------- 
 
 
At the year end there were 4,000,000 (2015: 4,000,000) exercisable share options held by directors at an exercise 
price of GBP 0.02. 
 
Each ordinary share is entitled to one vote in any circumstances. Each ordinary share is entitled pari passu to 
dividend payments or any other distribution and to participate in a distribution arising from a winding up of the 
company. 
 
 
7.  Reserves 
 
 
Share premium account - This reserve records the amount above the nominal value received for shares sold, less 
transaction costs. 
 
Profit and loss account - This reserve records retained earnings and accumulated losses. 
 
 
8.  Events after the end of the reporting period 
 
 
On 11 March 2016 the company sub-divided its 48,332,003 ordinary 0.5 pence shares into 48,332,003 ordinary 0.01 
pence shares and 48,332,003 deferred 0.49 pence shares. 
 
On the same date the company then issued 19,027,268 ordinary 0.01 pence shares for GBP 50,000. 
 
9.  Related party transactions 
 
 
There is no individual with ultimate overall control of the company. 
 
C.P. Latilla-Campbell is a director and shareholder of this company and also a director and sole shareholder of 
London Finance & Investment Corporation Limited (LFIC). Accountancy charges incurred by this company amounting to 
GBP 3,500 (2015: GBP 5,250) represent proportional recharges in respect of the time spent on company business by 
the LFIC company accountant. At the year end trade creditors included an amount of GBP nil (2015: GBP 250) 
outstanding to LFIC. 
 
 
10. Transition to FRS102 
 
 
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 
2014. 
 
No transitional adjustments were required in equity or profit or loss for the year. 
 
 
 
 
MetalNRG plc 
 

(END) Dow Jones Newswires

August 15, 2016 02:00 ET (06:00 GMT)