REG - Paternoster Res. - Final results for the year ended 31 December 2015 <Origin Href="QuoteRef">PRSPA.L</Origin> - Part 2
15/06/2016 12:30
- Part 2: For the preceding part double click ID:nRSO2892Ba
BASIC AND FULLY DILUTED:
- Basic and fully diluted loss per share from continuing and total operations (0.044p) (0.021p)
For 2015 and 2014 the share options in issue are anti-dilutive in respect of the loss per share calculation and have therefore not been included.
10 INVESTMENTS HELD FOR TRADING
2015 2014
£ £
At 1 January - fair value 2,291,761 2,028,984
Acquisitions 663,828 722,826
Disposal proceeds (529,768) (552,030)
Net gain on disposal of investments (126,021) 124,383
Movement in fair value of investments 102,859 (32,402)
.At 31 December - fair value 2,402,659 2,291,761
Categorised as:
Level 1 - Quoted investments 1,455,438 1,617,069
Level 2 - Unquoted investments - -
Level 3 - Unquoted investments 947,221 674,692
2,402,659 2,291,761
The table of investments sets out the fair value measurements using the IFRS 7 fair value hierarchy. Categorisation within the
hierarchy has been determined on the basis of the lowest level of input that is significant to the fair value measurement of the
relevant asset as follows:Level 1 - valued using quoted prices in active markets for identical assets.Level 2 - valued by
reference to valuation techniques using observable inputs other than quoted prices included within Level 1. Level 3 - valued by
reference to valuation techniques using inputs that are not based on observable market data.The valuation techniques used by the
company are explained in the accounting policy note, "Investments held for trading".
LEVEL 2 FINANCIAL ASSETSLevel 2 financial assets comprise a convertible instrument valued by reference to the bid price of the
underlying equity and taking into account the contractual arrangements in place regarding the asset.
LEVEL 3 FINANCIAL ASSETSReconciliation of Level 3 fair value measurement of financial assets
2015 2014
£ £
Brought forward 674,692 374,692
Purchases 406,017 300,000
Movement in fair value (133,488) -
Carried forward 947,221 674,692
ASSOCIATED UNDERTAKINGSMX OIL PLCAt the year end, the Company held 2.3% of the issued share capital of MX Oil plc, a company of
which Nicholas Lee is a director. ELEPHANT OIL LIMITEDAt the year end, the Company held 5.2% shareholding in Elephant Oil
Limited, a company of which Matt Lofgran (a director of the Company who has resigned since the year end) is a director and a
significant shareholder.NEW WORLD OIL & GAS PLC ("NWOG")At the year end the Company held 7.7% of the issued share capital of
NWOG, a company of which Nicholas Lee is a director.
11 TRADE AND OTHER RECEIVABLES
2015 2014
£ £
Other receivables 106,078 108,630
Prepayments and accrued income 61,768 63,996
167,846 172,626
Other receivables include short term loans made on normal market terms. The
Directors consider that the carrying amount of short term loans and other
receivables is approximately equal to their fair value.
12 CASH AND CASH EQUIVALENTS
2015 2014
£ £
Cash and cash equivalents 464,570 359,094
The Directors consider the carrying amount of cash and cash equivalents
approximates to their fair value.
13 TRADE AND OTHER PAYABLES
2015 2014
£ £
Trade payables 36,219 29,278
Social security and other taxes 3,086 -
Other creditors 5,168 -
Accrued expenses 42,196 35,419
86,669 64,697
The Directors consider that the carrying amount of trade payables approximates
to their fair value.
14 SHARE CAPITAL
Number of shares Share capital Share
Deferred Ordinary Deferred Ordinary premium
£ £ £
ISSUED AND FULLY PAID:
At 1 January 2014:
Deferred shares of 9.9p each 32,857,956 3,252,938
Ordinary shares of 0.1p each 577,857,956 577,858 2,774,849
At 1 January 2014 32,857,956 577,857,956 3,252,938 577,858 2,774,849
Issue of shares 95,000,000 95,000 147,250
Share issue costs (20,592)
At 31 December 2014 32,857,956 672,857,956 3,252,938 672,858 2,901,507
Issue of shares 250,000,000 250,000 250,000
Share issue costs (16,500)
At 31 December 2015 32,857,956 922,857,956 3,252,938 922,858 3,135,007
On 24 November 2015 the Company issued 150,000,000 new ordinary shares for
cash at 0.2p per share, raising £300,000 before expenses, and issued
100,000,000 new ordinary shares for the purchase of US$495,365 (£325,000)
nominal amount of zero coupon convertible loan stock in Alecto Minerals plc.
15 OTHER RESERVES
Capital redemption reserve Share option reserve TotalOther reserves
£ £ £
Balance at 1 January 2014 27,000 64,182 91,182
Share based payment costs - 13,230 13,230
Balance at 31 December 2014 27,000 77,412 104,412
Share based payment costs - 14,995 14,995
Balance at 31 December 2015 27,000 92,407 119,407
16 RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company is exposed to a variety of financial risks which result from both its operating and investing activities. The Company's risk management is coordinated by the Board of Directors, and focuses on actively securing the Company's short to medium
term cash flows by minimising the exposure to financial markets.The main risks the Company is exposed to through its financial instruments are credit risk, foreign currency risk, liquidity risk and market price risk. CAPITAL RISK MANAGEMENTThe Company's
objectives when managing capital are:· to safeguard the Company's ability to continue as a going concern, so that it continues to provide returns and benefits for shareholders;· to support the Company's growth; and· to provide capital for
the purpose of strengthening the Company's risk management capability.The Company actively and regularly reviews and manages its capital structure to ensure an optimal capital structure and equity holder returns, taking into consideration the future
capital requirements of the Company and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. Management regards total equity as capital
and reserves, for capital management purposes.CREDIT RISKThe Company's financial instruments that are subject to credit risk are cash and cash equivalents and loans and receivables. The credit risk for cash and cash equivalents is considered negligible
since the counterparties are reputable financial institutions. The credit risk for loans and receivables is mainly in respect of short term loans, made on market terms, which are monitored regularly by the Board.The Company's maximum exposure to credit
risk is £570,648 (2014: £467,724) comprising cash and cash equivalents and loans and receivables.
LIQUIDITY RISKLiquidity risk arises from the possibility that the Company might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Company manages this risk through maintaining a positive
cash balance and controlling expenses and commitments. The Directors are confident that adequate resources exist to finance current operations.
FOREIGN CURRENCY RISKThe Directors do not consider the Company has significant exposure to movements in foreign currency in respect of its monetary assets.
MARKET PRICE RISKThe Company's exposure to market price risk mainly arises from potential movements in the fair value of its investments. The Company manages this price risk within its long-term investment strategy to manage a diversified exposure to the
market. If each of the Company's equity investments were to experience a rise or fall of 10% in their fair value, this would result in the Company's net asset value and statement of comprehensive income increasing or decreasing by £240,000 (2014:
£229,000).
17 FINANCIAL INSTRUMENTS
The Company uses financial instruments, other than derivatives, comprising cash to provide funding for the Company's operations.
CATEGORIES OF FINANCIAL INSTRUMENTS
The IAS 39 categories of financial asset included in the statement of financial position and the headings in which they are included are as follows:
2015 2014
£ £
FINANCIAL ASSETS:
Cash and cash equivalents 464,570 359,094
Loans and receivables 106,078 108,630
Investments held for trading 2,402,659 2,291,761
FINANCIAL LIABILITIES AT AMORTISED COST:
The IAS 39 categories of financial liabilities included in the statement of financial position and the headings in which they are included are as follows:
2015 2014
£ £
Trade and other payables 44,473 29,278
18 Contingent LIABILITIES AND CAPITAL COMMITMENTSThere were no contingent liabilities or capital commitments at 31 December 2015 or 31 December 2014.
19 POST YEAR END EVENTS
There have been no significant post year end events.
20 ULTIMATE CONTROLLING PARTY
The Directors do not consider there to be a single ultimate controlling party.
A copy of the annual report and of the notice of AGM to be held at the offices
Adams & Remers LLP, Quadrant House, 55-58 Pall Mall, London SW1Y 5JH on 8 July
2016 at 10.30 am is available from the Company's website at
www.paternosterresources.com and is being posted to shareholders today.
This information is provided by RNS
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