TIDMRLH
RNS Number : 5757Z
Red Leopard Holdings PLC
21 September 2015
RED LEOPARD HOLDINGS PLC
("Red Leopard", the "Company" or the "Group")
Interim results for the six months ended 30 June 2015
Red Leopard presents the unaudited interim accounts for the six
months ended 30 June 2015.
During the period, the Company announced in January 2015 that
further in the Idora Tunnel (the "Tunnel"), rock falls had been
discovered which hindered access to the ore body and any sampling
thereof. Due to the Health & Safety complexities arising from
these rock falls, the cost of commencing a work programme at the
Tunnel increased beyond the Company's original budget. Winter
weather in the first part of the year also curtailed progress. The
Company further announced that it would have to secure additional
funding to be able to commence with its clearance of the
Tunnel.
We are pleased to report that, as announced in August 2015, the
Company raised a total of GBP175,000 before expenses through a
placing of 175,000,000 ordinary shares with new investors, the net
proceeds of which will enable the Company to access and clear the
Idora Tunnel for the purposes of exploration and testing on its
mining claims. The Company remains committed to completing this
project and is now waiting for revised work quotes from local
mining engineers. This process has been delayed due to severe
forest fires in Idaho which have closed the relevant access roads,
however the fires have recently subsided and the Company hopes that
progress at the Tunnel can now be made. The placing has also
provided the Company with additional working capital.
Throughout, the Company continues to be proactive in exploring
and considering other complimentary resource assets and
opportunities
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: 020 917 6826
Gerry Beaney/David Hignell, Northland Capital Partners Limited,
Tel: 0207 382 1100
Jon Levinson, Beaufort Securities Limited, Tel: 0207 382
8300
Consolidated statement of comprehensive income
(Unaudited) (Unaudited) Audited
6 months 6 months Year to 31
to to
30 June 30 June December
Note 2015 2014 2014
GBP GBP GBP
Other operating income - 14,594 50,293
Cost of sales - - (17,938)
----------- ----------- -----------
Gross profit - 14,594 32,355
Administrative expenses (113,739) (95,185) (202,370)
----------- ----------- -----------
Operating loss (113,739) (80,591) (170,015)
Finance income - 11 17
Finance cost (242) (82) (115)
----------- ----------- -----------
Loss from continuing activities
before taxation (113,981) (80,662) (170,113)
Tax expense - - -
Loss for the period attributable
to the equity holders of the parent (113,981) (80,662) (170,113)
=========== =========== ===========
Loss per share - basic 3 (0.04) (0.03) (0.07)
Loss per share - diluted (0.04) (0.03) (0.07)
Consolidated statement of financial position
(Unaudited) (Unaudited) Audited
30 June 30 June 31 December
Notes 2015 2014 2014
GBP GBP GBP
Non-current assets
Intangible assets 4 466,434 433,333 466,434
----------- ----------- ------------
466,434 433,333 466,434
Current assets
Trade and other receivables 5 26,303 49,462 22,505
Cash and cash equivalents 477 103,545 9,471
----------- ----------- ------------
Total current assets 26,780 153,007 31,976
Total assets 493,214 586,340 498,410
=========== =========== ============
Equity
Share capital 8 1,535,667 1,535,667 1,535,667
Share premium account 4,017,194 4,017,194 4,017,194
Share based payment reserve 60,002 60,002 60,002
Retained earnings (5,396,231) (5,192,799) (5,282,250)
----------- ----------- ------------
Total equity 216,632 420,064 330,613
=========== =========== ============
Current liabilities
Trade and other payables 6,7 276,582 166,276 167,797
----------- ----------- ------------
Total current liabilities 276,582 166,276 167,797
----------- ----------- ------------
Total liabilities 276,582 166,276 167,797
----------- ----------- ------------
Total equity and liabilities 493,214 586,340 498,410
=========== =========== ============
Consolidated statement of changes in equity
Share Share Share Retained Total
capital premium based earnings equity
account payment
reserve
Unaudited GBP GBP GBP GBP GBP
At 1 January 2015 1,535,667 4,017,194 60,002 (5,282,250) 330,613
Loss for the period - - - (113,981) (113,981)
--------- --------- -------- ----------- ---------
Total comprehensive income 1,535,667 4,017,194 60,002 (5,396,231) 216,632
--------- --------- -------- ----------- ---------
Transactions with owners:
Equity component of compound
instrument - - - - -
--------- --------- -------- ----------- ---------
Issue of share capital - - - - -
--------- --------- -------- ----------- ---------
Total transactions with
owners - - - - -
--------- --------- -------- ----------- ---------
Balance at 30 June 2015 1,535,667 4,017,194 60,002 (5,396,231) 216,632
--------- --------- -------- ----------- ---------
Share Share Share Retained Total
capital premium based earnings equity
account payment
reserve
Unaudited GBP GBP GBP GBP GBP
At 1 January 2014 1,500,800 3,862,860 60,002 (5,103,551) 320,111
Loss for the period - - - (80,662) (80,662)
--------- --------- -------- ----------- --------
Total comprehensive income - - - (80,662) (80,662)
Transactions with owners:
--------- --------- -------- ----------- --------
Equity component of compound
instrument - - - (8,586) (8,586)
--------- --------- -------- ----------- --------
Issue of share capital 34,867 154,334 - - 189,201
--------- --------- -------- ----------- --------
Total transactions with
owners 34,867 154,334 - (8,586) 180,615
--------- --------- -------- ----------- --------
Balance at 30 June 2014 1,535,667 4,017,194 60,002 (5,192,799) 420,064
Share Share Share Retained Total
capital premium based earnings equity
account payment
reserve
Audited GBP GBP GBP GBP GBP
At 1 January 2014 1,500,800 3,862,860 60,002 (5,103,551) 320,111
Loss for the period - - - (170,113) (170,113)
(MORE TO FOLLOW) Dow Jones Newswires
September 21, 2015 02:00 ET (06:00 GMT)
--------- --------- -------- ----------- ---------
Total comprehensive income 1,500,800 3,862,860 60,002 (5,273,664) 149,998
--------- --------- -------- ----------- ---------
Transactions with owners:
Equity component of compound
instrument - - - (8,586) (8,586)
--------- --------- -------- ----------- ---------
Issue of share capital 34,867 154,334 - - 189,201
--------- --------- -------- ----------- ---------
Total transactions with
owners 34,867 154,334 - (8,586) 180,615
--------- --------- -------- ----------- ---------
Balance at 31 December
2014 1,535,667 4,017,194 60,002 (5,282,250) 330,613
--------- --------- -------- ----------- ---------
Consolidated statement of cash flows
(Unaudited) (Unaudited) Audited
6 months 6 months Year to
to 30 June to 30 June 31 December
2015 2014 2014
GBP GBP GBP
Cash flows used in operating activities
Operating loss (113,739) (80,591) (170,015)
Adjustments for:
Liabilities extinguished via issue
of loan notes and equity shares - 43,750 43,750
(Increase)/Decrease in trade and
other receivables (3,797) (20,704) 6,253
Increase/(Decrease) in trade payables 102,784 (5,288) 16,764
------------ ------------ -------------
Net cash flows from operating activities (14,752) (62,833) (103,248)
------------ ------------ -------------
Investing activities
Interest received - 11 17
Interest paid (242) (82) (115)
Purchase of intangible assets - - (33,101)
Cash flows used in investing activities (242) (71) (33,199)
Financing activities
Issue of share capital - 45,450 45,450
Repayment of loan notes - - (20,531)
Loan received 6,000 - -
Cash flows used in financing activities 6,000 45,450 24,919
Net (decrease) in cash and cash
equivalents (8,994) (17,454) (111,528)
Cash and cash equivalents brought
forward 9,471 120,999 120,999
Cash and cash equivalents carried
forward 477 103,545 9,471
============ ============ =============
Notes to the consolidated financial statements
1 Nature of operations and general information
PRINCIPAL ACTIVITY
Red Leopard Holdings plc is focussed on the natural resources
sector (both exploration and production), with a particular
emphasis on precious mining assets and interests.
BUSINESS REVIEW
Financial overview and performance
Loss for the group before tax for the period was GBP113,981
(2014: GBP80,662).
Strategy
The Company' strategy is to adhere to its investing policy
focussed on natural resources.
Investing Policy
The investing policy is to pursue investments in the natural
recourses sector, and in particular, precious metals.
The Directors are initially focussed on North and South America,
where the Directors believe that a number of opportunities exist to
acquire interests in suitable projects. Investments may be made in
exploration, development and/or producing assets.
The Directors may consider it appropriate to purchase companies
or interests in assets 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 a direct interest in a project.
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 is 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 just one, 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 Directors undertake initial project assessments themselves
with additional independent technical advice as required. The
Company does not have a separate investment manager.
The Directors may offer new Ordinary Shares by way of
consideration as well as cash subject to its availability to the
Company. The Company may in appropriate circumstances, issue debt
securities or otherwise borrow money to complete an investment. The
Directors do not intend to acquire any cross-holdings in other
corporate entities that have an interest in the Ordinary
Shares.
Corporate Information
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 50 Jermyn Street,
London, SW1Y 6LX. 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 2015.
The interim financial statements should be read in conjunction
with the Financial Statements for the year ended 31 December 2014
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 2014 has been extracted from the
Group's Financial Statements for the year ended 31 December 2014
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
2014.
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 2015 GBP Pence
Loss attributable to ordinary shareholders 113,981
Weighted average number of shares
(used for basic earnings per share) 259,820,728
Basic loss per share 0.04
=========
6 months to 30 June 2014
Loss attributable to ordinary shareholders 80,662
Weighted average number of shares
(used for basic earnings per share) 232,241,380
Basic loss per share 0.03
====
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