REG - Red Rock Resources - Interim Results <Origin Href="QuoteRef">RRR.L</Origin> - Part 2
25/03/2015 10:10
- Part 2: For the preceding part double click ID:nRSY4209Ia
(316,831) 64,285
(684,143) 192,618
(Loss)/profit per share attributable to owners of the parent:
Basic (0.02 ) pence 0.01 pence
Diluted (0.02 ) pence 0.01 pence
Half-yearly report notesfor the period ended 31 December 2014, continued 5 Discontinuing operations continued The major classes of assets and liabilities classified as held for sale are as follows: 31 December 31 December
2014 2013
Group £ £
Assets
Property, plant and equipment 4,453,278 -
Investment in joint venture - 3,168,735
Inventory 72,499 -
Trade and other receivables 1,931,928 -
Cash and cash equivalents 5,351 -
Assets classified as held for sale 6,463,056 3,168,735
Liabilities
Trade and other payables 1,466,043 -
Borrowings 2,443,318 -
Deferred tax liabilities 934,391 -
Liabilities directly associated with assets classified as held for sale 4,843,752 -
Net assets classified as held for sale 1,619,304 3,168,735
Non-controlling interest directly associated with disposal group held for sale 256,369 -
Net assets classified as held for sale attributable to owners of the parent 1,875,673 3,168,735
The asset held for sale as at 31 December 2013 relates to a portion of the
Group's interest on an investment in joint venture. Changes to a plan of sale
resulted in the asset no longer meeting the criteria of an asset held for sale
and the Group therefore subsequently ceased to classify it as such.
The net cash flows of discontinuing operations are as follows:
31 December 31 December
2014 2013
£ £
Operating
207,660
-
Investing
(18,319) -
Financing
(188,441)
-
Net cash inflows 900 -
Half-yearly report notes
for the period ended 31 December 2014, continued
6 Property plant and equipment
Mines £ Field equipmentand machinery £ Fixtures andfittings £ Assets underconstruction£ Total£
31 December 2013
Cost
At 1 July 2013 12,970,084 968,148 88,097 402,546 14,428,875
Additions - 11,692 1,710 - 13,402
Disposals - (60,407) (4,876) - (65,283)
Currency exchange (231,389) (71,393) (4,544) (30,779) (338,105)
At 31 December 2013 12,738,695 848,040 80,387 371,767 14,038,889
Depreciation and impairment
At 1 July 2013 (5,926,741) (280,674) (47,935) - (6,255,350)
Depreciation charge (330,248) (58,873) (8,645) - (397,766)
Disposals - 19,682 4,492 - 24,174
Currency exchange 4,299 22,185 2,340 - 28,824
At 31 December 2013 (6,252,690) (297,680) (49,748) - (6,600,118)
Net book value
At 31 December 2013 6,486,005 550,360 30,639 371,767 7,438,771
31 December 2014
Cost
At 1 July 2014 - 34,607 28,649 - 63,256
Additions - - - - -
Disposals - - (842) - (842)
Currency exchange - - - - -
At 31 December 2014 - 34,607 27,807 - 62,414
Depreciation and impairment
At 1 July 2014 - (31,980) (26,176) - (58,156)
Depreciation charge - (1,970) (1,103) - (3,073)
Disposals - - 842 - 842
Currency exchange - - - - -
At 31 December 2014 - (33,950) (26,437) - (60,387)
Net book value
At 31 December 2014 - 657 1,370 - 2,027
Half-yearly report notes
for the period ended 31 December 2014, continued
7 Available for sale financial assets
31 December 2014£ 31 December 2013£
At 1 July 1,583,984 3,136,448
Additions -
Disposals (10,070) (1,705,997)
Revaluation adjustment (161,826) 51,316
Impairment - (469,446)
At 31 December 1,412,088 1,012,321
8 Share Capital of the company
Number Nominal £
Allotted and fully paid during the period
As at 30 June 2014 1,934,587,543 1,934,588
Issued 11 August 2014 at 0.2257 pence per share 97,363,903 97,364
Issued 29 August 2014 at 0.20 pence per share 100,000,000 100,000
Issued 18 September 2014 at 0.22 pence per share 76,056,779 76,057
Issued 25 November 2014 at 0.1686 pence per share 163,107,947 163,108
As at 31 December 2014 2,371,116,172 2,371,117
9 Capital Management
Management controls the capital of the Group in order to control risks, provide the shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going concern.The Group's debt and capital includes ordinary share
capital and financial liabilities, supported by financial assets.There are no externally imposed capital requirements.Management effectively manages the Group's capital by assessing the Group's financial risks and adjusting its capital structure in
response to changes in these risks and in the market. These responses include the management of debt levels, distributions to shareholders and share issues.There have been no changes in the strategy adopted by management to control the capital of the Group
since the prior period.
10 Subsequent events
· On 6 January 2015 the Company announced that it had agreed to issue an
unsecured convertible loan note of US$550,000 to MG Partners II Limited. The
notes yield 4% per annum, have a maturity of 12 months, and are able to be
converted into ordinary shares from 60 days after issue. The conversion price
on each conversion will be the lower of a 10% discount to the average of the
three lowest VWAPs over the 15 trading days immediately preceding the date of
the conversion, or a price per share of 0.5p at the option of MG Partners II
Limited. The notes fall due on 1 January 2016 if not previously converted.
· On 18 February 2015 the Company announced that Resource Star Limited
('RSL') has terminated its agreement to acquire Cloud Lands Digital Fortress
Limited. In addition, RSL announced a placement of up to 105,974,534 fully
paid ordinary shares at a price of AU$0.006 per share, with 1 for 2 free
attaching Options ("Placement"), to raise up to AU$636,000 before costs,
conditional on RSL shareholder approval. Mathew Walker, a Director of RSL
will, subject to shareholder approval make an additional subscription of 50
million shares and 25 million Options, on the same terms and conditions as the
Placement.
Half-yearly report notes
for the period ended 31 December 2014, continued
10 Subsequent events continued
· On 2 March 2015 the Company announced that it has completed a placing
with clients of Dowgate Capital Stockbrokers Limited and others of 87,500,00
ordinary shares of 0.01p each in the Company at a price of 0.08p per Share.
The gross proceeds of the Subscription are £70,000.
· On 6 March 2015 the Company announced that MG Partners II Ltd has
converted US$7,500 of its US$550,000 unsecured Convertible Notes, which are
due for repayment on 1 January 2016, into 6,117,455 ordinary shares of 0.01
pence each in the Company, at a price of £0.000798 per share. Additionally,
the Company has issued a total of 9,022,556 ordinary shares of 0.01p at a
price of £0.000798 per share to a supplier in respect of services rendered.
· On 19 March 2015 the Company announced that it had raised total funds
of £1,000,000 before expenses via a share placing with clients of Cornhill
Capital Limited with the issue of 1,538,461,538 ordinary shares of 0.01p at a
price of £0.00065 per share . The proceeds of the placing are to be used for
gold exploration in Ivory Coast and the prepayment in full of YA Global
convertible and debt and UK Bond Network bonds.
· On 19 March 2015 the Company also announced that MG Partners II Ltd has
converted a further US$7,500 of its US$550,000 unsecured Convertible Notes,
which are due for repayment on 1 January 2016, into 7,598,784 ordinary shares
of 0.01 pence each in the Company, at a price of £0.00066554 per share.
· On 25 March 2015the Company also announced that MG Partners II Ltd has
converted a further US$200,000 of its US$550,000 unsecured Convertible Notes,
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