TIDMPGL
RNS Number : 0250Q
Peninsular Gold Limited
12 June 2015
12 June 2015
Peninsular Gold Limited
('Peninsular Gold' or the 'Company' or the 'Group')
(AIM: PGL)
Interim Results (Unaudited) For The Six Month Period To 31(st)
December 2014
Peninsular Gold Limited, the gold production and exploration
group focused on Malaysia, today releases its Interim Results for
the six months ended 31(st) December 2014.
Financial and Operations
-- Loss after tax for the Group of GBP4,278,067 (2013: Loss GBP2,837,459)
-- Loss per share 4.97p (2013: Loss 3.30p)
-- Proposed change in conditions to environmental requirements
in relation to tailings dams location caused operations at Raub to
be suspended, as was announced 2 December 2014
-- Peninsular Gold Limited requested suspension from AIM on 2
December 2014 pending clarification of its financial position
following the halting of operations at Raub
-- Alkhair Bank agrees to deferment of principal payments until March 2015
-- Convertible loan note holders agree to 6 month extension of maturity to June 2015
Post Period
-- GBP1.8m raised for working capital via convertible loan notes in January 2015
-- Bank Rakyat agrees to payments deferral until June 2015 and a
further partial deferral until November 2015
-- Company seeking a further deferral from convertible loan note holders to December 2015
-- Tailings dam location issue resolved, with no new requirements, as announced 1 June 2015
-- Intention to secure additional funds during June 2015
-- Alkhair agrees to principal payment deferral until June 2015
-- Company seeking further deferral from Alkhair Bank
-- Gold production at Raub intended to resume during July 2015,
subject to securing additional funds
Condensed Consolidated Statement of Financial Position
(Unaudited)
At 31(st) December 2014
(Expressed in United Kingdom Sterling)
31(st) December 31(st) December 30(th)
2014 2013 June
2014
Notes (Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Non-Current Assets
Property, plant and equipment 2 42,916,654 44,373,674 43,540,775
Other intangible assets 3 13,576,695 13,983,544 13,652,948
Mining development expenditure 4 7,288,654 7,160,159 7,262,637
--------------------- ---------------- -------------
Total Non-current Assets 63,782,003 65,517,377 64,456,360
Current Assets
Inventories 5 4,301,645 3,494,886 3,728,210
Other receivables 6 610,197 1,052,949 948,904
Short-term investments - 133,381 159,855
Cash and cash equivalents 7 118,609 203,849 247,038
5,030,451 4,885,065 5,084,007
Current Liabilities
Trade and other payables 8 (16,174,212) (11,660,860) (12,968,340)
Borrowings 9 (19,671,500) (3,773,251) (19,684,733)
Current tax liability (129,656) (204,158) (128,997)
--------------------- ---------------- -------------
Total Current Liabilities (35,975,368) (15,638,269) (32,782,070)
Net Current Liabilities (30,944,917) (10,753,204) (27,698,063)
--------------------- ---------------- -------------
Total Assets Less Current
Liabilities 32,837,086 54,764,173 36,758,297
Non-Current Liabilities
Trade and other payables 8,13 (570,000) (510,000) (540,000)
Borrowings 9 (1,000,513) (17,223,036) (815,216)
Provision for mine restoration 10 (769,629) (750,396) (753,769)
Total Non-Current Liabilities (2,340,142) (18,483,432) (2,108,985)
--------------------- ---------------- -------------
Net Assets 30,496,944 36,280,741 34,649,312
===================== ================ =============
Shareholders' Equity
Share capital 11 - - -
Stated capital account 11 40,897,957 40,897,957 40,897,957
Reserves (10,401,013) (4,617,216) (6,248,645)
-------------
Total Equity 30,496,944 36,280,741 34,649,312
===================== ================ =============
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
For the Period From 1(st) July 2014 to 31(st) December 2014
(Expressed in United Kingdom Sterling)
Six months Six months Year
ended 31(st) ended 31(st) ended 30(th)
December December June
2014 2013 2014
Notes (Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Revenue 204,573 8,671,910 16,450,074
Less: Cost of sales (1,738,809) (6,704,849) (12,760,462)
-------------- -------------- --------------
Gross (Loss)/ Profit (1,534,236) 1,967,061 3,689,612
Administrative expenses (1,014,838) (1,462,825) (2,715,947)
Other operating expenses (515,081) (636,883) (1,239,810)
Financial income 3,663 331 3,528
Finance costs 13,14 (1,031,316) (1,226,468) (2,328,685)
Loss on extinguishment
of convertible loan notes 9 (155,861) - -
Foreign exchange loss (59,094) (1,462,032) (1,702,239)
Other income 28,696 2,937 3,897
Loss before taxation 14 (4,278,067) (2,817,879) (4,289,644)
Income tax expense 15 - (19,580) (16,699)
Loss for the Period (4,278,067) (2,837,459) (4,306,343)
Other Comprehensive Income/(Expense):
Exchange difference arising
on translation of foreign
operations 125,699 (1,377,786) (1,540,331)
Other Comprehensive Income/(Expense)
for the Period, net of
tax 125,699 (1,377,786) (1,540,331)
-------------- -------------- --------------
Total Comprehensive Expense
for the Period (4,152,368) (4,215,245) (5,846,674)
Loss attributable to
:
Equity shareholders of
the parent (4,278,067) (2,837,459) (4,306,343)
Basic and diluted loss
per share 16 (4.97p) (3.30p) (5.01p)
============== ============== ==============
Condensed Consolidated Statement of Changes in Equity
(Unaudited)
For the Period From 1(st) July 2014to 31(st) December 2014
(Expressed in United Kingdom Sterling)
Share Stated Accumulated Capital Other Translation Total
capital capital losses reserve Reserve reserve
account
GBP GBP GBP GBP GBP GBP GBP
At 1(st) July
2013 - 40,897,957 (3,646,515) 456,303 - 2,734,187 40,441,932
Loss for the
period - - (2,837,459) - - - (2,837,459)
Other
Comprehensive
Expense:
Exchange
difference
arising on
translation
of foreign
operations - - - - - (1,377,786) (1,377,786)
--------- ------------- --------------- ---------- --------- ---------------- -------------------
Equity element
of
Convertible
loan
notes - - - - 54,054 - 54,054
At 31(st)
December
2013 - 40,897,957 (6,483,974) 456,303 54,054 1,356,401 36,280,741
Loss for the
period - - (1,468,884) - - - (1,468,884)
Other
Comprehensive
Expense:
Exchange
difference
arising on
translation
of foreign
operations - - - - - (162,545) (162,545)
At 1(st) July
2014 - 40,897,957 (7,952,858) 456,303 54,054 1,193,856 34,649,312
Loss for the
period - - (4,278,067) - - - (4,278,067)
Other
Comprehensive
Expense:
Exchange
difference
arising on
translation
of foreign
operations - - - - - 125,699 125,699
At 31(st)
December
2014 - 40,897,957 (12,230,925) 456,303 54,054 1,319,555 30,496,944
========= ============= =============== ========== ========= ================ ===================
*Other reserve relates to the equity element of convertible loan
notes issued by the Company (note 9).
Condensed Consolidated Statement of Cash Flows (Unaudited)
For the Period From 1(st) July 2014 to 31(st) December 2014
(Expressed in United Kingdom Sterling)
Six months Six months Year
ended 31(st) ended 31(st) ended 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Operating Activities
Loss before tax (4,278,067) (2,817,879) (4,289,644)
Depreciation of property, plant
and equipment 724,593 978,906 1,720,822
Finance costs 968,704 1,157,325 2,217,646
Loss on extinguishment of convertible
loan notes 155,861 - -
Interest income (3,663) (331) (3,528)
(Profit)/loss on disposal of fixed
assets (21,172) - 8,053
Loss on foreign exchange 59,093 1,462,032 1,665,524
Amortisation of mining development
expenditure 31,754 182,981 340,882
Unwinding of discount on restoration
provision 12,252 12,396 23,160
Amortisation of other intangible
assets 76,253 427,726 758,322
Amortisation of issue costs of
convertible loan notes 7,353 378 7,353
Amortisation of transaction costs
for bank loan 25,259 26,369 51,039
Preference dividend 30,000 30,000 60,000
Cash inflow before working capital
changes (2,211,780) 1,459,903 2,559,629
Taxation paid (122,906) (19,580) (185,036)
Changes in working capital:
(Increase)/decrease in inventories (573,436) 840,266 606,942
Decrease in trade and other receivables 338,707 117,033 221,078
Increase/(decrease) in trade and
other payables 3,220,558 (1,461,326) 2,205,243
-------------- -------------- --------------
Cash inflow from operating activities 651,143 936,296 5,407,856
Investing Activities
Interest received 3,663 331 3,528
Purchase of property, plant and
equipment (457,033) (1,586,614) (1,976,103)
Proceeds from disposal of fixed
assets 662,090 - -
Mining development expenditure (20,022) (200,536) (537,159)
Placement of fixed deposit - - (1,981)
Withdrawal of fixed deposit 159,855 24,493 -
Cash inflow/(outflow) from investing
activities 348,553 (1,762,326) (2,511,715)
Six months Six months Year
ended 31(st) ended 31(st) ended
December December 30(th) June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Financing Activities
Repayment of bank loans - (1,323,448) (2,313,675)
Repayment of hire purchase obligations (79,947) (33,040) (55,631)
Proceeds from issue of convertible
loan notes,
net of transaction costs (Note
9) - 1,185,294 1,185,294
Finance costs paid (937,087) (1,193,848) (1,689,181)
-------------- ------------------ -------------
Cash outflow from financing activities (1,017,034) (1,365,042) (2,873,193)
Net (decrease) /increase in Cash
and Cash Equivalents (17,338) (2,191,072) 22,948
Cash and Cash Equivalents at beginning
of Period 247,038 264,659 264,659
Impact of cash held in foreign
currencies (111,091) 2,130,262 (40,569)
---------- ------------- ---------
Cash and Cash Equivalents at end
of Period (Note 7) 118,609 203,849 247,038
========== ============= =========
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2014 to 31(st) December 2014
1. Accounting Policies
These financial statements for the period from 1(st) July 2014
to 31(st) December 2014 have been prepared in accordance with
International Accounting Standard 34 which applies to interim
financial statements.
The same accounting policies and methods of computation are
followed in these interim financial statements as were used in the
preparation of the financial statements for the year ended 30th
June 2014. A copy of those accounts is available on
www.peninsulargold.com. The information provided as comparatives
herein for the year ended 30th June 2014 does not constitute the
full statutory accounts as per Jersey law by itself. This
information was derived from the statutory accounts for the year
ended 30th June 2014, a copy of which has been delivered to the
Registrar of Companies. The auditors' report on the said accounts
was not qualified although it contains an emphasis of matter with
regard to going concern.
Basis of preparation
Going concern
The financial statements have been prepared on the going concern
basis. At 31(st) December 2014 the
Group had net current liabilities of GBP 30.9 million (2013: GBP
10.8 million). Of this total, GBP 18.2 million
(2013: GBP2.6 million) represents the current portion of bank
loans repayable within one year.
The bank loans are presented as current liabilities, as at
31(st) December 2014 the Group was still awaiting the written
confirmation from its principal lender, Bank Rakyat Kerjasama
Malaysia Bhd ("Bank Rakyat"), of its verbally given agreement to
defer the commencement of scheduled payments due to the Bank until
June 2015. Confirmation of the agreement to defer the commencement
of payments was given after the period end. Also at 31(st) December
2014, The Group did not meet the required Finance Service Cover
Ratio on the Alkhair bank loan, although Alkhair bank had agreed,
before 31 December 2014, to the deferral of repayments until March
2015 and subsequently until June 2015. The presentation of the bank
obligations in these interim results as current liabilities
represents the accounting treatment necessary to comply with IAS
1"Presentation of Financial Statements".
On 2nd December 2014, the Group issued an announcement to AIM
that the production facility at
Raub was being placed into a temporary care and maintenance
period, and the shares of the
Company were requested to be suspended from trading on the AIM
market, while the Group
reviewed its financing and working capital requirements.
The decision to suspend operations at the Raub facility came
following discussions with the Malaysian environmental authorities
regarding additional operational requirements which the authorities
had sought to attach to the environmental consent which governs
operations at the Raub project. In particular the authorities had
requested changes relating to the location of RAGM's tailings
storage facilities which would require significant changes to its
tailings management plan. Given the onset of the monsoon season at
the time, when tailings management is particularly important, RAGM
took the prudent decision to halt gold production at Raub pending
resolution of this matter which has recently been resolved, as
announced to the market on 1 June 2015.
On 12 December 2014 the Group announced that it has arranged an
extension of its convertible loan
notes of GBP1.2 million, which were due to mature on 22nd
December 2014. The loan notes were
extended until 23rd June 2015 and management expect a further
deferral to be agreed shortly.
The Group also negotiated an extension of capital repayments on
its borrowing facilities with Bank
Rakyat and with Alkhair International Islamic Bank Bhd
("Alkhair"), which were due to commence in December 2014. An
initial extension on both facilities was made to March 2015, with
Alkhair agreeing prior to 31st December 2014 and Bank Rakyat
agreeing after 31st December 2014, with a further extension since
agreed to June 2015. Bank Rakyat has now agreed an additional,
partial deferral to November 2015. Management expect a similar
extension to be granted by Alkhair.
As announced to AIM on 23rd January 2015, the Group raised
GBP1.8 million through the issue of convertible loan notes, to meet
the Group's immediate working capital requirements and to assist
with work to re-start the production facility at Raub.
In June 2015, the Group is seeking additional funding of up to
GBP4 million and is currently in
discussions with several potential investors.
Management consider that the cost of re-starting production at
Raub will be approximately
GBP520,000. Works to restart the plant at Raub will take place
in late June and early July 2015.
Following the re-commencement of production, operations at Raub
are expected to be cash
positive. The funding to be raised in June 2015 is expected to
be sufficient to meet the restart costs
at Raub, and the working capital requirements of the company,
including commencement of capital
repayments on the bank finance facilities with Bank Rakyat and
with Alkhair.
The directors consider that the above matters, and primarily the
requirement to raise additional
funding, represent a material uncertainty regarding the going
concern position of the group. The
interim report does not contain any adjustments to the value of
assets and liabilities that would arise
if the group is not able to raise the necessary funding.
2. Property, Plant and Equipment
Furniture, Mining Leasehold Assets Total
Plant & Motor Fittings Assets Land Under
&
Equipment Buildings Vehicles Equipment Renovation Construction
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Cost 2,910,104 415,361 504,930 325,287 198,180 48,702,307 91,451 - 53,147,620
At 1(st) July
2014
Additions 267 - 340,099 809 - 115,858 - - 457,033
Disposal (450,876) - (207,093) - - (571,642) - - (1,229,611)
Currency
translation
difference 14,873 (5,337) 2,580 1,661 1,013 256,362 467 - 271,619
At 31(st)
December
2014 2,474,368 410,024 640,516 327,757 199,193 48,502,885 91,918 - 52,646,661
============ ============ ========== ============ ============ ============== =========== ============= ============
Accumulated
depreciation
At 1(st) July
2014 2,344,605 392,268 345,498 153,010 101,686 6,205,762 64,016 - 9,606,845
Charge for
the period 9,285 3,421 61,972 16,199 10,162 618,865 4,689 - 724,593
Disposal (450,844) - (185,287) - - - - - (636,131)
Currency
translation
difference 11,798 1,937 534 462 318 19,417 234 - 34,700
At 31(st)
December
2014 1,914,844 397,626 222,717 169,671 112,166 6,844,044 68,939 - 9,730,007
Net Book
Value
At 31(st)
December
2014 559,524 12,398 417,799 158,086 87,027 41,658,841 22,979 - 42,916,654
======== ======= ======== ======== ======== =========== ======= ==================== ===========
At 30(th)
June
2014 565,500 23,093 159,432 172,149 96,494 42,496,672 27,435 - 43,540,775
======== ======= ======== ======== ======== =========== ======= ==================== ===========
At 31(st)
December
2013 559,028 32,008 205,763 197,901 103,912 12,245,381 32,362 30,997,319 44,373,674
======== ======= ======== ======== ======== =========== ======= ==================== ===========
Assets under construction refer to the construction works for
the upgrade to the Carbon-In-Leach Plant, which was brought into
operation in June 2014 and reclassified into Mining Assets.
Leasehold land refers to a piece of land, owned by S.E.R.E.M.
Malaysia Sdn Bhd, to which mining certificate MC511 relates.
3. Other Intangible Assets - Mining Reserves and Resources
31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cost
Opening balance 17,378,478 17,378,478 17,378,478
Amortisation
Opening balance 3,725,530 2,967,208 2,967,208
Charge for the period 76,253 427,726 758,322
Closing balance 3,801,783 3,394,934 3,725,530
============ ============ ===========
Net book value 13,576,695 13,983,544 13,652,948
============ ============ ===========
Other intangible assets comprise mineral properties including
mining licences and rights.
The Group's mining assets were valued by independent experts
prior to the acquisition of the subsidiaries on 17th June 2005 and
these valuations were considered to be relevant and unimpaired at
the financial reporting date. The valuation was based upon the
defined reserves, resources and the Group's prospecting interests.
Valuation techniques most relevant to the asset type, as considered
by the independent valuer, were applied and included discounted
cash flows for the defined reserves, comparable transaction method
for the inferred resources and the Geoscience Factor method for
mineral titles.
No revenue has been generated from SEREM in the financial period
ended 31st December 2014 from its mineral reserves. Hence, there is
no amortisation of mining reserves and resources for SEREM.
4. Mining Development Expenditure
31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cost
Opening balance 9,288,764 9,858,079 9,858,079
Currency translation difference 47,473 (1,009,762) (1,106,474)
Additions 20,022 200,536 537,159
Closing balance 9,356,259 9,048,853 9,288,764
============ ============ ============
Amortisation
Opening balance 2,026,127 1,911,692 1,911,692
Currency translation difference 9,724 (205,979) (226,447)
Amortisation for the period 31,754 182,981 340,882
Closing balance 2,067,605 1,888,694 2,026,127
========== ========== ==========
Net Book Value 7,288,654 7,160,159 7,262,637
========== ========== ==========
The directors are of the view that there will be sufficient
future revenues from the extraction of gold to offset the mining
development expenditure capitalised in the financial
statements.
5. Inventories
31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Spare parts and consumables 454,730 657,637 553,383
Ore stockpiles 2,727,168 2,349,479 2,713,302
Work- in- progress 1,087,063 463,118 429,007
Finished goods 32,684 24,652 32,518
4,301,645 3,494,886 3,728,210
============ ============ ==========
6. Other Receivables
31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Other receivables, deposits
and prepayments 610,197 1,052,949 948,904
============ ============ ==========
7. Cash and Cash Equivalents
31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cash at bank and in hand 118,609 203,849 247,038
============ ============ ==========
8. Trade and Other Payables
31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Trade payables 9,963,057 8,495,139 10,788,886
Other payables and accruals 6,781,155 3,675,721 2,719,454
16,744,212 12,170,860 13,508,340
Less: non-current portion
(Note 13) (570,000) (510,000) (540,000)
------------ ------------ -----------
16,174,212 11,660,860 12,968,340
============ ============ ===========
9. Borrowings
31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Current Portion
Bank loans 18,190,534 2,584,756 18,451,783
Convertible loans 1,375,587 1,130,988 1,176,072
Hire purchase obligations 105,379 57,507 56,878
------------ ------------ -------------------
19,671,500 3,773,251 19,684,733
------------ ------------ -------------------
Non-current Portion
Bank loans - 16,377,394 -
Preference shares - debt
portion 664,000 664,000 664,000
Hire purchase obligations 336,513 181,642 151,216
------------ ------------ -------------------
1,000,513 17,223,036 815,216
============ ============ ===================
Classification of Borrowings
The bank loans are presented as current liabilities, as at 31st
December 2014 the Group was still awaiting the written confirmation
from its principal lender, Bank Rakyat Kerjasama Malaysia Bhd
("Bank Rakyat"), of its verbally given agreement to defer the
commencement of scheduled payments due to the Bank until June 2015.
Confirmation of the agreement to defer commencement of payments was
given after the period end. Also at 31st December 2014, The Group
did not meet the required Finance Service Cover Ratio on the
Alkhair bank loan, although Alkhair bank had agreed, before 31
December 2014, to the deferral of repayments until March 2015 and
subsequently until June 2015. The presentation of the bank
obligations in these interim results as current liabilities
represents the accounting treatment necessary to comply with IAS
1"Presentation of Financial Statements".
The Group also negotiated an extension of capital repayments on
its borrowing facilities with Bank Rakyat and with Alkhair
International Islamic Bank Bhd ("Alkhair"), which were due to
commence in December 2014. An initial extension on both facilities
was made to March 2015, with a further extension since agreed to
June 2015. Bank Rakyat has now agreed an additional, partial
deferral to November 2015. Management expect a similar extension to
be granted by Alkhair.
Bank Loans
All bank loans are secured by way of a debenture over all the
assets and undertakings of RAGM, a third party charge over a
property owned by a company under common control and corporate
guarantees provided by the Parent Company.
Convertible Loan Notes
Upon redemption of the loan notes by the Company, either at
maturity or earlier, a noteholder is entitled to receive from the
Company an additional payment equal to the number of convertible
loan notes to be redeemed by the relevant noteholder divided by
0.12 and multiplied by 3 pence. If all convertible loan notes are
redeemed and not converted this would result in an additional
payment of GBP300,000.
The convertible loan notes were extended in December 2014 for
six months until 23rd June 2015. This resulted in a loss of
GBP155,861 on extinguishment of the liability on the previous
agreement.
Convertible Loan Notes (Continued)
The net proceeds received from the issue of convertible loan
notes were split between the liability and the equity portions as
follows:-
31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
1,200,000 convertible loan
notes 1,200,000 1,200,000 1,200,000
Less: transaction cost (14,706) (14,706) (14,706)
Transaction costs amortised 14,706 - 7,353
------------ ------------ ----------
1,200,000 1,185,294 1,192,647
Amount classified as equity (54,054) (54,054) (54,054)
Loss on extinguishment of
convertible loan notes 155,861 - -
------------ ------------ ----------
Accrued interest 73,780 - 37,479
------------ ------------ ----------
Carrying amount 1,375,587 1,130,988 1,176,072
============ ============ ==========
Hire Purchase Obligations
Hire purchase agreements are subject to fixed interest rates
ranging from 2.29% to 3.65%.
10. Provision for mine restoration 31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Opening balance 753,769 822,986 822,986
Unwinding of discount 12,252 12,396 23,160
Currency translation difference 3,608 (84,986) (92,377)
Closing balance 769,629 750,396 753,769
============ ============ ==========
Provision for restoration of the mine site at Raub is based on
management's best estimate of the present value of future costs
required. The estimates are based on assumptions such as the extent
and cost of required rehabilitation activities. These uncertainties
may result in the actual future expenses being different from the
amounts currently provided.
11. Share Capital and Stated Capital Account
(a) Share Capital
31(st) 31(st) 30(th)
December December June 2014
2014 2013
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Company
Authorised
Unlimited ordinary shares of GBPNil - - -
par value each
============ ============ ===========
Allotted, called up and fully paid
85,986,550 ordinary shares of GBPNil - - -
par value each
2,000,000 preference shares of - - -
GBPNil par value each
------------ ------------ -----------
- - -
============ ============ ===========
(b) Stated Capital Account
2014 GBP
At 1(st) July 2014
and at 31(st) December
2014 40,897,957
12. Translation reserve
Assets and liabilities of foreign consolidated subsidiaries are
translated into United Kingdom Sterling at the rate of exchange
ruling at the balance sheet date.
Revenue and expenses are translated at the average exchange
rates for the period. All resulting translation differences are
included in a translation reserve in equity.
The closing rates used in the translation of foreign currency
monetary assets and liabilities are as follows:
United Kingdom Sterling 1.00 Malaysian Ringgit 5.4396
United Kingdom Sterling 1.00 United States Dollars 1.5564
United States Dollars 1.00 Malaysian Ringgit 3.4950
13. Dividends
Included in the Financing Costs is an amount of GBP30,000 in
respect of 2,000,000 redeemable, convertible 6% preference shares'
dividends. In accordance with the share subscription agreement,
preference dividends should be accrued from the date of issuance to
the conversion date or the redemption date. The accumulated amount
of preference dividends has now amounted to GBP570,000 since the
issue of the said shares at GBP0.50 per share on 27th May 2005, as
indicated in trade and other payables.
14. Loss Before Tax
Loss before tax for the period are arrived at after charging the
following:
31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cost of sales
Cost of production 1,110,902 5,840,145 11,238,171
Depreciation of property, plant and
equipment 627,905 864,704 1,522,291
Operating & administrative expenses
Audit fees - current - - 84,687
- underprovision in prior year - 1,000 -
Depreciation of property, plant and
equipment 96,688 114,202 198,531
Amortisation of mining development
expenditure 31,754 182,981 340,882
(Profit)/loss on disposal of fixed
assets (21,172) - 8,053
Amortisation of other intangible
assets 76,253 427,726 758,322
Amortisation of issue costs for convertible
loan notes 7,353 378 7,353
Amortisation of transaction costs
for bank loan 25,259 26,369 -
Rental of premises 64,654 67,493 126,094
15. Income Tax Expense
The Parent Company is subject to Jersey income tax at a rate of
0%.
Malaysian Corporation Tax is provided on taxable profits at the
appropriate rate for subsidiary companies located in Malaysia.
Income tax for the financial period is derived by using the
Malaysian tax rate of 25% (2013: 25%).
Tax reconciliation:
Group 31(st)
December
2014
(Unaudited)
GBP
Loss before taxation (4,278,067)
==================
Income tax using Malaysian tax rate (1,069,517)
Disallowed expenses 1,431,059
Effect of timing difference on mining
allowance and capital allowance (361,542)
-
16. Loss per share
The calculation of loss per share is based on the loss for the
period after taxation and on the weighted average number of shares
in issue during the period as below:-
Basic and diluted loss per 31(st) December 31(st) 30(th)
share 201 December June
2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Loss used in calculation (4,278,067) (2,837,459) (4,306,343)
Weighted average number of
ordinary shares 85,986,550 85,986,550 85,986,550
Basic and diluted loss per
share (4.97p) (3.30p) (5.01p)
================ ============ ==============
The redeemable preference shares and convertible loan notes are
non-dilutive.
17. Segmental information
Currently all revenues, profits and losses before tax and the
carrying value of assets and liabilities arise from the production
and sale of gold doré bars and activities related to the upgrade of
the carbon-in-leach plant and gold mining and exploration activity
within Malaysia.
18. Capital Commitments
31(st) 31(st) 30(th)
December December June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Authorised and contracted
for 4,094,930 4,059,617 4,074,109
============ ============ ==========
The above amount relates to the expansion of the carbon-in-leach
plant (CIL).
-Ends-
For further information:
Dato' Sri Andrew TY Kam Patrick Watson
Chairman and Chief Executive Finance Director
Peninsular Gold Limited Peninsular Gold Ltd.
Tel: +60 (0)3 2698 8381 Tel: +44 (0)7799 885653
------------------------------ ---------------------------
Samantha Harrison / Stephen Martin Lampshire
Francavilla/Steve Allen Broker
Nominated Advisor Daniel Stewart & Co. Ltd.
Ambrian Partners Limited Tel: +44 (0)20 7776 6550
Tel: +44 (0)20 3440 6800
------------------------------ ---------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZMGMVLZFGKZG
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