TIDMPMA
RNS Number : 5103Q
Premier Management Holdings PLC
20 October 2011
Embargoed: 0700hrs 20 October 2011
Premier Management Holdings plc
("Premier" or the "Company")
Interim Results for the Six Months Ended 31 July 2011
Highlights
-- Loss before tax of GBP417,177
-- Fundraising of GBP2.12 million in March
-- Cash and cash equivalents at 31 July of GBP1,552,783
-- Company views the option to acquire Central Asia Resources
Limited as an attractive opportunity and continues work on this
potential acquisition
-- As such approximately GBP520,000 advanced under a loan
agreement with Central Asia Resources Limited in support of
continued exploration activity on the Cholokkaindy gold and
Uzunbulak lithium exploration licences in Kyrgyzstan
-- Appointment of Chief Operating Officer with significant natural resources experience
Gerry Desler, Chairman, commented,
"Significant progress is being made in developing a corporate
structure to drive our strategy of gold exploration in Central Asia
forward. The board continues to view the option to acquire Central
Asia Resources Limited as a very attractive opportunity, as
evidenced by the Company's loan agreement to fund exploration
activity on two projects in Kyrgyzstan. We look forward to
reporting progress on this at the appropriate time."
Enquiries:
Premier Management Holdings Plc
Gerry Desler, Chairman Tel: +44 (0) 1279
731037
Libertas Capital Corporate Finance Limited -
Nominated Adviser
Thilo Hoffmann / Sandy Jamieson Tel: +44 (0) 20
7569 9650
Rivington Street Corporate Finance -
Broker
Dru Edmonstone Tel: +44 (0) 20
7562 3384
M: Communications
Ben Simons / Maria Souvorov Tel: +44 (0) 20
7920 2340
Chairman's Statement
Introduction
The Company has made good progress throughout the first half on
its strategy to identify gold exploration and development projects,
with a primary focus on Kyrgyzstan. The Company has an option to
acquire the entire issued share capital of Central Asia Resources
Limited ("CAR"), which in turn has an option to acquire a majority
interest in two exploration licences on the Tien Shan belt in
Kyrgyzstan. The Company is making significant progress on the CAR
acquisition and looks forward to making an announcement in this
regard at the appropriate time.
The Company is also actively considering other gold acquisition
opportunities in Kyrgyzstan. To properly reflect the Company's new
strategy, it is intended that the Company will, in due course,
propose to change its name to Premier Gold Resources plc.
Exploration activities
Premier has to date advanced approximately GBP520,000 of loan
capital to CAR to fund exploration activity predominantly on the
Cholokkaindy gold exploration licence on the Tien Shan belt
inKyrgyzstan and, more recently, the Uzunbulak lithium exploration
project in the same region. The Uzunbulak project is being included
initially in the transaction as it forms part of the acquisition
package and its potential is being assessed. Gold exploration work
is progressing well with field work underway since June, comprising
mainly trenching as well as geological mapping and geophysical
surveying.
The Tien Shan gold belt is one of the most prolific gold
producing areas in the world. As gold accounts for more than 90% of
the minerals mined in Kyrgyzstan by value, the country has a
well-developed mining industry with infrastructure and skilled
labour. It was also the first Central Asian country to implement a
parliamentary democracy. The government is committed to attracting
inward investment and has an attractive tax regime with various
incentives to encourage foreign investment in the mining sector.
The country has excellent exploration potential as much of it is
under-explored.
Board changes
The Company is developing a board with the necessary expetise to
implement its natural resources strategy. I was pleased to announce
the appointment earlier this month of Richard Nolan as Chief
Operating Officer. Richard has over fifteen years of experience in
investment banking with a significant emphasis on natural
resources. He has an extensive background researching, advising and
raising capital for companies operating in the natural resources
sector, advising on all aspects of corporate strategy, asset
selection and asset development.
With Richard Nolan sitting alongside my board colleagues Dr Reza
Tabrizi and Christian Schaffalitzky, I am confident that we have a
high cablibre board with vast combined experience in corproate
finance and mineral exploration, discovery and development,
including specifically in the region in which we are investing.
Financial results
The results for the six months ended 31 July 2011 showed a loss
before tax of GBP417,177 (2010 - GBP28,583). The Company currently
has no turnover. The loss reflects the costs of pursing the
Company's investment strategy, including the undertaking of
significant due diligence, and general working capital. The Company
advanced approximately GBP520,000of loan capital during the period
to Central Asia Resources Limited to fund exploration activity
predominantly on the Cholokkaindy gold exploration licence on the
Tien Shan belt in Kyrgyzstan and, more recently, the Uzunbulak
lithium exploration project in the same region. At 31 July 2011 the
Company had cash and cash equivalents of GBP1,552,783.
The Company intends to change its financial year end from 31
January to 31 December. The next annual accounts will therefore be
for the eleven months to 31 December 2011.
Outlook
The Company is making good progress on advancing its acquisition
strategy including in respect of its option to acquire Central Asia
Resources Limited, which in turn has an option to acquire a
majority interest in two highly prospective exploration
opportunities on the Tien Shan belt in Kyrgyzstan (Cholokkaindy and
Uzunbulak). The Company continues to financially support
exploration activity on Cholokkaindy and Uzunbulak projects which
are progressing well and we look foward to updating shareholders in
due course.
Gerry Desler
Chairman
20 October 2011
Statement of comprehensive income
Six months Six months
ended ended Year ended
Notes 31 July 31 July 31 January
-------------------- -------------------- ------------------
2011 2010 2011
(unaudited) (unaudited) (audited)
GBP GBP GBP
Revenue
Continuing operations - - -
Discontinued activities - 55,932 44,642
-------------------- -------------------- ------------------
- 55,932 44,642
Cost of sales - (5,453) (5,453)
-------------------- -------------------- ------------------
Gross profit - 50,479 39,189
Administrative expenses (419,785) (23,910) (116,013)
Share based payments 2,514 1,978 (3,554,097)
-------------------- -------------------- ------------------
Operating (loss)/profit (417,271) 28,547 (3,630,921)
Continuing operations (417,271) (17,183) (3,661,473)
Discontinued activities - 45,730 30,552
-------------------- -------------------- ------------------
Debenture loan waiver - - 1,428,196
Loss on sale of football
business - - (4,146)
(Loss)/profit before
interest (417,271) 28,547 (2,206,871)
Net finance income 94 36 1,172
-------------------- -------------------- ------------------
(Loss)/profit before
income taxation (417,177) 28,583 (2,205,699)
Income tax expense - - (411)
-------------------- -------------------- ------------------
(Loss)/profit for
the period
and total comprehensive
income (417,177) 28,583 (2,206,110)
==================== ==================== ==================
Earnings/(loss) per
share
- basic and diluted
Continuing operations (0.08)p (0.02)p (2.05)p
Discontinued activities - 0.04p 0.81p
==================== ==================== ==================
Statement of financial position
As at 31 July 2011
31 July 31 July 31 January
------------------- ------------------ ----------------
2011 2010 2011
(unaudited) (unaudited) (audited)
GBP GBP GBP
ASSETS
Current assets
Trade and other receivables 469,641 88,848 233,229
Cash and cash equivalents 1,552,783 6,288 8,665
------------------- ------------------ ----------------
Total assets 2,022,424 95,136 241,894
------------------- ------------------ ----------------
LIABILITIES
Current liabilities
Trade and other payables (91,799) (50,685) (129,602)
Borrowings - (140,000) -
------------------- ------------------ ----------------
(91,799) (190,685) (129,602)
Non-current liabilities
Borrowings - (1,452,001) -
------------------- ------------------ ----------------
Total liabilities (91,799) (1,642,686) (129,602)
------------------- ------------------ ----------------
Net assets/(liabilities) 1,930,625 (1,547,550) 112,292
=================== ================== ================
EQUITY
Called up share capital 1,470,290 1,047,180 1,385,640
Share premium account 4,803,280 2,649,906 2,649,906
Capital redemption
reserve 43,333 43,333 43,333
Retained earnings (4,386,278) (5,287,969) (3,966,587)
------------------- ------------------ ----------------
Total equity 1,930,625 (1,547,550) 112,292
=================== ================== ================
Statement of changes in equity
For the six months ended 31 July 2011
Capital
Share Share Retained redemption
capital premium earnings reserve Total
GBP GBP GBP GBP GBP
Unaudited
Balance at 1 February 2011 1,385,640 2,649,906 (3,966,587) 43,333 112,292
Profit for the period - - (417,177) - (417,177)
Issue of shares 84,650 2,153,374 - - 2,238,024
Share based payment - - (2,514) - (2,514)
Balance at 31 July 2011 1,470,290 4,803,280 (4,386,278) 43,333 1,930,625
================ ============== =============== ================= ================
Unaudited
Balance at 1 February 2010 1,047,180 2,649,906 (5,314,574) 43,333 (1,574,155)
Retained for the period - - 28,583 - 28,583
Issue of shares - - - - -
Equity settled share based
payment - - (1,978) - (1,978)
Balance at 31 July 2010 1,047,180 2,649,906 (5,287,969) 43,333 (1,547,550)
================ ============== =============== ================= ================
Audited
Balance at 1 February 2010 1,047,180 2,649,906 (5,314,574) 43,333 (1,574,155)
Retained for the period - - (2,206,110) - (2,206,110)
Issue of shares 116,282 - - - 116,282
Conversion of loan stock
into ordinary shares 151,744 - - - 151,744
Conversion of debentures
into ordinary shares 70,434 - - - 70,434
Equity settled share based
payment - - 3,554,097 - 3,554,097
Balance at 31 January 2011 1,385,640 2,649,906 (3,966,587) 43,333 112,292
================ ============== =============== ================= ================
Cash flow statement
For the six months ended 31 July 2011
Six months Six months
ended ended Year ended
31 July 31 July 31 January
-------------------- -------------------- ------------------
2011 2010 2011
(unaudited) (unaudited) (audited)
GBP GBP GBP
Operating activities
Operating (loss)/profit (417,271) 28,547 (3,630,921)
(Increase)/decrease
in trade and other
receivables (236,412) 37,368 (105,071)
Decrease in creditors
within one year (37,803) (24,722) (20,216)
Equity-settled share
based payment (2,514) (1,978) 3,554,097
Loss on sale of football
business - - (4,146)
-------------------- -------------------- ------------------
Cash (outflows)/inflows
from operating activities (694,001) 39,215 (206,257)
-------------------- -------------------- ------------------
Investing activities
Net finance expense 94 36 (770)
-------------------- -------------------- ------------------
Net cash generated
from investing activities 94 36 (770)
-------------------- -------------------- ------------------
Financing activities
Issue of share capital 2,238,025 - 116,282
Repayment of other
borrowings - (35,000) (54,371)
Issue of convertible
unsecured loan note - - 151,744
Net cash generated
from/(used in) financing
activities 2,238,025 (35,000) 213,655
-------------------- -------------------- ------------------
Net increase in cash
and cash equivalents 1,544,118 4,251 6,628
Cash and cash equivalents
at start of period 8,665 2,037 2,037
-------------------- -------------------- ------------------
Cash and cash equivalents
at end of period 1,552,783 6,288 8,665
==================== ==================== ==================
Notes to the interim financial statements
1.General information
Premier Management Holdings Plc is a company incorporated in the
United Kingdom, which is listed on the Alternative Investment
Market of the London Stock Exchange Plc. The address of its
registered office is Stonebridge House, Chelmsford Road, Hatfield
Heath, Essex CM22 7BD
2.Financial information
The interim financial information for the six months ended 31
July 2011 has not been audited or reviewed and does not constitute
statutory accounts within the meaning of Section 434 of the
Companies Act 2006. The comparative financial information for the
year ended 31 January 2011 has been derived from the audited
financial statements for that year. A copy of those statutory
financial statements for the year ended 31 January 2011 has been
delivered to the Registrar of Companies. The report of the
independent auditors on those financial statements was unqualified
and did not contain a statement under Sections 498 (2) or (3) of
the Companies Act 2006.
The interim financial statements have been prepared in
accordance with International Financial Reporting Standards
('IFRS') as adopted by the European Union, IFRIC interpretations
and the Companies Act 2006 applicable to companies reporting under
IFRS and under the historical cost convention. The accounting
policies applied in preparing the interim financial information are
consistent with those set out in the statutory accounts of the
Company for the year ended 31 January 2011.
3.Taxation
On the basis of these accounts there is no tax charge for the
period.
4.Earnings per share
The earnings and number of shares used in the calculation of
earnings per share are as follows:
Six months Six months
ended ended Year ended
31 July 31 July 31 January
------------ ------------ ------------
2011 2010 2011
(unaudited) (unaudited) (audited)
Basic and diluted:
(Loss)/profit for
the financial period
- continuing operations (417,177) (17,147) (3,660,712)
Loss for the financial
period - discontinued
activities - 45,730 1,454,602
Weighted average number
of shares 501,315,603 104,718,000 178,901,111
(Loss)/earnings per
share - continuing
operations (0.08)p (0.02)p 0.81p
Loss per share - discontinued
activities - 0.04p (2.05)p
============ ============ ============
There was no dilutive effect in respect of the share options and
warrants outstanding during the period.
5.Dividends
The directors do not propose to declare a dividend for the
period.
6.Share capital
31 July 2011 31 July 2010
---------------------------------- --------------------------------
Number GBP Number GBP
(unaudited) (unaudited) (unaudited) (unaudited)
Allotted, called up and fully paid
Ordinary shares of 1p each - - 104,718,000 1,047,180
Ordinary shares of 0.1p each 527,828,443 527,828 - -
Deferred shares of 0.1p each 942,462,000 942,462 - -
=============== ----------------- =============== ---------------
1,470,290 1,047,180
================= ===============
31 January 2011
----------------------------------
Number GBP
(audited) (audited)
Allotted, called up and fully paid
Ordinary shares of 0.1p each 443,178,445 443,178
Deferred shares of 0.1p each 942,462,000 942,462
===============
1,385,640
=================
On 21 March 2011, the company placed 70,649,996 ordinary shares
of 0.1p at 3p per share to raising GBP2.12 million, before
expenses.
On 11 May 2011, the company placed 4,000,002 ordinary shares of
0.1p each at 3p per share, raising GBP120,000, before expenses.
On 20 May 2011, a warrant holder exercised a right to subscribe
for 10,000,000 ordinary shares of 0.1p at 1p per share raising
GBP100,000.
The deferred shares effectively have no rights or value.
7.Copies of interim results
Copies of the interim results can be obtained from the website
www.premiermgt.info. From this site you may access our financial
reports and presentations, recent press releases and details about
the company and its operations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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