REG - Paternoster Res. - Final Results <Origin Href="QuoteRef">PRSPA.L</Origin> - Part 2

Riverfort Global OpportunitiesAnnouncement

16/07/2015 09:37

- Part 2: For the preceding part double click  ID:nRSE3059Pa 

                                                  £          £        £          
           ISSUED AND FULLY PAID:                                                                        
           At 1 January 2013:                                                                            
           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 31 December 2013           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        95,000,000     3,252,938  672,858  2,901,507  
 
 
On 23 December 2014 the Company issued 95,000,000 new ordinary shares for cash
at 0.255p per share, raising £242,250 before expenses. 
 
   OTHER RESERVES               
                                Capital redemption reserve  Share option reserve  TotalOther reserves  
                                £                           £                     £                    
   Balance at 1 January 2013    27,000                      43,109                70,109               
   Share based payment costs    -                           21,073                21,073               
   Balance at 31 December 2013  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              
 
 
   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:        
                                                                                                                                                               2014       2013       
                                                                                                                                                               £          £          
   FINANCIAL ASSETS:                                                                                                                                                                 
   Cash and cash equivalents                                                                                                                                   359,094    400,578    
   Loans and receivables                                                                                                                                       108,630    178,043    
   Investments held for trading                                                                                                                                2,291,761  2,028,984  
   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:  
                                                                                                                                                               2014       2013       
                                                                                                                                                               £          £          
   Trade and other payables                                                                                                                                    29,278     11,406     
 
 
   RELATED PARTY TRANSACTIONS                                                                                                                                                                                                                                      
   Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.The compensation payable to Key Management personnel comprised £118,400 (2013: £131,000) paid by the 
   Company to the Directors in respect of services to the Company.  Full details of the compensation for each Director are provided in Note 7.Nicholas Lee is a director and controlling shareholder of ACL Capital Limited which invoiced the Company £19,000 in  
   respect of consultancy fees due for the year (2013: £42,000).  £2,000 of this amount was invoiced and paid after the year end.  No other amounts were owed at 31 December 2014.Nicholas Lee is also a director of MX Oil plc ("MX Oil"), in which the Company   
   has a 4.3% shareholding.  During the year, the Company invoiced MX Oil plc £2,000 (2013: £nil) for consultancy services.  The loan to Brady Exploration plc (subsequently renamed Metal Tiger plc) of £60,000 which was outstanding at 31 December 2013 was     
   settled partly in cash and partly in shares during the year.  In June 2014, Nicholas Lee resigned as a director of Metal Tiger plc.  At the year end, the Company had a 10.8% shareholding in Metal Tiger plc.In September 2014, the Company acquired a 5.5%    
   shareholding in Elephant Oil Limited, a company of which Matt Lofgran is a director and a significant shareholder.  Subsequent to Paternoster's acquisition of its shareholding Matt Lofgran was appointed a director of the Company.  A copy of the annual     
   report and of the notice of AGM to be held at the offices Adams & Remers LLP, Dukes Court, 32 Duke Street St James's, London SW1Y 6DF on 29 June 2015 at 11.30 am is available from the Company's website at www.paternosterresources.com and is being posted to 
   shareholders today.                                                                                                                                                                                                                                             
 
 
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