TIDMPCGB
RNS Number : 3869N
Power Capital Global Ltd
28 September 2012
28 September 2012
Power Capital Global Limited
("the Company")
Interim Results for the six months ended 30 June 2012
Power Capital Global Limited (AIM:PCGB), the Asia based natural
resources trading and logistics group, announces that it has today
has today published its unaudited results for the six months ended
30 June 2012. A copy of the interim results is available for
download on the Company's web site: www.powercapitalglobal.com
Highlights from Period
-- 1.2% equity stake taken in Asia Pacific Investment Partners
Limited, a leading conglomerate in Mongolia;
-- corporate presence successfully established in Beijing, China;
-- loan arrangement entered into with TSI to provide TSI with
substantial working, business development, and business expansion
capital.
Post Period Highlights
-- trading of cement clinker commenced in Mongolia with
affiliate company, Central Asia Cement, Mongolia's third largest
cement producer;
-- domestic trading of thermal coal in Indonesia begun following
the incorporation of new joint venture in the Republic of
Indonesia;
-- loan facilities from Power Capital Forex Management ("PCFX")
amounting to US$8 million (GBP5.1 million) restructured;
-- reviews of logistics and phosphate opportunities in East
Kalimantan and Sichuan Province respectively ongoing.
Simon Dewhurst, Chief Executive Officer of Power Capital Global,
said:
"We are pleased with the progress now being made across the
region and look forward to continuing to build out our natural
resources trading and logistics operations across Asia where we see
significant long-term opportunities."
- ends-
Further information
Power Capital Global
Limited
Simon Dewhurst Tel: + 852 9181 9938
Northland Capital Partners
Ltd
Luke Cairns, Edward Hutton Tel: +44 (0)20 796 8800
GTH Communications Limited
Toby Hall/Suzanne Johnson-Walsh Tel: +44 (0)20 3103 3900
Note to editors
Power Capital Global Limited is an AIM listed Asia based natural
resources trading and logistics business. PCGB operates under the
trading name PCG Resources. PCGB is actively researching domestic
China thermal coal trading business opportunities.
www.powercapitalglobal.com
OPERATIONAL UPDATE
Dear Shareholder,
The first six months of 2012 has seen continued investment into
the development of an Asia based natural resources and logistics
business. At the time of writing this report, specific project
development and trading activities are located in (i) the Republic
of Indonesia, under a new joint venture structure incorporated in
August 2012 for the purposes of domestic trading of thermal coal,
(ii) East Kalimantan where we are reviewing an opportunity to
acquire the operation of an established road haulage network and
barge loading facility serving thermal coal producers in adjacent
concession areas; (iii) Inner Mongolia in the People's Republic of
China ("PRC"), where we are currently trading cement clinker to our
affiliate company, Central Asia Cement, Mongolia's third largest
cement producer; and (iv) Yunnan Province in the PRC, where our
discussions in the neighbouring Sichuan Province concerning the
future development of its phosphate industry have led to the
Company reviewing a business opportunity to acquire a participatory
stake in a substantial high grade phosphate deposit.
The Company successfully established its corporate presence in
the PRC during the period under review by setting up a
representative office in Beijing effective 18 June 2012. As
mentioned, the Company has also recently established a joint
venture trading company in the Republic of Indonesia, in which PCG
Minerals Limited, a wholly owned subsidiary of the Company, owns
seventy five percent (75%). We have now commenced domestic trading
of thermal coal from Kalimantan to Jakarta's main port in Java and
look forward to providing further updates as this initiative
progresses.
Following the completion of its due diligence of TSI Holdings
Limited ("TSI"), the Company determined, for the immediate term, to
substantially revise its original investment term sheet and entered
into a loan arrangement with TSI to provide TSI with substantial
working, business development, and business expansion capital. Both
companies continue to review, define and jointly develop new
business development opportunities, and both companies continue to
share the view that substantial cross-marketing opportunities
exist. We expect to make further announcements in relation to this
initiative in the current period.
The basic terms of the TSI investment loan are summarized as
follows. The loan amount is US$1 million (GBP637,0000) and is today
fully drawn. The loan term is for two years and carries interest at
five percent (5%) per annum.
The Company announced on 16 May 2012 that it had subscribed,
effective 10th May 2012, for a 1.2% equity stake in Asia Pacific
Investment Partners Limited ("APIP"), a leading conglomerate in
Mongolia. The total investment was US$2 million (GBP1.27 million)
and was part of a US$15 million private placing by APIP. Mongolia
was the fastest growing economy in the World in 2011. It held a
general election in May of this year and, following a change in
Government, has maintained its focus on rapid growth in its economy
and in its burgeoning natural resources sector. The Company is
optimistic about the future prospects of both APIP and the
Mongolian market, and will continue to fast track its understanding
of, and exposure to, trading opportunities in Mongolia, which it
believes can be derived from this investment.
The Company announced on 25 July 2012 that it had entered into a
restructuring of the loan facilities provided to it by Power
Capital Forex Management ("PCFX") amounting to US$8 million (GBP5.1
million), (the "PCFX facilities") at the time. PCFX is controlled
by Kung Min Lin, the chairman of the Company and its largest single
shareholder.
As previously announced, the restructuring:
-- establishes a framework for the addition of new investors in
PCGB and an increase in the free float of its shares of up to
eighteen per cent (18%); and
-- paves the way for a substantial reduction in the Group's balance sheet gearing.
US$5 million (GBP3.2 million) of the amount currently drawn
under the PCFX facilities has been re-constituted as 12 month
Unsecured Convertible Loan Notes ("CLN's") with the intention that
the CLNs will be transferred by PCFX to third party investors. PCFX
has confirmed to the Company that it has identified a small group
of investors not connected to Kung Min Lin who have indicated that
they will acquire the CLNs in the near future and we understand
that this transaction is in progress.
The balance of the PCFX facilities not re-constituted as CLNs,
amounting to approximately US$3 million (GBP1.9 million), is
represented by a new loan facility granted in favour of the Company
but otherwise substantially on the same terms ("the New Loan
Agreement") as the PCFX facilities. The Company has currently drawn
approximately US$1.25 million (GBP796,000) against the New Loan
Agreement with the remainder of this facility available to be drawn
by the Company to meet its obligations as they fall due.
The Board looks forward to continuing to build out its natural
resources trading and logistics operations in Asia.
Simon Dewhurst
Chief Executive Officer
28 September 2012
Consolidated Statement of Comprehensive Income
For The Six Months Ended 30 June 2012
(expressed in thousands GBP sterling)
Six months Six months Year ended
to 30/06/2012 to 30/06/2011 31/12/2011
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Revenue - - 1,566
Cost of sales - - (2,281)
--------------- ---------------- -------------
Gross profit/(loss) - - (715)
Administrative expenses (666) (774) (1,135)
Stock written off - (611) -
--------------- ---------------- ------------
Operating loss (666) (1,385) (1,850)
Other income 1 - -
Finance costs (28) (123) (218)
--------------- ---------------- ------------
Loss before taxation (693) (1,508) (2,068)
Income tax expense - - -
--------------- ---------------- ------------
Loss for the period/year after
taxation (693) (1,508) (2,068)
Other comprehensive income - - -
--------------- ---------------- ------------
Total comprehensive expenses (693) (1,508) (2,068)
=============== ================ ============
Loss per share (basic) (GBP0.012) (GBP0.026) (GBP0.036)
=============== ================ ============
Loss per share (diluted) N/A N/A N/A
=============== ================ ============
Consolidated Statement of Financial Position
As At 30 June 2012
(expressed in thousands GBP sterling)
30/6/2012 30/06/2011 31/12/2011
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 64 75 69
Loans receivable 395 - -
Investments in securities 1,273 - -
---------- ----------- -----------
1,732 75 69
Current assets
Inventories 170 1,594 -
Trade and other receivables 212 72 51
Cash and cash equivalents 296 699 101
---------- ----------- -----------
678 2,365 152
Current liabilities
Other payables and accruals 229 775 206
Deposits from customers 528 - -
Amount due to a related company 3,119 1,878 788
---------- ----------- -----------
3,876 2,653 994
----------
Net current liabilities (3,198) (288) (842)
---------- ----------- -----------
Net liabilities (1,466) (213) (773)
========== =========== ===========
Equity
Paid-in Capital 2,982 2,982 2,982
Reserves (4,448) (3,195) (3,755)
---------- ----------- -----------
Capital deficiencies (1,466) (213) (773)
========== =========== ===========
Consolidated Statement of Changes In Equity
For The Six Months Ended 30 June 2012
(expressed in thousands GBP sterling)
Paid-in Accumulated Total
capital losses
GBP000 GBP000 GBP000
At 1 January 2011 2,982 (1,687) 1,295
Total comprehensive expenses
for the six months to 30 June
2011 - (1,508) (1,508)
At 30 June 2011 and 1 July
2011 2,982 (3,195) (213)
Total comprehensive expenses
for the six months to 31 December
2011 - (560) (560)
--------- ------------ ----------
At 31 December 2011 and 1
January 2012 2,982 (3,755) (773)
Total comprehensive expenses
for the six months to 30 June
2012 - (693) (693)
At 30 June 2012 2,982 (4,448) (1,466)
========= ============ ==========
Consolidated Statement of Cash flows
For The Six Months Ended 30 June 2012
(expressed in thousands GBP sterling)
Six months Six months Year ended
to 30/06/2012 to 30/06/2011 31/12/2011
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Cash flows from operating activities
Loss before taxation (693) (1,508) (2,068)
Adjustments for:
Depreciation of property, plant
and equipment 10 6 15
Interest received (1) - -
Finance costs 28 123 218
--------------- --------------- ------------
Operating cash flows before movements
in working capital (656) (1,379) (1,835)
Increase in inventories (170) (1,594) -
Increase in trade and other receivables (161) (71) (50)
Increase in deposit from customer 528 - -
(Decrease)/Increase in other
payables and accruals (5) 736 155
--------------- ------------
Net cash used in operating activities (464) (2,308) (1,730)
--------------- --------------- ------------
Cash flows from investing activities
Additions of property, plant
and equipment (5) (81) (84)
Increase in loans receivable (395) - -
Increase in investments in securities (1,273) - -
Interest received 1 - -
--------------- --------------- ------------
Net cash used in investing activities (1,672) (81) (84)
--------------- --------------- ------------
Cash flows from financing activities
Additions of loans from a related
company 2,331 637 831
Repayments of loans from a related
company - - (51)
Short term loans from third parties - 1,878 1,878
Repayment of short term loans
from third parties - (637) (1,878)
Interest paid - (123) (198)
--------- ---------- ----------
Net cash generated from financing
activities 2,331 1,755 582
--------- ----------
Increase/(Decrease) in cash and
cash equivalents 195 (634) (1,232)
Cash and cash equivalents at
beginning of the financial period 101 1,333 1,333
--------- ----------
Cash and cash equivalents at
end of the financial period 296 699 101
========= ========== ==========
Cash and cash equivalents consist
of:
Cash at bank and in hand 296 699 101
========= ========== ==========
NOTES TO THE INTERIM FINANCIAL INFORMATION
1. The interim financial information has been prepared under the
historical cost convention. The principal accounting policies
adopted in the preparation of this interim financial information
are consistent with those followed in the Group's annual financial
statements for the year ended 31 December 2011.
2. The Group has not early adopted certain new standards,
amendments to standards and interpretations that have been issued
at the time of preparing the interim financial information but are
not yet effective. The directors of the Company (the "Directors")
anticipate that all of the pronouncements will be adopted in the
Group's accounting policy for the period beginning after the
effective date of the pronouncements. The Directors are also
currently assessing the impact of these new standards, amendments
to standards and interpretation but are not yet in a position to
state whether they would have material impact on the results and
the financial position of the Group.
3. The interim financial information for the period ended 30
June 2012 does not constitute the Group's statutory accounts for
that period. The statutory accounts for the year ended 31 December
2011 have been delivered to the Registrar of Companies. The
auditors reported on those accounts; their report was unqualified,
did not contain a statement under either Section 498 (2) or Section
489 (3) of the Companies Act 2006 and did not include references to
any matters to which the auditor drew attention by way of
emphasis.
The interim financial information for the six months ended 30
June 2012 and 30 June 2011 is unaudited.
4. Loss per share has been calculated on the basis of the net
loss after taxation of GBP693,000 (Six months ended 30 June 2011:
loss GBP1,508,000, Year ended 31 December 2011: loss GBP2,068,000)
and the weighted average number of shares in issue during the six
months ended 30 June 2012 of 57,056,501 (Six months ended 30 June
2011: 57,056,501, Year ended 31 December 2011: 57,056,501). Diluted
loss per share has not been presented as no dilutive instruments
have been issued during each reporting period presented in
financial information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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