TIDMAJAX
RNS Number : 6763U
Ajax Resources PLC
27 November 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310.
27 November 2023
AJAX RESOURCES PLC
("Ajax" or the "Company")
Half-Yearly Report for the 6 months to 31 August 2023
Proposed General Meeting
The Board of Directors of Ajax (the " Board "), the UK listed
special purpose acquisition company with a focus on natural
resources [LSE: AJAX], announces its half-yearly results for the 6
months to 31 August 2023 (the " Interim Results "), and, in
addition, its intention to seek approval from shareholders for an
extension of its investment policy (the " Policy ").
Interim Results
The Board is pleased to announce the Company's unaudited
financial results for the 6 months to 31 August 2023. A full copy
of the Interim Results can be viewed at:
http://www.rns-pdf.londonstockexchange.com/rns/6763U_1-2023-11-27.pdf
A copy can also be viewed on the National Storage Mechanism and
on the Company's website:
(
https://www.ajaxresources.com/investors/key-documents/#tabs-financial-statements
)
Key elements of the Interim Results can also be viewed
below.
Proposed General Meeting
In the Company's prospectus published at the time of its
admission to trading on the Main Market of the London Stock
Exchange on 7 April 2022 (the " Prospectus "), the Board undertook
that if a suitable acquisition target was not identified within 18
months, then it would either seek a one-year extension or a winding
up of the Company.
The Board unanimously proposes to shareholders that a one-year
extension to the Policy is approved and intends to call a General
Meeting during February 2024.
A copy of the Prospectus can be viewed on the Company's website
at:
https://www.ajaxresources.com/investors/key-documents/#tabs-admission-documents
-S -
For further information:
Ajax Resources Plc Tel: + 44 (0) 208 146 6345
Ippolito Cattaneo, Chief Executive info@ajaxresources.com
Officer
Allenby Capital Limited (Financial Tel: + 44 (0) 203 328 5656
Adviser) n.harriss@allenbycapital.com
Nick Harriss / Daniel Dearden-Williams d.dearden-williams@allenbycapital.com
---------------------------------------
Chairman's Statement
The Company has continued to make good progress towards
successfully identifying an acquisition in the natural resources
sector.
Ajax has been evaluating various advanced gold and copper
exploration opportunities across several jurisdictions, as well as
certain metal recovery projects located in Central Asia utilizing
innovative, environmentally friendly technologies capable of
generating significant profitability.
We have continued, in view of our current development stage, to
maximise cost control in keeping expenditure to a minimum.
It is our belief that we are now potentially not far from
finding an opportunity that satisfies our development criteria, and
we consider the gradual recovery in UK market sentiment to
constitute an auspicious backdrop for our potential near-term
progress.
We thank shareholders for their continued trust and support as
we deliver on our mandate.
Michael Hutchinson
Non-Executive Chairman
November 27, 2023
Principal Financial Statements
The notes to the financial statements form an integral part of
these financial statements and can be viewed through the link
above.
STATEMENT OF COMPREHENSIVE INCOME
Notes 31/08/2023 31/08/2022
Unaudited Unaudited 6
6 months GBP months GBP
-------------------------------- ------ -------------- -------------
Revenues - -
Cost of sales -
-------------------------------- ------ -------------- -------------
Gross profit - -
Other interest receivable 28,120 -
Administrative expenses (124,128) (97,876)
-------------------------------- ------ -------------- -------------
Operating loss and loss
before income tax 4 (96,008) (97,876)
Taxation 5 - -
Loss and total comprehensive
loss for the period (96,008) (97,876)
-------------------------------- ------ -------------- -------------
Loss per share attributable 6
to the equity holders (pence)
Basic
Diluted (0.20) (0.21)
(0.20) (0.21)
-------------------------------- ------ -------------- -------------
STATEMENT OF FINANCIAL POSITION
Notes 31/08/2023 31/08/2022
Unaudited 6 months Unaudited 6 months
GBP GBP
--------------------------------- ----- ------------------- -------------------
Current assets
Other receivables 8 44,425 -
Negotiable Financial Instruments 8 170,413 -
VAT Credit 8 - 25,884
Cash and cash equivalents 9 818,124 1,249,546
--------------------------------- ----- ------------------- -------------------
1,032,962 1,275,430
Total assets 1,032,962 1,275,430
--------------------------------- ----- ------------------- -------------------
Equity
Ordinary shares 10 468,125 1,436,660
Share Premium Reserve 10 1,019,035
Options & Warrants 10 518,200
Retained earnings/(loss) (1,035,350) (177,501)
--------------------------------- ----- ------------------- -------------------
Total equity 970,010 1,259,159
Current Liabilities
Other payables 11 62,952 16,271
Total equity and liabilities 1,032,962 1,275,430
--------------------------------- ----- ------------------- -------------------
STATEMENT OF CASH FLOWS
31/08/2023 31/08/2022
--------------------------------------------
Unaudited 6 Unaudited 6
months months
GBP GBP
--------------------------------------------
Cash flows from operating activities
Loss before tax (96,008) (97,876)
Increase in receivables 18,581 11,952
Increase in payables 46,681 (6,109)
Change in working capital (256,125) -
-------------------------------------------- --------------------------- -----------------------------
Net cash used in operating activities (261,027) (92,033)
-------------------------------------------- --------------------------- -----------------------------
Negotiable Financial Instruments (170,413)
Cash flows from investing activities (170,413) -
Net cash used in investing activities (170,413) -
-------------------------------------------- --------------------------- -----------------------------
Cash flows from financing activities
Proceeds from the issue of ordinary shares
(net of issue costs) - 1,341,579
Net cash from financing activities - 1,341,579
-------------------------------------------- --------------------------- -----------------------------
Net increase / (decrease) in cash and
cash equivalents (431,422) 1,249,546
Cash and cash equivalents at the start 1,249,546 -
of the period
-------------------------------------------- --------------------------- -----------------------------
Cash and cash equivalents at the end
of the period 818,124 1,249,546
-------------------------------------------- --------------------------- -----------------------------
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