REG - Ajax Resources PLC - Final Results to 28 February 2022

Ajax ResourcesAnnouncement

09/08/2022 18:15

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RNS Number : 4710V  Ajax Resources PLC  09 August 2022

   9 August 2022

 

AJAX RESOURCES PLC

 

("Ajax" or the "Company")

 

Final Results for the period from incorporation to 28 February 2022

 

Ajax [LSE: AJAX], the UK listed special purpose acquisition company with a
focus on natural resources, is pleased to announce its final results and the
publication of its audited annual report for the period from incorporation to
28 February 2022 (the "Annual Report"). A copy of the Annual Report will
shortly be posted on the Company's website, https://www.ajaxresources.com
(https://www.ajaxresources.com/) , and can also be viewed here:

 

http://www.rns-pdf.londonstockexchange.com/rns/4710V_1-2022-8-9.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4710V_1-2022-8-9.pdf)

 

The Company's annual general meeting ("AGM") for the period from incorporation
to 28 February 2022 will be held at 11:00 AM BST on 31 August 2022 at the
offices of Allenby Capital Limited, the Company's Financial Adviser, at 5 St
Helen's Place, London, EC3A 6AB.  A copy of the notice of AGM will be posted
on the Company's website shortly in accordance with the Company's Articles of
Association.

 

Key elements from the Annual Report have been extracted and can be viewed
below.

 

 

- ENDS -

Further Information:

 

 Ajax Resources Plc                           Tel: + 44 (0) 208 146 6345

 Ippolito Cattaneo, Chief Executive Officer   info@ajaxresources.com
 Clear Capital Markets (Corporate Broker)     Tel:  +44 (0)20 3869 6080

 Jonathan Critchley/ Keith Swann              keithswann@clear-cm.co.uk; jonathancritchley@clear-cm.co.uk
 Allenby Capital Limited (Financial Adviser)  Tel: + 44 (0) 203 328 5656

 Nick Harriss                                 n.harriss@allenbycapital.com
 Camarco (Financial PR)                       Tel: +44(0) 20 3757 4996

 Georgia Edmonds / Emily Hall                 emily.hall@camarco.co.uk

Market Abuse Regulation ("MAR") Disclosure

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.

 

 

 

Chairman's Statement

 

I am pleased to report the audited financial statements to shareholders for
the period ended 28 February 2022.

 

During the period, Ajax listed on the Main Market of the London Stock Exchange
on April 7, 2022, having raised a total of £1,342,000 (before expenses)
following Ajax's successful initial public offering ("IPO").

 

Since this time, the Company has been active in reviewing several
opportunities in the natural resources sector focusing on production and
development assets in low-risk jurisdictions, as outlined in the Company's IPO
Prospectus.

 

The Directors, who founded the business, have a significant interest in the
share capital of the Company and look forward to delivering on the commitment
made by shareholders.

 

 

Outlook

 

As we look to our future near-term progress, we are greatly encouraged by the
current energy pricing climate and the many opportunities we believe this has
created for experienced and well-connected management teams. To this end, our
efforts are proactively now centred on identifying and completing an
acquisition with transformational value creation potential for shareholders.

 

The demand for energy, specifically that to be provided through the use of
battery metals including Lithium, Nickel, and Cobalt, is set to increase
exponentially in the years ahead, and the Company is looking to target these
resources to astutely position itself at the forefront of the ongoing energy
transition away from fossil fuels to a low-carbon economy.

 

I would like to thank all shareholders for the support they have shown for the
Company's IPO, and we look forward with enthusiasm to our progress in the near
future.

 

Michael Hutchinson

Non-Executive Chairman

 

9 August 2022

 

 

 

 

 

 

 

 

 

STATEMENT OF COMPREHENSIVE INCOME

 

FOR THE PERIOD FROM 21 JUNE 2021 to 28 FEBRUARY 2022

 

                                                                                Notes  21 June 2021 to 28 February 2022

                                                                                       £

 Revenue                                                                               -
 Cost of sales                                                                         -
 Gross profit                                                                          -

 Administrative expenses                                                                (79,625)
 Operating loss and loss before income tax                                      4      (79,625)

 Taxation                                                                       5      -
 Loss and total comprehensive loss for the period                                      (79,625)

 Loss per share (basic and diluted) attributable to the equity holders (pence)  6      (0.96)

 

STATEMENT OF FINANCIAL POSITION

 

FOR THE PERIOD FROM 21 JUNE 2021 to 28 FEBRUARY 2022

 

                                   Notes       28 February 2022

                                               £

 Current assets
 Receivable from shareholders      8           663,585
 VAT Credit                        8           11,952
 Cash and cash equivalents         9           -
                                               675,537

 Total assets                                  675,537

 Equity

 Ordinary shares                   10          120,000
 Retained earnings/(loss)                      (79,625)
 Total equity                                  40,375

 Current Liability
 Other payables                    11          635,162

 Total equity and liabilities                  675,537

 

STATEMENT OF CASH FLOWS

 

FOR THE PERIOD ENDED 28 FEBRUARY 2022

 

                                                                                 £
     Cash flows from operating activities
                                                                          (79,625)

     Loss before tax

     Increase in receivables                                              (11,952)
     Increase in payables                                                 10,162
     Net cash used in operating activities                                (81,415)

     Cash flows from investing activities                                 -
     Net cash used in investing activities                                -

     Cash flows from financing activities
     Proceeds from the issue of ordinary shares (net of issue costs)      81,415
     Net cash from financing activities                                   81,415
     Net increase / (decrease) in cash and cash equivalents               -
     Cash and cash equivalents at the start of the period                 -
     Cash and cash equivalents at the end of the period                   -

 

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