REG - Capital Drilling Ltd - Half-year Results <Origin Href="QuoteRef">CAPD.L</Origin> - Part 2

CapitalAnnouncement

17/08/2017 07:06

- Part 2: For the preceding part double click  ID:nRSQ2455Oa 

                                                                                135,076,227     134,753,539  
   - Dilutive share options #                                                                                                                                                                                                                                     362,813         149,326      
   Weighted average number of ordinary shares used in the calculation of diluted earnings (loss) per share                                                                                                                                                        135,439,040     134,902,865  
   Diluted earnings (loss) per share (cents)                                                                                                                                                                                                                      1.9             (0.6)        
    # For the purposes of calculating diluted earnings (loss) per share, the share options of 2.34 million [2016: 5.35 million] were excluded as they are anti-dilutive as the exercise price is higher than the current share price.  
                                                                                                                                                                                                                                                                                                                                            
 
 
 CAPITAL DRILLING LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS  For the six months ended 30 June 2017                                                                                                                                                                                                                         
 5.                                                                                                                                Dividends                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                   During the six months ended 30 June 2017, a dividend of 1.0 cents per ordinary share, totalling $1,352,471 (six months ended 30 June 2016: 2.5 cents per ordinary share, totalling $3,372,605) was declared and paid.  
                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                      
 
 
 6.  Property, plant and equipment          
 
 
                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                          During the six    
                                                                                                                                                                                                                                                                                          months ended 30   
                                                                                                                                                                                                                                                                                          June 2017, the    
                                                                                                                                                                                                                                                                                          Group acquired    
                                                                                                                                                                                                                                                                                          $4.2 million      
                                                                                                                                                                                                                                                                                          (2016: $4.1       
                                                                                                                                                                                                                                                                                          million) of       
                                                                                                                                                                                                                                                                                          drilling rigs and 
                                                                                                                                                                                                                                                                                          other assets to   
                                                                                                                                                                                                                                                                                          expand its        
                                                                                                                                                                                                                                                                                          operations and for 
                                                                                                                                                                                                                                                                                          the replacement of 
                                                                                                                                                                                                                                                                                          existing assets.  
                                                                                                                                                                                                                                                                                          The Group disposed 
                                                                                                                                                                                                                                                                                          of property, plant 
                                                                                                                                                                                                                                                                                          and equipment with 
                                                                                                                                                                                                                                                                                          a net carrying    
                                                                                                                                                                                                                                                                                          amount of $0.5    
                                                                                                                                                                                                                                                                                          million (2016:    
                                                                                                                                                                                                                                                                                          $0.6 million)     
                                                                                                                                                                                                                                                                                          during the period. 
                                                                                                                                                                                                                                                                                          A loss of $0.1    
                                                                                                                                                                                                                                                                                          million (2016:    
                                                                                                                                                                                                                                                                                          $0.1 million) was 
                                                                                                                                                                                                                                                                                          incurred on the   
                                                                                                                                                                                                                                                                                          disposal of       
                                                                                                                                                                                                                                                                                          property, plant   
                                                                                                                                                                                                                                                                                          and equipment.    
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          At the end of each 
                                                                                                                                                                                                                                                                                          reporting period, 
                                                                                                                                                                                                                                                                                          the Group reviews 
                                                                                                                                                                                                                                                                                          the carrying      
                                                                                                                                                                                                                                                                                          amounts of its    
                                                                                                                                                                                                                                                                                          tangible assets to 
                                                                                                                                                                                                                                                                                          determine whether 
                                                                                                                                                                                                                                                                                          there is any      
                                                                                                                                                                                                                                                                                          indication that   
                                                                                                                                                                                                                                                                                          those assets may  
                                                                                                                                                                                                                                                                                          be impaired. As at 
                                                                                                                                                                                                                                                                                          30 June 2017, the 
                                                                                                                                                                                                                                                                                          market            
                                                                                                                                                                                                                                                                                          capitalisation    
                                                                                                                                                                                                                                                                                          exceeded the net  
                                                                                                                                                                                                                                                                                          asset value and   
                                                                                                                                                                                                                                                                                          there were no     
                                                                                                                                                                                                                                                                                          other indicators  
                                                                                                                                                                                                                                                                                          of impairment.    
                                                                                                                                                                                                                                                                                                            
   7.                                                                                                                                                                                                                                                                                     Investment in                                                        
                                                                                                                                                                                                                                                                                          associate                                                            
                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                          During the six    
                                                                                                                                                                                                                                                                                          months ended 30   
                                                                                                                                                                                                                                                                                          June 2017, the    
                                                                                                                                                                                                                                                                                          Group acquired a  
                                                                                                                                                                                                                                                                                          33% interest in A2 
                                                                                                                                                                                                                                                                                          Global Ventures   
                                                                                                                                                                                                                                                                                          Inc. ("A2"), as   
                                                                                                                                                                                                                                                                                          part of a phased  
                                                                                                                                                                                                                                                                                          strategic         
                                                                                                                                                                                                                                                                                          investment to     
                                                                                                                                                                                                                                                                                          acquire 50%       
                                                                                                                                                                                                                                                                                          interest before   
                                                                                                                                                                                                                                                                                          the end of        
                                                                                                                                                                                                                                                                                          December 2017. A2 
                                                                                                                                                                                                                                                                                          is headquartered  
                                                                                                                                                                                                                                                                                          in Vancouver,     
                                                                                                                                                                                                                                                                                          Canada, where it  
                                                                                                                                                                                                                                                                                          operates a central 
                                                                                                                                                                                                                                                                                          hub laboratory,   
                                                                                                                                                                                                                                                                                          supported by      
                                                                                                                                                                                                                                                                                          feeder            
                                                                                                                                                                                                                                                                                          laboratories in   
                                                                                                                                                                                                                                                                                          Guyana, Myanmar   
                                                                                                                                                                                                                                                                                          and Sweden,       
                                                                                                                                                                                                                                                                                          providing         
                                                                                                                                                                                                                                                                                          laboratory testing 
                                                                                                                                                                                                                                                                                          services to the   
                                                                                                                                                                                                                                                                                          mining and        
                                                                                                                                                                                                                                                                                          exploration       
                                                                                                                                                                                                                                                                                          industries,       
                                                                                                                                                                                                                                                                                          particularly in   
                                                                                                                                                                                                                                                                                          emerging markets. 
                                                                                                                                                                                                                                                                                          The consideration 
                                                                                                                                                                                                                                                                                          for the           
                                                                                                                                                                                                                                                                                          acquisition was   
                                                                                                                                                                                                                                                                                          $1.9 million      
                                                                                                                                                                                                                                                                                          including         
                                                                                                                                                                                                                                                                                          transaction costs. 
                                                                                                                                                                                                                                                                                           The investment in 
                                                                                                                                                                                                                                                                                          A2, has been      
                                                                                                                                                                                                                                                                                          accounted on the  
                                                                                                                                                                                                                                                                                          historical cost   
                                                                                                                                                                                                                                                                                          basis as A2's     
                                                                                                                                                                                                                                                                                          financial         
                                                                                                                                                                                                                                                                                          information is not 
                                                                                                                                                                                                                                                                                          available.        
                                                                                                                                                                                                                                                                                                                                                                                   Six months ended  
                                                                                                                                                                                                                                                                                                                                                                                   30 June 2017                        31 December 2016  
                                                                                                                                                                                                                                                                                                                          $                        $           
   8.                                                                                                                                                                                                                                                                                     Issued capital and                                                    
                                                                                                                                                                                                                                                                                          share premium                                                        
                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                          Authorised capital                                                    
                                                                                                                                                                                                                                                                                          2,000,000,000                   200,000                  200,000     
                                                                                                                                                                                                                                                                                          (2016:                                                               
                                                                                                                                                                                                                                                                                          2,000,000,000)                                                       
                                                                                                                                                                                                                                                                                          ordinary shares of                                                    
                                                                                                                                                                                                                                                                                          0.01 cents (2016:                                                    
                                                                                                                                                                                                                                                                                          0.01 cents) each                                                     
                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                          Issued and fully                                                     
                                                                                                                                                                                                                                                                                          paid:                                                                
                                                                                                                                                                                                                                                                                          135,247,159 (30                 13,524                   13,490      
                                                                                                                                                                                                                                                                                          June 2016:                                                           
                                                                                                                                                                                                                                                                                          134,903,396)                                                         
                                                                                                                                                                                                                                                                                          ordinary shares of                                                    
                                                                                                                                                                                                                                                                                          0.01 cents (31                                                       
                                                                                                                                                                                                                                                                                          December 2016:                                                       
                                                                                                                                                                                                                                                                                          0.01 cents) each                                                     
                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                          Share premium:                                                       
                                                                                                                                                                                                                                                                                          Balance at the                  21,697,470               21,566,856  
                                                                                                                                                                                                                                                                                          beginning of the                                                     
                                                                                                                                                                                                                                                                                          period                                                               
                                                                                                                                                                                                                                                                                          Issue of shares                 236,302                  130,614     
                                                                                                                                                                                                                                                                                          Balance at the end               21,933,772               21,697,470  
                                                                                                                                                                                                                                                                                          of the period                                                        
                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                          On 4 April 2017,  
                                                                                                                                                                                                                                                                                          the Company issued 
                                                                                                                                                                                                                                                                                          343,763 new common 
                                                                                                                                                                                                                                                                                          shares pursuant to 
                                                                                                                                                                                                                                                                                          the company's     
                                                                                                                                                                                                                                                                                          employee incentive 
                                                                                                                                                                                                                                                                                          scheme.  The      
                                                                                                                                                                                                                                                                                          shares rank pari  
                                                                                                                                                                                                                                                                                          passu with the    
                                                                                                                                                                                                                                                                                          existing common   
                                                                                                                                                                                                                                                                                          shares.           
   CAPITAL DRILLING LIMITED                                                                                                                                                                                                                                                               
   NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS                                                                                                                                                                                                                       
   For the six months ended 30 June 2017                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                          
   9.                                                                                                                                                                                                                                                                                     Long term                                                            
                                                                                                                                                                                                                                                                                          liabilities                                                          
                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                          Long term         
                                                                                                                                                                                                                                                                                          liabilities       
                                                                                                                                                                                                                                                                                          consist of a $18.6 
                                                                                                                                                                                                                                                                                          million revolving 
                                                                                                                                                                                                                                                                                          credit facility   
                                                                                                                                                                                                                                                                                          ("RCF") provided  
                                                                                                                                                                                                                                                                                          by Standard Bank  
                                                                                                                                                                                                                                                                                          (Mauritius)       
                                                                                                                                                                                                                                                                                          Limited. The RCF  
                                                                                                                                                                                                                                                                                          has an annual     
                                                                                                                                                                                                                                                                                          interest rate of  
                                                                                                                                                                                                                                                                                          5.25% above the   
                                                                                                                                                                                                                                                                                          prevailing three  
                                                                                                                                                                                                                                                                                          month US$ LIBOR   
                                                                                                                                                                                                                                                                                          (payable in       
                                                                                                                                                                                                                                                                                          arrears), and has 
                                                                                                                                                                                                                                                                                          an annual         
                                                                                                                                                                                                                                                                                          commitment fee of 
                                                                                                                                                                                                                                                                                          1% of the undrawn 
                                                                                                                                                                                                                                                                                          balance.          
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                          The facility will 
                                                                                                                                                                                                                                                                                          stepdown as       
                                                                                                                                                                                                                                                                                          follow: -  $15    
                                                                                                                                                                                                                                                                                          million- 31 August 
                                                                                                                                                                                                                                                                                          2017 -  $10       
                                                                                                                                                                                                                                                                                          million- 30       
                                                                                                                                                                                                                                                                                          November 2017 -   
                                                                                                                                                                                                                                                                                          Zero - 2 February 
                                                                                                                                                                                                                                                                                          2018              
                                                                                                                                                                                                                                                                     

- More to follow, for following part double click  ID:nRSQ2455Oc