TIDMRLH
RNS Number : 0403P
Red Leopard Holdings PLC
27 September 2013
RED LEOPARD HOLDINGS PLC
Interim Accounts for Red Leopard Holdings Plc ("Red Leopard" or
the "Group") for the six months ended 30 June 2013
Red Leopard presents the unaudited interim accounts for the six
months ended 30(th) June 2013.
As announced in its full year results to 31 December 2012, the
Board concluded that any continued efforts in property were no
longer viable and, to all intents and purposes, it had ceased
operations in this area. As a result, and in accordance with Rule
15 of the AIM Rules for Companies, the Company received approval
from shareholders at its AGM on 23 July 2013 to become an Investing
Company under the AIM Rules and to adopt an investing policy,
details of which are given in Note 1.
During the period to 30 June 2013, the Company was already
investigating opportunities in line with its proposed new investing
policy and is pleased to announce that following the successful
passing of all resolutions at its General Meeting held on 24
September 2013, it has acquired the entire issued share capital of
Red Leopard Mining Inc ("RLM") for GBP600,000 by the issue of
33,333,333 new ordinary shares at a price of 1.8p per share.
RLM was established in 2013 as a special purpose vehicle into
which 205 unencumbered claims (the "Claims") were transferred by
Polaris Resources Inc, a wholly owned subsidiary of Quest Minerals
Corporation (the "Vendor").
The Claims are located in the vicinity of Shoshone County,
Idaho, USA, commonly referred to as "Silver Valley". This area is
well known as the premier silver district in North America, with
total production to date of around 1.2 billion ounces of silver and
substantial lead, zinc, copper and gold. The Claims cover a total
land area of approximately 1,435 hectares the equivalent to 3,546
acres. The Coeur d'Alene mining district is approximately 77,700
hectares or 192,000 acres. Most of the Claims lie within the
Panhandle National Forest and upon Bureau of Land Management
land.
The Claims are situated adjacent to two former major producing
mines, the Hercules and the Interstate Mines, each now owned by
Hecla Mining Company Inc. ("Hecla"), one of the largest silver
producers in the US. The Hercules mine discovered in the early
1900's became a primary mine for Day Mines Inc. ("Day Mines"). Day
Mines was merged into Hecla Mining Company in 1981. The Interstate
Mine was the initial primary mine for Callahan Mining Corporation.
Callahan Mining was acquired by Coeur d'Alene Mines in 1991.
The Company has also placed 70,000,000 new ordinary shares at
0.5p per share("Issue Price") to raise GBP350,000. This will allow
the Company to implement the first stages of the work programme
described in the CPR, which will include systematic exploration to
evaluate the RLM mineral properties, including a review of existing
historic data and available data of nearby mines and prospects,
geochemical sampling of known areas and an expanded sampling
programme over the whole property, the production of a geologic map
representing the structural and lithologic complexities of the
property, further drill target delineation and drilling and general
prospecting and sampling and assaying of the veins encountered. The
remainder of net proceeds will be used as working capital.
A copy of the interim results will be available on the Company's
website www.redleopardholdings.com
For further information, please contact:
John May, Red Leopard Holdings Plc, Tel: 020 7766 0086
Luke Cairns, Northland Capital Partners Limited, Tel: 020 7796
8800
Consolidated statement of comprehensive income
(unaudited) (unaudited) Audited
6 months 6 months Year to
to to 31
30 June 30 June December
Note 2013 2012 2012
GBP GBP GBP
Overheads
Administrative expenses (80,977) (92,096) (169,041)
----------- ----------- ----------
Operating loss (80,977) (92,096) (169,041)
Finance income - - 2
Finance cost - - (194)
----------- ----------- ----------
Profit/(loss) from continuing
activities before taxation (80,977) (92,096) (169,233)
Tax expense - - -
Profit/(loss) for the year
attributable to the equity
holders of the parent (80,977) (92,096) (169,233)
=========== =========== ==========
Earnings per share:
Basic 3 (0.09) (0.02) (0.19)
Diluted (0.09) (0.02) (0.19)
Consolidated statement of financial position
(unaudited) (unaudited) Audited
30 June 30 June 31 December
Notes 2013 2012 2012
GBP GBP GBP
Current assets
Held for trading financial
assets - 35,000 -
Trade and other receivables 31,383 23,623 21,357
Cash and cash equivalents 3,290 934 5,555
------------------------- ------------------------- -------------------------
Total assets 34,673 59,557 26,912
========================= ========================= =========================
EQUITY
Share capital 5 1,368,334 1,368,334 1,368,334
Share premium account 3,097,263 3,097,263 3,097,263
Share based payment reserve 60,002 60,002 60,002
Retained earnings (4,836,151) (4,678,037) (4,755,174)
------------------------- ------------------------- -------------------------
Total equity (310,552) (152,438) (229,575)
========================= ========================= =========================
Current liabilities
Trade and other payables 4 345,225 211,995 256,487
------------------------- ------------------------- -------------------------
Total current liabilities 345,225 211,995 256,487
------------------------- ------------------------- -------------------------
Total liabilities 345,225 211,995 256,487
------------------------- ------------------------- -------------------------
Total equity and liabilities 34,673 59,557 26,912
========================= ========================= =========================
Consolidated statement of changes in equity
Profit
Share Share and
Share premium options loss Total
capital account reserve account equity
Unaudited GBP GBP GBP GBP GBP
At 1 January
2013 1,368,334 3,097,263 60,002 (4,755,174) (229,575)
Loss for the
period - - - (80,977) (80,977)
--------- --------- --------- ----------- ---------
Total comprehensive
income for
the period - - - (80,977) (80,977)
--------- --------- --------- ----------- ---------
Transactions
with owners:
Issue of share
capital - - - - -
--------- --------- --------- ----------- ---------
Total transactions
with owners - - - - -
--------- --------- --------- ----------- ---------
Balance at
30 June 2013 1,368,334 3,097,263 60,002 (4,836,151) (310,552)
--------- --------- --------- ----------- ---------
Profit
Share Share and
Share premium options loss Total
capital account reserve account equity
Unaudited GBP GBP GBP GBP GBP
At 1 January
2012 1,350,334 3,097,263 60,002 (4,585,941) (78,342)
Loss for the
period - - - (92,096) (92,096)
--------- --------- --------- ----------- ---------
Total comprehensive
income for
the period - - - (92,096) (92,096)
--------- --------- --------- ----------- ---------
Transactions
with owners:
Issue of share
capital 18,000 - - - -
--------- --------- --------- ----------- ---------
Total transactions
with owners 18,000 - - - 18,000
--------- --------- --------- ----------- ---------
Balance at
30 June 2012 1,368,334 3,097,263 60,002 (4,678,037) (152,438)
--------- --------- --------- ----------- ---------
Profit
Share Share and
Share premium options loss Total
capital account reserve account equity
Audited GBP GBP GBP GBP GBP
At 1 January
2012 1,350,334 3,097,263 60,002 (4,585,941) (78,342)
Loss for the
period - - - (169,233) (169,233)
--------- --------- --------- ----------- ---------
Total comprehensive
income for
the period - - - (169,233) (169,233)
--------- --------- --------- ----------- ---------
Transactions
with owners:
Issue of share
capital 18,000 - - - 18,000
--------- --------- --------- ----------- ---------
Total transactions
with owners 18,000 - - - 18,000
--------- --------- --------- ----------- ---------
Balance at
31 December
2012 1,368,334 3,097,263 60,002 (4,755,174) (229,575)
--------- --------- --------- ----------- ---------
Consolidated statement of cash flows
(unaudited) (unaudited) Audited
6 months 6 months Year to
to 30 to 30
June June 31 December
2013 2012 2012
GBP GBP GBP
Cash flows used in operating
activities
Operating loss (80,977) (92,096) (169,041)
Adjustments for:
Impairment of held for trading
financial assets - - 35,000
(Increase)/Decrease in trade
and other receivables (10,027) 4,296 6,563
Increase/(Decrease) in trade
payables 88,738 55,772 81,050
------------------------- ------------------------- -------------------------
Net cash flows from operating
activities (2,265) (32,028) (46,428)
------------------------- ------------------------- -------------------------
Cash flows from investing activities
Interest received -- 2
Interest paid on loans --(194)
------------------------- ------------------------- -------------------------
Net cash used in investing
activities - - (192)
------------------------- ------------------------- -------------------------
Cash flows from financing activities
Proceeds from issue of convertible
loan note -13,000 13,000
Proceeds from issue of short
term loans - 9,833 29,046
------------------------- ------------------------- -------------------------
Net cash used in financing
activities - 22,833 42,046
------------------------- ------------------------- -------------------------
Net decrease in cash and
cash equivalents (2,265) (9,195) (4,574)
Cash and cash equivalents
brought forward 5,555 10,129 10,129
------------------------- ------------------------- -------------------------
Cash and cash equivalents
carried forward 3,290 934 5,555
========================= ========================= =========================
Notes to the consolidated financial statements
1 Nature of operations and general information
The principal activity of Red Leopard Holdings plc and its
subsidiaries (the "Group") during the period was looking for
investment opportunities particularly in the property sector,
specifically in the South West of England where it was considering
the continued viability of projects. However, the Board announced
previously that they were looking at expanding the objectives of
the company to encompass being involved in the exploration and
development of natural resources.
This review process was completed in the period and the Board
concluded that any continued efforts in property were no longer
viable and, to all intents and purposes, ceased operations in this
area. Following its AGM on 23 July 2013, and in accordance with
Rule 15 of the AIM Rules for Companies, the Company became an
Investing Company under the AIM Rules.
The Directors intend initially to focus on North America,
Europe, the Middle East, Africa and Asia where they believe that a
number of opportunities exist to acquire interests in suitable
projects, although other regions may be considered. Investments may
be made in exploration, development and/or producing assets.
The Directors may consider it appropriate to purchase companies
or interests in the assets themselves which may result in an equity
interest in any proposed investment ranging from a minority
position to 100 per cent ownership. Proposed investments may be
made in either quoted or unquoted companies and structured as a
direct acquisition, joint venture or as a direct interest in a
project.
The Company intends to be involved as an active investor and
operator. Accordingly, where necessary, the Company may seek
participation in the management or with the board of directors of
an entity in which the Company invests or in the event that it is
acquired then in the on-going enlarged entity.
New investments will be held for the medium to longer term,
although shorter term disposal of any investments cannot be ruled
out should such an opportunity present itself.
There will be no limit on the number of projects into which the
Company may invest, and the Company's financial resources may be
invested in a number of propositions or in just one investment,
which may be deemed to be a reverse takeover pursuant to Rule 14 of
the AIM Rules. Where the Company builds a portfolio of related
assets it is possible that there may be cross-holdings between such
assets. The Company does not currently intend to fund any
investments with debt or other borrowings but may do so if
appropriate.
The Company's primary objective is that of securing for the
Shareholders the best possible value consistent with achieving,
over time, both capital growth and income.
Red Leopard Holdings plc is the Group's ultimate parent company.
It is incorporated and domiciled in Great Britain. The address of
Red Leopard Holdings plc's registered office is 233-237 Old
Marylebone Road, London, NW1 5QT. Red Leopard Holdings plc's shares
are listed on the Alternative Investment Market of the London Stock
Exchange.
2 Basis of preparation
The financial information presented in this half-yearly report
constitutes the condensed consolidated financial statements (the
interim financial statements) of Red Leopard Holdings plc for the
six months ended 30 June 2013.
The interim financial statements should be read in conjunction
with the Annual Report and Accounts for the year ended 31 December
2012 which have been prepared in accordance with International
Financial Reporting Standards as adopted for use in the EU. The
financial information in this half yearly report, which has been
approved by the Board and authorised for issue is unaudited. The
financial information set out in this interim report does not
constitute statutory accounts as defined in Section 434 (3) of the
Companies Act 2006. The comparative financial information presented
herein for the year ended 31 December 2012 has been extracted from
the Group's Annual Report and Accounts for the year ended 31
December 2012 which have been delivered to the Registrar of
Companies.
These financial statements have been prepared under the
historical cost convention.
These consolidated interim financial statements have been
prepared in accordance with the accounting policies adopted in the
last annual financial statements for the year to 31 December
2012.
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of these
consolidated interim financial statements. The consolidated
financial information includes the accounts of the Company and its
subsidiaries, after the elimination of inter-company transactions
and balances.
3 Earnings per share
The calculation of the basic loss per share is based on the loss
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the year.
The calculation of diluted loss per share is based on the basic
loss per share, adjusted to allow for the issue of shares and the
post tax effect of dividends and/or interest, on the assumed
conversion of all dilutive options and other dilutive potential
ordinary shares.
Reconciliations of the loss and weighted average number of
shares used in the calculations are set out below.
Weighted
average
number Per share
Loss of shares amount
6 months to 30 June 2013 GBP Pence
Loss attributable to ordinary
shareholders 80,977
Weighted average number
of shares (used for basic
earnings per share) 92,487,529
Basic loss per share 0.09
=========================
6 months to 30 June 2012
Loss attributable to ordinary
shareholders 92,096
Weighted average number
of shares (used for basic
earnings per share) 90,476,059
Basic loss per share 0.10
=========================
Year to 31 December 2012
Loss attributable to ordinary
shareholders 169,233
Weighted average number
of shares (used for basic
earnings per share) 90,830,543
Basic loss per share 0.19
=========================
For diluted loss per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
potential dilutive ordinary shares. Items to be included in the
calculation are:
- Options for ordinary shares
- Convertible loan notes for ordinary shares
The effect of conversion of all potential dilutive ordinary
shares would have an anti-dilutive effect on loss per share and
therefore they have not been incorporated in the diluted loss per
share calculation.
4 Liabilities
(unaudited) (unaudited) Audited
6 months 6 months Year to
to 30 to 30
June June 31 December
2013 2012 2012
GBP GBP GBP
Trade payables 182,544 107,345 112,933
Short term loans 109,046 82,495 109,046
Accruals and deferred income 53,635 22,155 34,508
----------- ----------- -------------
345,225 211,995 256,487
----------- ----------- -------------
The Company has unsecured short term loans, repayable on demand
with interest payable quarterly at 6% per annum above base rate
totalling GBP109,046. Of these, GBP50,000 was received from John
May, Chairman; GBP20,000 froma company which is controlled by a
family member of John May; GBP29,046 from a company in which John
May is a partner; and GBP10,000 from a family member of Robert Coe,
the Company Secretary. All of the holders of the loans have agreed
to waive their right to the interest and not to seek repayment
until sufficient new funds have been received to allow the Company
to finance itself going forward for a period of at least 18 months
.
5 Share Capital
Shares issued and authorised for the period to 30 June 2013 are
summarised as follows:
6 months to 30 June 2013
Number GBP
Ordinary shares 1 pence 92,487,529 924,875
Deferred shares 0.01 pence 443,458,630 443,459
---------
At 30 June 2013 1,368,334
---------
6 months to 30 June 2012
Number GBP
Ordinary shares 1 pence 92,487,529 924,875
Ordinary shares 0.01 pence 443,458,630 443,459
---------
At 30 June 2012 1,368,334
---------
Year to 31 December 2012
Number GBP
Ordinary shares 1 pence 92,487,529 924,875
Deferred shares 0.01 pence 443,458,630 443,459
---------
At 31 December 2012 1,368,334
---------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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