TIDMNBR
RNS Number : 6509W
Namibian Resources PLC
20 August 2015
20 August 2015
NAMIBIAN RESOURCES PLC
RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2015
Namibian Resources plc ("the Company") is pleased to present its
results for the year ended 28 February 2015. A copy of the annual
report and accounts is expected to be posted to shareholders on 24
August 2015 and will also be available on the Company's website,
http://www.namibianresources.com/
Together with the annual report and accounts, the Company is
posting to shareholders a notice of its annual general meeting
which will take place at 11.00am on Monday 21 September 2015 at
Craven House, West Street, Farnham, Surrey, GU9 7EN.
Enquiries:
Brian Moritz, Tel: 01252 733683
Chairman, Namibian Resources Plc
Colin Aaronson/Jen Clarke Tel: 0207 383 5100
Grant Thornton UK LLP, Nominated Adviser
CHAIRMAN'S STATEMENT
Operations
Production at the Group's Sonnberg diamond mine remains
suspended, and is not expected to re-commence. In previous periods
the value of the mining lease was fully impaired and the mobile and
fixed plant was impaired down to its estimated realisable value,
which is still considered to be reasonable. The ownership of such
plant has now been transferred from Sonnberg to the Company.
The agreement under which Sonnberg previously mined is open to
differing interpretations regarding rehabilitation costs. Sonnberg
has contributed a percentage of the value of diamonds mined to a
fund held by Namdeb, but the adequacy of this fund is uncertain.
The directors therefore provided a further amount of GBP70,000 to
cover the potential liability, and no change to this provision has
been made in the current year, notwithstanding the fall in the
value of the Namibian Dollar, the currency in which the liability
is denominated.
Financial
During the period the Group reports a consolidated loss from
operating activities, before and after tax, of GBP120,416 (2014
loss: GBP531,758), shown after the impairment charge of GBPnil
(2014: GBP185,887). After adjusting for exchange differences, the
total comprehensive loss for the period was GBP113,183 (2014 loss:
GBP682,908). During the year, the Company raised GBP146,600, before
expenses, by a placing of new shares. Separate financing will be
sought for new projects, which is likely to be by way of both
equity and project finance.
Since the end of the year, the Company capitalised GBP645,600 of
interest free loans advanced by directors and former directors and
their associates by the issue of 13,465,263 new ordinary shares of
1p each at 4.75p per share. Following this the Company is free of
material amounts of debt.
Future prospects
Apart from assessing opportunities to realise value from the
plant and equipment transferred from Sonnberg, the Company is
currently involved in evaluating and negotiating potential
acquisitions, including an oil production company in the Republic
of Congo. Much of the last year has been spent in negotiating for
the acquisition of a diamond mine in South Africa, but this has
been discontinued as the required mining finance could not be
secured. The evaluation of a copper project in South Africa has
also been discontinued.
At the forthcoming AGM shareholders will be given the
opportunity to consider what steps, if any, should be taken to deal
with the Company's substantial loss of capital as required by S656
of the Companies Act 2006. As the current share price is materially
below par a reduction in the par value will be required to
facilitate a transaction, and the requisite resolutions put to
shareholders in due course.
B M Moritz (Chairman)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2015
2015 2014
GBP GBP
Continuing operations
Revenue - -
Cost of sales - -
---------- ----------
Gross loss - -
Administrative expenses (120,022) (529,752)
---------- ----------
Loss from operating activities (120,022) (529,752)
Finance
costs (394) (2,006)
Loss before tax (120,416) (531,758)
Taxation - -
---------- ----------
Loss for the year from operating
activities (120,416) (531,758)
Exchange translation on foreign operations 7,233 (154,150)
Total comprehensive expense for the
year (113,183) (685,908)
========== ==========
Loss per ordinary share (pence)
Basic and diluted (0.16) (0.86)
========== ==========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2015
2015 2014
GBP GBP
Non-current assets
Property, plant and equipment 257,888 260,264
Intangible assets - -
257,888 260,264
------------ ------------
Current assets
Trade and other receivables 51,896 49,048
Cash and cash equivalents 9,395 7,689
------------ ------------
61,291 56,737
------------ ------------
Total assets 319,179 317,001
============ ============
Equity
Share capital 4,328,355 4,211,235
Share premium 1,050,197 1,027,317
Currency translation reserve 158,756 158,491
Retained deficit (6,008,315) (5,894,867)
------------ ------------
(471,007) (497,824)
Current liabilities
Trade and other payables 720,186 744,825
Provisions 70,000 70,000
------------ ------------
790,186 814,825
------------ ------------
Total equity and liabilities 319,179 317,001
============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2015
Currency
Share Share translation Retained
capital premium reserve deficit Total
GBP GBP GBP GBP GBP
Balance at 28
February
2013 4,211,235 1,027,317 306,355 (5,356,823) 188,084
---------- ---------- ----------- ------------ ----------
Loss for the
financial
year - - - (531,758) (531,758)
Foreign exchange difference - - (147,864) (6,286) (154,150)
---------- ---------- ----------- ------------ ----------
Total comprehensive expense
for the year - - (147,864) (538,044) (685,908)
Balance at 28
February
2014 4,211,235 1,027,317 158,491 (5,894,867) (497,824)
---------- ---------- ----------- ------------ ----------
Loss for the
financial
year - - - (120,416) (120,416)
Foreign exchange difference - - 7,233 - 7,233
---------- ---------- ----------- ------------ ----------
Total comprehensive expense
for the year - - 7,233 (120,416) (113,183)
---------- ---------- ----------- ------------ ----------
Issue of ordinary
shares 117,120 29,280 - - 146,400
Issue costs - (6,400) - - (6,400)
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