TIDMAHG
RNS Number : 3873N
Athol Gold and Value Limited
28 September 2012
28 September 2012
Athol Gold and Value Limited
("Athol" or "the Company")
Unaudited Interim Results for the Six Months Ended 30 June
2012
Athol Gold and Value Limitedtoday announces its unaudited
interim results for the six months ended 30 June 2012.
Chairman's Statement
The first half of 2012 was a difficult time for the Company, as
market conditions deteriorated and equity prices fell. The
consequent decline in the NAV to 0.16p was very disappointing, and
the former investment manager resigned at the end of June.
Since that time, the Company has been taking urgent action to
address the poor performance of the investment portfolio this year
and, as outlined in the circular to shareholders dated 17th August,
has sought and attained a mandate to change the investment
policy.
The focus will now revert to resources, and Alastair Ford, who
has 12 years of experience specialising in resources equities, has
been appointed Chief Investment Officer. The particular focus will
be on precious and base metals, oil and gas, and uranium.
As part of the Company's efforts to rationalise the portfolio,
Athol is considering exchanging certain of its own investments for
units in three funds managed by Webb Capital Asset Management
Limited. Negotiations with respect to this transaction are
continuing.
The Company has also sought and successfully negotiated for the
repayment of GBP575,000 owed to it following an aborted transaction
with Rivington Street Holdings plc earlier this year. The first
tranche of a three staged payment agreed with Rivington was
received on 20 September, with a further payment due at the end of
October and a final payment due early in December. Interest payable
to Athol on the outstanding amount will be charged at seven per
cent per annum.
In line with stated policy, the Company will release an updated
NAV for the quarter to end September within the next few days. It
is the intention of the Company to provide greater clarity than has
hitherto been given as to the composition of the investment
portfolio.
It is also the intention of the Company to appoint a
non-executive director shortly.
On behalf of the board
Jennifer Allsop
Chairman
For further information please call:
Athol Gold and Value Limited
Jennifer Allsop Executive Chairman +44 7788 451744
Libertas Capital
Sandy Jamieson +44 207 569 9650
XCAP Securities plc
John Grant / Jon Belliss +44 207 101 7070
Statement of comprehensive Income
for the 6 months ended 30 June 2012
UNAUDITED UNAUDITED AUDITED
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
------------------------------------- ---------- ---------- -------------
Continuing operations:
Investment income 2 - 3
Net (losses)/gains on disposal
of investments (105) 66 103
Change in fair value of investments (1,724) (466) (1,982)
Total income (1,827) (400) (1,876)
Operating expenses (139) (174) (276)
------------------------------------- ---------- ---------- -------------
Operating loss (1,966) (574) (2,152)
Finance cost (20) - (16)
Loss before taxation (1,986) (574) (2,168)
Taxation expense - - -
Loss for the period attributable
to owners of the Company (1,986) (574) (2,168)
Loss per share attributable
to owners of the Company during pence pence pence
the period
Basic: (0.19) (0.10) (0.38)
Diluted: (0.19) (0.10) (0.38)
------------------------------------- ---------- ---------- -------------
Statement of Financial Position
for the 6 months ended 30 June 2012
UNAUDITED UNAUDITED AUDITED
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
---------------------------------- ---------- ---------- ------------
CURRENT ASSETS
Financial assets 2,352 3,172 3,262
Trade and other receivables 10 22 73
Cash and cash equivalents 34 5 295
---------------------------------- ---------- ---------- ------------
2,396 3,199 3,630
---------------------------------- ---------- ---------- ------------
CURRENT LIABILITIES
Trade and other payables 76 69 49
---------------------------------- ---------- ---------- ------------
76 69 290
---------------------------------- ---------- ---------- ------------
NET CURRENT ASSETS 2,320 3,130 2,649
NON-CURRENT LIABILITIES
Convertible unsecured loan notes 454 37 434
454 37 434
---------------------------------- ---------- ---------- ------------
NET ASSETS 1,866 3,093 3,147
---------------------------------- ---------- ---------- ------------
EQUITY
Share capital 2,840 1,438 1,543
Share premium 4,414 3,581 3,658
Shares to be issued - - 1,348
Loan note equity reserve 109 - 109
Capital reserve 15,736 15,736 15,736
Retained earnings (21,233) (17,662) (19,247)
---------------------------------- ---------- ---------- ------------
Equity attributable to owners
of the Company and total equity 1,866 3,093 3,147
---------------------------------- ---------- ---------- ------------
Statement of Cash flow
for the 6 months ended 30 June 2012
UNAUDITED UNAUDITED AUDITED
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
----------------------------------------- ---------- ---------- -------------
OPERATING ACTIVITIES
Loss before taxation (1,986) (574) (2,168)
Adjustments for:
Share based payment charge - - 9
Shares issued in settlement of
directors' remuneration - 23
Shares issued in settlement of
professional fees 14 93
Loss/(profit) on disposal of
financial assets 105 (66) (103)
Fair value adjustment on financial
assets 1,724 466 1,982
Investment income (2) - (3)
Finance costs 20 - 16
----------------------------------------- ---------- ---------- -------------
Operating cashflow before working
capital changes (125) (174) (151)
Decrease in trade and other receivables 63 6 20
Increase/(decrease) in trade
and other payables 27 (221) (5)
----------------------------------------- ---------- ---------- -------------
Net cash outflow from operating
activities (35) (389) (136)
----------------------------------------- ---------- ---------- -------------
INVESTING ACTIVITIES
Purchases of financial assets (889) (1,170) (1,773)
Disposals of financial assets 661 467 875
Investment income 2 - 3
----------------------------------------- ---------- ---------- -------------
Net cash outflow from investing
activities (226) (703) (895)
----------------------------------------- ---------- ---------- -------------
FINANCING ACTIVITIES
Proceeds from share issues - 1,055 862
Share issue expenses - - (68)
Proceeds from issue of convertible
loan notes - - 490
Net cash inflow from financing
activities - 1,055 1,284
----------------------------------------- ---------- ---------- -------------
Net (decrease)/increase in cash
and cash equivalents (261) (37) 253
Cash and cash equivalents at
start of period 295 42 42
Cash and cash equivalents at
end of period 34 5 295
----------------------------------------- ---------- ---------- -------------
Notes to the unaudited interim statement
for the 6 months ended 30 June 2012
1. General information
The Company is a limited company listed on AIM and is registered
in the Cayman Islands.
The address of its registered office is Walker House, Mary
Street, PO Box 908GT, George Town, Grand Cayman, Cayman Islands.
The financial statements are presented in Pounds Sterling which is
the Company's presentational currency.
2. Basis of preparation
The interim financial statements of Athol Gold and Value Limited
have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union (EU)
and on the historical cost basis using the accounting policies
which are consistence with those set out in the Company's Annual
Report and Accounts for the year ended 31 December 2011.
This interim financial information for the six months to 30 June
2012 was approved by the board on 27 September 2012.
The unaudited interim financial information for the 6 months
ended 30 June 2012 does not constitute statutory accounts. The
comparative figures for the year ended 31 December 2011 are
extracted from the statutory financial statements which contain an
unqualified audit report.
3. Earnings per share
The basic and diluted earnings per share is calculated by
dividing the profit/(loss) attributable to owners of the Company
by the weighted average number of ordinary shares in issue
during the year.
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
Weighted average number of
shares for calculating basic
earnings per share 1,033,347,562 563,008,758 566,723,074
Weighted average number of
shares for calculating fully
diluted earnings per share 1,033,347,562 563,008,758 566,723,074
------------------------------- -------------- ------------ --------------
The diluted loss per share is the same as the basic loss per
share as the losses in each period have an anti-dilutive
effect.
4. Share capital
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
---------------------------------- -------------- -------------- --------------
Authorised (par value of 0.25p): 4,000,000,000 4,000,000,000 4,000,000,000
Issued and fully paid (par
value of 0.25p each): 1,136,180,181 573,339,681 617,114,097
On 5 January 2012, 833,334 shares were issued at 0.6p per
share in connection with the private placing on 1 September
2011.
On 25 January 2012, 305,432,127 shares were issued at 0.44p
as consideration for the acquisition of a portfolio of investments
from Worship Street Investments Limited.
On 8 February 2012, 1,515,152 shares were issued at 0.33p
per share as consideration for the purchase of an AIM quoted
investment.
On 21 February 2012, 207,622,728 shares were issued at 0.33p
per share as consideration for the acquisition of a portfolio
of investments from Agneash Soft Commodities plc.
On 1 March 2012, 3,662,743 shares were issued at 0.37p per
share as consideration for investment management fees.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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