REG - Xtract Resources plc - Half Yearly Report <Origin Href="QuoteRef">XTR.L</Origin> - Part 2
17/10/2014 13:54
- Part 2: For the preceding part double click ID:nRSd9371Sa
549
Disposal - (357) (648)
Movement in fair value (810) (146) 1,456
At the end of the period 1,770 720 2,580
7. Property, plant and equipment
Cost or fair value on acquisition of subsidiary Mining plant & equipment Land & Buildings Furniture & Fittings Total
£'000 £'000 £'000 £'000
At 1 January 2014 - - - -
Additions - at fair value 1,043 80 10 1,133
- at cost 21 - - 21
At 30 June 2014 1,063 80 10 1,154
Depreciation
At 1 January 2014 - - - -
Charge for the period 37 - - 37
At 30 June 2014 37 - - 37
Net book value
At 30 June 2014 1,027 80 10 1,117
At 1 January 2014 - - - -
8. Deferred Exploration Cost
Investment in Chepica Project
30 June 2014 31 December 2013
Property Acquisition £'000 £'000
Land acquisition cost -additions at fair value 4,183 -
Total acquisition 4,183 -
Deferred Exploration and Development Cost
Mine development - Additions at cost 196 -
Balance at the end of period 196 -
Reclamation and mine closure cost additions at fair value 267 -
Balance at the end of period 267 -
Total investment in Chepica Project 4,646 -
9. Current Liabilities
As at 30 June 2014 £'000 As at 30 June 2013£'000 As at 31 December 2013£'000
Trade creditors and accruals 3,423 180 350
SEDA backed loan 93 - 183
3,516 180 533
10. Equity Swap Agreement
On 12 December 2013, the Company and YAGM entered into an equity swap
agreement calculated by reference to 411,899,316 of the Subscription Shares
(the "Swap Shares"). In return for a payment by the Company to YAGM of
£500,000 (the "Swap Payment"), twelve monthly settlement payments in respect
of such payment will be made by YAGM to the Company, or payments may be made
by the Company to YAGM , based on a formula related to the difference between
the prevailing market price (as defined in the Equity Swap Agreement) of
Ordinary Shares in any month and a 'benchmark price' that is 10% above the a
price per share equal to 95% of the closing price of the trading day preceding
the execution of the Subscription Agreement. Thus the monthly payments
received by the Company in respect of the Swap Payment will be dependent on
the future price performance of the Ordinary Shares.
YAGM and company may mutually agree to terminate the Equity Swap Agreement and
accelerate the payments due under it in certain circumstances. YAGM may elect
to terminate the Equity Swap Agreement and accelerate the payments due under
it in certain circumstances.
11. Share capital
As at30 June 2014Number As at30 June 2013Number As at31 December 2013Number
Issued and fully paid Ordinary shares of 0.01p each 3,580,599,980 2,306,105,129 2,339,181,215
Deferred shares of 0.09p each 1,547,484,439 1,547,484,439 1,547,484,439
5,128,084,419 3,853,589,558 3,886,665,655
£ £ £
Ordinary shares of 0.01p each 358,059 230,611 233,918
Deferred shares of 0.09p each 1,392,736 1,392,736 1,392,736
1,750,795 1,623,347 1,626,654
12. Cash flows from operating activities
Six months period ended30 June 2014£'000 Six months period ended30 June 2013£'000 Year ended 31 December 2013£'000
Profit/(loss) for the period (1,009) 9 (128)
Adjustments for:
Continuing Operations
Depreciation 37
Finance costs (1) - 32
Other losses/(gains) (37) - (549)
Other payables (52) - 8
Gain on disposal of investment - (291) (291)
Share-based payments expense 29 11 129
Operating cash flows before movements in working capital (1,033) (271) (799)
Decrease in receivables (397) 63 120
(Increase)/decrease in payables 487 (67) 96
Cash (used in)/ from operations (943) (275) (583)
Income taxes paid - - 2
Foreign currency exchange differences 103 9 (379)
Net cash used in operating activities (840) (266) (960)
13. Related party transactions
Transactions between Group companies, which are related parties, have been
eliminated on consolidation and are therefore not disclosed. The only other
transactions which fall to be treated as related party transactions are those
relating to the remuneration of key management personnel, which are not
disclosed in the Half Yearly Report, and which will be disclosed in the
Group's next Annual Report.
Directors Transactions
Lion Mining Finance Limited, a company in which Colin Bird is a Director and
shareholder has provided administrative and technical services to the Company
amounting to £36,000 plus VAT in the year. The amount of £14,400 was
outstanding as at 30 June 2014 (2013: None).
As at 30 June 2014, loans from directors amounted to £40,000 (31 December 2014
£ Nil). These loans are interest free and repayable by mutual agreement.
14. Acquisition of subsidiary undertaking
On 24 February 2014, the Company acquired from Polar Star Mining Corporation
the entire issued share capital of its wholly owned subsidiary, Polar Mining
(Barbados) Limited, the parent company of Minera Polar Mining Chile Limitada,
a Chilean incorporated entity with a 15% direct interest and earn in option to
acquire the remaining 85% interest in the Chépica gold and copper mine
together with 100% of the Mejillones Phosphate project in Chile. The total
consideration of the acquisition was £1,808,000.
The net assets acquired and goodwill arising are as follows:-
Carrying valuebefore combination Fair value adjustment Fair value
£(000) £(000) £(000)
Intangible fixed assets 2,340 2,108 4,450
Property, plant and equipment 1,133 - 1,133
Trade and other receivables 2,264 (1,362) 902
Bank and cash balances 73 - 73
Trade and other payables (1,853) (2,630) (4,483)
Provisions (267) - (267)
3,691 (1,883) 1,808
Consideration :
Shares issued 1,250
Cash 558
(1,808)
Goodwill on consolidation -
The assessment of the fair values of the assets and liabilities is
provisional, and will be reviewed prior to the completion of the Group
Consolidated financial statements for the year ending 31 December 2014.
15. Events after the balance sheet date
On 10 July 2014 the Company sold 5 million shares in Global Oil Shale Group
('GOS') at 23.77 pence per share, for a total consideration of £1,189,000.
The Company was initially issued 6,000,000 shares in GOS at a subscription
price of 12p, in December 2012, as part of the disposal of the Julia Creek oil
shale tenements in Queensland, Australia with an additional 1,371,365 in
December 2013 at 40p. The Company therefore retains a total of 2,371,365
shares and as per the agreement would be allotted a further 1,500,000 shares
immediately prior to a listing of GOS shares on a stock exchange or market.
30 September 2014
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Xtract Resources
See all newsREG - Xtract Resources plc - Zambian Exploration Licence Joint Venture
AnnouncementREG - Xtract Resources plc - Completion of Disposal of Manica Gold Project
AnnouncementREG - Xtract Resources plc - Disposal of Manica Gold Project
AnnouncementREG - Xtract Resources plc - Result of Meeting
AnnouncementREG - Xtract Resources plc - Update on Zambian Copper Joint Venture & Strategy
Announcement