REG - Reabold Resources - Half-year Report <Origin Href="QuoteRef">RBDR.L</Origin>

Reabold ResourcesAnnouncement

29/09/2016 16:10

RNS Number : 2470L
Reabold Resources PLC
29 September 2016
29 September 2016
REABOLD RESOURCES PLC
("the Company")
Unaudited Interim Results for six months ended 30 June 2016
Reabold Resources plc (AIM: RBD) the AIM quoted resources investment company announces its unaudited interim results for the six months ended 30 June 2016 ("the Period").
For further information, contact:
Reabold Resources plc
Jeremy Edelman (Executive Chairman)
Anthony Samaha (Executive Director)
+44 (0) 20 7440 0640
Beaumont Cornish Limited
Roland Cornish
+44 (0) 20 7628 3396
Felicity Geidt
CHAIRMAN'S STATEMENT
The Board has continued to be active in the identification and evaluation of investment opportunities in various sectors towards the objective of an acquisition that drives creation of value for stakeholders. 
Placement
The Board was pleased to announce on 8 January 2016 the placement by the Company of 40,000,000 new Ordinary Shares of 0.1p each in the Company at a price of 0.5p per share, to a new strategic investor, to raise 200,000 for working capital purposes. 
Mogul Ventures Corp. Investment
The Company holds 5 million shares in Mogul Ventures Corp. ("Mogul"), a private company focused on natural resources in Mongolia, principally in tin. Reabold's holding in Mogul amounts to a 4.2% undiluted interest.
On 29 April 2016, Knowlton Capital Inc ("Knowlton"), a TSX-V listed company, announced the termination of the agreement to acquire all of the issued and outstanding shares of Mogul to pursue another reverse take-over transaction. Notwithstanding the termination of the transaction with Knowlton, the management and key stakeholders in Mogul remain positive towards Mogul's future in the public markets under improved market conditions. Mogul is in discussions as to alternative financing routes, including other listed shell companies with the prerequisite cash.
In Q4 2015, Mogul conducted a drilling program to collect samples for metallurgical test work at Mogul's Oortsog Ovoo tin-polymetallic project. Mogul believes the program will be important in significantly de-risking the project. Composite samples have been delivered to the ALS Burnie laboratory in Tasmania to assay samples and conduct magnetic and gravity separation trials. Mogul has been informed that the mineralization has very little sulfides so there will most likely be no need for flotation. Steinert Australia will conduct pre-concentration trials as well as a separate magnetic separation trials using their equipment. 


Financial Review
The loss of the Company for the 6 months ended 30 June 2016 was 55,000 (2015: loss of 34,000) in line with expectations. The net assets as at 30 June 2016 were 569,000 (2015: 294,000). 
As at 30 June 2016, the Company had cash of 384,000. 
Outlook
Having successfully raised further capital, the Board is moving forward positively to drive shareholder value through the investment strategy. Whilst the Board believes there are positive cyclical investment opportunities in resources stocks, they may be subject to significant volatility in financial markets and commodity prices, as well as other potential risk areas, including operational, geological, environmental, sovereign issues and access to capital. The Board will evaluate investment opportunities in other sectors as they arise. The Board is positive towards the outlook for quality investment opportunities.
The Board looks forward to reporting further in due course.
This report was approved by the Board and signed on its behalf:
Jeremy Edelman
Chairman
29 September 2016


STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2016


Unaudited 
Unaudited 
Audited

6 months to
6 months to
12 months to

30-Jun-16
30-Jun-15
31-Dec-15
Notes
'000
'000
'000










Other operating income

-
-
-
Administration expenses

(55)
(34)
(104)





Operating loss


(55)
(34)
(104)







Finance income


-
-
-
Finance costs


-
-
-







Loss on ordinary activities before taxation

(55)
(34)
(104)





Taxation on loss on ordinary activities

-
-
-





Loss for the financial period

(55)
(34)
(104)







Other comprehensive income

-
-
-





Total comprehensive income for the period
(55)
(34)
(104)







Attributable to:





Equity holders

(55)
(34)
(104)


(55)
(34)
(104)







Earnings per share




Basic and diluted loss per share (pence)
2
(0.02)
(0.01)
(0.04)







STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016


Unaudited 
Unaudited 
Audited


30-Jun-16
30-Jun-15
31-Dec-15

Notes
'000
'000
'000
ASSETS




Non-current assets




Investments available for sale
3
200
200
200


200
200
200
Current assets




Cash

384
157
481
Trade and other receivables

3
3
1


387
160
482





Total assets

587
360
682





EQUITY




Capital and reserves




Share capital
4
435
355
395
Share premium account

8,451
8,131
8,291
Advance received for shares to be issued

-
-
200
Capital redemption reserve

200
200
200
Retained earnings

(8,517)
(8,392)
(8,462)
Total equity

569
294
624





LIABILITIES




Current liabilities




Trade and other payables

18
66
58


18
66
58





Total liabilities

18
66
58
Total equity and liabilities

587
360
682


CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2016


Unaudited

Unaudited

Audited


6 months to

6 months to

12 months to


30-Jun-16

30-Jun-15

31-Dec-15

Note
'000

'000

'000
Cash flows from operating activities






Loss before taxation

(55)

(34)

(104)







Adjustments

-

-

-







Operating cash flows before movement in working capital

(55)

(34)

(104)







Decrease/(increase) in receivables

(3)

(1)

1
Increase/(decrease) in payables

(40)

(4)

(12)







Net cash used in operating activities

(97)

(39)

(115)







Net cash flows from investment activities

-

-

-







Cash flows from financing activities






Share placement received

-

-

200
Advance received for shares to be issued

-

-

200
Net cash generated from financing activities

-

-

400







Net increase/(decrease) in cash and cash equivalents

(97)

(39)

285







Cash and cash equivalents at the beginning of the period

481

196

196







Cash and cash equivalents at the end of the period

384

157

481
Cash and cash equivalents comprises the following: 






Cash and cash equivalents

384

157

481


384

157

481


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2016

Share
Capital
Share Premium
Advance received for shares to be issued
Capital Redemption Reserve
Retained Earnings
Total

'000
'000

'000
'000
'000
'000







Balance 31 December 2014 - audited
355
8,131
-
200
(8,358)
328
Total comprehensive income for period
-
-
-
-
(34)
(34)
Changes in equity for period to 30 June 2015






Issue of share capital
-
-
-
-
-
-







Balance 30 June 2015 - unaudited
355
8,131
-
200
(8,392)
294







Total comprehensive income
-
-
-
-
(70)
(70)
Changes in equity for period to 31 December 2015






Issue of share capital
40
160
-
-
-
200
Advance received for shares to be issued
-
-
200
-
-
200







Balance 31 December 2015 - audited
395
8,291
200
200
(8,462)
624







Total comprehensive income
-
-
-
-
(55)
(55)
Changes in equity for period to 30 June 2016






Issue of share capital
40
160
-
-
-
200
Advance received for shares to be issued
-
-
(200)
-
-
(200)







Balance 30 June 2016 - unaudited
435
8,451
-
200
(8,517)
569

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2016
1. Basis of preparation
These interim financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2015 Annual Report. The financial information for the half years ended 30 June 2016 and 30 June 2015 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and is unaudited.
The annual financial statements of Reabold Resources Plc are prepared in accordance with IFRSs as adopted by the European Union. The comparative financial information for the year ended 31 December 2015 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2015 have been filed with the Registrar of Companies. The Independent Auditors' Report on that Annual Report and Financial Statement for 2015 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
After making enquiries, the directors have a reasonable expectation that the Company have adequate resources and support from key shareholders to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly financial statements.
The same accounting policies, presentation and methods of computation are followed in these condensed financial statements as were applied in the Company's latest annual audited financial statements, with additional information in respect of significant accounting policies disclosed below. 
The IASB has issued a number of IFRS and IFRIC amendments or interpretations since the last annual report was published. It is not expected that any of these will have a material impact on the Company.
2.Loss per share
The calculations of the basic and diluted earnings per share are based on data the following:
Unaudited
6 months to
30-Jun-16
'000
Unaudited 
6 months to 30-Jun-15
'000
Audited
12 months to 31-Dec-15
'000
Loss for the year
(55)
(34)
(104)




Loss for the purpose of basic earnings per share
(55)
(34)
(104)




Number of shares



Weighted average number of ordinary shares in issue during the year
317,816,913
240,915,896
251,682,611
Effect of dilutive options
-
-
-
Effect of dilutive long-term incentive plan
-
-
-
Effect of dilutive deferred consideration
-
-
-
Effect of shares held in treasury
-
-
-




Diluted weighted average number of ordinary shares in issue during the year
317,816,913
240,915,896
251,682,611




(Loss)/profit/earnings per share



Basic (loss)/profit/earnings per share (pence)
(0.02)
(0.01)
(0.04)




3.Investments available for sale


Unaudited
Unaudited
Audited


30-Jun-16
'000
30-Jun-15
'000
31-Dec-15
'000
Opening cost

200
200
200
Additions at cost

-
-
-
Disposals

-
-
-
Closing cost

200
200
200
4.Called up share capital

30-Jun-16
No. shares
30-Jun-15
No. shares
31-Dec-15
No. shares
Ordinary shares



Opening ordinary shares of 0.10 pence each
280,915,896
240,915,896
240,915,896
Issue of new ordinary shares of 0.10 pence each
40,000,000
-
40,000,000
Closing ordinary shares of 0.10 pence each
320,915,896
240,915,896
280,915,896




"A" Deferred Share



Opening "A" Deferred Share of 1.65 pence each
6,915,896
6,915,896
6,915,896
Capital reorganisation and consolidation
-
-
-
Closing "A" Deferred Share of 1.65 pence each
6,915,896
6,915,896
6,915,896





30-Jun-16
'000
30-Jun-15
'000
31-Dec-15
'000
Ordinary shares



Opening ordinary shares of 0.10 pence each
281
241
241
Issue of new ordinary shares of 0.10 pence each
40
-
40
Closing ordinary shares of 0.10 pence each
321
241
281




"A" Deferred Share



Opening "A" Deferred Share of 1.65 pence each
114
114
114
Capital reorganisation and consolidation
-
-
-
Closing "A" Deferred Share of 1.65 pence each
114
114
114
At 30 June 2016 no share options were outstanding (2015: nil).
On 18 September 2015, the Company issued 40,000,000 new ordinary shares of 0.1p each at a price of 0.5p per share raising 200,000 in funds for working capital purposes.
On 8 January 2016, the Company announced the placement of 40,000,000 ordinary shares at 0.5 pence per share to raise gross proceeds of 200,000 to provide additional working capital for the Company. The funds in respect of this placement were received prior to 31 December 2015.
5.Events after the reporting period
There were no disclosable events after the reporting period to the date of this announcement.


6.General Information
Reabold Resources Plc is a company registered in England and Wales under the Companies Act. Registered in England number 3542727 at 200 Strand, London WC2R 1DJ. The principal activity of the Company is that of an investing company in accordance with the AIM Rules for Companies.
7.Availability of this announcement
Copies of this announcement are available from the Company's website www.reabold.com.

This information is provided by RNS
The company news service from the London Stock Exchange
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