Anglesey Mining PLC Annual Financial Report -12-
30 Juillet 2014 - 4:28PM
UK Regulatory
2014 2013
Options Weighted Options Weighted
average average
exercise exercise
price in price in
pence pence
Outstanding at beginning of period 11,550,000 10.90 11,550,000 10.90
Granted during the period - - - -
Forfeited during the period - - - -
Exercised during the period - - - -
Expired during the period - - - -
Outstanding at the end of the period 11,550,000 10.90 11,550,000 10.90
Exercisable at the end of the period 11,550,000 10.90 11,550,000 10.90
No options were granted, forfeited or expired during the year or the prior
year. The options outstanding at 31 March 2014 had a weighted average
exercise price of 10.90 pence (2013 - 10.90 pence), and a weighted average
remaining contractual life of 2 years (2013 - 3 years). As all options had
vested by 31 March 2010, the group recognised no expenses in respect of
equity-settled employee remuneration in respect of the years ended 31 March
2013 and 2014.
A summary of options granted and outstanding, all of which are over ordinary
shares of 1 pence, is as follows:
Scheme Number Nominal Exercise Exercisable from Exercisable
value GBP price until
2004 Unapproved 5,500,000 55,000 4.13p 22 October 2004 21 October 2014
2004 Unapproved 1,550,000 15,500 10.625p 15 January 2007 14 January 2016
2004 Unapproved 3,800,000 38,000 21.90p 26 November 2008 26 November 2017
2004 Unapproved 700,000 7,000 5.00p 27 March 2010 27 March 2019
Total 11,550,000 115,500
23 Results attributable to Anglesey Mining plc
The loss after taxation in the parent company amounted to GBP475,676 (2013 loss
GBP492,818). The directors have taken advantage of the exemptions available
under section 408 of the Companies Act 2006 and not presented an income
statement for the company alone.
24 Financial instruments
Capital risk management
There have been no changes during the year in the group's capital risk
management policy.
The group manages its capital to ensure that entities in the group will be
able to continue as going concerns while optimising the debt and equity
balance. The capital structure of the group consists of debt, which includes
the borrowings disclosed in note 19, the cash and cash equivalents and equity
comprising issued capital, reserves and retained earnings.
The group does not enter into derivative or hedging transactions and it is the
group's policy that no trading in financial instruments be undertaken. The
main risks arising from the group's financial instruments are currency risk
and interest rate risk. The board reviews and agrees policies for managing
each of these risks and these are summarised below.
Interest rate risk
The amounts advanced under the Juno loans are at a fixed rate of interest of
10% per annum and as a result the group is not exposed to interest rate
fluctuations. Interest received on cash balances is not material to the
group's operations or results.
The company (Anglesey Mining plc) is exposed to minimal interest rate risks.
Liquidity risk
The group has ensured continuity of funding through a mixture of issues of
shares and the working capital agreement with Juno Limited. The group could
consider sale of shares in the group's investment to provide continued
funding.
Trade creditors are payable on normal credit terms which are usually 30 days.
The loans due to Juno carry a notice period of 367 days; in keeping with its
practice since drawdown commenced more than 10 years ago, Juno has indicated
that it has no current intention of demanding repayment and no such notice had
been received by 14 July 2014. However the Juno loan is classified as having a
maturity date between one and two years from the period end date.
Currency risk
The functional currency of the company is pounds sterling. The loan from Juno
Limited is denominated in pounds sterling. As a result, the group has no
currency exposure in respect of this loan.
The investment in LIM is denominated in Canadian dollars and amounts to
C$2,314,692 equivalent to GBP1,257,985. If the rate of exchange between the
Canadian dollar and sterling were to move against sterling by 10% there would
be a loss to the group of GBP114,000 and if it were to move in favour of
sterling by a similar amount there would be a gain of GBP140,000.
At the year end the group held C$36,897 in Canadian dollars, equivalent to
GBP20,053. If the rate of exchange between the Canadian dollar and sterling were
to move against sterling by 10% there would be a loss to the group of GBP1,800
and if it were to move in favour of sterling by a similar amount there would
be a gain of GBP2,200.
Credit risk
The directors consider that the entity has limited exposure to credit risk as
the entity has immaterial receivable balances at the year-end on which a third
party may default on its contractual obligations. The carrying amount of the
group's financial assets represents its maximum exposure to credit risk. Cash
is deposited with BBB or better rated banks.
Group
Available for sale Loans & Financial liabilities
asset receivables
31 31 31 31 31 March 31 March
March March March March 2014 2013
2014 2013 2014 2013
GBP GBP GBP GBP GBP GBP
Financial assets
Investment 1,257,985 7,964,532 - - - -
Deposit - - 122,596 122,204 - -
Other debtors - - 17,017 40,239 - -
Cash and cash
equivalents - - 289,097 670,345 - -
- -
Financial
liabilities - -
Trade creditors - - - - (34,863) (33,860)
Loans due to Juno - - - - (2,418,873) (2,306,283)
1,257,985 7,964,532 428,710 832,788 (2,453,736) (2,340,143)
Company
Loans & receivables Financial liabilities
31 March 31 March 31 March 31 March
2014 2013 2014 2013
GBP GBP GBP GBP
Financial assets
Investment - loan 13,877,460 13,856,576
Other debtors 13,793 26,102 - -
Cash and cash
equivalents 267,045 623,215 - -
Financial liabilities
Trade creditors - - (28,224) (10,700)
Loans due to Juno - - (2,418,873) (2,306,283)
14,158,298 14,505,893 (2,447,097) (2,316,983)
25 Related party transactions
Transactions between Anglesey Mining plc and its subsidiaries are summarised
in note 13.
Juno Limited
Juno Limited (Juno) which is registered in Bermuda holds 36.1% of the
company's issued ordinary share capital. The group has the following
agreements with Juno: (a) a controlling shareholder agreement dated September
1996 and (b) a consolidated working capital agreement of 12 June 2002.
Interest payable to Juno is shown in note 7 and the balance due to Juno is
shown in note 19. There were no transactions between the group and Juno or its
group during the year other than the accrual of interest due to Juno. Danesh
Varma is a director and, through his family interests, a significant
shareholder of Juno.
Key management personnel
All key management personnel are directors and appropriate disclosure with
respect to them is made in the directors' remuneration report. There are no
other contracts of significance in which any director has or had during the
year a material interest.
26 Mineral holdings
Parys
(a) Most of the mineral resources delineated to date are under the western
portion of Parys Mountain, the freehold and minerals of which are owned by the
group. A royalty of 6% of net profits after deduction of capital allowances,
as defined for tax purposes, from production of freehold minerals is payable.
The mining rights over and under this area, and the leasehold area described
in (b) below, are held in the Parys Mountain Mines Limited subsidiary.
(b) Under a lease from Lord Anglesey dated December 2006, the subsidiary Parys
Mountain Land Limited holds the eastern part of Parys Mountain, formerly known
as the Mona Mine. An annual certain rent of GBP10,321 is payable for the year
beginning 23 March 2013; the base part of this rent increases to GBP20,000 when
extraction of minerals at Parys Mountain commences; this rental is
index-linked. A royalty of 1.8% of net smelter returns from mineral sales is
also payable. The lease may be terminated at 12 months' notice and otherwise
terminates in 2070.
(c) Under a mining lease from the Crown dated December 1991 there is an annual
lease payment of GBP5,000. A royalty of 4% of gross sales of gold and silver
from the lease area is also payable. The lease may be terminated at 12 months'
notice and otherwise terminates in 2020.
Lease payments
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