TIDMBRDY
RNS Number : 8122J
Brady Exploration PLC
10 August 2012
Brady Exploration plc
2012 Interim Report
Unaudited interim results for the six months ended 30 June
2012
Brady Exploration plc ("Brady" or the "Company"), the AIM
listed, natural resources focused investment company, announces its
unaudited interim results for the six months ended 30 June
2012.
For further information, contact:
Brady Exploration plc
Alex Borrelli +44 7747 020 600
Allenby Capital Limited
(Nominated Adviser and Joint Broker)
Nick Naylor/Nick Athanas +44 20 3328 5656
Peterhouse Corporate Finance
(Joint Broker)
Jon Levinson/Lucy Williams +44 20 7469 0935
Chairman's Statement
I am pleased to report on the Company's results for the six
month period ended 30 June 2012.
On 26 October 2011, the Company adopted an investing policy to
invest in companies operating in the natural resources sector, with
a focus mainly, but not exclusively, on the mining sector. The
Board believes that value can be generated for shareholders through
the implementation of the Company's investing policy through
investments or acquisitions, or a combination of both. Any
acquisition which the Company undertakes may be deemed to be a
reverse takeover transaction of the Company under the AIM Rules and
would therefore be subject to shareholders' approval and would be
accompanied by the publication of an admission document.
I am pleased to note that, during the period under review, the
Company has had the opportunity to consider a number of potential
investments and acquisitions which would fall within the scope of
the Company's investing policy. As at this date the Company has not
made any investments and currently our discussions with parties
with regards to potential acquisition opportunities remain at an
early stage.
We are conscious that the Company has limited cash resources for
carrying out appropriate due diligence and we continue to maintain
a tight control over costs. We are therefore focusing on
opportunities where we believe enhanced value can be generated for
shareholders.
The unaudited results for the six month period show a loss
before taxation of GBP81,100, principally comprising administrative
expenses, and a loss per share of 0.1p. Net assets at 30 June 2012
amounted to GBP331,600 while cash, and cash equivalents, at that
date were GBP342,800.
We remain focused on the implementation of our investing policy
for the benefit of the Company and its shareholders and look
forward to updating shareholders in due course.
Alex Borrelli
Chairman
Profit and loss account for the six months ended 30 June
2012
Unaudited Unaudited Audited
Six months Six months 15 months
ended ended ended
30 June 31 March 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
Administrative expenses (81.7) - (50.7)
_______ _______ ______
Operating loss (81.7) - (50.7)
Profit on disposal of subsidiary
companies - - 1,381.4
_______ _______ ______
(Loss)/profit on ordinary
activities before taxation (81.7) - 1,330.7
Interest receivable 0.6 - -
Interest payable and similar - (58.1) (121.9)
charges _______ _______ _______
(Loss)/ profit before taxation (81.1) (58.1) 1,208.8
Tax on (loss) /profit on - - -
ordinary activities
_______ _______ _______
(Loss)/profit on ordinary
activities after
taxation (81.1) (58.1) 1,208.8
_______ _______ _______
(Loss)/earnings per share
Basic 3 (0.1)p (0.5)p 6.4p
Diluted (0.1)p (0.5)p 5.8p
Balance sheet at 30 June 2012
Unaudited Unaudited Audited
as at as at as at
30 June 31 March 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
Fixed assets
Investments - 50.0 -
Current assets
Debtors 10.3 - 13.6
Cash and cash equivalents 342.8 0.1 463.8
_______ _______ _______
Total current assets 353.1 0.1 477.4
Creditors amounts falling
due within one year
Amounts due to subsidiary - (272.8) -
undertakings
Other creditors and accruals (21.5) (495.3) (45.4)
Redeemable loan stock - - (25.0)
_______ _______ _______
Total current liabilities (21.5) (768.1) (70.4)
_______ _______ _______
Total assets less current
liabilities 331.6 (718.0) 407.0
_______ _______ _______
Creditors amounts falling
due within one year
Loans and borrowings - (650.0) -
_______ _______ _______
Net assets/(liabilities) 331.6 (1,368.0) 407.0
_______ _______ _______
Capital and reserves
Called up share capital 582.4 121.9 577.5
Share premium account 2,888.1 2,842.9 2,887.3
Share based payment reserve 40.3 - 8.2
Profit and loss account (3,179.2) (4,332.8) (3,066.0)
_______ _______ _______
Shareholder funds/(deficit) 331.6 (1,368.0) 407.0
_______ _______ _______
Cash flow statement for the six months ended 30 June 2012
Unaudited Unaudited Audited
as at as at as at
30 June 31 March 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Operating loss (81.7) - (50.7)
_______ _______ _______
Decrease/(increase) in debtors 3.3 - (13.6)
Increase/(decrease) in creditors (23.9) 3.0 (234.1)
Write back of intercompany
creditors - - 279.0
Share based payment - - 8.2
_______ _______ _______
Net cash (outflow)/inflow
from operating activities (102.3) 3.0 (11.2)
Return on investment and servicing
of finance
Interest received/(paid) 0.6 (2.9) -
_______ _______ _______
Cash (outflow)/inflow before
financing (101.7) 0.1 (11.2)
Financing activities
Issue of ordinary shares 5.7 - 500 .0
Loan stock repaid (25.0) - -
_______ _______ _______
Cash (outflow)/inflow from
financing (19.3) - 475.0
________ _______ _______
Net (decrease)/increase in
cash in the period (121.0) 0.1 463.8
_______ _______ _______
Cash and cash equivalents
at beginning of period 463.8 - -
_______ _______ _______
Cash and cash equivalents
at end of period 342.8 0.1 463.8
_______ _______ _______
Notes to the unaudited interim accounts
For the six months ended 30 June 2012
1. Basis of preparation
The financial statements included in the interim accounts have
been prepared under the historical cost convention and in
accordance with United Kingdom Generally Accepted Accounting
Practice (UK GAAP). The comparative financial statements for the
six months ended 31 March 2011 have also been re-produced for the
purposes of these interim accounts under the historical cost
convention and in accordance with UK GAAP.
The principal accounting policies used in preparing these
interim accounts are those expected to apply in the Company's
Financial Statements for the year ended 31 December 2012 and are
unchanged from those disclosed in the Company's annual Report for
the fifteen months ended 31 December 2011.
The interim accounts were approved by the Board of Brady on 10
August 2012. The interim financial information for the six months
ended 30 June 2012 do not constitute statutory accounts within the
meaning of section 434 of the Companies Act 2006 and are unaudited.
The comparatives for the fifteen month period ended 31 December
2011 are not the Company's full statutory accounts for that period.
A copy of the statutory accounts for that year has been delivered
to the Registrar of Companies. The auditors' report on those
accounts was unqualified, did not include references to any matters
to which the auditors drew attention by way of emphasis without
qualifying their report(s) and did not contain statements under
sections 498(2) or (3) of the Companies Act 2006. Copies of the
accounts for the fifteen months ended 31 December 2011 are
available on the Company's website (www.bradyexploration.com).
Except as noted above, the following principal accounting
policies have been applied consistently in the preparation of these
interim accounts:
2. Accounting policies
The principal accounting policies are:
Basis of consolidation
At 30 June 2012 Brady Exploration plc had one wholly owned
subsidiary, Brady Exploration (Operations) Limited. Since
incorporation, Brady Exploration (Operations) Limited has not
commenced operations and has no material assets or liabilities. As
such, no consolidated financial statements have been prepared on
the basis that in accordance with section 405 of the Companies Act
2006 its inclusion is not material for the purpose of giving a true
and fair view.
The comparative figures for the six months ended 31 March 2011
have been presented on the same basis as the interim accounts for
the six months ended 30 June 2012.
Going concern
The financial statements have been prepared on the going concern
basis as, in the opinion of the Directors, at the time of approving
the financial statements, there is a reasonable expectation that
the Company will continue in operational existence for the
foreseeable future. The financial statements do not include any
adjustments that would result from the going concern basis of
preparation being inappropriate.
Valuation of investments
Investments held as fixed assets are stated at cost less any
provision for impairment in value.
Deferred taxation
Deferred tax is provided in full on timing differences that have
originated but not reversed by the balance sheet date. The
recognition of deferred tax assets is limited to the extent that
the Company anticipates making sufficient taxable profits in the
future to absorb the reversal of the underlying timing differences.
Deferred tax balances are not discounted.
Financial Instruments
Financial instruments are measured initially and subsequently at
cost. Finance costs are charged to the profit and loss account over
the term of the debt so that the amount charged is at the constant
rate on the carrying amount of the debt. Finance costs include
issue costs, which are initially recognised as a reduction in the
proceeds of the associated capital instrument. Loan stock interest
accruals are rolled up and included in the loan stock balance.
Notes to the interim accounts
For the six months ended 30 June 2012
2. Accounting policies (cont'd)
Share-based payments
Where share options are awarded to employees, the fair value of
the options at the date of the grant is charged to the profit and
loss account over the vesting period. Non-market vesting conditions
are taken into account by adjusting the number of equity
instruments expected to vest at each balance sheet date so that,
ultimately, the cumulative amount recognised over the vesting
period is based on the number of options that eventually vest.
Where the terms and conditions of options are modified before
they vest, the increase in the fair value of the options, measured
immediately before and after the modification, is also charged to
the profit and loss account over the remaining vesting period.
Where equity instruments are granted to persons other than
employees, the profit and loss account is charged with the fair
value of goods and services received.
Where warrants are issued for services of Directors and
employees the accounting treatment is consistent with the
above.
3. (Loss)/earnings per share
Unaudited Unaudited Audited
Six months Six months 15 months
ended ended ended
30 June 31 March 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
(Loss)/profit used for calculation
of basic and diluted EPS (81.1) (58.1) 1,208.8
_______ _______ _______
Shares used for calculation of
basic EPS 58,112,637 12,185,598 18,865,307
Dilutive effect of share warrants 19,633,455 - 2,115,685
________ ________ _________
Shares used for calculation of
diluted EPS 77,746,092 12,185,598 20,980,992
_______ _______ _______
(Loss) /earnings per share
Basic (0.1)p (0.5)p 6.4p
Fully diluted (0.1)p (0.5)p 5.8p
At 29 June 2012 there were 17,848,448 warrants in issue with an
exercise price of 1.15 pence and 5,800,000 options with an exercise
price of 1.55 pence.
4. Distribution of Interim Report
A copy of the Interim Report will be available shortly on the
Company's website, www.bradyexploration.com, in accordance with
rule 26 of the AIM Rules for Companies and copies will be available
from the Company's head office, 31 Harley Street, London, W1
9QS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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