Interim Results
22 Septembre 2004 - 4:00PM
UK Regulatory
RNS Number:2201D
Bullion Resources PLC
22 September 2004
Chairman's Report
Overheads have now substantially been brought under control and the six months
to 30th June 2004 saw the loss for the period reduced substantially to #188,422.
Efforts continue to be made on the sale of the Group's South African based
property and residual plant and equipment and a satisfactory outcome is expected
shortly.
An Extraordinary General Meeting held on 10 September 2004 passed resolutions
which will enable the Company to facilitate a non-brokered private placement to
raise #600,000 for which investors are currently being procured.
As stated in the Company's recent statements, the Directors are seeking to raise
additional equity capital to position the Company with adequate resources for a
reverse takeover transaction. In this regard the Board is currently holding
exploratory discussions with suitable candidates and will keep the shareholders
appraised of developments.
The Company has agreed with certain creditors to settle its debts by arranging
the transfer of shares in the Company that have been held in trust on behalf of
the shareholders from time to time. A total of 12,447,824 shares in the Company
are held in trust. The transfer of 10 million shares is to consultants and
Directors of the Company who are currently owed, in aggregate, a total of
#200,000, having worked diligently to turning round the Company's fortunes
during the past difficult 18 months. The Directors of the Company (other than
Colin Bird) ("the Board"), having been so advised by Insinger de Beaufort, are
of the opinion that the transfer of 4 million shares in the capital of the
Company by the trustee to Colin Bird is fair and reasonable so far as the
shareholders of the Company are concerned. In providing advice to the Board,
Insinger de Beaufort has not taken into account the Board's commercial
considerations. The share transfers are as follows and will be concurrent with
the allotment of the shares issued as a result of the proposed private
placement.
Colin Bird 4 million shares
Malcolm Burne 3 million shares
Johan Meiring 1.5 million shares
Patrick Kennedy 1.5 million shares
A balance of 2,447,824 shares is being retained in trust for the payment of
professional fees as they arise.
Malcolm Burne
Chairman
21 September 2004
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 30 JUNE 2004
Half year to Year to
30 31 December 2003
June 2004
(Unaudited) (Audited)
# #
Administrative expenses (204,589) (463,185)
Operating loss (204,589) (463,185)
Loss on cessation of activities - (1,543,962)
Interest receivable and similar income 16,174 71,917
Interest payable and similar charges (7) (29)
__________ __________
Loss on ordinary activities before taxation (188,422) (1,935,259)
Tax on loss on ordinary activities - -
__________ __________
Loss on ordinary activities after taxation (188,422) (1,935,259)
Earnings per share
Basic loss per ordinary share (0.41)p (4.18)p
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2004
As at As at
30 June 2004 31 December 2003
(Unaudited) (Audited)
# #
Current Assets
Assets for resale 356,446 339,600
Debtors 47,563 24,930
Cash at bank and in hand 1,006,312 1,154,928
1,410,321 1,519,458
Creditors: amounts falling due within one year (182,221) (122,188)
Net current assets 1,228,100 1,397,270
Provisions for liabilities and charges (42,326) (40,325)
1,185,774 1,356,945
Capital and reserves
Called up share capital 462,500 462,500
Share premium account 4,143,756 4,143,756
Other reserves 366,388 349,137
Profit and loss account (3,786,870) (3,598,448)
Equity shareholders' funds 1,185,774 1,356,945
Notes:
1. The financial statements have been prepared in accordance with applicable
UK accounting standards and under the historical cost convention. The principal
accounting policies of the Company are set out in the Company's 2003 annual
report.
2. The financial information set out in this report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985.
Statutory accounts for the year ended 31 December 2003 have been filed with the
Registrar of Companies.
3. Basic loss per share has been calculated on the basis of the number of
shares in issue of 46,250,000, which remained unchanged during the period.
4. The Directors are not declaring a dividend for the period.
5. A copy of this report can be obtained from the Company's Registered
Office at 15 The Green, Richmond, Surrey TW9 1PX.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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