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DJ Pelican House Mining Plc Half-year Report and Interim Financial Statements

 
TIDMPHM 
 
Registered number 06474216 
 
                           Pelican House Mining PLC 
 
                               Interim Accounts 
 
                                30th June 2018 
 
                           Pelican House Mining PLC 
 
                   ("Pelican House Mining" or the "Company") 
 
                   Interim Results and Directors' Statement 
 
               For the period from 1st January to 30th June 2018 
 
I am pleased to announce the unaudited interim results of the for the first 
half of the current financial year. The financial statements which follow have 
not been reviewed by the Company's auditors. 
 
The Company made a pre-tax loss of GBP22,396 (period ended 30th June 2017 - GBP 
7,742) and cash at bank at the period's end was GBP48,598 (period ended 30th June 
2017 - GBP27,593). During the period gross proceeds of GBP179,000 were raised from 
an issue of shares. Additionally, a loan of GBP100,000 was taken out to provide 
capital for the Company's new investments. 
 
On 13th June 2018 at the Company's annual general meeting, shareholders 
approved a special resolution to change the Company's name from Hellenic 
Capital plc to Pelican House Mining, better to reflect the present investment 
strategy. 
 
On 19th June 2018, the Company announced that it had acquired a 15 per cent. 
stake in Mighty Oak Explorations Ltd., a company possessed of licences to 
explore for lithium and cobalt in Uganda. The Company is presently reviewing a 
number of other potential investment opportunities and transactions. I look 
forward to informing shareholders of progress when necessary and 
appropriate. 
 
Finally, I wish to thank Graham Jones, who stepped down at the last AGM, for 
his past work on behalf of the Company. 
 
Simon Grant-Rennick, 
Chief Executive Officer and Interim Chairman, 
London, 12th July 2018 
 
This announcement has been made after due and careful enquiry and the Directors 
of Pelican House Mining PLC accept responsibility for the content. 
 
Enquiries: 
 
Pelican House Mining plc: 
Simon Grant-Rennick: +44 (0) 797 325 3124; 
simon@pelicanhousemining.co.uk 
 
Keith, Bayley, Rogers & Co. Limited: 
Graham Atthill-Beck: +44 (0) 20 7464 4091; 
+971 (0) 50 856 9408; +44 (0) 750 643 4107; 
Graham.Atthill-Beck@kbrl.co.uk 
 
Brinsley Holman: +44 (0) 20 7464 4098; 
Brinsley.Holman@kbrl.co.uk 
 
 
 
Pelican House Mining PLC 
 
 
Condensed Profit and Loss Account 
for the period from 1 January 2018 to 30 June 2018 
 
 
                                                                              30-Jun 
 
                                                               2018             2017 
 
                                                                GBP              GBP 
 
Revenue                                                       4,106                - 
 
Operating expenses                                         (25,981)          (7,742) 
 
Operating loss                                             (21,875)          (7,742) 
 
Interest payable                                              (521)                - 
 
Loss on ordinary activities before                         (22,396)          (7,742) 
taxation 
 
Corporation tax                                                   -                - 
 
Total comprehensive loss for the                           (22,396)          (7,742) 
period attributable to members 
 
 
 
 
Pelican House Mining PLC 
 
 
Condensed Balance Sheet 
as at 30 June 2018 
 
 
                                                                               30-Jun 
 
                           Notes                       2018                      2017 
 
                                                        GBP                       GBP 
 
Fixed assets 
 
Tangible assets            2                        202,383                         - 
 
Investments                3                         45,725                         - 
 
                                                    248,108                         - 
 
Current assets 
 
Debtors                                      524                   37,451 
 
Cash at bank and in hand                  48,598                   27,593 
 
                                          49,122                   65,044 
 
Creditors: amounts falling             (106,627)                  (6,515) 
due within one year 
 
Net current (liabilities)/                         (57,505)                    58,529 
assets 
 
Net assets                                          190,603                    58,529 
 
Capital and reserves 
 
Called up share capital                              97,990                    61,890 
 
Share premium                                       293,098                   173,544 
 
Profit and loss account                           (200,485)                 (176,905) 
 
Shareholders' funds                                 190,603                    58,529 
 
 
Pelican House Mining PLC 
 
 
Condensed Statement of Changes in Equity 
for the period from 1 January 2018 to 30 June 2018 
 
 
                                     Share        Share         Profit       Total 
 
                                   capital      premium       and loss 
 
                                                               account 
 
                                       GBP          GBP            GBP         GBP 
 
At 1 January 2017                   61,890      173,544      (169,163)      66,271 
 
Loss for the period                      -            -        (7,742)     (7,742) 
 
At 30 June 2017                     61,890      173,544      (176,905)      58,529 
 
At 1 January 2018                   62,190      174,116      (178,089)      58,217 
 
Loss for the period                      -            -       (22,396)    (22,396) 
 
Shares issued                       35,800      118,982              -     154,782 
 
At 30 June 2018                     97,990      293,098      (200,485)     190,603 
 
 
Pelican House Mining PLC 
 
 
Condensed cash flow statement 
as at 30 June 2018 
 
 
                                                                               30-Jun 
 
                                                             2018                2017 
 
                                                              GBP                 GBP 
 
Cashflows from operating activities 
 
Operating loss                                           (21,875)             (7,742) 
 
Depreciation                                                2,053                   - 
 
Movement in working capital: 
 
(Increase)/ decrease in trade and other                    19,560            (34,422) 
receivables 
 
(Decrease)/ increase in trade and other                 (159,948)             (2,848) 
payables 
 
Cash used in operations                                 (160,210)            (45,012) 
 
Investing 
activities 
 
Payments to acquire investments                            45,725                   - 
 
Financing 
activities 
 
Loan finance                                              100,000                   - 
raised 
 
Net share proceeds in                                     154,261                   - 
period 
 
                                                          254,261                   - 
 
Increase/(Decrease) in cash and cash                       48,326            (45,012) 
equivalents 
 
Cash and cash equivalents at beginning of the period          272              72,605 
 
Cash and cash equivalents at end of the                    48,598              27,593 
period 
 
 
Pelican House Mining PLC 
 
 
Notes to the Abridged Accounts 
for the period from 1 January 2018 to 30 June 2018 
 
 
1  Financial information 
 
   The financial information set out above does not constitute statutory accounts 
   within the meaning of Section 434 of the Companies Act 2006. It has been 
   prepared on a going concern basis in accordance with the recognition and 
   measurement criteria of the IFRS as adopted by the European Union. 
 
   The accounting policies used in the preparation of this set of condensed 
   interim financial are consistent with those set out in the Company's annual 
   financial statements for the year ended 31 December 2017 and those that will be 
   used in the preparation of the financial statements for the year ended 31 
   December 2018. Statutory accounts for the year ended 31 December 2017 were 
   approved by the board of directors on 13 June 2018 and delivered to the 
   Registrar of Companies. The report of the auditor on those financial statements 
   was unqualified. 
 
   The financial information for the period ended 30 June 2018 has not been 
   audited or reviewed. As permitted the Company has chosen not to adopt IAS34 
   'Interim Financial Statements' in preparing this financial information. 
 
   Going concern 
 
   The directors, having made appropriate enquiries, consider that adequate 
   resources exist for the Company to continue in operational existence for the 
   foreseeable future, therefore, it is appropriate to adopt the going concern 
   basis in preparing the condensed interim financial statements for the period 
   ended 30 June 2018 
 
2  Tangible fixed assets 
 
                                                                            Freehold 
                                                                            property 
 
                                                                                 GBP 
 
   Cost 
 
   At 1 January 2018                                                         205,363 
 
   At 30 June 2018                                                           205,363 
 
   Depreciation 
 
   At 1 January 2018                                                             927 
 
   Charge for the period                                                       2,053 
 
   At 30 June 2018                                                             2,980 
 
   Net book value 
 
   At 30 June 2018                                                           202,383 
 

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July 12, 2018 02:00 ET (06:00 GMT)

DJ Pelican House Mining Plc Half-year Report and -2-

   At 30 June 2017                                                           204,436 
 
 
Pelican House Mining PLC 
 
 
Notes to the Abridged Accounts 
for the period from 1 January 2018 to 30 June 2018 
 
 
3  Investments 
 
                                                                               Other 
 
                                                                         investments 
 
                                                                                 GBP 
 
   Cost 
 
   Additions                                                                  45,725 
 
   At 30 June 2018                                                            45,725 
 
   The investment consists of a 15% shareholding in Mighty Oak Exploration 
   Limited, a company with exploration licences for cobalt and lithium projects in 
   Uganda. 
 
4  Earnings per share 
 
   The calculation of basic earnings per share is based on the loss attributable 
   to ordinary shareholders divided by the weighted average of ordinary shares in 
   issue being 80,089,500 during the period. This results in a loss per share of 
   nil (2017 - nil). 
 
5  Directors remuneration 
 
   The directors will not be remunerated until such time as the net assets of the 
   Company exceed GBP500,000. 
 
 
 
END 
 

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