TIDMPMA
RNS Number : 2527J
Premier Management Holdings PLC
28 June 2011
For immediate release: 28 June 2011
Premier Management Holdings plc
("Premier" or the "Company")
Preliminary Results for the Year Ended 31 January 2011
Highlights
-- Loss before tax of GBP2,206,871 attributable to restructuring
and change of business
-- New strategy to invest in gold exploration opportunities in
Central Asia
-- Focus on Kyrgyzstan Tien Shan gold belt - one of the most
prolific gold producing areas in the world
-- Option to acquire Central Asia Resources Limited
-- Appointment of mining industry executives with direct
experience in Central Asia
-- Post year-end fundraising of GBP2.12 million
Gerry Desler, Chairman, commented,
"This is an exciting and watershed moment in the development of
Premier as we look to create value from investment in gold
opportunities in Kyrgyzstan."
Premier Management
Holdings plc
Gerry Desler, Chairman Tel. 01279 731037
Brewin Dolphin
Alex Dewar Tel. 0845 213 2076
Neil McDonald Tel. 0845 213 4277
M: Communications
Ben Simons or Maria Tel. 020 7920 2340
Souvorov
Rivington Street Corporate
Finance
Dru Edmonstone Tel. 020 7562 3384
Chairman's Statement
Introduction
It has been a transformational year for Premier with the
decision, announced in October 2010, to dispose of the previous
operating business to former management and to wholly focus the
Company's efforts on identifying opportunities in the natural
resource sector. The Company's strategy is to create shareholder
value through acquisition of 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, a company which has been investigating gold
exploration opportunities in Kyrgyzstan and had signed an option to
acquire the Cholokkaindy gold exploration licence. The Company is
also actively considering other gold acquisition opportunities in
Kyrgyzstan. To properly reflect this change of direction, it is
intended that the Company will, in due course, change its name to
Premier Gold Resources plc.
Opportunity in Kyrgyzstan
Premier is targeting projects within the Tien Shan gold belt,
one of the most prolific gold producing areas in the world, which
hosts a number of large deposits including Muruntau (175 million
oz), Daugyztau (18 million oz), Zarmitan (11 million oz) and Kumtor
(18 million oz). Kumtor is Kyrgyzstan's largest gold producer, with
output of over 550,000 oz last year.With gold accounting 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
Following the disposal of the previous operating business to the
former chairman, who resigned in November 2010, I was pleased to
take on the additional role of chairman. I was further delighted to
welcome two new directors to the board who bring a wealth of
experience, both in Central Asia and gold exploration. Dr Reza
Tabrizi and Christian Schaffalitzky were both appointed in November
2010. Dr Tabrizi has been involved in project finance in the
Central Asian natural resources sector for seventeen years,
including acting as an adviser to governments in the region,
including Kyrgyzstan. Christian Schaffalitzky is a geologist with
over 35 years of experience in mineral exploration, discovery and
development, and has extensive experience in the region,
particularly in Russia. The Company's management has been further
strengthened with the appointment of John McKeon as a consultant.
Mr McKeon has a considerable track record of generating value from
natural resource projects in Asia, Africa and the Middle East. His
extensive experience of originating, structuring and financing
projects will be important in assisting Premier in the execution of
our strategy.
Financial results
The results for the year ended 31 January 2011 showed a loss
before tax of GBP2,206,871 (2010 - profit - GBP44,945) resulting
from the disposal of the previous operating business at a loss of
GBP4,146, a gain from the write-off of a GBP1,428,196 debenture
loan and a share-based payment charge of GBP3,554,097 principally
in respect of 186.7m warrants granted during the year. The
operating loss before share based payments for the period was
GBP76,824 (2010 - GBP50,414 profit) on a turnover of GBP44,642
(2010 - GBP49,632).
Outlook
Post year-end, the Company raised GBP2.12 million through a
placing of new ordinary shares at 3p each. The proceeds will be
used to further the Company's acquisition strategy, and the
proposed acquisition of Central Asia Resources Limited is being
progressed.
This is an exciting and watershed moment in the development of
Premier, and I thank you for your continued support as we begin to
develop our business in Kyrgyzstan.
Gerry Desler
Chairman
STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED
31 JANUARY 2011
2011 2010
-------------------------- --------------------
GBP GBP GBP GBP
Revenue
Continuing
operations - -
Discontinued operations 44,642 49,632
44,642 49,632
Cost of sales (5,453) (13,500)
Gross profit 39,189 36,132
Administrative
expenses (366,141) 14,282
Share based payments (3,554,097) (5,470)
Operating (loss)/profit
Continuing
operations (3,661,473) (24,889)
Discontinued operations 30,552 69,833
------------ ---------
(3,630,921) 44,944
Debenture loan
waived 1,428,196 -
Loss on disposal of
football business (4,146) -
(Loss)/profit on ordinary
activities after
exceptional items and
before interest (2,206,871) 44,944
Finance income 1,958 1
Finance expense (786) -
(Loss)/profit
before income
tax (2,205,699) 44,945
Income tax expense (411) -
(Loss)/profit for the
year and total
comprehensive
income (2,206,110) 44,945
============ =========
Earnings per share Pence Pence
Basic and diluted
earnings per share
- Continuing operations
- loss per share (2.05) (0.05)
- Discontinued
operations - earnings
per share 0.81 0.09
============ =========
STATEMENT OF FINANCIAL POSITION
================================== ============ ============
AS AT 31 JANUARY 2011
================================== ============ ============
2011 2010
================================= ============ ============
GBP GBP
================================= ============ ============
ASSETS
================================== ============ ============
Current assets
================================== ============ ============
Trade and other receivables 233,229 126,216
================================== ============ ============
Cash and cash equivalents 8,665 2,037
================================== ============ ============
241,894 128,253
================================= ============ ============
LIABILITIES
================================== ============ ============
Current liabilities
================================== ============ ============
Trade and other payables (129,602) (75,407)
================================== ============ ============
Borrowings - (140,000)
================================== ============ ============
(129,602) (215,407)
================================= ============ ============
Non current liabilities
================================== ============ ============
Borrowings - (1,487,001)
================================== ============ ============
(129,602) (1,702,408)
================================= ============ ============
Net assets/(liabilities) 112,292 (1,574,155)
================================== ============ ============
EQUITY
================================== ============ ============
Share capital 1,385,640 1,047,180
================================== ============ ============
Share premium account 2,649,906 2,649,906
================================== ============ ============
Other reserves 43,333 43,333
================================== ============ ============
Profit and loss account (3,966,587) (5,314,574)
================================== ============ ============
112,292 (1,574,155)
================================= ============ ============
STATEMENT OF
CHANGES IN
EQUITY
FOR THE YEAR
ENDED 31
JANUARY 2011
Capital
Share Share Retained redemption
capital premium earnings reserve Total
GBP GBP GBP GBP GBP
Balance at 1
February 2009 1,047,180 2,649,906 (5,364,989) 43,333 (1,624,570)
Total
comprehensive
income for the
year - - 44,945 - 44,945
Equity settled
share-based
payments - - 5,470 - 5,470
Balance at 31
January 2010 1,047,180 2,649,906 (5,314,574) 43,333 (1,574,155)
Total
comprehensive
income for the
year - - (2,206,110) - (2,206,110)
Equity settled
share-based
payments - - 3,554,097 - 3,554,097
Conversion of
loan stock
into ordinary
shares 151,744 - - - 151,744
Conversion of
debentures
into ordinary
shares 70,434 - - - 70,434
Issue of shares 116,282 - - - 116,282
1,385,640 2,649,906 (3,966,587) 43,333 112,292
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED
31 JANUARY 2011
2011 2010
----------------------- --------------------
GBP GBP GBP GBP
Cash flows from operating
activities
Operating profit (3,630,921) 44,944
Increase in trade and
other receivables (105,071) (78,335)
(Decrease)/increase
in trade and other payables (20,216) 17,185
Equity-settled share
based payments 3,554,097 5,470
Loss on disposal of
football business (4,146) -
Net cash used in operating
activities (206,257) (10,736)
Investing activities
Finance income 16 1
Finance expense (786) -
Net cash (outflow)/inflow
from
investing activities (26) 1
Financing activities
Issue of share
capital 116,282 -
Other short term
loans 151,744 -
Repayment of debenture
loans (54,371) (12,500)
Net cash generated
from/(used in)
financing activities 213,655 (12,500)
Net increase/(decrease)
in cash and
cash equivalents 6,628 23,235
Cash and cash equivalents
at
beginning of the
year 2,037 25,272
Cash and cash equivalents
at end of year 8,665 2,037
NOTES:
FOR THE YEAR ENDED 31 JANUARY 2010
1. Basis of preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union, (IFRSs) and IFRIC Interpretations issued by the
International Accounting Standards Board (IASB) as adopted by the
European Union and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS.
2. Group accounts
The financial statements present information about the company
as an individual undertaking and not about its group. The company's
subsidiary undertaking was dormant throughout the year. The company
has therefore taken advantage of the exemptions provided by Section
405 of the Companies Act 2006 not to prepare group financial
statements on the basis that the results and net assets of the
subsidiary undertaking are not material for the purposes of the
company's financial statements giving a true and fair view.
3 . Sources of estimation uncertainty
The preparation of the financial information in conformity with
IFRS requires the use of certain critical accounting estimates that
affect the reported amounts of assets and liabilities at the date
of the financial information and the reported amounts of revenue
and expenses during the reporting period. Although these estimates
are based on management's best knowledge of the amounts, events or
actions, actual results ultimately may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised. Material estimates and
assumptions are made in particular with regard to:
- the likelihood that tax assets would be realised; and
- the valuation of equity-settled share-based payments.
4 . Statutory accounts
The preliminary financial statements have been prepared on the
basis of the Company's normal accounting policies but do not
constitute statutory accounts. The Company's Annual Report and
Accounts for the year ended 31 January 2011 have been published and
have been placed on the Company's website www.premiermgt.info.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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