TIDMRMP
RNS Number : 3094R
Red Emperor Resources NL
05 March 2021
5 March 2021
Red Emperor Resources NL
Half Year Report for the Six Months Ended 31 December 2020
The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP",
"Red Emperor" or the "Company") is pleased to announce the
Company's unaudited consolidated interim results for the 6 months
to 31 December 2020 .
Please see below extracts from the Company's Half Year Report
for the period ended 31 December 2020, being the:
- Directors' Report
- Consolidated Statement of Profit or Loss and Other Comprehensive Income
- Consolidated Statement of Financial Position
- Consolidated Statement of Changes in Equity
- Consolidated Statement of Cash Flows
A copy of the full Half Year Report is available on the
Company's website - www.redemperorresources.com
For further information, please visit www.redemperorresources.com or contact :
Red Emperor Resources NL +61 8 9212 0102
Greg Bandy
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris
Brandon Hill Capital (UK Broker) +44 (0) 203 463 5010
708 Capital Pty Ltd (Australian Broker) +61 (0) 2 9112 2500
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Directors' Report
The Directors are pleased to present their report for Red
Emperor Resources NL ("Red Emperor" or the "Company") and its
subsidiaries (the "Group") for the half-year ended 31 December 2020
(the "Period").
DIRECTORS
The persons who were directors of Red Emperor during the
half-year and up to the date of this report are:
-- Greg Bandy (Managing Director)
-- Aaron Bertolatti (Director & Company Secretary)
-- Jason Bontempo (Non-Executive Director)
REVIEW OF OPERATIONS
Corporate
During the reporting period, Red Emperor continued to evaluate
potential deal opportunities, primarily in the global oil and gas
sector. While mainly focused on exploration projects, the Board has
continued to be very mindful of protecting the Company's balance
sheet and by extension, shareholder value.
There were also a number of potential projects considered during
the period in the wider natural resources sector outside of oil and
gas cognisant that pursuant to AIM Rule 15, the Company is required
to make an acquisition, or acquisitions, which constitute(s) a
reverse takeover under AIM Rule 14, or alternatively seek
re-admission to trading on AIM as an investing company pursuant to
AIM Rule 8 (either being a "Re-admission Transaction"), either of
which would require, inter alia, the preparation and publication of
an AIM admission document and a full re-admission process. If a
Re-admission Transaction is not completed by 20 July 2021 admission
to trading on AIM of the Company's ordinary shares will be
cancelled pursuant to AIM Rule 41.
The Company has recently made an application to ASX in respect
of a proposed transaction under ASX Listing Rule 11.1, which is
under consideration, and the Company's ordinary shares remain
suspended from trading on both ASX and AIM.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
There have been no significant events subsequent to the end of
the reporting period to the date of this report which significantly
affect the operations of the Group, the results of those operations
or the state of affairs of the Group in future reporting
periods.
AUDITOR'S INDEPENCE DECLARATION
Section 307C of the Corporations Act 2001 requires the Company's
auditors to provide the Directors of the Company with an
Independence Declaration in relation to their review of the interim
financial report. This Independence Declaration is set out on page
3 of the full Half Year Report and forms part of this Directors'
report for the half-year ended 31 December 2020.
This report is signed in accordance with a resolution of the
Board of Directors made pursuant to section 306(3) of the
Corporations Act 2001.
Signed on behalf of the board in accordance with a resolution of
the Directors.
Greg Bandy
Managing Director
Perth, Western Australia
5 March 2021
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the half-year ended 31 December 2020
31-Dec-20 31-Dec-19
---------------------------------------------
$ $
---------------------------------------------
Continuing Operations
Interest received 12,520 13,412
Other income 40,009 -
Employee and director benefits expense (124,645) (136,706)
Professional and consultants (112,376) (114,124)
ASX and AIM and share registry fees (68,115) (86,550)
Travel expenditure (4,801) (7,493)
Exploration expenditure written off (12,588) (93,999)
Amortisation/depreciation expense (23,744) -
Unrealised foreign exchange (loss)/gain (9,859) 1,154
Other expenses (62,280) (73,710)
----------- -----------
Loss before income tax (365,879) (498,016)
Income tax expense - -
----------- -----------
Loss after Income Tax (365,879) (498,016)
Other comprehensive income/(loss)
Items that may be reclassified to profit or
loss
Other comprehensive income - 54
----------- -----------
Other comprehensive income/(loss) for the
period net of tax - 54
----------- -----------
Total comprehensive loss for the period (365,879) (497,962)
----------- -----------
Loss per share for the period attributable
to the members of Red Emperor Resources NL
Basic and diluted loss per share (cents) (0.07) (0.09)
The above Consolidated Statement of Profit or Loss and Other
Comprehensive Income should be read in conjunction with the
accompanying notes in the full Half Year Report.
Consolidated Statement of Financial Position
as at 31 December 2020
Note 31-Dec-20 30-Jun-20
-------------------------------------
$ $
------------------------------------- -----
Current Assets
Cash and cash equivalents 4,225,863 4,603,010
Trade and other receivables 26,626 28,562
------------- -------------
Total Current Assets 4,252,489 4,631,572
------------- -------------
Non-Current Assets
Right of use assets 3(a) 118,718 -
Deferred exploration and evaluation
expenditure - -
------------- -------------
Total Non-Current Assets 118,718 -
------------- -------------
Total Assets 4,371,207 4,631,572
------------- -------------
Current Liabilities
Trade and other payables 39,601 53,782
Lease liabilities 3(b) 70,620 -
------------- -------------
Total Current Liabilities 110,221 53,782
------------- -------------
Non-Current Liabilities
Lease liabilities 3(b) 49,075 -
------------- -------------
Total Non-Current Liabilities 49,075 -
------------- -------------
Total Liabilities 159,296 53,782
------------- -------------
Net Assets 4,211,911 4,577,790
------------- -------------
Equity
Issued capital 4(a) 61,811,451 61,811,451
Reserves 5 5,270,653 5,270,653
Accumulated losses 6 (62,870,193) (62,504,314)
------------- -------------
Total Equity 4,211,911 4,577,790
------------- -------------
The above Consolidated Statement of Financial Position should be
read in conjunction with the accompanying notes in the full Half
Year Report.
Consolidated Statement of Changes in Equity
for the half-year ended 31 December 2020
Issued Accumulated Foreign Share Total
capital losses exchange based payments
translation reserve
reserve
---------------------------
$ $ $ $ $
--------------------------- ------------ -------------- ------------- ---------------- -----------
Balance at 1 July
2019 61,811,451 (61,467,301) 255,417 5,014,971 5,614,538
------------ -------------- ------------- ---------------- -----------
Total comprehensive
loss for the period
Loss for the period - (498,016) - - (498,016)
Other Comprehensive
income - - 54 - 54
------------ -------------- ------------- ---------------- -----------
Total comprehensive
loss for the period - (498,016) 54 - (497,962)
------------ -------------- ------------- ---------------- -----------
Transactions with
owners in their capacity
as owners - - - - -
------------ -------------- ------------- ---------------- -----------
Balance at 31 December
2019 61,811,451 (61,965,317) 255,471 5,014,971 5,116,576
------------ -------------- ------------- ---------------- -----------
Balance at 1 July
2020 61,811,451 (62,504,314) 255,682 5,014,971 4,577,790
------------ -------------- ------------- ---------------- -----------
Total comprehensive
loss for the period
Loss for the period - (365,879) - - (365,879)
Other Comprehensive
loss - - - - -
------------ -------------- ------------- ---------------- -----------
Total comprehensive
loss for the period - (365,879) - - (365,879)
------------ -------------- ------------- ---------------- -----------
Transactions with
owners in their capacity
as owners - - - - -
------------ -------------- ------------- ---------------- -----------
Balance at 31 December
2020 61,811,451 (62,870,193) 255,682 5,014,971 4,211,911
------------ -------------- ------------- ---------------- -----------
The above Consolidated Statement of Changes in Equity should be
read in conjunction with the accompanying notes in the full Half
Year Report.
Consolidated Statement of Cash Flows for the half-year ended 31
December 2020
31-Dec-20 31-Dec-19
-------------------------------------------
$ $
-------------------------------------------
Cash flows from operating activities
Payments to suppliers and employees (417,088) (457,045)
Interest received 12,520 13,412
Other receipts 40,009 -
---------- ----------
Net cash used in operating activities (364,559) (443,633)
---------- ----------
Cash flows from investing activities
Payments for exploration and evaluation (12,588) (93,999)
---------- ----------
Net cash used in investing activities (12,588) (93,999)
---------- ----------
Net decrease in cash and cash equivalents (377,147) (537,632)
Cash and cash equivalents at beginning
of the period 4,603,010 5,642,936
Effects of exchange rate changes on cash
and cash equivalents - 53
---------- ----------
Cash and cash equivalents at the end of
the period 4,225,863 5,105,357
---------- ----------
The above Consolidated Statement of Cash Flows should be read in
conjunction with the accompanying notes in the full Half Year
Report.
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