TIDMTRR
RNS Number : 8148M
Trident Resources Plc
11 January 2019
11 January 2019
TRIDENT RESOURCES PLC ("Trident" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 31 OCTOBER
2018
CHAIRMAN'S STATEMENT
I am pleased to present the interim financial statements to
shareholders for the six months ended 31 October 2018, our first as
a public company.
Trident Resources Plc ("Trident" or the "Company") was
incorporated on 25 April 2018. On 1 October 2018 the Company raised
GBP4.0 million before expenses in an initial public offering on the
Main Market of the London Stock Exchange ("IPO"), following an
earlier pre-IPO equity financing of GBP0.1 million.
We formed the Company to undertake an acquisition of a
controlling interest in a company or business (an "Acquisition").
The Company's efforts in identifying a target Acquisition are
currently focused on an asset or business in the mining sector,
reflecting the experience of the Company's board of directors and
advisers. Any Acquisition is expected to constitute a reverse
takeover transaction and consideration for the Acquisition may be
in part or in whole in the form of share-based consideration or
funded from the Company's existing cash resources or the raising of
additional funds.
Following completion of an Acquisition, the objective of the
Company will be to add value to the acquired business or asset
through the deployment of capital with a view to generating value
for its shareholders.
I was delighted by the strong support we received for our IPO
which was led by a number of leading institutional natural resource
investors, and high net worth individuals. As we start 2019,
Trident has a strong balance sheet including just under GBP4
million of cash, a supportive shareholder base, a clean capital
structure and an experienced board of directors and adviser team. I
believe that this makes Trident an extremely attractive proposition
to prospective Acquisition counterparties, including asset vendors
considering a listing transaction on the London Stock Exchange.
In the short time since the IPO, the Company has seen a strong
flow of potential Acquisition opportunities which are consistent
with the acquisition criteria set out in our IPO prospectus. The
Board of Directors, together with the Company's advisers, are
constantly screening and evaluating these opportunities to ensure
that we secure and execute the right transaction.
The market volatility and global economic uncertainty that
characterised the end of 2018, and which has persisted into 2019,
has led to a reduction in the capital available to the mining
sector. This scarcity of capital reinforces my belief that the
Company is in an advantageous position from which to secure an
Acquisition that creates value for shareholders.
Whilst the IPO represented an important milestone in the
Company's life, it is just the beginning and a great deal of work
remains to be done to deliver our strategy and make the most of the
strong platform that we have created so far.
I look forward to reporting our progress to you over the coming
the months.
James Kelly
Chairman
** Ends **
Contact details:
Trident Resources Plc www.tridentresources.co.uk
James Kelly Tel: +44 (0) 20 8434 4688
Tamesis Partners LLP www.tamesispartners.com
Richard Greenfield +44 (0) 203 882 0712
---------------------------
Azure Capital Limited www.azurecapital.com.au
John Toll +61 8 6263 0888
---------------------------
Ashanti Capital Pty Ltd www.ashanticapital.com.au
Rob Hamilton +61 8 6169 2668
---------------------------
STATEMENT OF COMPREHENSIVE INCOME FOR THE
PERIODED 31 OCTOBER 2018
Notes Unaudited
31/10/2018
Continuing operations GBP
-----------
Administration expenses (128,314)
Loss before taxation (128,314)
Taxation -
-----------
Loss for the period (128,314)
-----------
Loss attributable to equity holders
and total comprehensive income for
the period (128,314)
Earnings per share:
Basic and diluted loss per share (pence
per share) (2.68p)
STATEMENT OF FINANCIAL POSITION
FOR THE
PERIODED 31 OCTOBER 2018 Unaudited
Notes 31/10/2018
GBP
-----------
Current assets
Trade and other receivables 2,096,204
Cash and cash equivalents 1,851,570
-----------
3,947,774
Total Assets 3,947,774
Current Liabilities
Trade and other payables (176,082)
Net Assets 3,771,692
-----------
Equity
Share Capital 4 250,000
Share Premium Account 4 3,650,006
Retained Earnings (128,314)
Total Equity 3,771,692
-----------
CASH FLOW STATEMENT FOR THE PERIODED
31 OCTOBER 2018
Unaudited
31/10/2018
GBP
-----------
Cash flows from operating activities
Operating loss (128,314)
Operating cash flows before movement
in working capital (128,314)
(Increase) in receivables (7,703)
Increase in payables 176,082
Cash flows from operations 40,065
-----------
Cash flows from financing activities
*Proceeds from issue of ordinary shares
(net of expenses) 1,811,505
Net cash inflow from financing activities 1,811,505
-----------
Net increase in cash and cash equivalents 1,851,570
Cash at the beginning of period -
Cash at the end of the period 1,851,570
-----------
*Net proceeds of share issues totalled GBP3,900,006, of which
funds totalling GBP2,088,501 were received subsequent to 31 October
2018.
STATEMENT OF CHANGES IN EQUITY FOR
THE PERIODED 31 OCTOBER 2018
Retained
Share capital Share Premium Earnings Total
GBP GBP GBP GBP
-------------- -------------- ---------- ------------
Total Comprehensive income - - (128,314) (128,314)
Issue of share capital 220,000 3,880,000 - 4,100,000
Share capitalisation 30,000 (30,000) - -
Share issue expenses - (199,994) - (199,994)
Balance at 31 October 2018 250,000 3,650,006 (128,314) 3,771,692
-------------- -------------- ---------- ------------
NOTES TO THE FINANCIAL STATEMENTS
1. General Information
Trident Resources plc is a company incorporated and domiciled in
England and Wales. The Company's ordinary shares are traded on AIM
of the London Stock Exchange. The address of the registered office
is 30 Percy Street, London W1T 2DB.
The Company was formed to undertake the acquisition of a
controlling interest in a company or business, targeting an
acquisition in the mining sector.
2. Accounting policies
The principal accounting policies are summarised below. They
have all been applied consistently throughout the period covered by
these financial statements.
Basis of preparation
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies
Act 2006. It has been prepared on a going concern basis in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS) as adopted by
the European Union.
The financial statements have been prepared under the historical
cost convention.
The interim financial information for the six month period from
incorporation to 31 October 2018 has not been reviewed or audited.
The interim financial report has been approved by the Board on 9
January 2019.
Going concern
The Directors, having made appropriate enquiries, consider that
adequate resources exist for the Company to continue in operational
existence for the foreseeable future and that, therefore, it is
appropriate to adopt the going concern basis in preparing the
interim financial statements for the period ended 31 October
2018.
Critical accounting estimates
The preparation of interim financial statements requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the end of the
reporting period.
3. Loss per share
The basic earnings per share is calculated by dividing the
earnings attributable to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the
period.
Unaudited
31/10/2018
-----------
The calculations of the basic and diluted earnings
per share
are based on the following:
Loss for the period (128,314)
Weighted average number of shares 4,778,973
Loss per share
Basic and diluted( pence per share) (2.68)
4. Share capital
Number of shares Share capital Share
Ordinary Deferred Ordinary Deferred premium
GBP GBP GBP
--------------------- ---------- ---------- -------- -------- ---------
ISSUED AND FULLY
PAID:
Issues of ordinary
shares Of GBP0.01 22,000,000 220,000 3,880,000
Capitalisation of
deferred shares of
GBP0.01 each 3,000,000 30,000 (30,000)
Share issue expenses (199,994)
--------------------- ---------- ---------- -------- -------- ---------
At 31 October 2018 22,000,000 3,000,000 220,000 30,000 3,650,006
--------------------- ---------- ---------- -------- -------- ---------
The deferred shares have restricted rights such that they have
no economic value
On 24 April 2018, the date of incorporation, 1 ordinary share of
GBP1 was issued for cash
On 18 May 2018, 1 ordinary share of GBP1 was issued for cash
On 28 May 2018, the 2 issued ordinary shares of GBP1 were
subdivided into 200 shares of GBP0.01 each.
On 30 May 2018, 1,999,800 ordinary shares of GBP0.01 were issued
for cash at 5p per share.
On 3 September 2018, an amount of GBP30,000, being part of the
share premium, was capitalised to issue 3,000,000 deferred shares
of GBP0.01.
On 1 October 2018, 20,000,000 ordinary shares of GBP0.01 were
issued for cash at 20p per share.
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END
IR SFWFUSFUSEIF
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