REG - Critical Metals PLC - Clarification re: Interim Results
23/08/2022 07:00
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RNS Number : 8313W Critical Metals PLC 23 August 2022
Critical Metals plc / EPIC: CRTM / Market: Main Market / Sector: Closed End
Investments
23 August 2022
Critical Metals plc ("Critical Metals" or the "Company")
Clarification re: Interim Results
Critical Metals plc, an investment company established to target opportunities
in the critical and strategic metals sector, notes that its interim results
for the six-month period ended 31 December 2021 as reported on 25 April 2022,
incorrectly reported in the title of the interim financial statements as
standalone company interim financial statements, when in fact it should have
referred to consolidated interim financial statements.
It should be note that there is nil change to any of the results presented,
with the correct caption interim financial statements referred below.
For further information on the Company please visit www.criticalmetals.co.uk
(http://www.criticalmetals.co.uk/) or contact:
Russell Fryer Critical Metals plc Tel: +44 (0)20 7236 1177
Rory Murphy / James Bellman Strand Hanson Limited Tel: +44 (0)20 7409 3494
Financial Adviser
Lucy Williams / Heena Karani Peterhouse Capital Limited, Corporate Broker Tel: +44 (0)20 7469 0936
Tel: +44 (0)20 7469 0933
Catherine Leftley / Isabelle Morris St Brides Partners Ltd, Tel: +44 (0)20 7236 1177
Financial PR
Consolidated statement of Comprehensive Income for the six months ended 31
December 2021
Notes 6 months to 31 December 2021 (unaudited) 6 months to 31 December 2020 (unaudited) 12 months to 30 June 2021 (audited)
£ £ £
Revenue
Revenue from continuing operations - - -
- - -
Expenditure
Costs associated with listing - (64,574) (122,306)
Other expenses (284,554) (87,537) (225,278)
(284,554) (152,111) (347,584)
Loss on ordinary activities before taxation (284,554) (152,111)
(347,584)
Taxation on loss on ordinary activities - - -
Total comprehensive income for the year attributable to the owners of the (284,554) (152,111) (347,584)
company *
Earnings per share (basic and diluted) attributable to the equity holders 3 (0.68) (0.68) (1.18)
(pence)
* There were no items of other comprehensive income
The consolidated statement of comprehensive income has been prepared on the
basis that all operations are continuing operations.
Notes 31 December 2021 (unaudited) 31 December 2020 (unaudited) 30 June 2021 (audited)
£ £ £
CURRENT ASSETS
Trade and other receivables 139,702 24,483 17,851
Cash at bank and in hand 1,069,770 630,148 1,483,544
1,209,473 654,631 1,501,395
TOTAL ASSETS 1,209,472 654,631 1,501,395
CURRENT LIABILITIES
Trade and other payables 23,686 77,269 31,055
TOTAL LIABILITIES 23,686 77,269 31,055
NET ASSETS 1,185,786 577,362 1,470,340
EQUITY
Called up share capital 4 208,298 151,503 208,298
Share premium account 4 1,735,315 749,497 1,735,315
Share based payment reserve 5 45,838 - 45,838
Retained earnings (803,665) (323,638) (519,111)
TOTAL EQUITY 1,185,786 577,362 1,470,340
Consolidated statement of Financial Position for the six months ended 31
December 2021
Issued Share Capital Share Premium Retained Earnings Total Equity
SBP Reserve
£ £ £ £ £
As at 1 July 2020 71,428 68,572 - (171,527) (31,527)
Total comprehensive income for the period - - - (152,111) (152,111)
Shares issued during the period 80,075 720,675 - - 800,750
Shares issue costs - (39,750) - - (39,750)
As at 31 December 2020 151,503 749,497 - (323,638) 577,362
Total comprehensive income for the period - - - (195,473) (195,473)
Shares issued during the period 56,795 985,818 - - 1,042,613
Warrants issued during the period - - 45,838 - 45,838
As at 30 June 2021 208,298 1,735,315 45,838 (519,111) 1,470,340
Total comprehensive income for the period - - - (284,554) (284,554)
As at 31 December 2021 208,298 1,735,315 45,838 (803,665) 1,185,786
Consolidated statement of Changes in Equity for the six months ended 31
December 2021
Share capital Amount subscribed for share capital at nominal value.
Share premium Amount subscribed for share capital in excess of nominal value.
SBP reserve Cumulative charge recognised under IFRS 2 in respect of share-based payment
awards.
Retained earnings Cumulative other net gains and losses recognised in the financial statements.
Consolidated statement of Cashflow for the six months ended 31 December 2021
31 December 2021 (unaudited) 31 December 2020 (unaudited) 30 June 2021 (audited)
£ £ £
Cash from operating activities
Loss for the year (284,554) (152,111) (347,584)
Adjustments for:
Operating cashflow before working capital movements (284,554) (152,111) (347,584)
Increase in trade and other receivables (106,596) (24,066) (17,435)
Decrease increase in trade and other payables (22,624) (16,747) (62,960)
Net cash used in operating activities (413,774) (192,924) (427,979)
Cash from financing activities
Proceeds on the issue of shares - 761,000 1,849,451
Net cash from financing activities - 761,000 1,849,451
- - -
Net (decrease) / increase in cash and cash equivalents (413,774) 568,076 1,421,472
Cash and cash equivalents at beginning of year 1,483,544 62,072 62,072
Cash and cash equivalents at end of period 1,069,770 630,148 1,483,544
Notes to the financial statements for the 6 months ended 31 december 2021
1. General Information
The condensed consolidated interim financial statements of Critical Metals plc
(the "Company") and its subsidiary (together the "Group") for the six-month
period ended 31 December 2021 have been prepared in accordance with Accounting
Standard IAS 34 Interim Financial Reporting.
The interim report does not include all the notes of the type normally
included in an annual financial report. Accordingly, this report is to be read
in conjunction with the annual report for the year ended 30 June 2021, which
was prepared in accordance with UK adopted International Accounting Standards
(IFRS) and the Companies Act 2006, and any public announcements made by
Critical Metals plc during the interim reporting period and since.
These condensed consolidated interim financial statements do not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The
Group's statutory financial statements for the year ended 30 June 2021
prepared under IFRS have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain a statement under Section 498(2) of the Companies Act 2006. These
condensed interim financial statements have not been audited.
Basis of preparation - going concern
The interim consolidated financial statements have been prepared under the
going concern assumption, which presumes that the Group will be able to meet
its obligations as they fall due for the foreseeable future.
At 31 December 2021 the Group had cash reserves of £1,069,770 (30 June 2021:
£1,483,544 / 31 December 2020: £630,148).
The Directors have made an assessment of the Group's ability to continue as a
going concern and are satisfied that the Group has adequate resources to
continue in operational existence for the foreseeable future. The Group,
therefore, continues to adopt the going concern basis in preparing its
consolidated financial statements.
The financial information of the Group is presented in British Pounds Sterling
(£).
Accounting policies
IAS 8 requires that management shall use its judgement in developing and
applying accounting policies that result in information which is relevant to
the economic decision-making needs of users, that are reliable, free from
bias, prudent, complete and represent faithfully the financial position,
financial performance and cash flows of the entity.
The accounting policies adopted are consistent with those of the previous
financial year and corresponding interim reporting period.
Critical accounting estimates and judgements
The preparation of interim consolidated financial information requires
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and
liabilities and the reported amounts of income and expenses during the
reporting period. Although these estimates are based on management's best
knowledge of current events and actions, the resulting accounting estimates
will, by definition, seldom equal related actual results.
In preparing the interim financial information, the significant judgements
made by management in applying the Group's accounting policies and the key
sources of estimation uncertainty were the same as those that applied to the
financial statements for the year ended 30 June 2021.
1.1. New and amended standards adopted by the Group
A number of new or amended standards became applicable for the current
reporting period. These new/amended standards do not have a material impact on
the Group, and the Group did not have to change its accounting policies or
make retrospective adjustments as a result of adopting these standards.
The Group is not affected materially by the effects of seasonality. Regardless
of this fact comparative figures to the period ending 31 December 2020 have
been included for comparability and increase the comprehensibility of the
financial statements.
The directors have concluded that there are no key assumptions concerning the
future and other key sources of estimation uncertainty at the reporting date
that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year.
2. Segmental analysis
The Group manages its operations in one segment, being seeking a suitable
investment. The results of this segment are regularly reviewed by the board as
a basis for the allocation of resources, in conjunction with individual
investment appraisals, and to assess its performance.
3. EARNINGS per share
The calculation of the basic and diluted earnings per share is calculated by
dividing the profit or loss for the year by the weighted average number of
ordinary shares in issue during the year
6 months to 31 December 2021 6 months to 31 December 2020 12 months to 30 June 2021
Loss for the year from continuing operations - £ (284,554) (152,111) (347,584)
Weighted number of ordinary shares in issue 41,659,735 22,380,252 29,398,013
Basic earnings per share from continuing operations - pence (0.68) (0.68) (1.18)
There is no difference between the diluted loss per share and the basic loss
per share presented. Share options and warrants could potentially dilute basic
earnings per share in the future but were not included in the calculation of
diluted earnings per share as they are anti-dilutive for the year presented.
At period end 9,240,714 warrants were in issue giving the rights to purchase
shares on a 1:1 basis.
4. Share capital and share premium
Number of Shares on Issue Share Capital £ Share Premium £ Total £
Balance at 30 June 2020 14,285,714 71,428 68,572 140,000
Ordinary shares of £0.005 each issued at par on 29 Sep 2020 16,015,000 80,075 720,675 800,750
Share issue expenses in period - (39,750) (39,750)
Balance at 31 December 2020 30,300,714 151,503 749,497 901,000
Exercise of £0.10 warrants during the year 10,450,000 52,250 992,750 1,045,000
Exercise of £0.05 warrants during the year 909,021 4,545 40,906 45,451
Cost of share issues - - (47,838) (47,838)
Balance at 30 June 2021 41,659,735 208,298 1,735,315 1,943,613
Balance at 31 December 2021 41,659,735 208,298 1,735,315 1,943,613
The Company has only one class of share. All ordinary shares have equal voting
rights and rank pari passu for the distribution of dividends and repayment of
capital.
5. SBP RESERVE
As at
30 December 2021 £
Broker & advisory placing warrants Issued ( ) 45,838
At 31 December 2021 45,838
On 29 September 2020, the Company issued 1,265,000 warrants to various
advisors along with 909,021 warrants to Peterhouse Capital as broker for
services rendered prior to admission, valid for 24 months from Admission to
subscribe for ordinary shares at 0.05p per share.
On 29 September 2020, the Company also issued 140,000 warrants to various
advisors for services rendered prior to Admission, valid for 24 months from
Admission to subscribe for ordinary shares at 0.10p per share.
The fair value assigned to the advisor and broker warrants for the period
ending 30 June 2021 was £45,838 (2020: £nil) The referred value above was
calculated using the Black Scholes pricing model and the inputs into the model
were as follows:
Date of grant Number of warrants Share Price Exercise Price Expected volatility Expected life Risk free rate Expected dividends
29 Sep 2020 1,265,000 £0.05 £0.05 50.00% 2 0.01% 0.00%
29 Sep 2020 140,000 £0.05 £0.10 50.00% 2 0.01% 0.00%
6. Events subsequent to PERIOD end
There were no events subsequent to period end requiring disclosure.
A copy of these results is available on the Company's website at www.critical
metals.co.uk.
**ENDS**
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