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DJ IamFire Plc Interim Results to 31 October 2019

 
TIDMFIRE 
 
3rd February 2020 
 
                                  IamFire Plc 
 
("IamFire Plc", the "Group" or the "Company") 
 
           Interim Results For The Six Months Ended 31 October 2019 
 
EXECUTIVE DIRECTOR STATEMENT 
 
The Board and I are pleased to present the interim results for IamFire Plc 
(NEX: FIRE). 2019, proved to be a challenging year for the then incumbent 
management team as they pursued a listing on the AIM-exchange. Upon joining the 
Board upon a successful GM (please refer to the announcement "Result of GM, 
Board and Change of Name", 11th October), we have rapidly, accelerated a 
comprehensive corporate restructure that ensures that the Company retains its 
listed status on the NEX Exchange and are grateful for the support of all in 
ensuring this process has been affected with efficiency. 
 
We have reduced all non-core costs, capitalised all immediate creditors and 
have created a lean and low-cost investment vehicle that is now able to pursue 
opportunities. 
 
It is of paramount importance that as a company we seek to transact on the 
basis that there is sufficient capital market support to justify the decision 
we make as a Board of Directors.  To this end we are in active discussions, 
evaluating and assessing opportunities that adequately reflect this new ethos 
at IamFire plc. 
 
The Company is focusing its efforts on reviewing assets that upon acquisition/ 
investment require low-capital intensity and are structured in a manner that 
enables capital raised to be expended on development rather than acquisition in 
order to maximise our entry and reduce our assumed opportunity-cost. 
 
I am also excited by the developments that are occurring with the NEX Exchange 
and note that these developments are being positively received and communicated 
within financial networks and communities, globally. 
 
I look forward to the year ahead and providing updates in relation to the 
corporate developments within the Company and welcome shareholders both 
existing and prospective to get in touch freely to discuss the new direction 
at, IamFire plc. 
 
FINANCIALS 
 
The financial results for the six months to 31 October 2019 show a profit after 
taxation of GBP123,435 (2018: Loss GBP68,089). 
 
The interim results are unaudited to 31 October 2019 and have not been reviewed 
by the Company's auditors 
 
OUTLOOK 
 
The Board and I are positive on IamFire's outlook moving forward. Recapitalised 
and restored we now operate with purpose in pursuit of a transaction of 
significance. We remain in active discussions on a number of different 
opportunities and feel that we are now at a point of action with regards the 
next iteration for the Company upon the exit and relinquishment of the 
Company's hydrocarbon licenses in Botswana. 
 
Burns Singh Tennent-Bhohi 
 
Executive Director 
 
31 January 2020 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
ENQUIRIES: 
 
Company 
 
IamFire plc (NEX: FIRE) 
 
Burns Singh Tennent-Bhohi 
 
Telephone: 020 3778 0755 
 
Corporate Adviser 
 
Peterhouse Corporate Finance Limited 
 
Guy Miller / Mark Anwyl 
 
Telephone: 020 7220 9795 
 
Consolidated Income Statement for the 6 months ended 31 October 
 
                                                                    2019           2018 
 
                                                     Notes     Unaudited      Unaudited 
 
                                                                       GBP              GBP 
 
Revenue                                                                -              - 
 
Other operating income                                           201,399         16,870 
 
Administrative expenses                                         (77,967)       (84,969) 
 
Operating profit                                                 123,432       (68,099) 
 
Finance income                                                         3              9 
 
Finance costs                                                          -              - 
 
Profit before taxation                                           123,435       (68,090) 
 
Taxation                                                               -              - 
 
Minority interests                                                     -            327 
 
Profit/(Loss) for the period attributable to the                 123,435       (67,763) 
Company's equity shareholders 
 
Profit/(Loss) per share from operations 
 
Basic and diluted loss per share (GBP)                   2           0.049        (0.033) 
 
Consolidated Statement of Comprehensive Income for the 6 months ended 31 
October 
 
                                                                    2019           2018 
 
                                                               Unaudited      Unaudited 
 
                                                                       GBP              GBP 
 
Profit/(Loss) for the financial year                             123,435       (67,763) 
 
Total comprehensive income for the period attributable to        123,435       (67,763) 
the Company's equity shareholders 
 
Consolidated Balance Sheet as at 31 October and 30 April 
 
                                               31 October      31 October        30 April 
 
                                                     2019            2018            2019 
 
                                     Notes      Unaudited       Unaudited         Audited 
 
Assets                                                  GBP               GBP               GBP 
 
Non-current assets 
 
Intangible assets                      3                -         135,439               - 
 
Current assets 
 
Trade and other receivables            4           18,497          45,207          35,220 
 
Investments                                             -               -               - 
 
Cash and cash equivalents                          56,866           1,141           2,130 
 
                                                   75,363          46,348          37,350 
 
Total Assets                                       75,363         181,787          37,350 
 
Equity and liabilities 
 
Capital and reserves 
 
Share capital                          5          526,733         511,837         511,837 
 
Share premium                                   2,359,890       2,231,786       2,231,786 
 
Retained earnings                             (2,917,386)     (2,910,950)     (3,040,821) 
 
Shareholders' funds                              (30,763)       (167,327)       (297,198) 
 
Minority Interests                               (61,766)        (54,893)        (61,766) 
 
                                                 (92,529)       (222,220)       (358,964) 
 
Current liabilities: 
                                       6 
Trade and other payables                          167,892         404,007         396,314 
 
Total equity and liabilities                       75,363         181,787          37,350 
 
Consolidated Statement of Changes in Equity as at 31 October and 30 April 
 
                                   Share       Share     Retained   Minority 
 
                                 capital     premium     earnings  interests      Total 
 
                                       GBP           GBP            GBP          GBP          GBP 
 
For the 6 months ended 31 
October 2018 
 
Balance at 1 May 2018            511,837   2,231,786  (2,843,187)   (54,566)  (154,130) 
 
Loss for the period                    -           -     (67,763)      (327)   (68,090) 
 
Total comprehensive income             -           -     (67,763)      (327)   (68,090) 
 
Issue of shares                        -           -            -          -          - 
 
Cost of share issue                    -           -            -          -          - 
 
Balance at 31 October 2018       511,837   2,231,786  (2,910,950)   (54,893)  (222,220) 
 
Loss for the period                    -           -    (129,871)    (6,873)  (136,744) 
 
Total comprehensive income             -           -    (129,871)    (6,873)  (136,744) 
 
Issue of shares                        -           -            -          -          - 
 
Cost of share issue                    -           -            -          -          - 
 
Balance at 30 April 2019         511,837   2,231,786  (3,040,821)   (61,766)  (358,964) 
 
Profit for the period                  -           -      123,435          -    123,435 
                                       -           - 
 
Total comprehensive income             -           -      123,435          -    123,435 
 
Issue of shares                   14,896     128,104            -          -    143,000 
 
Cost of share issue                    -           -            -          -          - 
 
Balance at 31 October 2019       526,733   2,359,890  (2,917,386)   (61,766)   (92,529) 
 
Consolidated Statement of Cash Flows for the 6 months ended 31 October 
 
                                                                   2019            2018 
 
                                                     Notes    Unaudited       Unaudited 
 
                                                                      GBP               GBP 
 
Cash flow from operating activities 
 
Profit/(loss) for the period before tax                         123,435        (68,090) 
 
Finance income                                                      (3)             (9) 
 
                                                                123,432        (68,099) 
 
Changes in working capital 
 
(Increase)/decrease in trade and other receivables     4         16,723         (4,135) 
 
Increase/(decrease) in trade and other payables        6      (228,422)          31,947 
 
Cash outflow from operating activities                         (88,267)        (40,287) 
 
Cash flow from investing activities 
 
Purchase of intangible exploration assets              3              -               - 
 
Interest received                                                     3               9 
 

(MORE TO FOLLOW) Dow Jones Newswires

February 03, 2020 02:00 ET (07:00 GMT)

DJ IamFire Plc Interim Results to 31 October 2019 -2-

Net cash used in investing activities                                 3               9 
 
Cash flow from financing activities 
 
Issue of shares                                        5        143,000               - 
 
Cost of shares issued                                  5              -               - 
 
Net cash from financing activities                              143,000               - 
 
Net (decrease)/increase in cash and cash                         54,736        (40,278) 
equivalents 
 
Cash and cash equivalents at beginning of period                  2,130          41,419 
 
Cash and cash equivalents at end of period                       56,866           1,141 
 
Notes to the interim results 
 
 1. Basis of preparation 
 
The interim financial statements for IamFire Plc have been prepared on the 
basis of the accounting policies set out in the audited financial information 
for the year ended 30 April 2019, which complied with International Financial 
Reporting Standards as adopted for use in the European Union ("IFRS"). The 
financial information for the periods ended 31 October 2019 and 31 October 2018 
is unaudited. 
 
IFRS is subject to amendment and interpretation by the International Accounting 
Standards Board ("IASB") and the IFRS Interpretations Committee and there is an 
on-going process of review and endorsement by the European Commission. 
 
The financial information has been prepared in accordance with the recognition 
and measurement requirements of IFRS that the Directors expect to be applicable 
as at 30 April 2020. 
 
The preparation of condensed consolidated interim financial information 
requires management to make judgements, estimates and assumptions that affect 
the application of accounting policies and the reported amounts of assets and 
liabilities, income and expense. Actual results may differ from those 
estimates. 
 
In preparing these interim financial statements, the significant judgements 
made by management in applying the Group's accounting policies and the key 
sources of estimation uncertainty were the same as those that applied to the 
consolidated financial statements for the year ended 30 April 2019. 
 
Going concern 
 
During the period ended 31 October 2019 the Group made a profit of GBP123,435 
(2018: loss GBP68,069) and as at 31 October 2019 it had net current liabilities 
of GBP92,529 (2018: net current liabilities of GBP357,659). The operations of the 
Group are primarily financed from funds which the Parent Company raises from 
share placings as it does not currently generate significant amounts of 
revenue. 
 
As described in the Executive Director's statement, following the business 
restructuring and refinancing in October 2019 the Company is now is in a more 
stable financial position and is able to look to build a new direction for the 
business.  As a result, the Directors believe that the Group, in conjunction 
with the Broker, will be able to raise sufficient cash to enable it to continue 
its operations, and continue to meet, as and when they fall due, its planned 
and committed expenditure for at least the next twelve months from the date of 
approval of these interim statements. 
 
For this reason, the Directors continue to adopt the going concern basis in 
preparing the accounts. However, there can be no guarantee that the required 
funds we be raised within the necessary timeframe. The financial statements do 
not include the adjustments that would result if the Group was unable to 
continue in operation. 
 
 1. Earnings per share 
 
Basic earnings per share is calculated by dividing the earnings attributable to 
Ordinary Shareholders by the weighted average number of Ordinary Shares 
outstanding during the period. 
 
The Group does not have any potentially dilutive shares in any of the periods 
presented, therefore the basic and diluted earnings per share are the same. 
 
Basic earnings per share 
 
                                                                     2019           2018 
 
                                                                Unaudited      Unaudited 
 
                                                                        GBP              GBP 
 
Total basic profit/(loss) per share                                 0.049        (0.033) 
 
The losses and weighted average number of Ordinary Shares used in the 
calculation of basic earnings per share are as follows: 
 
                                                                   2019             2018 
 
                                                              Unaudited        Unaudited 
 
                                                             (restated)       (restated) 
 
                                                                      GBP                GBP 
 
Profit/(loss) used in the calculation of total basic and        123,435         (68,089) 
diluted earnings per share 
 
                                                                   2019             2018 
 
Number of shares                                              Unaudited        Unaudited 
 
Weighted average number of Ordinary Shares for the            2,520,918        2,035,184 
purposes of basic earnings per share 
 
Note: 
 
Further to the approval of shareholders at a General Meeting of the Company on 
11 October 2019 a Capital Reorganisation of the Company was undertaken whereby 
a consolidation of the Ordinary Shares of GBP0.0025 on a one for 100 basis was 
undertaken. The Ordinary Shares were simultaneously sub-divided back into 
Ordinary Shares of GBP0.0025. 
 
The Weighted average number of Ordinary Shares, for the half year ended 31 
October 2018 has been restated from the pre-consolidation 203,518,412 shares to 
the post consolidation 2,035,184 shares. 
 
The Weighted average number of Ordinary Shares, for the half year ended 31 
October 2019 has been restated to reflect the effect of the consolidation on 11 
October 2019. 
 
 1. Intangible assets 
 
                                                                        Exploration and 
                                                                      Evaluation assets 
 
                                                                                      GBP 
 
Cost & net book value 
 
At 30 April 2018 (audited)                                                      139,439 
 
Additions                                                                             - 
 
At 31 October 2018 (unaudited)                                                  139,439 
 
Additions                                                                             - 
 
Impairments                                                                   (139,439) 
 
At 30 April 2019 (audited)                                                            - 
 
Additions                                                                             - 
 
At 31 October 2019 (unaudited)                                                        - 
 
 1. Trade and other receivables 
 
                                                  31 October     31 October    30 April 
 
                                                        2019           2018        2019 
 
                                                   Unaudited      Unaudited     Audited 
 
                                                           GBP              GBP           GBP 
 
Trade debtors                                              -          5,535       4,795 
 
Amounts due from director                              3,085         16,595      15,375 
 
Other receivables                                     15,412         18,477      10,450 
 
Prepayments and accrued income                             -          4,600       4,600 
 
                                                      18,497         45,207      35,220 
 
 1. Share capital 
 
                                           31 October       31 October         30 April 
 
                                                 2019             2018             2019 
 
                                            Unaudited        Unaudited          Audited 
 
                                           (restated)       (restated)       (restated) 
 
 
Allotted, issued, and fully paid                    GBP                GBP                GBP 
Ordinary shares of GBP0.0025 each 
 
Opening balance                               511,837          511,837          511,837 
 
Allotments: 
 
17 October 2019 - shares issued at             14,896                -                - 
2.4p each resulting in premium of GBP 
128,104 
 
Closing balance                               526,733          511,837          511,837 
 
 
 
                                           31 October       31 October         30 April 
 
                                                 2019             2018             2019 
 
                                            Unaudited        Unaudited          Audited 
 
                                           (restated)       (restated)       (restated) 
 
Allotted, issued, and fully paid 
Ordinary shares of GBP0.0025 each                    No               No               No 
 
 
 
Opening balance                             2,047,350        2,047,350        2,047,350 
 
Allotments: 
 
17 October 2019 - shares issued at          5,958,333                -                - 
2.4p each resulting in premium of GBP 
128,104 
 
Closing balance                             8,005,683        2,047,350        2,047,350 
 
Note: 
 
Further to the approval of shareholders at a General Meeting of the Company on 
11 October 2019 a Capital Reorganisation of the Company was undertaken whereby 
a consolidation of the Ordinary Shares of GBP0.0025 on a one for 100 basis was 
undertaken. The Ordinary Shares were simultaneously sub-divided back into 
Ordinary Shares of GBP0.0025. 
 
The original opening balances for allotted, issued and fully paid shares of GBP 
0.0025 each have been restated from the pre-consolidation 204,734,976 shares to 
the post consolidation 2,047,350 shares. 
 
 1. Trade and other payables 
 

(MORE TO FOLLOW) Dow Jones Newswires

February 03, 2020 02:00 ET (07:00 GMT)

DJ IamFire Plc Interim Results to 31 October 2019 -3-

                                                  31 October     31 October    30 April 
 
                                                        2019           2018        2019 
 
                                                   Unaudited      Unaudited     Audited 
 
                                                           GBP              GBP           GBP 
 
Trade payables                                       141,877        226,212     262,054 
 
Accruals                                                  15         90,535      26,800 
Other Payables                                             -              -      13,200 
 
Loan from related party                               26,000         87,260      94,260 
 
                                                     167,892        404,007     396,314 
 
 
 
END 
 

(END) Dow Jones Newswires

February 03, 2020 02:00 ET (07:00 GMT)