TIDMKRS
RNS Number : 8819O
Keras Resources PLC
04 June 2020
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
4 June 2020
Keras Resources plc
('Keras' or the 'Company')
Interim Results
Keras Resources plc, the AIM listed mineral resource company, is
pleased to announce its interim results for the six months ended 31
March 2020.
Highlights
-- Completed the demerger of the Company's shares in Calidus
Resources Limited ('Calidus'), which resulted in substantial value
being transferred to shareholders
-- Shareholders who have retained shares in Calidus and Keras
have now doubled the value of their holding (calculated at 1 June
2020)
-- Considerable progress in the development of the Nayega
Manganese Project ('Nayega' or the 'Project') in Togo
o A decree permitting Société Générale de Mines SA ('SGM') to
undertake large scale mining was promulgated following a meeting of
the Council of Ministers of the Republic of Togo held on 18 October
2019
o All documentation, including the conversion of SGM from an
SARL entity to a SA entity, completed
-- Although now delayed due to COVID-19, Nayega has installed
processing capacity capable of producing some 75,000 tonnes per
annum without any further capital expenditure, which, on receipt of
the exploitation licence, will be expanded to 300,000 tonnes per
annum
-- Discussions held with several end-users and commodity traders
in conjunction with a potential offtake agreement and associated
pre-payment and stockpile loan facilities, to ensure that any
required equity funding to complete the planned expansion is
limited
-- Continued focus on identifying near term, cashflow generative
resource projects that have a low capital intensity and have a
clear path to production
-- Directors view the future with considerable optimism
Chairman's Statement
The period under review has seen the completion of the demerger
of the Company's shares in Calidus Resources Limited, which
resulted in substantial value being transferred to shareholders.
Shareholders who have retained both their Keras and Calidus share
have therefore seen the total value of their holdings, calculated
at 1 June 2020, more than double in the last 12 months.
Against this, the Company is still not in a position to commence
commercial manganese production in Togo, despite the considerable
progress made towards that end. Covid-19, in tandem with the
presidential election held on 22 February 2020 where incumbent
President Faure Gnassingbé was re-elected, have delayed this
process. The Company continues to work with all stakeholders in
Togo to complete the final documentation related to the Nayega
exploitation permit.
Manganese production / Togo
The primary focus of Keras remains the development of the Nayega
manganese project in Togo into a profitable, cashflow generative
mine. Following a meeting of the Council of Ministers of the
Republic of Togo held on 18 October 2019, a decree permitting SGM
to undertake large scale mining at the Nayega manganese project
('Nayega' or the 'Project') in northern Togo was promulgated. The
exploitation licence itself required our 85% subsidiary in Togo,
Societe General de Mine SARL, to be converted to a Societe Anonyme
(SA). This process has taken longer than envisaged, as it also
required the accumulated deficit to be eliminated. This was done by
capitalising costs incurred previously, rather than by capitalising
loans as previously envisaged, and the resulting balance sheet of
SGM at 31 December 2019 has now been audited. Accounting rules in
Togo differ from International Financial Reporting Standards, under
which Keras reports, so that the capitalisation is not reflected in
the consolidated financial statements of Keras. All the terms of
the exploitation licence and the protocols associated with it have
been agreed with the Government of Togo. When the licence is
issued, the Government of Togo will be granted a carried interest
of 10% in SGM, which will reduce our current 85% ownership to
76.5%.
The Directors are not aware of any further obstacles to the
grant of the exploitation licence.
The plant as currently configured is capable of producing some
75,000 tonnes per annum without any further capital expenditure.
However, on receipt of the exploitation licence we plan to expand
the installed capacity of Nayega to 300,000 tonnes per annum. The
design and testwork has been completed for the new plant but
manufacturing of this plant has been put on hold until we have
further clarity on the ability to safely return to work post the
outbreak of the Covid-19 pandemic. Expanded production also
requires dedicated storage and loading facilities at the port of
Lome, which have been identified and costed into the expansion
plan. The Company has been in discussions with several end-users
and commodity traders in conjunction with an offtake agreement and
associated pre-payment and stockpile loan facilities, to ensure
that will equity funding required to complete the planned expansion
is limited.
Calidus Resources Limited
The demerger of the Company's holding of shares in Calidus
Resources Limited ("Calidus") was completed on 19 November 2019.
The demerger, by way of a capital reduction, was approved by Keras
shareholders at a general meeting held on 16 October 2019, and took
effect on 19 November 2019 following approval by the High Court and
the registration of the Court Order at Companies House. Keras
shareholders received 1 Calidus share for every 3.451963 Keras
shares held at 6.30pm on 19 November 2019. Subsequently the Calidus
shares were consolidated on a 1 for 10 basis. At 1 June 2020 the
Calidus shares, in their consolidated form, were quoted on the ASX
at A$0.50 per share, so that the total value on 1 June 2020 of the
Calidus shares transferred to Keras shareholders was in excess of
GBP19million.
The Company's intention had been to cover the demerger costs by
selling a small number of Calidus shares, but this proved
inadvisable because of tax consequences in Australia. The costs
have therefore been borne by the Company from its own resources. A
further consequence of the demerger was that the subscription price
under the Company's Share Appreciation Rights scheme was unable to
be adjusted to allow for the demerger as the value of the Calidus
shares being demerged exceeded the market capitalisation of the
Company. Russell Lamming, at the request of the board, had not
exercised his SARs immediately prior to the demerger, in order to
facilitate the process. A decision was therefore taken to
discontinue the SARs and to compensate Mr Lamming for his loss,
calculated at GBP119,828, by the issue to him of 73,110,423 New
Ordinary Shares at the 30-day value Volume Weighted Average Price
at the close of business on 16 January 2020.
Financial Review
The financial position of Keras as shown in the Consolidated
Balance Sheet has been very substantially changed by the capital
reduction undertaken to facilitate the demerger of the Calidus
shares. The Company's Deferred shares and its Share Premium account
at 14 October 2019, the date on which the demerger was approved by
shareholders, were both cancelled, and the nominal value of each
Ordinary Share was reduced from 0.1p to 0.01p. The amount due to be
returned to shareholders, arising from the capital reduction, was
settled by the transfer to them of the Calidus shares. The result
of these changes is that past losses have been eliminated, and that
profits made from mining in the future will be able to be
distributed by way of dividend.
The consolidated loss for the half year is GBP809,000. This
level of loss is substantially greater than the normal costs of the
Company, as it includes costs of the demerger and exceptional costs
in relation to the conversion of SGM to SA status and the mining
licence application in Togo including the cost of legal advice from
a leading international firm, relating to the licence
application.
Outlook
Keras places the safety and wellbeing of its employees and
contractors as the highest priority. Accordingly, in response to
the outbreak of the Covid-19 pandemic, a business continuity
programme has been put in place to protect employees while ensuring
the safe operation of the Company. The Company is maintaining a
cautious approach and has reduced its operating expenses to a
minimum in these uncertain times. On the grant of the exploitation
licence in Togo, lockdowns and travel restrictions effecting senior
management resident elsewhere may hamper or delay the plans to move
forward immediately to the production phase, and to rapidly expand
such production.
In the longer term, the Company continues to focus on
identifying near term, cashflow generative resource projects that
have a low capital intensity and have a clear path to production.
The recent demerger of the Calidus shares and the associated
elimination of past losses place Keras in a favourable position to
progress towards a dividend paying company once production
commences at Nayega.
We understand the frustration of shareholders at the continued
delay in the permitting process, however the Directors are in a
position to view the future with considerable optimism.
Brian Moritz
Chairman
3 June 2020
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 MARCH 2020
31-Mar-20 31-Mar-19 30-Sep-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue - - -
Cost of production - 721 -
Closing stock - (721) -
------------- ------------- ------------
Gross profit - - -
Recovery of costs of bulk
sample - - 681
Administrative and exploration
expenses (810) (436) (1,147)
Loss from operating activities (810) (436) (466)
Finance income 1 - -
Finance
costs - (3) (5)
Net finance costs 1 (3) (5)
Loss before taxation (809) (439) (471)
Taxation - - -
------------- ------------- ------------
Loss for the period (809) (439) (471)
------------- ------------- ------------
Other comprehensive income - items that
may be subsequently reclassified to profit
or loss
Exchange translation on foreign operations (3) 4 32
Change in fair value of available for - (1,665) -
sale financial assets
Items that will not be reclassified to
profit or loss
Change in fair value of equity investments
at fair value through other comprehensive
income - - (1,604)
------------- ------------- ------------
Total comprehensive (loss) for
the period (812) (2,100) (2,043)
============= ============= ============
(Loss)/profit attributable
to:
Owners of the Company (753) (418) (514)
Non-controlling interests (56) (21) 43
------------- ------------- ------------
(Loss)/profit for the period (809) (439) (471)
============= ============= ============
Total comprehensive income/(loss)
attributable to:
Owners of the Company (756) (2,080) (2,091)
Non-controlling interests (56) (20) 48
------------- ------------- ------------
Total comprehensive loss
for the period (812) (2,100) (2,043)
============= ============= ============
Earnings per share - continuing operations
Basic and diluted (loss)/earnings
per share (pence) (0.029) (0.019) (0.022)
============= ============= ============
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
Notes 31-Mar-20 31-Mar-19 30-Sep-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 7 1,066 1,176 1,051
Property, plant and equipment 8 274 601 332
1,340 1,777 1,383
------------- ------------- -----------
Current assets
Inventory 11 - 718 -
Other investments 10 - 9,862 9,923
Trade and other receivables 9 36 583 35
Cash and cash equivalents 87 26 184
------------- ------------- -----------
123 11,189 10,142
------------- ------------- -----------
Total assets 1,463 12,966 11,525
============= ============= ===========
Equity
Equity attributable to owners of
the Company
Share capital 12 279 7,064 7,266
Share premium 12 419 10,358 10,938
Other reserves - 3,540 3,426
Retained deficit 428 (10,449) (10,310)
------------- ------------- -----------
1,126 10,513 11,320
Non-controlling interests (132) (144) (76)
------------- ------------- -----------
Total equity 994 10,369 11,244
------------- ------------- -----------
Liabilities
Current liabilities
Trade and other payables 13 469 2,597 281
469 2,597 281
------------- ------------- -----------
Total liabilities 469 2,597 281
------------- ------------- -----------
Total equity and liabilities 1,463 12,966 11,525
============= ============= ===========
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 MARCH 2019
Total attributable to owners of the Company
Share Share Share Exchange Available Retained Total Non-controlling Total
capital premium option/ reserve for sale deficit GBP'000 interests equity
GBP'000 GBP'000 warrant GBP'000 reserve GBP'000 GBP'000 GBP'000
reserve GBP'000
GBP'000
Balance at 1
October 2019
(audited) 7,064 10,358 108 (36) 5,063 (10,006) 12,551 (124) 12,427
Loss for the
period - - - - - (418) (418) (21) (439)
Other
comprehensive
income - - - 28 (1,665) (25) (1,662) 1 (1,661)
--------- --------- -------- ---------- ----------- ---------- ---------- ----------------- ---------
Total
comprehensive
loss
for the period - - 28 (1,665) (443) (2,080) (20) (2,100)
Issue of - - - - - - - - -
ordinary
shares
Issue costs - - - - - - - - -
Share based
payment
transactions - - 42 - - - 42 - 42
- - 42 - - - 42 - 42
Balance at 31
March 2019
(unaudited) 7,064 10,358 150 (8) 3,398 (10,449) 10,513 (144) 10,369
========= ========= ======== ========== =========== ========== ========== ================= =========
Total attributable to owners of the
Company
Share Share Share Exchange Available Retained Total Non-controlling Total
capital premium option/ reserve for sale deficit GBP'000 interests equity
GBP'000 GBP'000 warrant GBP'000 reserve GBP'000 GBP'000 GBP'000
reserve GBP'000
GBP'000
Balance at 1
April 2019
(unaudited) 7,064 10,358 150 (8) 3,398 (10,449) 10,513 (144) 10,369
Loss for the
period - - - - - (96) (96) 64 (32)
Other
comprehensive
income - - - (25) 61 49 85 4 89
--------- --------- -------- ---------- ----------- ---------- ---------- ----------------- ---------
Total
comprehensive
income for the
period - - - (25) 61 (47) (11) 68 57
Issue of
ordinary
shares 202 607 - - - - 809 - 809
Share based
payment
transactions - (27) 36 - - - 9 - 9
Issue costs -
Transfer
reserve in
respect of
warrants
lapsed - - (186) - - 186 - - -
--------- --------- -------- ---------- ----------- ---------- ---------- ----------------- ---------
202 580 (150) - - 186 818 - 818
Balance at 30
September
2019 (audited) 7,266 10,938 - (33) 3,459 (10,310) 11,320 (76) 11,244
========= ========= ======== ========== =========== ========== ========== ================= =========
Total attributable to owners of the
Company
Share Share Share Exchange Available Retained Total Non- Total
capital premium option/ reserve for sale deficit GBP'000 controlling equity
GBP'000 GBP'000 warrant GBP'000 reserve GBP'000 interests GBP'000
reserve GBP'000 GBP'000
GBP'000
Balance at 1 October
2019 (audited) 7,266 10,938 - (33) 3,459 (10,310) 11,320 (76) 11,244
Loss for the period - - - - - (753) (753) (56) (809)
Total other comprehensive
income - - - 3 - (6) (3) - (3)
--------- --------- -------- ---------- ----------- --------- -------- -------- ---------
Total comprehensive
loss for the period - - - 3 - (759) (756) (56) (812)
Capital reduction (7,023) (10,938) (3,459) 11,497 (9,923) - (9,923)
Issue of ordinary shares 36 429 - - - - 465 - 465
Issue costs - (10) - - - - (10) - (10)
Share based payment
transactions - - 30 30 30
(6,987) (10,519) 30 - (3,459) 11,497 (9,438) - (9,438)
Balance at 31 March
2020 279 419 30 (30) - 428 1,126 (132) 994
(unaudited)
========= ========= ======== ========== =========== ========= ======== ======== =========
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 MARCH 2020
31-Mar-20 31-Mar-19 30-Sep-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Loss from operating activities (809) (439) (471)
Adjustments for:
Depreciation and amortisation 57 11 28
Impairment - - 155
Loss on disposal of property, plant - - -
and equipment
Foreign exchange differences (2) 39 36
Equity-settled SAR cancellation 119 - -
Equity-settled share-based payment
transactions 30 42 78
------------- ------------- -----------
(605) (347) (174)
Changes in:
- inventories - (718) -
- trade and other receivables (1) (567) (19)
- trade and other payables 188 1,839 (18)
------------- ------------- -----------
Cash used in operating activities (418) 207 (211)
Finance costs - - -
Net cash used in operating
activities (418) 207 (211)
------------- ------------- -----------
Cash flows from investing
activities
Acquisition of property, plant and
equipment - (385) (127)
Proceeds from sale of property, - - -
plant and equipment
Exploration and licence expenditure (16) (13) (18)
Net cash used in investing
activities (16) (398) (145)
------------- ------------- -----------
Cash flows from financing
activities
Net proceeds from issue of
share capital 337 - 323
Proceeds from short term - - -
borrowings
Net cash flows from financing
activities 337 - 323
------------- ------------- -----------
Net (decrease)/increase in cash
and cash equivalents (97) (191) (33)
Cash and cash equivalents at beginning
of period 184 217 217
Cash acquired with subsidiary - - -
Effect of foreign exchange - - -
rate changes
------------- ------------- -----------
Cash and cash equivalents at end
of period 87 26 184
============= ============= ===========
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
FOR THE SIX MONTHSED 31 MARCH 2020
1. Reporting entity
Keras Resources plc (the "Company") is a company domiciled in
England and Wales. The condensed consolidated interim financial
statements of the Company as at and for the six months ended 31
March 2020 comprise the Company and its subsidiaries (together
referred to as the "Group") and the Group's interests in associates
and jointly controlled entities. The Group currently operates as an
explorer and developer.
2. Basis of preparation
(a) Statement of compliance
This condensed consolidated interim financial report has been
prepared in accordance with IAS 34 Interim Financial Reporting.
Selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the
changes in financial performance and position of the Group since
the last annual consolidated financial statements as at and for the
year ended 30 September 2019. This condensed consolidated interim
financial report does not include all the information required for
full annual financial statements prepared in accordance with
International Financial Reporting Standards.
This condensed consolidated interim financial report was
approved by the Board of Directors on 3 June 2020.
(b) Judgements and estimates
Preparing the interim financial report 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 these estimates.
In preparing this condensed consolidated interim financial
report, significant judgements made by Management in applying the
Group's accounting policies and key sources of estimation
uncertainty were the same as those that applied to the consolidated
financial statements as at and for the year ended 30 September
2019.
3. Significant accounting policies
The accounting policies applied by the Group in this condensed
consolidated interim financial report are the same as those applied
by the Group in its consolidated financial statements as at and for
the year ended 30 September 2019.
4. Financial instruments
Financial risk management
The Group's financial risk management objectives and policies
are consistent with those disclosed in the consolidated financial
statements as at and for the year ended 30 September 2019.
5. Segment information
The Group considers that it now operates in one distinct
business area, manganese mining in West Africa. This business areas
form the basis of the Group's operating segments. For each segment,
the Group's Managing Director (the chief operating decision maker)
reviews internal management reports on at least a quarterly
basis.
Other operations relate to the group's administrative functions
conducted at its head office and by its intermediate holding
company together with consolidation adjustments.
Information regarding the results of each reportable segment is
included below. Performance is measured based on segment profit
before tax, as included in the internal management reports that are
reviewed by the Group's Managing Director. Segment results are used
to measure performance as Management believes such information is
the most relevant in evaluating the performance of certain segments
relative to other entities that operate within the exploration
industry.
For the six months ended 31 March 2020 (unaudited)
Manganese Other Total
GBP'000 Segments GBP'000
GBP'000
External revenue - - -
============ =========== ===========
Loss before tax (373) (436) (809)
============ =========== ===========
Segment assets 993 470 1,463
============ =========== ===========
For the six months ended 31 March 2019 (unaudited)
Manganese Other Total
GBP'000 Segments GBP'000
GBP'000
External revenue - - -
============ =========== ===========
Loss before tax (142) (297) (439)
============ =========== ===========
Segment assets 1,309 11,657 12,966
============ =========== ===========
5. Segment information
For the twelve months ended 30 September 2019 (audited)
Manganese/ Other Total
cobalt Segments GBP'000
GBP'000 GBP'000
External revenue - - -
============ =========== ===========
Profit/(loss) before tax 134 (605) (471)
============ =========== ===========
Segment assets 1,050 10,475 11,525
============ =========== ===========
Information about geographical segments:
For the six months ended 31 March 2020 (unaudited)
West Other Total
Africa Segments GBP'000
GBP'000 GBP'000
External revenue - - -
============== =========== ===========
Loss before tax (373) (436) (809)
============== =========== ===========
Segment assets 993 470 1,463
============== =========== ===========
For the six months ended 31 March 2019 (unaudited)
West Other Total
Africa Segments GBP'000
GBP'000 GBP'000
External revenue - - -
============== =========== ===========
Loss before tax (142) (297) (439)
============== =========== ===========
Segment assets 1,309 11,657 12,966
============== =========== ===========
5. Segment information
Information about geographical segments:
For the twelve months ended 30 September 2019
(audited)
West Other Total
Africa Segments GBP'000
GBP'000 GBP'000
External revenue - - -
============== =========== ===========
Profit/(loss) before
tax 134 (605) (471)
============== =========== ===========
Segment assets 1,050 10,475 11,525
============== =========== ===========
6. Seasonality of operations
The Group is not considered to be subject to seasonal
fluctuations.
7. Intangible assets
6 months 6 months 12 months
31 Mar 31 Mar 30 Sep
20 19 (unaudited) 19
(unaudited) GBP'000 (audited)
GBP'000 GBP'000
Cost
Balance at beginning of period 1,206 1,193 1,193
Additions 16 13 18
Disposals - - -
Effect of movement in exchange rates (1) (30) (5)
-------------- ----------------- ------------
Balance at end of period 1,221 1,176 1,206
============== ================= ============
Impairment losses
Balance at beginning of period 155 - -
Impairment - - 155
Amortisation - - -
Disposals - - -
Effect of movement in exchange rates - - -
-------------- ----------------- ------------
Balance at end of period 155 - 155
============== ================= ============
Carrying amounts
Balance at end of period 1,066 1,176 1,051
======= ======= =======
Balance at beginning of period 1,051 1,193 1,193
======= ======= =======
Intangible assets comprise the fair value of prospecting and
exploration rights.
8. Property, plant and equipment
Acquisitions and disposals
During the six months ended 31 March 2020 the Group acquired
assets with a cost of GBPnil (six months ended 31 March 2019:
GBP385,000, twelve months ended 30 September 2019: GBP127,000).
Assets with a carrying amount of GBPnil were disposed of during
the six months ended 31 March 2020 (six months ended 31 March 2019:
GBPnil; twelve months ended 30 September 2019: GBPnil), resulting
in a loss on disposal of GBPnil (six months ended 31 March 2019:
GBPnil; twelve months ended 30 September 2019: GBPnil), which is
included in 'administrative expenses' in the condensed consolidated
statement of comprehensive income.
9. Trade and other receivables
31-Mar-20 31-Mar-19 30-Sep-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Other receivables 36 583 25
Prepayments - - 10
36 583 35
============== ============== ============
Trade receivables and other receivables are stated at their
nominal values less allowances for non recoverability.
10. Other investments
31-Mar-20 31-Mar-19 30-Sep-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Equity securities - available for sale
Brought forward 9,923 11,527 20,379
Disposal via demerger (9,923) - -
Gain/(deficit) recognised in equity - (1,665) (1,604)
- 9,862 9,923
============== ============== ============
Equity securities represented ordinary and performance shares in
Calidus Resources Limited ("Calidus"), a company listed on the
Australian Securities Exchange ("ASX"). These shares have been
re-measured to fair value through other comprehensive income. Fair
value is the mid-market price of Calidus ordinary shares on the
ASX, discounted in the case of performance shares to reflect the
possibility that the milestones for conversion to ordinary shares
will not be achieved. Under ASX rules, these shares were held in
escrow until 22 June 2019. Available for sale assets are
denominated in Australian dollars.
These equity securities were demerged on 19 November 2019 by way
of a capital reduction scheme.
11. Inventories
31-Mar-20 31-Mar-19 30-Sep-19
(unaudited)
(unaudited) (audited)
GBP'000 GBP'000 GBP'000
Processed manganese concentrate - 718 -
- 718 -
============== ============== ============
12. Share capital and reserves
Issue of ordinary shares
On 14 October 2019, the company cancelled its share premium
account via a Court Order.
On 12 November 2019, 7,000,000 ordinary shares were issued for
cash at GBP0.0036 per share.
On 19 November 2019 the company cancelled all issued Deferred
Shares; and 0.09p of the capital paid up on each issued Ordinary
Share via a Court Order.
On 17 January 2020, 73,110,423 ordinary shares were issued to R
Lamming in recognition of his forfeiture of Share Appreciation
rights vested to that date at GBP0.001639 per share.
On 28 January 2020 206,666,660 ordinary shares were issued for
cash at GBP0.0015 per share, and 6,666,660 ordinary shares were
issued at GBP0.0015 per share to settle creditors.
Dividends
No dividends were declared or paid in the six months ended 31
March 2020 (six months ended 31 March 2019: GBPnil, twelve months
ended 30 September 2019: GBPnil).
13. Trade and other payables
31-Mar-20 31-Mar-19 30-Sep-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Trade payables 220 102 108
Accruals 187 224 155
Other payables 62 2,271 18
-------------- -------------- ------------
469 2,597 281
============== ============== ============
There is no material difference between the fair value of trade
and other payables and their book value.
14. Related parties
During the previous period, D Reeves and B Moritz advanced
GBP200,000 and GBP100,000 respectively to the Group. These amounts
were settled via shares issues in August 2019. The total amount due
to D Reeves at the period end was GBP19,000 in respect of unpaid
remuneration (six months ended 31 March 2019: GBP225,900, twelve
months ended 30 September 2019: GBPnil). The total amount due to B
Moritz at the period end was GBP27,000 in respect of unpaid
remuneration (six months ended 31 March 2019: GBP100,000, twelve
months ended 30 September 2019: GBP14,000). The total amount due to
Parallel Resources Limited, a company owned and controlled by R
Lamming in respect of unpaid fees at the period end was GBP28,500
(six months ended 31 March 2019: GBPnil, twelve months ended 30
September 2019: GBP12,000).
On 17 January 2020, the Company cancelled its existing share
appreciation rights (SAR) scheme and R Lamming was compensated for
this as detailed in note 12 and below.
On 17 January the Company replaced the SAR scheme with an EMI
option scheme. EMI options over 120,000,000 new ordinary shares of
the company were granted to executive management. Of these,
90,000,000 were granted to R Lamming (of which 30,000,000 related
to unvested SAR's).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR FLFLRRSIVIII
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Keras Resources (LSE:KRS)
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