REG - Ajax Resources PLC - Half-Yearly Report and Proposed GM

Ajax ResourcesAnnouncement

27/11/2023 07:00

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RNS Number : 6763U  Ajax Resources PLC  27 November 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

27 November 2023

AJAX RESOURCES PLC

 

("Ajax" or the "Company")

 

Half-Yearly Report for the 6 months to 31 August 2023

Proposed General Meeting

 

The Board of Directors of Ajax (the "Board"), the UK listed special purpose
acquisition company with a focus on natural resources [LSE: AJAX], announces
its half-yearly results for the 6 months to 31 August 2023 (the "Interim
Results"), and, in addition, its intention to seek approval from shareholders
for an extension of its investment policy (the "Policy").

 

Interim Results

 

The Board is pleased to announce the Company's unaudited financial results for
the 6 months to 31 August 2023. A full copy of the Interim Results can be
viewed at:

 

http://www.rns-pdf.londonstockexchange.com/rns/6763U_1-2023-11-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6763U_1-2023-11-27.pdf)

 

A copy can also be viewed on the National Storage Mechanism and on the
Company's website:

 

(https://www.ajaxresources.com/investors/key-documents/#tabs-financial-statements
(https://www.ajaxresources.com/investors/key-documents/#tabs-financial-statements)
)

 

Key elements of the Interim Results can also be viewed below.

 

Proposed General Meeting

 

In the Company's prospectus published at the time of its admission to trading
on the Main Market of the London Stock Exchange on 7 April 2022 (the
"Prospectus"), the Board undertook that if a suitable acquisition target was
not identified within 18 months, then it would either seek a one-year
extension or a winding up of the Company.

 

The Board unanimously proposes to shareholders that a one-year extension to
the Policy is approved and intends to call a General Meeting during February
2024.

 

A copy of the Prospectus can be viewed on the Company's website at:

 

https://www.ajaxresources.com/investors/key-documents/#tabs-admission-documents
(https://www.ajaxresources.com/investors/key-documents/#tabs-admission-documents)

 

 

- ENDS -

 

 

 

For further information:

 

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

 Ippolito Cattaneo, Chief Executive Officer   info@ajaxresources.com
 Allenby Capital Limited (Financial Adviser)  Tel: + 44 (0) 203 328 5656

 Nick Harriss / Daniel Dearden-Williams       n.harriss@allenbycapital.com

                                              d.dearden-williams@allenbycapital.com

 

 

Chairman's Statement

 

The Company has continued to make good progress towards successfully
identifying an acquisition in the natural resources sector.

 

Ajax has been evaluating various advanced gold and copper exploration
opportunities across several jurisdictions, as well as certain metal recovery
projects located in Central Asia utilizing innovative, environmentally
friendly technologies capable of generating significant profitability.

 

We have continued, in view of our current development stage, to maximise cost
control in keeping expenditure to a minimum.

 

It is our belief that we are now potentially not far from finding an
opportunity that satisfies our development criteria, and we consider the
gradual recovery in UK market sentiment to constitute an auspicious backdrop
for our potential near-term progress.

 

We thank shareholders for their continued trust and support as we deliver on
our mandate.

 

Michael Hutchinson

Non-Executive Chairman

November 27, 2023

 

 

 

Principal Financial Statements

 

The notes to the financial statements form an integral part of these financial
statements and can be viewed through the link above.

 

 

STATEMENT OF COMPREHENSIVE INCOME

 

                                                            Notes  31/08/2023                      31/08/2022

                                                                   Unaudited 6 months     £        Unaudited 6 months     £

 Revenues                                                          -                               -
 Cost of sales                                                                                     -
 Gross profit                                                      -                               -

 Other interest receivable                                         28,120                          -
 Administrative expenses                                           (124,128)                       (97,876)
 Operating loss and loss before income tax                  4                                      (97,876)

                                                                   (96,008)

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

                                                                   (96,008)

 Loss per share attributable to the equity holders (pence)  6

 Basic

 Diluted                                                           (0.20)                          (0.21)

                                                                   (0.20)                          (0.21)

 

STATEMENT OF FINANCIAL POSITION

 

                                   Notes  31/08/2023           31/08/2022

                                          Unaudited 6 months   Unaudited 6 months

                                               £                    £

 Current assets
 Other receivables                 8      44,425               -
 Negotiable Financial Instruments  8      170,413              -
 VAT Credit                        8      -                    25,884
 Cash and cash equivalents         9      818,124              1,249,546
                                          1,032,962            1,275,430

 Total assets                             1,032,962            1,275,430

 Equity

 Ordinary shares                   10     468,125              1,436,660
 Share Premium Reserve             10     1,019,035
 Options & Warrants                10     518,200
 Retained earnings/(loss)                                      (177,501)

                                          (1,035,350)
 Total equity                             970,010              1,259,159

 Current Liabilities
 Other payables                    11     62,952               16,271

 Total equity and liabilities             1,032,962            1,275,430

 

STATEMENT OF CASH FLOWS

 

                                                                  31/08/2023                                     31/08/2022
                                                                  Unaudited 6 months                             Unaudited 6 months
                                                                  £                                                £
 Cash flows from operating activities

 Loss before tax                                                  (96,008)                                       (97,876)
 Increase in receivables                                          18,581                                         11,952
 Increase in payables                                                                 46,681                                          (6,109)
 Change in working capital                                                       (256,125)                                                   -
 Net cash used in operating activities                            (261,027)                                                    (92,033)

 Negotiable Financial Instruments                                 (170,413)
 Cash flows from investing activities                             (170,413)                                                                  -
 Net cash used in investing activities                            (170,413)                                                                  -

 Cash flows from financing activities
 Proceeds from the issue of ordinary shares (net of issue costs)                 -                                                 1,341,579
 Net cash from financing activities                                                  -                                             1,341,579
 Net increase / (decrease) in cash and cash equivalents                            (431,422)                                     1,249,546
 Cash and cash equivalents at the start of the period                               1,249,546                     -
 Cash and cash equivalents at the end of the period                                  818,124                                     1,249,546

 

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