TIDMAGTA
RNS Number : 7323H
Agriterra Ltd
26 February 2010
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture
26 February 2010
Agriterra Ltd ('Agriterra' or 'the Company')
Interim Results
Agriterra Ltd, the AIM listed company focussed on the agricultural sector in
central and southern Africa, announces its results for the six months ended 30
November 2009.
Overview
· Significant progress made towards building a major sub-Saharan African
focussed agricultural business
· Record buying season achieved at Chimoio maize processing facility -
increased total purchase figure by 40% to 35,000 tonnes (2008 buying season:
25,000 tonnes)
· Growing market presence - DECA commands major market share in key regions
such as Beira and geographic reach is spreading countrywide
· Tete facility - 8,000 tonnes of maize achieved during 2009 buying season
and full commercial licences obtained
· Breeding programme progressing well on Mozbife's Dombe and Mavonde ranches
- total head of cattle now approximately 1,000
· Heavily invested in development of both maize processing and beef business
· In December acquired remaining interest in agricultural trading and
processing companies and cattle ranching and feedlot production entity Mozbife
· Interims coincide with buying season, full year results reflect sales
CHAIRMAN'S STATEMENT
We have made impressive progress in building our position as a significant
agricultural company focussed on sub-Saharan Africa. Our maize processing
operation in Chimoio is growing from strength to strength recording a record
buying season, while we have invested heavily in the development of the Compagri
maize processing business in Tete, and laying the foundations for our cattle
ranching business in Chimoio.
DECA, Chimoio
2009 was a record buying season for DECA, with 35,000 tonnes purchased between
June to September, a new record figure exceeding previous seasons by nearly
10,000 tonnes. Importantly grain was purchased at improved prices compared to
previous years. Storage capacity was the only limiting factor and as a result
the Company has initiated plans to increase capacity with the construction of a
further six 1,000 tonne silos, taking the total storage capacity at Chimoio to
just over 40,000 tonnes. Sales of product are currently very strong and growing
daily following the strong buying season. The DECA product commands a major
market share in the Beira area, which is the Company's biggest market and it is
now being sold regularly as far south as Chokwe near Maputo, nearly 1,000km from
Chimoio.
Compagri, Tete
Following commencement of operations in 2009, Compagri purchased in excess of
8,000 tonnes of maize in its first buying season. All commercial licences have
now been acquired and milling is commencing in order to supply the local market.
It is expected that purchases of grain and other agricultural products could
reach 20,000 tonnes in 2010 as the operations expand to keep up with the
anticipated growing demand in the Tete area. With the vast developments in the
coal mining projects in the area, substantial inflows of workers are expected,
many of whom consume maize meal as their staple diet, and therefore the project
is well placed to satisfy this demand. Importantly, new markets are also being
opened up with strong export potential to neighbouring Malawi as well as to
Zimbabwe being indicated.
Mozbife Cattle Ranching
We have invested heavily in our cattle ranching operations and we already have
two ranches covering 15,000 hectares and a current stock of circa 1,000 head of
cattle.
At the 1,000ha Mavonde ranch, following the recent import of 265 pedigree
Beefmaster cattle, including 11 top quality bulls from South Africa, a
concentrated breeding programme has been put in place. Calves have already been
born and the herd now exceeds 280 head. Cattle are all tagged and numbered and
an accurate recording system for each animal has been instituted.
An area of 200ha of land has been cleared and is currently being planted with
various pasture grasses. All of this land is under irrigation following the
installation of a new irrigation system. Mozbife is currently looking at the
feasibility of constructing a large dam with approx 8km of pushback to ensure
water security for the irrigation scheme. Additionally negotiations are also
underway with local authorities for the acquisition of a further large tract of
neighbouring land for project expansion.
The 15,000 ha Dombe ranch is still in the initial phase of development with
boundaries having been defined and cleared and cattle numbers already exceed
700. A boundary fencing scheme covering almost 50km has started and once final
project approvals are obtained, the Company will begin the paddock fencing and
installation of water reticulation systems.
The abattoir project remains on course with final negotiations and design
criteria ongoing with the supplier in the Netherlands. It is envisaged that
initially the abattoir will have a capacity of 50 head per day, expandable to
100 per day through the addition of modern modular systems. The abattoir is
being designed to meet stringent Halal and export requirements from other
countries in Africa and it is hoped to start construction this year once all
planning is finalised and approvals obtained.
FINANCIAL RESULTS
The Company has invested heavily, primarily from internal cash flow, into its
embryonic beef ranching business and establishing its second grain processing
facility at Tete. The cyclical nature of the agricultural buying and processing
industry, whereby the raw commodity is bought during the May to September buying
season and sales are at their lowest, building to the high sales months of
November to May. Therefore, the full year results, which will be announced by
the end of November 2010, will provide a clearer indication of the growth and
financial performance of the Company.
With all the above in mind we are reporting a pre-tax loss of $1,967,000 on
turnover of $2,480,000 during the period. Cash balances at the period end
remained healthy at $2.5 million (2008: $8.5 million). In addition we had circa
39,000 tonnes of maize in stock ready to be processed and sold.
OUTLOOK
I am confident that the progress that we have made with DECA, Compagri and
Mozbife, has created an ideal platform for Agriterra's future growth into a
major agricultural company focussed on sub-Saharan Africa. Importantly, now
that Agriterra wholly owns all three subsidiaries following our acquisition of
the remaining 25% interests in DECA, Compagri and Mozbife in December 2009, we
will now have maximum exposure to the uplift in value which I believe will come
from our continued growth of our operations.
We see significant opportunities for growth in both our maize processing
operations at the Chimoio and Tete facilities. They are both state of the art
facilities that are producing high quality product which is being delivered
across Mozambique and to the World Food Programme.
The cattle ranching operations will also be an increasingly important facet of
Agriterra's business moving forward. We are still very much in a development
stage at both of our ranches and the planning of our abattoir is progressing on
schedule. The Board is cognisant of the huge potential for a supplier of
domestically reared beef to the Mozambican market, and we will continue to
accelerate development of this element of our business in order to capitalise on
this demand.
I would like to take this opportunity to thank our valued shareholders, and I
look forward to reporting on the future progress that we make in achieving our
objective and growing Agriterra into one of the largest African focussed
agri-operators.
** ENDS **
For further information please visit www.agriterra-ltd.com or contact:
+----------------+--------------------------+---------------------+
| Andrew Groves | Agriterra Ltd | Tel: +44 (0) 20 |
| | | 7408 9200 |
+----------------+--------------------------+---------------------+
| Jonathan | Seymour Pierce Ltd | Tel: +44 (0) 20 |
| Wright | | 7107 8000 |
+----------------+--------------------------+---------------------+
| Hugo de Salis | St Brides Media & | Tel: +44 (0) 20 |
| | Finance Ltd | 7236 1177 |
+----------------+--------------------------+---------------------+
| Susie Callear | St Brides Media & | Tel: +44 (0) 20 |
| | Finance Ltd | 7236 1177 |
+----------------+--------------------------+---------------------+
Unaudited Group Income Statement
For the six month period to 30 November 2009
+---------------------+------+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Unaudited |
| | | 6 months | 6 months | 11 months |
| | | to | to | to |
| | | 30 | 31 | 31 May |
| | | November | December | 2009 |
| | | 2009 | 2008 | |
+---------------------+------+-----------+-----------+-----------+
| |Note | $'000 | $'000 | $'000 |
+---------------------+------+-----------+-----------+-----------+
| Sales | 4 | 2,480 | - | 4,855 |
+---------------------+------+-----------+-----------+-----------+
| Cost of sales | | (1,965) | - | (3,483) |
+---------------------+------+-----------+-----------+-----------+
| | | 515 | | 1,372 |
+---------------------+------+-----------+-----------+-----------+
| Operating expenses | | (2,494) | (707) | (1,875) |
+---------------------+------+-----------+-----------+-----------+
| Operating loss | | (1,979) | (707) | (503) |
+---------------------+------+-----------+-----------+-----------+
| Net finance income | | 12 | 145 | 332 |
+---------------------+------+-----------+-----------+-----------+
| Loss before | | (1,967) | (562) | (171) |
| taxation | | | | |
+---------------------+------+-----------+-----------+-----------+
| Income tax | | - | - | - |
+---------------------+------+-----------+-----------+-----------+
| Loss for the period | | | | |
| from continuing | | (1,967) | (562) | (171) |
| operations | | | | |
+---------------------+------+-----------+-----------+-----------+
| Discontinued | | | | |
| operations : | | | | |
+---------------------+------+-----------+-----------+-----------+
| Loss for the period | | (83) | (2,886) | (3,519) |
+---------------------+------+-----------+-----------+-----------+
| Loss for the period | | | | |
| attributable to | | (2,050) | (3,448) | (3,690) |
| equity holders | | | | |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
| Loss per share: | 6 | (0.43 | (0.98 | (1.05 |
| basic & diluted | | cents) | cents) | cents) |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
Unaudited Statement of Other Comprehensive Income
For the six month period to 30 November 2009
+---------------------+------+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Unaudited |
| | | 6 months | 6 months | 11 months |
| | | to | to | to |
| | | 30 | 31 | 31 May |
| | | November | December | 2009 |
| | | 2009 | 2008 | |
+---------------------+------+-----------+-----------+-----------+
| |Note | $'000 | $'000 | $'000 |
+---------------------+------+-----------+-----------+-----------+
| Loss for the period | | (2,050) | (3,448) | (3,690) |
+---------------------+------+-----------+-----------+-----------+
| Other comprehensive | | | | |
| income net of | | (2,988) | (46) | (3,999) |
| foreign exchange | | | | |
| translation loss | | | | |
+---------------------+------+-----------+-----------+-----------+
| Total comprehensive loss | (5,038) | (3,494) | (7,689) |
| for the period | | | |
+----------------------------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
| Comprehensive loss | | | | |
| attributable to | | (5,038) | (3,494) | (7,689) |
| equity holders | | | | |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
Unaudited Statement of Financial Position
As at 30 November 2009
+---------------------+------+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Unaudited |
| | | 30 | 31 | 31 May |
| | | November | December | 2009 |
| | | 2009 | 2008 | |
+---------------------+------+-----------+-----------+-----------+
| |Note | $'000 | $'000 | $'000 |
+---------------------+------+-----------+-----------+-----------+
| Non current assets | | | | |
+---------------------+------+-----------+-----------+-----------+
| Property, plant and | | 11,507 | - | 13,397 |
| equipment | | | | |
+---------------------+------+-----------+-----------+-----------+
| Biological assets | | 264 | - | 207 |
+---------------------+------+-----------+-----------+-----------+
| Total non current | | 11,771 | - | 13,604 |
| assets | | | | |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
| Current assets | | | | |
+---------------------+------+-----------+-----------+-----------+
| Inventories | | 8,656 | - | 2,376 |
+---------------------+------+-----------+-----------+-----------+
| Trade and other | | 1,874 | 393 | 1,492 |
| receivables | | | | |
+---------------------+------+-----------+-----------+-----------+
| Cash and cash | | 2,539 | 7,145 | 8,517 |
| equivalents | | | | |
+---------------------+------+-----------+-----------+-----------+
| Total current | | 13,069 | 7,538 | 12,385 |
| assets | | | | |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
| Total assets | | 24,840 | 7,538 | 25,989 |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
| Current liabilities | | | | |
+---------------------+------+-----------+-----------+-----------+
| Trade and other | | (2,685) | (1,623) | (3,009) |
| payables | | | | |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
| Net assets | | 22,155 | 5,915 | 22,980 |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
| Equity | | | | |
+---------------------+------+-----------+-----------+-----------+
| Issued capital | 7 | 1,145 | 641 | 1,039 |
+---------------------+------+-----------+-----------+-----------+
| Share premium | | 124,259 | 101,584 | 119,349 |
+---------------------+------+-----------+-----------+-----------+
| Share based payment | | 1,281 | 1,231 | 1,281 |
| reserve | | | | |
+---------------------+------+-----------+-----------+-----------+
| Translation reserve | | (2,967) | (46) | 824 |
+---------------------+------+-----------+-----------+-----------+
| Retained earnings | | (101,563) | (97,495) | (99,513) |
+---------------------+------+-----------+-----------+-----------+
| Total equity | | | | |
| attributable to | | 22,155 | 5,915 | 22,980 |
| equity holders of | | | | |
| the parent | | | | |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
| | | | | |
+---------------------+------+-----------+-----------+-----------+
Unaudited Statement of Cash Flows
For the six months to 30 November 2009
+---------------------+------+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Unaudited |
| | | 6 months | 6 months | 11 months |
| | | to | to | to |
| | | 30 | 31 | 31 May |
| | | November | December | 2009 |
| | | 2009 | 2008 | |
+---------------------+------+-----------+-----------+-----------+
| |Note | $'000 | $'000 | $'000 |
+---------------------+------+-----------+-----------+-----------+
| Operating | | | | |
| activities | | | | |
+---------------------+------+-----------+-----------+-----------+
| Loss before tax | | (2,050) | (814) | (171) |
+---------------------+------+-----------+-----------+-----------+
| Adjustments for: | | | | |
+---------------------+------+-----------+-----------+-----------+
| Depreciation | | 291 | - | 164 |
+---------------------+------+-----------+-----------+-----------+
| Movements in | | (834) | - | - |
| exchange rates | | | | |
+---------------------+------+-----------+-----------+-----------+
| Sharebased payment | | - | - | 50 |
+---------------------+------+-----------+-----------+-----------+
| Net interest income | | (12) | - | (332) |
+---------------------+------+-----------+-----------+-----------+
| Operating cash flow | | (2,605) | (814) | (289) |
| before movements in | | | | |
| working capital | | | | |
+---------------------+------+-----------+-----------+-----------+
| Working capital | | | | |
| adjustments: | | | | |
+---------------------+------+-----------+-----------+-----------+
| - Increase in | | (6,937) | - | (1,153) |
| inventory | | | | |
+---------------------+------+-----------+-----------+-----------+
| - Increase in | | (393) | (6) | (137) |
| receivables | | | | |
+---------------------+------+-----------+-----------+-----------+
| -(Decrease) / | | 67 | 58 | 1,516 |
| increase in | | | | |
| payables | | | | |
+---------------------+------+-----------+-----------+-----------+
| Cash used in | | (9,868) | (762) | (63) |
| operations | | | | |
+---------------------+------+-----------+-----------+-----------+
| Finance charges | | | | |
+---------------------+------+-----------+-----------+-----------+
| Interest received | | 12 | 145 | 332 |
+---------------------+------+-----------+-----------+-----------+
| Net cash (outflow) | | (9,856) | (617) | 269 |
| / inflow from | | | | |
| continuing | | | | |
| operating | | | | |
| activities | | | | |
+---------------------+------+-----------+-----------+-----------+
| Net cash inflow / | | (425) | 209 | (1,255) |
| (outflow) from | | | | |
| discontinued | | | | |
| operating | | | | |
| activities | | | | |
+---------------------+------+-----------+-----------+-----------+
| Net Cash outflow from | (10,281) | (408) | (986) |
| operating activities | | | |
+----------------------------+-----------+-----------+-----------+
| Investing | | | | |
| activities | | | | |
+---------------------+------+-----------+-----------+-----------+
| Purchase of property, | (532) | - | (4,692) |
| plant and equipment | | | |
+----------------------------+-----------+-----------+-----------+
| Purchase of | | (57) | - | (169) |
| biological assets | | | | |
+---------------------+------+-----------+-----------+-----------+
| Purchase of subsidiaries | - | - | 2,162 |
| net of cash acquired | | | |
+----------------------------+-----------+-----------+-----------+
| Net cash used in | | (589) | - | (2,699) |
| continuing | | | | |
| investing | | | | |
| activities | | | | |
+---------------------+------+-----------+-----------+-----------+
| Net cash used in | | - | (2,329) | (1,918) |
| discontinued | | | | |
| investing | | | | |
| activities | | | | |
+---------------------+------+-----------+-----------+-----------+
| Net cash used in | (589) | (2,329) | (4,617) |
| investing activities | | | |
+----------------------------+-----------+-----------+-----------+
| Financing | | | | |
| activities | | | | |
+---------------------+------+-----------+-----------+-----------+
| Proceeds from issue of | 5,016 | - | 3,718 |
| share capital | | | |
+----------------------------+-----------+-----------+-----------+
| Loan from related | | - | - | 127 |
| party | | | | |
+---------------------+------+-----------+-----------+-----------+
| Net cash flow from | 5,016 | - | 3,845 |
| financing activities | | | |
+----------------------------+-----------+-----------+-----------+
| Net decrease in cash and | (5,854) | (2,737) | (1,758) |
| cash equivalents | | | |
+----------------------------+-----------+-----------+-----------+
| Cash and cash equivalents | 8,517 | 13,047 | 13,047 |
| at start of the year | | | |
+----------------------------+-----------+-----------+-----------+
| Effect of FX rates | | (124) | (3,165) | (2,772) |
+---------------------+------+-----------+-----------+-----------+
| Cash and cash | | 2,539 | 7,145 | 8,517 |
| equivalents at end | | | | |
| of the year | | | | |
+---------------------+------+-----------+-----------+-----------+
Notes to the Unaudited Interim Group Financial Statements
+--+----------------+
| 1.| General |
| | information |
+--+----------------+
Agriterra Limited ('Agriterra or 'the Company') and its subsidiaries (together
the 'Group') is focussed on the Agricultural sector in Africa. Agriterra is a
public limited company incorporated and domiciled in the Guernsey. The address
of its registered office is 22 Smith Street, St. Peter Port, Guernsey GY1 4LX.
The Company is listed on the AIM Market of London Stock Exchange plc.
The Unaudited Interim Group Financial Statements for the six months ended 30
November 2009 were approved for issue by the board on 25 February 2010.
The figures for the six months ended 30 November 2009 and the six months ended
31 December 2008 are unaudited and do not constitute full accounts. The
comparative figures for the 11 month period ended 31 May 2009 are extracts from
the annual report and do not constitute statutory accounts.
+--+----------------+
| 2.| Basis of |
| | preparation |
+--+----------------+
The basis of preparation and accounting policies set out in the Annual Report
and Accounts for the period ended 31 May 2009 have been applied in the
preparation of these interim condensed consolidated financial statements, with
the exceptions disclosed in note 3. These are in accordance with the recognition
and measurement criteria of International Financial Reporting Standards (IFRSs)
as adopted by the European Union (EU) and with those of the Standing
Interpretations issued by the International Financial Reporting Interpretations
Committee (IFRIC) of the International Accounting Standards Board (IASB).
References to 'IFRS' hereafter should be construed as references to IFRSs as
adopted by the EU
+--+----------------+
| 3.| Accounting |
| | policies |
+--+----------------+
The accounting policies and methods of calculation adopted are consistent with
those of the financial statements for the period ended 31 May 2009, as described
in those annual financial statements, except as discussed below.
The Group has applied IAS 1 Revised "Presentation of Financial Statements" and
IFRS 8 "Operating Segments" as of 1 January 2009. In accordance with IAS 1 the
financial statements have been re-titled and a consolidated statement of other
comprehensive income produced. IFRS 8 states that segment information should be
based on management's internal reporting structure and accounting principles.
As disclosed in the financial statements for the period ended 31 May 2009, the
Group's segment information has already been based on the management reporting
structure and therefore the operating segments are the same as previously
reported.
See the Report and Accounts for the period ended 31 May 2009 for disclosures of
new standards, amendments and interpretations which have been adopted, none of
which have had a significant effect on the reported results or financial
position of the Group for the period ended 30 November 2009.
+--+----------------+
| 4.| Segment |
| | information |
+--+----------------+
The directors consider that the Group's activities comprise one business
segment, agriculture and other unallocated expenditure in one geographical
segment, Africa.
+----------------------------+-------------+-----------+-----------+
| | Continuing activities |
+----------------------------+-------------------------------------+
| 6 months ending 30 | Agriculture | Other | Total |
| November 2009 | | | |
+----------------------------+-------------+-----------+-----------+
| | $'000 | $'000 | $'000 |
+----------------------------+-------------+-----------+-----------+
| Revenue | 2,480 | - | 2,480 |
+----------------------------+-------------+-----------+-----------+
| Operating loss | (978) | (1,001) | (1,979) |
+----------------------------+-------------+-----------+-----------+
| Interest (expense) / | (336) | 348 | 12 |
| income | | | |
+----------------------------+-------------+-----------+-----------+
| Loss before tax | (1,314) | (653) | (1,967) |
+----------------------------+-------------+-----------+-----------+
| Income tax | | | - |
+----------------------------+-------------+-----------+-----------+
| Loss for the period from | | | (1,967) |
| continuing activities | | | |
+----------------------------+-------------+-----------+-----------+
| | | | |
+----------------------------+-------------+-----------+-----------+
+----------------------------+-------------+-----------+-----------+
| | Continuing activities |
+----------------------------+-------------------------------------+
| Period ending 31 May 2009 | Agriculture | Other | Total |
+----------------------------+-------------+-----------+-----------+
| | $'000 | $'000 | $'000 |
+----------------------------+-------------+-----------+-----------+
| Revenue | 4,855 | - | 4,855 |
+----------------------------+-------------+-----------+-----------+
| Operating profit / (loss) | 200 | (703) | (503) |
+----------------------------+-------------+-----------+-----------+
| Interest (expense) / | (67) | 399 | 332 |
| income | | | |
+----------------------------+-------------+-----------+-----------+
| Profit /(loss) before tax | 133 | (304) | (171) |
+----------------------------+-------------+-----------+-----------+
| Income tax | | | - |
+----------------------------+-------------+-----------+-----------+
| Loss for the period from | | | (171) |
| continuing activities | | | |
+----------------------------+-------------+-----------+-----------+
| | | | |
+----------------------------+-------------+-----------+-----------+
For the six months ended 31 December 2008, the directors considered that the
Group's activities were all involved in oil and gas interests in Africa
+--+-----------------------+
| 5.| Discontinued |
| | operations |
+--+-----------------------+
In December 2008 the company announced that it proposed to adopt a new
investment strategy operating in the Agricultural sector. Consequently the oil
and gas activities have been reclassified as a discontinued operation.
The results for the discontinued oil and gas operations are as follows:
+----------------------------+-----------+-----------+-----------+
| | Period ending |
+----------------------------+-----------------------------------+
| | 30 | 31 | 31 May |
| | November | December | 2009 |
| | 2009 | 2008 | |
+----------------------------+-----------+-----------+-----------+
| | $'000 | $'000 | $'000 |
+----------------------------+-----------+-----------+-----------+
| Operating loss | (83) | (774) | (685) |
+----------------------------+-----------+-----------+-----------+
| Finance income | - | 1 | 1 |
+----------------------------+-----------+-----------+-----------+
| Impairment of oil and gas | - | (2,113) | (2,835) |
| interests | | | |
+----------------------------+-----------+-----------+-----------+
| Loss before taxation | (83) | (2,886) | (3,519) |
+----------------------------+-----------+-----------+-----------+
| Income tax | - | - | - |
+----------------------------+-----------+-----------+-----------+
| Loss after taxation | (83) | (2,886) | (3,519) |
+----------------------------+-----------+-----------+-----------+
| | | | |
+----------------------------+-----------+-----------+-----------+
+--+----------------+
| 6.| Loss per share |
+--+----------------+
The calculation of basic and diluted loss per share is based on the following
data:
+------------------------+-------+--+-----------+-------------+-------------+
| | | Unaudited | Unaudited | Unaudited |
| | | 6 months to | 6 months | 11 months |
| | | 30 November | to | to |
| | | 2009 | 31 | 31 May |
| | | | December | 2009 |
| | | | 2008 | |
+------------------------+-------+--------------+-------------+-------------+
| | | $'000 | $'000 | $'000 |
+------------------------+-------+--------------+-------------+-------------+
| Loss for the purpose of | | | |
| calculating basic loss per | (2,050) | (3,448) | (3,690) |
| share (loss attributable to | | | |
| equity holders) | | | |
+--------------------------------+--------------+-------------+-------------+
| Loss for the purpose of | | | |
| calculating basic loss per | (1,967) | (562) | (171) |
| share from continuing | | | |
| activities | | | |
+--------------------------------+--------------+-------------+-------------+
| Number of shares | | | | |
+------------------------+-------+--------------+-------------+-------------+
| Weighted average number of | | | |
| ordinary shares for the | | | |
| purposes of calculating basic | 479,077,718 | 350,132,688 | 352,921,478 |
| and diluted lo0ss per share | | | |
+--------------------------------+--------------+-------------+-------------+
| | | | |
+--------------------------------+--------------+-------------+-------------+
| Basic and diluted loss per | (0.43) | (0.98) | (1.05) |
| share (cents) | | | |
+--------------------------------+--------------+-------------+-------------+
| Loss per share from continuing | (0.41) | (0.16) | (0.04) |
| activities (cents) | | | |
+-----------------------------------+-----------+-------------+-------------+
| | | | | | |
+------------------------+-------+--+-----------+-------------+-------------+
Due to the loss incurred in the period, there is no dilutive effect of share
options.
+--+----------------+
| 7.| Share capital |
+--+----------------+
+---------------------+-----+---------------+---------------+-----------+
| | | Ordinary shares of 0.1p each |
+---------------------+-----+-------------------------------------------+
| | | Authorised | Allotted and fully |
| | | | paid |
+---------------------+-----+---------------+---------------------------+
| | | Number | Number | $\'000 |
+---------------------+-----+---------------+---------------+-----------+
| At 1 July 2008 | | 1,000,000,000 | 350,132,688 | 641 |
+---------------------+-----+---------------+---------------+-----------+
| Division of share | | (155,000,000) | (155,000,000) | (238) |
| capital | | | | |
+---------------------+-----+---------------+---------------+-----------+
| At 31 December 2008 | | 845,000,000 | 195,132,688 | 403 |
+---------------------+-----+---------------+---------------+-----------+
| Issue of share | | - | 278,688,866 | 398 |
+---------------------+-----+---------------+---------------+-----------+
| At 31 May 2009 | | 845,000,000 | 473,821,554 | 801 |
+---------------------+-----+---------------+---------------+-----------+
| Issue of shares | | - | 318,821,554 | 106 |
+---------------------+-----+---------------+---------------+-----------+
| At 30 November 2009 | | 845,000,000 | 792,643,108 | 907 |
+---------------------+-----+---------------+---------------+-----------+
| | | | | |
+---------------------+-----+---------------+---------------+-----------+
| | | Deferred shares of 0.1p each |
+---------------------+-----+-------------------------------------------+
| | | Authorised | Allotted and fully |
| | | | paid |
+---------------------+-----+---------------+---------------------------+
| | | Number | Number | $'000 |
+---------------------+-----+---------------+---------------+-----------+
| At 1 July 2008 | | - | - | - |
+---------------------+-----+---------------+---------------+-----------+
| Division of share | | 155,000,000 | 155,000,000 | 238 |
| capital | | | | |
+---------------------+-----+---------------+---------------+-----------+
| At period ends | | 155,000,000 | 155,000,000 | 238 |
+---------------------+-----+---------------+---------------+-----------+
| | | | | |
+---------------------+-----+---------------+---------------+-----------+
| Total share capital | | | | |
+---------------------+-----+---------------+---------------+-----------+
| At 31 December 2008 | | 1,000,000,000 | 350,132,688 | 641 |
+---------------------+-----+---------------+---------------+-----------+
| At 31 May 2009 | | 1,000,000,000 | 628,821,554 | 1,039 |
+---------------------+-----+---------------+---------------+-----------+
| At 30 November 2009 | | 1,000,000,000 | 947,643,108 | 1,145 |
+---------------------+-----+---------------+---------------+-----------+
+--+-----------------------+
| 8.| Post balance sheet |
| | events |
+--+-----------------------+
On 23 December the Company announced that it had agreed to acquire the remaining
25% of the issued share capital of Desenvolvimento E Comercializacao Agricola
Limitada ('DECA'), Compagri Limitada ('Compagri') and Mozbife Limitada
('Mozsbife') from Goodworth Services Limited.
Under the terms of the acquisition, 10,000,000 new Ordinary shares were issued
to Goodworth at 6p per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGURWPUPUURQ
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