REG - Ajax Resources PLC - Half-year Report

Ajax ResourcesAnnouncement

30/11/2022 18:30

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RNS Number : 0684I  Ajax Resources PLC  30 November 2022

November 30, 2022

AJAX RESOURCES PLC

("Ajax" or the "Company")

Interim Results for the period ended August 31, 2022

Ajax [LSE: AJAX], the UK listed special purpose acquisition company with a
focus on natural resources, is pleased to publish its unaudited interim
financial statements for the six months ended August 31, 2022 (the "Interim
Results"). A copy of the Interim Results will shortly be available for
download on the Company's website, www.ajaxresources.com
(http://www.ajaxresources.com) , and can also be viewed here:

http://www.rns-pdf.londonstockexchange.com/rns/0684I_1-2022-11-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0684I_1-2022-11-30.pdf)

Key elements from the Interim Results 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

 

 

 

Chairman's Statement

The energy transition from fossil fuels towards a low-carbon economy has
created a growing number of attractive opportunities for junior independent
energy companies, both in the renewable and non-renewable domains.

We have maintained an open approach in our assessment of various opportunities
across the natural resource spectrum, ranging from battery metals such as
Lithium and Cobalt, to Critical Metals, as well as Hydrocarbons. This is
because our assessment strategy has been guided by an overreaching attention
towards achieving the most commercially advantageous transaction to achieve
Ajax's long-term growth in accordance with stringent due diligence criteria.

The Company's management is, as outlined in Ajax's IPO prospectus document,
engaged in seeking to identify and acquire a target company or business that
can return significant value to shareholders by enabling Ajax to become a
revenue generating, fully-fledged natural resource production and exploration
entity with significant potential.

I am pleased to report that during the period, in view of our current
development stage, effective cost control has been rigorously enforced and
will continue to be maintained until such time as an acquisition is identified
and completed.

It is the Board's opinion, in consideration of the opportunities currently
under review, that Ajax is well positioned to achieve transformational growth
once it successfully completes an acquisition.

We thank shareholders for their continued support, evidenced by the Company's
recent share price performance, and we look forward to building on this
momentum as we move forward in taking Ajax to the next key milestone in its
development.

Michael Hutchinson, Non-Executive Chairman

November 30, 2022

 

 

 

 

 

 

STATEMENT OF COMPREHENSIVE INCOME

 

                                                                                Notes  31/08/2022                      28/02/2022

                                                                                       Unaudited 6 months     £        Audited FY

                                                                                                                       £

 Revenue                                                                                                               -
 Cost of sales                                                                                                         -
 Gross profit                                                                          -                               -

 Administrative expenses                                                               (97,876)                         (79,625)
 Operating loss and loss before income tax                                      4      (97,876)                        (79,625)

 Taxation                                                                       5                                      -
 Loss and total comprehensive loss for the period                                      (97,876)                        (79,625)

 Loss per share (basic and diluted) attributable to the equity holders (pence)  6                                      (0.66)

                                                                                       (0.21)

 

            The notes to the financial statements form an integral
part of these financial statements.

 

STATEMENT OF FINANCIAL POSITION

 

                               Notes  31/08/2022           28 February 2022

                                      Unaudited 6 months   Audited FY

                                           £               £

 Current assets
 Receivables                   8      -                    663,585
 VAT Credit                    8      25,884               11,952
 Cash and cash equivalents     9      1,249,546            -
                                      1,275,430            675,537

 Total assets                         1,275,430            675,537

 Equity

 Ordinary shares               10     1,436,660            120,000
 Retained earnings/(loss)             (177,501)            (79,625)
 Total equity                         1,259,159            40,375

 Current Liability
 Other payables                       16,271               635,162

 Total equity and liabilities         1,275,430            675,537

 

 

The notes to the financial statements form an integral part of these financial
statements.

 

These financial statements were approved by the board of directors and
recognized for issue on 30 November 2022, and are signed on its behalf by:

 

 

 

Michel Hutchinson

Chairman & Director

 

Company Registration No. 13467546

 

 

 

 

 

 

 

STATEMENT OF CHANGES IN EQUITY

 

 

 

 

                                                     Ordinary          Retained   Total

                                                      share capital    losses

                                                     £                 £          £
 Balance at incorporation at 21 June 2021            12,500            -          12,500

 Share issue                                         107,500           -          107,500
 Loss and total comprehensive loss for the period    -                 (79,625)   (79,625)
 Balance at 28 February 2022                         120,000           (79,625)   40,375

 Share issue                                         1,342,000         -          1,342,000
 Share issue costs                                   (25,340)                     (25,340)
 Loss and total comprehensive income for the period  -                 (97,876)   (97,876)
 Balance at 28 February 2022                         1,436,660         (177,501)  1,259,159

 

 

Share capital is the amount subscribed for shares at nominal value.

 

The retained earnings represent the cumulative results of the company
attributable to equity shareholders.

 

 

 

 

 

STATEMENT OF CASH FLOWS

 

                                                                      31/08/2022              28 February 2022

                                                                      Unaudited 6 months      Audited FY

                                                                        £                     £
 Cash flows from operating activities
                                                                                              (79,625)

 Loss before tax                                                      (97,876)

 (Increase)/Decrease in receivables                                   11,952                  (11,952)
 Increase/(Decrease) in payables                                      (6,109)                 10,162
 Net cash used in operating activities                                (92,033)                (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)      1,341,579               81,415
 Net cash from financing activities                                   1,341,579               81,415
 Net increase / (decrease) in cash and cash equivalents               1,249,546               -
 Cash and cash equivalents at the start of the period                 -                       -
 Cash and cash equivalents at the end of the period                               1,249,546          -

 

 

Cautionary Statement

The Interim Results have been prepared solely to provide additional
information to shareholders to assess the Company's strategy and performance.
The Interim Results should not be relied on by any other party or for any
other purpose.

The Interim Results are unaudited and do not constitute full accounts.

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