TIDMALBA
RNS Number : 1507Y
Alba Mineral Resources PLC
28 August 2009
ALBA MINERAL RESOURCES PLC
HALF-YEARLY UNAUDITED RESULTS
FOR THE SIX MONTHS ENDED 31 MAY 2009
CHAIRMAN'S STATEMENT
Introduction
Alba Mineral Resources plc ("Alba" or the "Company" and collectively with its
subsidiary companies "the Group") holds a diverse portfolio of mineral
properties in Mauritania (uranium), Scotland (nickel-copper), Ireland (gold and
base-metals) and Sweden (nickel-copper). The projects are at different stages of
development and range from early exploration targets to more advanced
drill-ready projects.
Results for the Period
The Group made a loss attributable to equity holders of the parent for the
period, after taxation, of GBP95,557. The basic and diluted loss per share was
0.1 pence. The Group had cash balances of GBP19,640 at the period end. The
Company has reduced its monthly cash burn rate to below GBP4,000 excluding
licence fees and exploration costs. Notwithstanding, the Board anticipates that
a further fundraising will need to be completed before the end of 2009.
Review of Activities
Our activities in the first half of the year have been primarily focused on
securing additional funding for the Group. As announced on 3 August 2009, the
Company allotted 9,300,000 new ordinary shares of 0.1p each ("New Ordinary
Shares") (representing approximately 10.0 per cent. of the current issued share
capital of the Company) at a price of 0.5p per share (the "Placing Price"), to
directors and certain existing shareholders raising GBP46,500 (before expenses)
pursuant to a placing and allotted a further 7,950,316 New Ordinary Shares
(representing approximately 8.5 per cent. of the current issued share capital of
the Company) at the Placing Price to discharge certain unpaid directors'
remuneration and expenses and debt due to third parties in the amount of
GBP39,751.58.
Share Capital Reorganisation
On 7 January 2009, the Company undertook a Share Capital Reorganisation to
affect an issue of new ordinary shares. Each issued and unissued existing
ordinary share of 1p was subdivided and converted into 1 new ordinary share of
0.1p each and 1 Deferred Share of 0.9p. Following the Share Capital
Reorganisation, each shareholder had the same number of new ordinary shares as
existing ordinary shares held immediately before the Share Capital
Reorganisation. The Company's authorised share capital remained the same and the
Company's articles were amended to incorporate the provisions relating to the
deferred shares.
Outlook
At the time of writing, it seems inevitable that there will be minimal
exploration work undertaken by the Company during 2009. The Company's working
capital position continues to be adversely affected, and the Company is still
seeking to raise further funds in the near term. The Company continues to work
with joint venture partners where possible and as the need for funds is ongoing,
its costs and financial position are under constant review. Our exploration
programmes can only be financed within our financial constraints.
The Board believes that if the Company can overcome its immediate funding
requirements it will be better placed to grow both organically and by
acquisition.
Mike Nott
27 August 2009
Chairman
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2009
+---------+--------+--------+--------+-----------+-----------+-------------+
| | | | | Unaudited | Unaudited | Audited |
+---------+--------+--------+--------+-----------+-----------+-------------+
| | | | | 6 | 6 | Year |
| | | | | months | months | ended |
| | | | | ended | ended | |
+---------+--------+--------+--------+-----------+-----------+-------------+
| | | | | 31 May | 31 May | 30 Nov |
| | | | | 2009 | 2008 | 2008 |
+---------+--------+--------+--------+-----------+-----------+-------------+
| | | | | GBP | GBP | GBP |
+---------+--------+--------+--------+-----------+-----------+-------------+
| Revenue | | | | - | - | - |
+---------+--------+--------+--------+-----------+-----------+-------------+
| Cost of sales | | | - | - | - |
+------------------+--------+--------+-----------+-----------+-------------+
| Gross profit | | | - | - | - |
+------------------+--------+--------+-----------+-----------+-------------+
| Administrative expenses | | (96,487) | (160,249) | (1,027,766) |
+---------------------------+--------+-----------+-----------+-------------+
| Operating loss | | | (96,487) | (160,249) | (1,027,766) |
+------------------+--------+--------+-----------+-----------+-------------+
| Investment | | | - | 909 | 909 |
| revenue | | | | | |
+------------------+--------+--------+-----------+-----------+-------------+
| Loss before | | | (96,487) | (159,340) | (1,026,857) |
| taxation | | | | | |
+------------------+--------+--------+-----------+-----------+-------------+
| Taxation (note | | | - | - | - |
| 3) | | | | | |
+------------------+--------+--------+-----------+-----------+-------------+
| Loss for the | | | (96,487) | (159,340) | (1,026,857) |
| period | | | | | |
+------------------+--------+--------+-----------+-----------+-------------+
| | | | | | | |
+---------+--------+--------+--------+-----------+-----------+-------------+
| Attributable | | | | | |
| to: | | | | | |
+------------------+--------+--------+-----------+-----------+-------------+
| Equity holders of the | | (95,557) | (156,711) | (1,020,523) |
| parent | | | | |
+---------------------------+--------+-----------+-----------+-------------+
| Minority | | | (930) | (2,629) | (6,334) |
| interest | | | | | |
+------------------+--------+--------+-----------+-----------+-------------+
| Loss for the | | | (96,487) | (159,340) | (1,026,857) |
| period | | | | | |
+------------------+--------+--------+-----------+-----------+-------------+
| | | | | | | |
+---------+--------+--------+--------+-----------+-----------+-------------+
| Loss per ordinary 1p | | | | |
| share (note 3) | | | | |
+---------------------------+--------+-----------+-----------+-------------+
| - basic and | | | 0.10 | 0.18 | 1.10 |
| diluted | | | pence | pence | pence |
+---------+--------+--------+--------+-----------+-----------+-------------+
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2009
+--------+--------+--------+--------+-------------+-------------+-------------+
| | | | | Unaudited | Unaudited | Audited |
+--------+--------+--------+--------+-------------+-------------+-------------+
| | | | | 31 May | 31 May | 30 Nov |
| | | | | 2009 | 2008 | 2008 |
+--------+--------+--------+--------+-------------+-------------+-------------+
| | | | | GBP | GBP | GBP |
+--------+--------+--------+--------+-------------+-------------+-------------+
| Non-current | | | | | |
| assets | | | | | |
+-----------------+--------+--------+-------------+-------------+-------------+
| Intangible assets - deferred | 600,358 | 1,049,895 | 563,881 |
| exploration costs | | | |
+-----------------------------------+-------------+-------------+-------------+
| Intangible assets - | | - | 67,614 | - |
| goodwill | | | | |
+--------------------------+--------+-------------+-------------+-------------+
| Property, plant and | | 1,223 | 4,959 | 3,166 |
| equipment | | | | |
+--------------------------+--------+-------------+-------------+-------------+
| | | | | 601,581 | 1,122,468 | 567,047 |
+--------+--------+--------+--------+-------------+-------------+-------------+
| Current assets | | | | | |
+-----------------+--------+--------+-------------+-------------+-------------+
| Trade and other | | 87,769 | 99,317 | 5,278 |
| receivables | | | | |
+--------------------------+--------+-------------+-------------+-------------+
| Cash and cash | | 19,640 | 86,203 | 48,799 |
| equivalents | | | | |
+--------------------------+--------+-------------+-------------+-------------+
| | | | | 107,409 | 185,520 | 54,077 |
+--------+--------+--------+--------+-------------+-------------+-------------+
| | | | | | | |
+--------+--------+--------+--------+-------------+-------------+-------------+
| Total assets | | | 708,990 | 1,307,988 | 621,124 |
+-----------------+--------+--------+-------------+-------------+-------------+
| | | | | | | |
+--------+--------+--------+--------+-------------+-------------+-------------+
| Current | | | | | |
| liabilities | | | | | |
+-----------------+--------+--------+-------------+-------------+-------------+
| Trade and other payables | | (399,166) | (285,576) | (232,813) |
+--------------------------+--------+-------------+-------------+-------------+
| Borrowings | | | (208,030) | (152,030) | (190,030) |
+-----------------+--------+--------+-------------+-------------+-------------+
| Total | | | (607,196) | (437,606) | (422,843) |
| liabilities | | | | | |
+-----------------+--------+--------+-------------+-------------+-------------+
| | | | | | | |
+--------+--------+--------+--------+-------------+-------------+-------------+
| Net | | | | 101,794 | 870,382 | 198,281 |
| assets | | | | | | |
+--------+--------+--------+--------+-------------+-------------+-------------+
| | | | | | | |
+--------+--------+--------+--------+-------------+-------------+-------------+
| Equity and | | | | | |
| liabilities | | | | | |
+-----------------+--------+--------+-------------+-------------+-------------+
| Share capital | | | 930,701 | 880,701 | 930,701 |
+-----------------+--------+--------+-------------+-------------+-------------+
| Share premium account | | 908,400 | 908,400 | 908,400 |
+--------------------------+--------+-------------+-------------+-------------+
| Merger reserve | | | 200,000 | 200,000 | 200,000 |
+-----------------+--------+--------+-------------+-------------+-------------+
| Other reserve | | | 144,907 | (509) | 144,907 |
+-----------------+--------+--------+-------------+-------------+-------------+
| Profit and loss | | | (2,112,302) | (1,152,933) | (2,016,745) |
| account | | | | | |
+-----------------+--------+--------+-------------+-------------+-------------+
| Equity attributable to equity | 71,706 | 835,659 | 167,263 |
| holders of the parent | | | |
+-----------------------------------+-------------+-------------+-------------+
| Minority | | | 30,088 | 34,723 | 31,018 |
| interest | | | | | |
+-----------------+--------+--------+-------------+-------------+-------------+
| Total equity and | | 101,794 | 870,382 | 198,281 |
| liabilities | | | | |
+--------+--------+--------+--------+-------------+-------------+-------------+
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2009
+--------+--------+--------+--------+-----------+-----------+-------------+
| | | | | Unaudited | Unaudited | Audited |
+--------+--------+--------+--------+-----------+-----------+-------------+
| | | | | 6 | 6 | Year |
| | | | | months | months | ended |
| | | | | ended | ended | |
+--------+--------+--------+--------+-----------+-----------+-------------+
| | | | | 31 May | 31 May | 30 Nov |
| | | | | 2009 | 2008 | 2008 |
+--------+--------+--------+--------+-----------+-----------+-------------+
| | | | | GBP | GBP | GBP |
+--------+--------+--------+--------+-----------+-----------+-------------+
| Net cash used in operating | (10,682) | (91,178) | (164,895) |
| activities | | | |
+-----------------------------------+-----------+-----------+-------------+
| | | | | | | |
+--------+--------+--------+--------+-----------+-----------+-------------+
| Investing | | | | | |
| activities | | | | | |
+-----------------+--------+--------+-----------+-----------+-------------+
| Interest | | | - | 909 | 909 |
| received | | | | | |
+-----------------+--------+--------+-----------+-----------+-------------+
| Purchase of intangible | | (36,477) | (239,237) | (290,536) |
| assets | | | | |
+--------------------------+--------+-----------+-----------+-------------+
| Purchase of property, plant and | - | - | (388) |
| equipment | | | |
+-----------------------------------+-----------+-----------+-------------+
| Net cash used in investing | (36,477) | (238,328) | (290,015) |
| activities | | | |
+-----------------------------------+-----------+-----------+-------------+
| | | | | | | |
+--------+--------+--------+--------+-----------+-----------+-------------+
| Financing | | | | | |
| activities | | | | | |
+-----------------+--------+--------+-----------+-----------+-------------+
| Proceeds from issue of share | - | - | 50,000 |
| capital | | | |
+-----------------------------------+-----------+-----------+-------------+
| Proceeds from borrowings | | 18,000 | 92,025 | 130,025 |
+--------------------------+--------+-----------+-----------+-------------+
| Net cash generated from financing | 18,000 | 92,025 | 180,025 |
| activities | | | |
+-----------------------------------+-----------+-----------+-------------+
| | | | | | | |
+--------+--------+--------+--------+-----------+-----------+-------------+
| Net decrease in cash and cash | (29,159) | (237,481) | (274,885) |
| equivalents | | | |
+-----------------------------------+-----------+-----------+-------------+
| Cash and cash equivalents at the | 48,799 | 323,684 | 323,684 |
| beginning of the period | | | |
+-----------------------------------+-----------+-----------+-------------+
| Cash and cash equivalents at the | 19,640 | 86,203 | 48,799 |
| end of the period | | | |
+-----------------------------------+-----------+-----------+-------------+
| | | | | | | |
+--------+--------+--------+--------+-----------+-----------+-------------+
| Operating loss | | | (96,487) | (160,249) | (1,027,766) |
+-----------------+--------+--------+-----------+-----------+-------------+
| Depreciation and | | 1,943 | 20,715 | 4,747 |
| amortisation | | | | |
+--------------------------+--------+-----------+-----------+-------------+
| Impairment of deferred | - | - | 769,059 |
| exploration expenditure | | | |
+-----------------------------------+-----------+-----------+-------------+
| Foreign exchange revaluation | - | - | (567) |
| adjustment | | | |
+-----------------------------------+-----------+-----------+-------------+
| (Increase)/decrease in trade and | (82,491) | 1,375 | 95,414 |
| other receivables | | | |
+-----------------------------------+-----------+-----------+-------------+
| Increase/(decrease) in trade and | 166,353 | 46,981 | (5,782) |
| other payables | | | |
+-----------------------------------+-----------+-----------+-------------+
| Net cash used in operating | (10,682) | (91,178) | (164,895) |
| activities | | | |
+--------+--------+--------+--------+-----------+-----------+-------------+
NOTES TO THE HALF-YEARLY FINANCIAL INFORMATION
1.Basis of preparation
The Group consolidates the financial statements of the Company and its
subsidiary undertakings.
The financial information has been prepared under the historical cost convention
in accordance with International Financial Reporting Standards (IFRSs). The same
accounting policies, presentation and methods of computation are followed in
this interim condensed consolidated report as were applied in the Group's annual
financial statements for the year ended 30 November 2008. The financial
information set out in this half-yearly report does not constitute statutory
accounts as defined in Section 240 of the Companies Act 1985.
2. Taxation
No charge for corporation tax for the period has been made due to the expected
tax losses available.
3. Loss per share
Basic loss per share is calculated by dividing the loss attributable to ordinary
shareholders of GBP95,557 (May 2008: GBP156,711; November 2008: GBP1,020,523) by
the weighted average number of shares of 93,070,100 (May 2008: 88,070,100;
November 2008: 89,741,243) in issue during the period. The diluted loss per
share calculation is identical to that used for basic loss per share as the
exercise of warrants would have the effect of reducing the loss per ordinary
share and therefore is not dilutive under the terms of Financial Reporting
Standard 22 "Earnings Per Shares".
For further information please visit the Company's website,
www.albamineralresources.com or contact:
+-----------+----------+-----------+
| Alba | Mike | Tel: |
| Mineral | Nott, | +44 |
| Resources | Chairman | (0) 20 |
| plc | | 7495 5326 |
+-----------+----------+-----------+
| Dowgate | Liam | Tel: |
| Capital | Murray | +44 |
| Advisers | / | (0) 20 |
| Ltd | Aaron | 7492 4777 |
| | Smyth | |
+-----------+----------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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