TIDMOXS
RNS Number : 7547A
Oxus Gold PLC
30 September 2015
OXUS GOLD plc
("Oxus" or the "Company" or the "Group")
Interim Results for the six months ended 30 June 2015
The Group reports a loss for the period of $1.12 million
including costs of the arbitration process (see below) of $0.15
million and interest charges of $0.44 million.
Other than the ongoing arbitration proceedings by which the
Group is seeking compensation in respect of the loss of the
Amantaytau Goldfields (AGF) and Khandiza mining assets, there are
no other operating activities currently being undertaken by the
Company and its subsidiaries.
Update on Arbitration
The Group currently awaits the decision of the Arbitral Panel
with regard to the merits and the quantum of the UNCITRAL
arbitration claim against the Republic of Uzbekistan, the arbitral
hearing having taken place in Paris in late April / early May
2014.
Litigation funding agreement
The existing arrangement with a litigation funder to support the
Company's arbitration through non-recourse funding of legal and
related fees arising from the arbitration process remains in place.
At 30 June 2015, the Company had received $6.15 million of funding,
which is only repayable upon the successful outcome of the
arbitration.
Equity financing facility
During the period to 28 January 2015 the Company continued to
draw funds through its Equity Financing Facility with Darwin
Strategic Limited ("Darwin"). In the period to 30 June 2015 a
further 12,622,672 ordinary shares were issued to Darwin raising
$0.39 million. On 28 January 2015 the facility was terminated by
mutual agreement.
Outstanding share capital
During the period, the Company issued a further 39,718,100
ordinary shares, representing 158,820 shares in respect of
capitalised fees of advisers, 12,622,672 shares in respect of the
Equity Finance Facility and 26,936,608 shares in respect of
converted loan notes and loan note interest.
At 30 June 2015 the total number of shares in issue was
574,658,246. Since the period end a further 83,334 shares have been
issued in respect of capitalised fees of advisers. At 30 September
2015 the total number of shares in issue was 574,741,580.
Outlook
The directors remain confident that the Arbitral Tribunal will,
in the very near future, rule in the Group's favour and that fair
compensation will be awarded for both the AGF and Khandiza mining
assets, which were blatantly misappropriated by the Republic of
Uzbekistan. In this respect, the Board will continue to take
whatever steps it deems necessary to ensure the return of value to
the Company's long-suffering stakeholders.
For further information on Oxus Gold plc visit
www.oxusgold.co.uk or contact the following:
Oxus Gold plc Tel: +44 (0) 20 7907 2000
Richard Shead
SP Angel Corporate Finance Tel: +44 (0) 20 3470 0470
LLP
Nominated Adviser and
Broker
Ewan Leggat / Stuart
Gledhill
Condensed consolidated financial statements for the six month
period ended 30 June 2015
Condensed consolidated statement of comprehensive income
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
$000 $000 $000
Note Unaudited Unaudited Audited
------------------------------ ----- ----------- ----------- -------------
Administrative expenses (530) (564) (1,492)
Arbitration expenses (153) (429) (474)
------------------------------ ----- ----------- ----------- -------------
Total administrative
expenses 4 (683) (993) (1,966)
Other operating income - - -
Operating loss (683) (993) (1,966)
Financial income - - -
Financial expense (440) (435) (1,065)
Loss before tax (1,123) (1,428) (3,031)
Taxation - - -
Loss and total comprehensive
income for the period (1,123) (1,428) (3,031)
------------------------------ ----- ----------- ----------- -------------
Basic loss per share
(US cents) 5 (0.20) (0.29) (0.59)
------------------------ ------- ------- -------
Diluted loss per share
(US cents) 5 (0.20) (0.29) (0.59)
------------------------ ------- ------- -------
All amounts relate to continuing operations.
Condensed consolidated balance sheet
30 June 30 June 31 December
2015 2014 2014
$000 $000 $000
Note Unaudited Unaudited Audited
--------------------------- ----- ---------- ---------- ------------
Non-current assets
Mining properties 6 30,538 30,538 30,538
Property, plant
and equipment 8 1,296 - 1,296
Available for sale
investments 7 42,245 42,245 42,245
--------------------------- ----- ---------- ---------- ------------
Total non-current
assets 74,079 72,783 74,079
Current assets
Trade and other
receivables 8 151 1,920 194
Cash and cash equivalents 523 908 708
--------------------------- ----- ---------- ---------- ------------
Total current assets 674 2,828 902
Total assets 74,753 75,611 74,981
--------------------------- ----- ---------- ---------- ------------
Current liabilities
Loans and borrowings 9 14,030 - 15,529
Finance lease liability 9 861 972 916
Trade and other
payables 10 6,598 6,617 6,452
--------------------------- ----- ---------- ---------- ------------
Total current liabilities 21,489 7,589 22,897
Non-current liabilities
Loans and borrowings 9 - 15,076 -
--------------------------- ----- ---------- ---------- ------------
Total non-current
liabilities - 15,076 -
--------------------------- ----- ---------- ---------- ------------
Total liabilities 21,489 22,665 22,897
--------------------------- ----- ---------- ---------- ------------
Total net assets 53,264 52,946 52,084
--------------------------- ----- ---------- ---------- ------------
Equity
Share capital 9,471 8,531 8,842
Share premium 123,097 121,271 121,559
Capital reserve 26,949 26,668 26,810
Merger reserve 34,929 34,929 34,929
Retained deficit (141,182) (138,453) (140,056)
--------------------------- ----- ---------- ---------- ------------
Total equity 53,264 52,946 52,084
--------------------------- ----- ---------- ---------- ------------
Condensed consolidated Six months Six months Year
statement of cash ended ended ended
flows 30 June 30 June 31 December
2015 2014 2014
$000 $000 $000
Unaudited Unaudited Audited
---------------------------- ----------- ----------- -------------
Cash flows from operating
activities
Loss before tax for
the year (1,123) (1,428) (3,031)
Adjustments for:
Depreciation and
amortisation - - 232
Finance costs 138 255 994
Equity-settled share-based
payment expenses - - -
Cash flows from operating
activities before
changes in working
capital and provisions (985) (1,173) (1,805)
Decrease in amounts
due from joint venture - - -
Increase in trade
and other receivables 44 (57) 140
Increase/(decrease)
in trade and other
payables 445 674 379
---------------------------- ----------- ----------- -------------
Cash flows from operating
activities after
changes in working
capital and provisions (496) (556) (1,286)
---------------------------- ----------- ----------- -------------
Cash flows from financing
activities
Proceeds from the
issue of share capital 429 734 1,384
Share issue expenses (31) (54) (102)
Repayment of obligations
under finance lease (87) (37) (109)
Interest paid - - -
---------------------------- ----------- ----------- -------------
Net cash generated
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by financing activities 311 643 1,173
---------------------------- ----------- ----------- -------------
Net decrease in cash
and cash equivalents (185) 87 (113)
Cash and cash equivalents
at beginning of period 708 821 821
---------------------------- ----------- ----------- -------------
Cash and cash equivalents
at end of period 523 908 708
---------------------------- ----------- ----------- -------------
Selected notes to the interim condensed consolidated financial
statements for the six month period ended 30 June 2015
1. General information
Oxus Gold plc (the "Company") is a company incorporated in
England and Wales under the Companies Act 2006 and is quoted on
AIM. The registered number is 4056219 and the address of the
registered office is Prince Frederick House, 35-39 Maddox Street,
London W1S 2PP. The Company's office and correspondence address is
at 42 Upper Berkeley Street, London W1H 5QJ.
These financial statements are presented in US Dollars which is
the currency of the primary economic environment in which the Group
operates.
2. Basis of preparation
These condensed interim financial statements of the Company and
its subsidiaries ("the Group") for the six months ended 30 June
2015 ("the Period") have been prepared using accounting policies
consistent with International Financial Reporting Standards (IFRSs)
as adopted by the European Union. The same accounting policies,
presentation and methods of computation are followed in the
condensed set of financial statements as applied in the Group's
latest audited financial statements for the year ended 31 December
2014.
These condensed interim financial statements have not been
audited, do not include all of the information required for full
annual financial statements, and should be read in conjunction with
the Group's consolidated annual financial statements for the year
ended 31 December 2014. The auditors' opinion on these Statutory
Accounts was modified and contained an emphasis of matter in
respect of the Group's ability to continue as a going concern.
While the financial figures included within this half-yearly report
have been computed in accordance with IFRSs applicable to interim
periods, this half-yearly report does not contain sufficient
information to constitute an interim financial report as set out in
International Accounting Standard 34 Interim Financial
Reporting.
These condensed interim financial statements have been prepared
on the basis that the Company and its subsidiaries comprise a going
concern.
3. Total Comprehensive income
There are no additional items of income and expense which are
not included within the profit and loss for the period.
4. Administrative expenses
Administrative expenses include legal costs associated with the
international arbitration against the Republic of Uzbekistan in
order to seek appropriate compensation for the Group's investments
in the AGF and Khandiza mining properties amounting to $0.15
million ($0.43 million for the six months to 30 June 2014; $0.47
million for the year to 31 December 2014). Arbitration costs
totalling $6.15 million have been funded by the litigation funder
under the terms of the Litigation Funding Agreement entered into on
29 February 2012.
5. Loss per share
The calculation of the basic loss per share for the six month
period ended 30 June 2014 is based on the following data:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
$000 $000 $000
Basic and diluted loss
per ordinary share
(US cents) (0.20) (0.29) (0.59)
------------ ------------ -------------
Diluted loss per ordinary
share (US cents (0.20) (0.29) (0.59)
------------ ------------ -------------
Loss for the period
attributable to equity
shareholders (1,123) (1,428) (3,031)
------------ ------------ -------------
Weighted average number
of ordinary shares 557,519,644 494,933,075 512,218,172
------------ ------------ -------------
Diluted loss per ordinary share (US cents)
The diluted loss per share disclosed for 30 June 2015, 30 June
2014 and 31 December 2014 is the same as the basic loss per share
as the effect of the loss for each of these periods on earnings per
share is anti-dilutive.
6. Mining property
Amantaytau Khandiza
project Project
(Uzbekistan) (Uzbekistan) Total
$000 $000 $000
COST
At 1 January 2014 2,082 28,456 30,538
Additions in the period - - -
-------------- -------------- -------
At 30 June 2014 2,082 28,456 30,538
Additions in the period - - -
-------------- -------------- -------
At 31 December 2014 2,082 28,456 30,538
Additions in the period - - -
-------------- -------------- -------
At 30 June 2015 2,082 28,456 30,538
-------------- -------------- -------
NET BOOK VALUE
At 1 January 2014 2,082 28,456 30,538
-------------- -------------- -------
At 30 June 2014 2,082 28,456 30,538
-------------- -------------- -------
At 31 December 2014 2,082 28,456 30,538
-------------- -------------- -------
At 30 June 2015 2,082 28,456 30,538
-------------- -------------- -------
7. Available-for-sale financial assets
Total
$000
Cost
At 1 January 2014, 30 June 2014, 31
December 2014
and 30 June 2015 42,245
-------
The amount stated represents the net investment of the Group in
AGF up to the time that joint control was lost in March 2011
following the declaration of force majeure. In the view of the
directors, due to the uncertainties surrounding the arbitration
with the Uzbek government there was no reliable measure available
to determine the fair-value of AGF in March 2011 and accordingly
the interest in AGF at that date is valued at its historical
carrying value.
8. Trade and other receivables
Trade and other receivables for 30 June 2014 include the written
down value of plant and equipment, a claim for which is included
within the UNCITRAL arbitration proceedings against the Republic of
Uzbekistan. On 31 December 2014 and 30 June 2015 these assets are
classified as property, plant and equipment.
9. Loans and borrowings
30 June 30 June 31 December
2015 2014 2014
$000 $000 $000
Borrowing at amortised
cost
Convertible loan notes 14,030 15,076 15,529
Obligations under finance
lease 861 972 916
-------- -------- ------------
Total borrowings 14,891 16,048 16,445
-------- -------- ------------
Convertible loan notes
In May 2008 the Company issued convertible loan notes in the
principal amount of $18.5 million. The notes were restructured in
January 2010 and again in July 2012. $3.0 million of the notes were
converted in November 2010, $2.0 million were converted in March
2014, $0.5 million were converted in June 2014, and $1.0 million
were converted in May 2015.
Repayment of the notes, if not converted at 12p per share, is
the earlier of 14 December 2015, or the date on which the proceeds
of an award, settlement or other realisation for value in the
arbitral proceedings are received by the Company, or 60 calendar
days from the date on which the proceedings conclude or terminate
in the case where no payment is receivable by the Company. Interest
payable at UK LIBOR + 3% per annum and falling due on or after 6
July 2012 is accruing but remains unpaid, and is convertible at the
option of the note holder at the average closing middle market
price of the Company's ordinary shares for each separate 6 month
interest period to which that portion of interest relates.
If all the remaining notes are converted the maximum number of
new ordinary shares that would be issued is 62,500,000. If all the
interest accrued to date is converted, a further 29,324,104 new
ordinary shares would be issued. The convertible loan notes are
disclosed as a current liability for 31 December 2014 and 30 June
2015.
10. Trade and other payables
Trade and other payables includes an amount of $6.15 million due
to the litigation funder which will only become payable upon
receipt of a settlement in respect of the UNCITRAL arbitration
proceedings against the Republic of Uzbekistan.
11. Approval of interim group financial statements
The interim group condensed financial statements for the six
months to 30 June 2015 were approved by the directors on 30
September 2015.
This information is provided by RNS
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