REG - Red Rock Resources - Final Results for the year ended 30 June 2014 <Origin Href="QuoteRef">RRR.L</Origin> - Part 2

Red Rock ResourcesAnnouncement

21/11/2014 11:22

- Part 2: For the preceding part double click  ID:nRSU6925Xa 

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the general macroeconomic environment and downturn. Hence, the metric obtained
can be directly applied for use in the valuation of the Company's assets in
Kenya.   The average valuation of this group was US$39 per ounce of gold in
the ground.  Using this metric implies that the Company's share in the Kenya
asset is worth US$23.26m and thus, no impairment is currently required.
Management believe that the receivable balance will be repaid by Mid Migori
Mining Company Limited once gold is being produced from the asset or from the
proceeds of a possible sale or other transaction involving the assets. 
Further, the Company has invested considerable time and resources to develop
the project to date and maintains good relations with the Kenyan Ministry of
Mines and has no information to currently to indicate that the exploration
licences on the tenements will not be successfully renewed. 
 
2 Loss per share 
 
The basic loss per share is derived by dividing the loss for the year
attributable to ordinary shareholders of the Parent by the weighted average
number of shares in issue. 
 
Diluted loss per share is derived by dividing the loss for the year
attributable to ordinary shareholders of the Parent by the weighted average
number of shares in issue plus the weighted average number of Ordinary shares
that would be issued on conversion of all dilutive potential Ordinary shares
into Ordinary shares. 
 
The following reflects the loss and share data used in the basic and diluted
earnings per share computations: 
 
                                                                                                           2014           2013           
 Loss attributable to equity holders of the parent from continuing operations                              £(3,768,558)   £(16,970,623)  
 Loss attributable to equity holders of the parent from discontinued operations                            £(275,226)     £(2,705,666)   
 Loss attributable to equity holders of the Parent                                                         £(4,043,784)   £(19,676,289)  
 Weighted average number of Ordinary shares of £0.001 in issue                                             1,518,425,648  1,076,285,074  
 Loss per share - basic                                                                                    (0.27) pence   (1.83) pence   
 Weighted average number of Ordinary shares of £0.001 in issue inclusive of outstanding dilutive options*  1,518,425,648  1,076,285,074  
 Loss per share - fully diluted                                                                            (0.27) pence   (1.83) pence   
 
 
The weighted average number of shares issued for the purposes of calculating
diluted earnings per share reconciles to the number used to calculate basic
earnings per share as follows: 
 
                                                       2014           2013           
 Loss per share denominator                            1,518,425,648  1,076,285,074  
 Weighted average number of exercisable share options  -              -              
 Diluted loss per share denominator                    1,518,425,648  1,076,285,074  
 
 
In accordance with IAS 33, the diluted earnings per share denominator takes
into account the difference between the average market price of Ordinary
shares in the year and the weighted average exercise price of the outstanding
options. The Group has weighted average share options of 20,590,411 (2013:
24,250,000). These were not included in the calculation of diluted earnings
per share because all the options are not likely to be exercised given that
even the lowest exercise price is substantially higher than the market price
and are therefore non-dilutive for the period presented. 
 
3 These results are audited, however, the financial information does not
constitute statutory accounts as defined under section 434 of the Companies
Act 2006. The consolidated statement of financial position at 30 June 2014 and
the consolidated income statement, consolidated statement of comprehensive
income, consolidated statement of changes in equity and the consolidated cash
flow statement for the year then ended have been extracted from the Group's
2014 statutory financial statements.  The auditors have reported on the 2014
financial statements; their report was unqualified but did contain an emphasis
of matter paragraph on going concern. It contained no statement under sections
498(2) or (3) of the Companies Act 2006. The financial statements for 2014
will be delivered to the Registrar of Companies by 31 December 2014. 
 
4 A copy of the Company's annual report and financial statements for 2014 will
be made available on the Company's website www.rrrplc.com shortly and at the
Annual General Meeting on 23 December 2014; in addition the Annual Report will
be posted to the Shareholders. 
 
This information is provided by RNS
The company news service from the London Stock Exchange