TIDMSMA
RNS Number : 8742K
Sovereign Mines of Africa PLC
27 September 2016
27 September 2016
Sovereign Mines of Africa PLC
("SMA" or "the Company")
Interim Results
Sovereign Mines of Africa PLC (AIM: SML), today announces its
interim results for the six months ended 30(th) June 2016.
Enquiries:
SOVEREIGN MINES OF AFRICA PLC
Giles Clarke - c/o Billy Clegg +44 20 3757 6983
SHORE CAPITAL - NOMINATED ADVISER & BROKER
Toby Gibbs - Corporate Finance
Jerry Keen - Corporate Broking +44 207 408 4090
CAMARCO
Gordon Poole / Sean Blundell +44 20 3757 6983
CHAIRMAN'S STATEMENT
Since our appointment to the Board in December 2015, Rupert
Fraser and I have been conducting a strategic review of the
company's assets and activities with a view to enhancing
shareholder value. We look forward to setting out our vision and
strategy for the businesses in the near future. As previously
stated our plans for the business may well involve the pursuit of
an acquisition which would trigger a reverse takeover under the AIM
Rules.
Following SMA's successful fundraise at the end of 2015, in
which both Rupert and I invested in to provide additional funding
to the Company, it had cash resources of approximately GBP452,000
at 30 June 2016. The Company reports a net loss of GBP43,795 for
the six-month period ended 30 June 2016, compared to a loss of
GBP41,351 for the corresponding period in 2015.
Post period end, we were delighted to announce the appointment
of Jeremy Sparrow to the Board as a Non-executive Director. Jeremy
brings over 25 years of investment experience to the Company and
was most recently Head of Investec Resource Investment Banking for
Asia and Australia. We are confident his deep sector knowledge and
expertise will augment the board's existing skills and add
significant value ahead of our next stage of growth and as we
implement the new strategy.
Following careful investigations, and having taken considerable
specialist professional advice, the Board has reached detailed
positions and is in advanced discussions with potential parties on
both our Guinean interests, currently carried in the books at nil
value, and on a potential new acquisition in the mining industry. I
hope to provide updates shortly.
C G Clarke
Chairman
26 September 2016
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended 30 June 2016
Notes
Six months Six months Year ended
ended 30/06/16 ended 30/06/15 31/12/15
Unaudited Unaudited Audited
GBP GBP GBP
Administrative expenses
- (operating loss) (44,976) (47,333) (1,418,432)
Finance income 1,181 494 557
------------------ ------------------ ------------------
Loss on ordinary activities
before taxation (43,795) (84,739) (1,417,875)
Tax on loss on ordinary - - -
activities
Loss for the financial
period (43,795) (46,839) (1,417,875)
=========== =========== ===========
Other comprehensive - - -
income
Total comprehensive
income for the period (43,795) (46,839) (1,417,875)
=========== =========== ===========
Loss for the period
and Total comprehensive
loss attributable
to:
Owners of the parent (43,795) (46,839) (1,417,875)
Non-controlling - - -
interest
(43,795) (46,839) (1,417,875)
=========== =========== ===========
Loss per ordinary
share (pence) -
From continuing
operations: basic
and diluted 4 (0. 005)p (0. 02)p (0.45)p
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30
June 2016
As at As at As at
30/06/16 30/06/15 31/12/15
Note Unaudited Unaudited Audited
GBP GBP GBP
FIXED ASSETS
Intangible assets - 1,275,059 -
------------------ ------------------ ------------------
CURRENT ASSETS
Cash and cash equivalents 452,866 99,663 501,170
------------------ ------------------ ------------------
452,866 99,663 501,170
CURRENT LIABILITIES
Trade and other payables (27,131) (65,683) (37,443)
----------------- ----------------- ------------------
NET CURRENT ASSETS 425,735 33,979 463,727
---------------- ---------------- ------------------
NET ASSETS 425,735 1,309,039 463,727
=========== =========== ===========
EQUITY ATTRIBUTABLE TO
EQUITY
HOLDERS OF THE COMPANY
Share capital 3,163,589 3,108,589 3,163,589
Share premium account 5,563,520 5,099,544 5,563,520
Reconstruction reserve (586,100) (586,100) (586,100)
Share-based payment reserve 32,493 19,942 26,690
Retained earnings (7,747,767) (6,332,936) (7,703,972)
---------------- ---------------- ----------------
TOTAL EQUITY 425,735 1,309,039 463,727
=========== =========== ===========
Net assets per share (pence) 0.054
- basic 5 0.050p 0.0042p p
======== ======== ========
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
Six months ended 30 June 2016
Six months Six months Year ended
to 30/06/16 to 30/06/15 31/12/15
Unaudited Unaudited Audited
GBP GBP GBP
Net cash
outflow
from
operating
activities 3 (49,485) (34,621) ((149,153))
------------------------------------------- ------------------------------------------- ---------------------------------------------------
Cash flows
from
investing
activities
Purchase of
intangible
fixed
assets - (116,161) (119,161)
------------------------------------------- ------------------------------------------- ---------------------------------------------------
(49,485) (116,161) (119,161)
Cash flows
from
financing
activities
Net proceeds
from issue
of share
capital - - 518,976
Finance
income 1,181 494 557
------------------------------------------- ------------------------------------------- ---------------------------------------------------
1,181 494 519,533
Net
(decrease)/
increase in
cash and
cash
equivalents (48,304) (150,289) 251,219
Cash and
cash
equivalents
at
beginning
of period 501,170 249,951 249,951
------------------------------------------- ------------------------------------------- ---------------------------------------------------
Cash and
cash
equivalents
at end of
period 452,866 99,663 501,170
=========================================== =========================================== ===================================================
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months ended 30 June 2016
Share Share Reconstruction Retained Share-based Total
capital premium reserve earnings payment
reserve
GBP GBP GBP GBP GBP GBP
At 1 January
2015 3,108,589 5,099,544 (586,100) (6,286,097) 14,454 1,350,390
Loss and
total
comprehensive
income for
six months
ended 30
June 2015 - - - (46,839) - (46,839)
Share-based
payment
expense - - - - 5,488 5,488
________ ________ ________ ________ _______ ________
At 30 June
2015 3,108,589 5,099,544 (586,100) (6,332,936) 19,942 1,309,039
Loss and
total
comprehensive
income for
six months
ended 31
December
2015 - - - (1,371,036) - (1,371,036)
Share-based
payment
expense - - - - 6,748 6,748
Issue of
shares,
net of share
issue costs 55,000 463,976 518,976
________ ________ ________ ________ ________ ________
At 31 December
2015 3,163,589 5,563,520 (586,100) (7,703,972) 26,690 463,727
Loss and
total
comprehensive
income for
six months
ended 30
June 2016 (43,795) (43,795)
Share-based
payment
expense 5,803 5,803
________ ________ ________ ________ _______ ________
At 30 June
2016 3,163,589 5,563,520 (586,100) (7,747,767) 32,493 425,735
======= ======== ======== ======= ======= ========
SOVEREIGN MINES OF AFRICA PLC
Notes to the interim consolidated financial information
Six months ended 30 June 2016
1. GENERAL
The interim financial information for the six-month period ended
30 June 2016 are unaudited and were approved by the Directors of
the Company on 26 September 2016. The condensed financial
information set out above does not constitute statutory accounts
within the meaning of Section 434 of the Companies Act 2006.
The financial information contained in this report in respect of
the annual financial statements for the year ended 31 December 2015
has been extracted from the report and financial statements for
that year which have been filed with the Registrar of Companies.
The report of the auditors on those accounts did not contain a
statement under section 498(2) or (3) of the Companies Act 2006 and
was not qualified, although it included an emphasis of matter in
respect of going concern.
The interim financial information is unaudited and has not been
reviewed by the auditors.
The Company's operations are not subject to seasonality or
cyclicality.
No dividend has been declared or paid in this interim
period.
2. ACCOUNTING POLICIES
The principal accounting policies and methods of computation
have remained unchanged from those used in the preparation of the
Company's 2015 annual financial statements and are expected to be
used for the Company's 2016 annual financial statements.
3. CASH FLOWS FROM OPERATING ACTIVITIES
Six months Six months Year ended
to 30/06/16 to 30/06/15 31/12/15
Unaudited Unaudited Audited
GBP GBP GBP
Loss before taxation (43,795) (46,839) (1,417,875)
Adjustments for:
Impairment losses on intangible
assets - - 1,278,059
Finance income (1,181) (494) (557)
Share-based payment expense 5,803 5,488 12,236
------------------- ------------------- --------------------
(39,173) (41,845) (128,137)
Decrease in financial assets - -
at fair value -
Increase in receivables - - -
Increase/(decrease) in
payables (10,312) 7,224 (21,016)
---------------- ---------------- ----------------
Net cash used in operating
activities (49,485) (34,621) (149,153)
============= ============= =============
4. LOSS PER SHARE
Six months Six months Year ended
to 30/06/15 to 30/06/15 31/12/15
Unaudited Unaudited Audited
Weighted average number
of ordinary shares in
issue 860,858,859 310,858,850 312,363,590
------------------------ ------------------------- -----------------------------
Loss after taxation GBP(43,795) GBP(46,839) GBP(1,417,875)
----------------------- ------------------------- -----------------------------
Loss per share (0. 005)p (0. 02)p (0.45)p
============== =============== ===================
Due to there being a loss during the period, the share options
are anti-dilutive and therefore the diluted loss per share is the
same as the loss per share.
5. NET ASSET VALUE PER SHARE
The "basic" net asset value per share figures are calculated on
the basis of the net assets attributable to equity shareholders
divided by the number of ordinary shares in issue at the relevant
dates of 860,859,050 (30 June 2015: 310,858,850; 31 December 2015:
860,858,850).
6. SHARE CAPITAL
Issued and fully paid:
2016 2015 2016 2015
No. of No. of shares GBP GBP
shares
Ordinary shares of
GBP0.0001 each 860,859,050 310,858,850 3,163,589 31,086
Deferred shares of
GBP0.099 each - 310,858,850 - 3,077,503
--------------- --------------- ------------ ------------
621,717,700 310,858,850 3,163,589 3,108,589
======== ======== ====== ======
The deferred shares carry no voting or dividend rights. Deferred
shareholders are entitled to receive the amount paid up or credited
as paid up on their respective holdings of deferred shares only
after there has been paid on each ordinary share the nominal amount
paid up on such share plus a further GBP1 per ordinary share. The
holders of the deferred shares shall not be entitled to participate
further in any distribution of the assets or the capital of the
Company.
7. COPIES OF INTERIM REPORT
Copies of the interim report are available to the public free of
charge from the Company at Lakeside Fountain Lane, St Mellons,
Cardiff, United Kingdom, CF3 0FB during normal office hours,
Saturdays and Sundays excepted, for 14 days from today and are
available on the website at www.sovmines.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DQLFLQKFEBBV
(END) Dow Jones Newswires
September 27, 2016 02:00 ET (06:00 GMT)
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