TIDMRLH
RNS Number : 3233H
Red Leopard Holdings PLC
07 June 2017
7.00am 7 June 2017
Red Leopard Holdings Plc
("Red Leopard" or the "Company")
Final Audited Results for the year to 31 December 2016
I am pleased to present the financial statements for the year to
31 December 2016 for Red Leopard Holdings Plc and its wholly owned
subsidiaries (together the "Group") and an update on its current
position.
After a brief period of suspension of the Company's shares from
AIM in January 2017, the Company was pleased to announce that it
had appointed Beaumont Cornish as NOMAD, and its shares resumed
trading on AIM on 28 February 2017. In conjunction, the Company
raised GBP250,000 through a subscription of 250,000,000 ordinary
shares ("Ordinary Shares") at a price of 0.1p per share. Further to
the subscription, a further GBP307,500 has been raised through
three separate warrant conversions.
This injection of capital has given the Company a platform to
implement its investment strategy to acquire a significant asset or
Company in the resources sector. The Company has, whilst still at
an early stage, commenced due diligence on a number of possible
acquisition targets, principally in the mining sector, with a view
to concluding a reverse takeover in the coming months.
The Company's ability to conclude such a transaction has been
enhanced by a number of strategic appointments and the Directors
believe that the Company is now in a position to conclude a
substantial acquisition. Simon Wharmby was appointed as
Non-Executive Director in February 2017, replacing Howard Crosby.
Simon has had a long career in a number of corporate finance
positions, specialising in the natural resources sector, and is a
non-executive director of independent advisory firm Strand Hanson.
Toby Hayward was appointed Chief Executive in March 2017. Toby
brings to the Board a long career in Investment Banking,
specifically within the natural resources sector, having led the
corporate finance function for mid-cap companies both pre and
post-IPO. Thomas Hoyer was appointed as Non-Executive Director in
May 2017.Thomas has had an international career within different
industries in Europe and Africa. Since 2008, his professional focus
has been on the natural resources sector, where he has held various
executive and non-executive positions. The Company also appointed
Hannam& Partners as financial adviser. Hannam& Partners are
a leading adviser in the natural resource sector and, amongst a
number of other services, will provide independent strategic advice
in respect of the sector and financial valuations on possible
opportunities for the Company.
On resumption of trading, the Board made the decision to cease
funding the Idora Tunnel and to focus on leveraging its experienced
team of advisors and key personnel to conclude an acquisition in
the natural resources sector. This decision constituted a cessation
of all of the Company's existing trading business under Rule 15 of
the AIM Rules for Companies ("AIM Rules"). Accordingly, the Company
is now classified as an AIM Rule 15 cash shell, pursuant to which
it must make an acquisition or acquisitions which constitute a
reverse takeover under AIM Rule 14 within six months of the date of
the Subscription (being 28th February 2017). In consequence of
this, the assets comprising the Idora Tunnel have been impaired in
full as at 31 December 2016.
I am pleased to report that the Company has reviewed a number of
possible acquisition targets in the three months since being
re-listed, anyone of which would be a transformational acquisition
for Red Leopard. Whilst discussions are at an early stage, given
the number of potential opportunities reviewed by the Board, the
Directors are confident that the Company will successfully execute
its investing strategy in the coming months to capitalise on
favourable capital markets and the more positive outlook for
commodity prices.
J J May
Chairman
The full report and accounts are available to download from the
Company's website: www.redleopardholdings.com and will be posted to
Shareholders shortly.
Enquiries:
Red Leopard Holdings PLC
John May, Chairman Tel: +44 (0) 207
917 6826
Toby Hayward, Chief Executive
Beaumont Cornish Limited (Nomad) Tel: +44 (0) 20
www.beaumontcornish.com 7628 3396
Roland Cornish
James Biddle
Peterhouse Corporate Finance Tel: +44 (0) 20
Limited (Broker) 7469 0930
Lucy Williams
EranZucker
Tavistock (Financial PR) Tel: +44 (0) 20
Simon Hudson 7920 3150
Edward Lee
Extracts of the Report and Accounts are set out below:
Consolidated statement of comprehensive income
2016 2016 2016 2015 2015 2015
GBP GBP GBP GBP GBP GBP
GBP GBP
Continuing Discontinued Continuing Discontinued
Operations Operations Total Operations Operations Total
OTHER OPERATING
INCOME -
Cost of sales - (13,538) (13,538) - (17,412) (17,412)
----------- ------------ --------- ----------- ------------ ---------
Gross (loss)/profit - (13,538) (13,538) - (17,412) (17,412)
----------- ------------ --------- ----------- ------------ ---------
Administrative expenses
Recurring administrative
costs (178,897) - (178,897) (213,017) - (213,017)
Non-recurring -
exceptional items - (466,434) (466,434) - - -
----------- ------------ ----------- ------------ ---------
(178,897) (466,434) (645,331) (213,017) - (213,017)
OPERATING LOSS (178,897) (479,972) (658,869) (213,017) (17,412) (230,429)
----------- ------------ --------- ----------- ------------ ---------
Finance income 8 - 8 5 - 5
Finance cost (334) - (334) (497) - (497)
----------- ------------ --------- ----------- ------------ ---------
LOSS FROM CONTINUING
ACTIVITIES BEFORE
TAXATION (179,223) (479,972) (659,195) (213,509) - (230,921)
Tax expense - - - - - -
----------- ------------ --------- ----------- ------------ ---------
LOSS FOR THE YEAR
ATTRIBUTABLE TO
THE EQUITY HOLDERS
OF THE PARENT (179,223) (479,972) (659,195) (213,509) (17,412) (230,921)
=========== ============ =========== ============ =========
TOTAL COMPREHENSIVE
INCOME ATTRIBUTABLE
TO THE EQUITY HOLDERS
OF THE PARENT (179,223) (479,972) (659,195) (213,509) (17,412) (230,921)
=========== ============ ========= =========== ============ =========
Loss per share -
basic (0.03)p (0.08)p (0.11)p (0.06)p (0.00)p (0.06)p
Loss per share -
diluted (0.03)p (0.08)p (0.11)p (0.06)p (0.00)p (0.06)p
=========== ============ ========= =========== ============ =========
Consolidated statement of financial position
2016 2015
GBP GBP
NON CURRENT ASSETS
Intangible assets - 466,434
------------ ------------
- 466,434
CURRENT ASSETS
Trade and other receivables 12,907 23,958
Cash and cash equivalents 5,317 35,990
------------ ------------
TOTAL CURRENT ASSETS 18,224 59,948
TOTAL ASSETS 18,224 526,382
============ ============
EQUITY
Share capital 1,862,125 1,862,125
Share premium account 3,999,694 3,999,694
Share based payment reserve - 60,002
Retained earnings (6,114,082) (5,514,889)
------------ ------------
TOTAL EQUITY (252,263) 406,932
------------ ------------
CURRENT LIABILITIES
Trade and other payables 270,487 119,450
------------ ------------
TOTAL CURRENT LIABILITIES 270,487 119,450
TOTAL LIABILITIES 270,487 119,450
------------ ------------
TOTAL EQUITY AND LIABILITIES 18,224 526,382
============ ============
Company statement of financial position
2016 2015
GBP GBP
NON-CURRENT ASSETS
Investments 4,100 437,433
TOTAL NON-CURRENT ASSETS 4,100 437,433
CURRENT ASSETS
Trade and other receivables 12,907 50,396
Cash and cash equivalents 5,317 35,990
------------ ------------
TOTAL CURRENT ASSETS 18,224 86,386
TOTAL ASSETS 22,324 523,819
============ ============
EQUITY
Share capital 1,862,125 1,862,125
Share premium account 3,999,694 3,999,694
Share based payment reserve - 60,002
Retained earnings (6,116,644) (5,517,451)
------------ ------------
TOTAL EQUITY (254,825) 404,370
------------ ------------
CURRENT LIABILITIES
Trade and other payables 277,149 119,449
------------ ------------
TOTAL CURRENT LIABILITIES 277,149 119,449
------------ ------------
TOTAL LIABILITIES 277,149 119,449
------------ ------------
TOTAL EQUITY AND LIABILITIES 22,324 523,819
============ ============
Consolidated statement of changes in equity
Share
Share based
Share premium payment Retained Total
capital account reserve earnings equity
GBP GBP GBP GBP GBP
At 1 January
2016 1,862,125 3,999,694 60,002 (5,514,889) 406,932
Loss for the
year - - - (659,195) (659,195)
--------- --------- -------- ----------- ---------
Total comprehensive
income - - - (659,195) (659,195)
Transactions
with owners:
Issue of share -
capital - - - -
Transfer of
reserves - - (60,002) 60,002 -
Total transactions
with owners - - - - -
At 31 December
2016 1,862,125 3,999,694 - (6,114,082) (252,263)
========= ========= ======== =========== =========
Share
Share based
Share premium payment Retained Total
capital account reserve earnings equity
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
year - - - (230,921) (230,921)
---------- ---------- --------- ------------ ----------
Total comprehensive
income 1,535,667 4,017,194 60,002 (5,513,171) 99,692
---------- ---------- --------- ------------ ----------
Transactions
with owners:
Equity component
of compound
instrument - - - (1,718) (1,718)
Issue of share
capital 326,458 (17,500) - - 308,958
---------- ---------- --------- ------------ ----------
Total transactions
with owners 326,458 (17,500) - (1,718) 307,240
---------- ---------- --------- ------------ ----------
At 31 December
2015 1,862,125 3,999,694 60,002 (5,514,889) 406,932
========== ========== ========= ============ ==========
Company statement of changes in equity
Share Share Share Retained Total
capital premium based earnings equity
account payment
reserve
GBP GBP GBP GBP GBP
At 1 January
2016 1,862,125 3,999,694 60,002 (5,517,451) 404,370
Loss for the
year - - - (659,195) (659,195)
--------- --------- -------- ----------- ---------
Total comprehensive
income - - - (659,195) (659,195)
--------- --------- -------- ----------- ---------
Transactions
with owners:
Issue of share
capital - - - - -
Transfer of
reserves - - (60,002) 60,002 -
Total transactions
with owners - - - - -
--------- --------- -------- ----------- ---------
At 31 December
2016 1,862,125 3,999,694 - (6,116,644) (254,825)
========= ========= ======== =========== =========
Share
Share based
Share premium payment Retained Total
capital account reserve earnings equity
GBP GBP GBP GBP GBP
At 1 January
2015 1,535,667 4,017,194 60,002 (5,284,812) 328,051
Loss for the
year - - - (230,921) (230,921)
--------- --------- -------- ----------- ---------
Total comprehensive
income 1,535,667 4,017,194 60,002 (5,515,733) 97,130
--------- --------- -------- ----------- ---------
Transactions
with owners:
Equity component
of compound
instrument - - - (1,718) (1,718)
Issue of share
capital 326,458 (17,500) - - 308,958
--------- --------- -------- ----------- ---------
Total transactions
with owners 326,458 (17,500) - (1,718) 307,240
--------- --------- -------- ----------- ---------
At 31 December
2015 1,862,125 3,999,694 60,002 (5,517,451) 404,370
========= ========= ======== =========== =========
Consolidated statement of cash flows
2016 2015
GBP GBP
CASH FLOWS USED IN OPERATING
ACTIVITIES (30,347) (130,489)
INVESTING ACTIVITIES
Interest received 8 5
Interest paid (334) (497)
CASH FLOWS USED IN INVESTING
ACTIVITIES (326) (492)
FINANCING ACTIVITIES
Issue of share capital - 157,500
CASH FLOWS FROM FINANCING
ACTIVITIES - 157,500
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS (30,673) 26,519
Cash and cash equivalents
brought forward 35,990 9,471
CASH AND CASH EQUIVALENTS
CARRIED FORWARD 5,317 35,990
======== =========
Company statement of cash flows
2016 2015
GBP GBP
CASH FLOWS USED IN OPERATING
ACTIVITIES (30,347) (130,489)
INVESTING ACTIVITIES
Interest received 8 5
Interest paid on loans (334) (497)
CASH FLOWS USED IN INVESTING
ACTIVITIES (326) (492)
FINANCING ACTIVITIES
Issue of share capital - 157,500
CASH FLOWS FROM FINANCING
ACTIVITIES - 157,500
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS (30,673) 26,519
Cash and cash equivalents
brought forward 35,990 9,471
CASH AND CASH EQUIVALENTS
CARRIED FORWARD 5,317 35,990
======== =========
Notes:
1. This statement has been prepared using accounting policies
and presentation consistent with those applied in the preparation
of the statutory accounts of the Company.
2. The summary accounts set out above do not constitute
statutory accounts as defined by Section 428 of the UK Companies
Act 2006. The consolidated statement of comprehensive income, the
consolidated and company statements of financial position,
consolidated and company statement of changes in equity and the
consolidated and company statements of cash flows for the year
ended 31 December 2016 have been extracted from the Company's 2016
statutory financial statements upon which the auditor's opinion is
unqualified. The results for the year ended 31 December 2016 have
been extracted from the statutory accounts for that period, which
contain an unqualified auditor's report.
3. The auditor's opinion is not qualified. The statutory
financial statements are presented on the going concern basis. To
satisfy its investing policy and secure an acquisition, the Company
will likely require additional funds to complete it. However, the
Directors consider that, based upon current financial projections,
excluding an acquisition, the Company will be a going concern for
the next twelve months.
4. Basic earnings per ordinary share for the year is based on
the loss of GBP659,195 (2015: GBP230,921) and a weighted average of
586,279,061(2015: 392,192,874) ordinary shares. The loss
attributable to discontinued operations is GBP479,972.
For diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
potential dilutive ordinary shares. Items included in the
calculation are options and warrants for ordinary shares.
The effect of conversion of all potential dilutive ordinary
shares would have an anti-dilutive effect on earnings per share and
therefore they have not been incorporated in the diluted earnings
per share calculation. Potential ordinary shares are only treated
as dilutive when their conversion to ordinary shares would decrease
profit per share or increase loss per share.
Subsequent to the year end, the company has issued 557,500,000
of ordinary shares. If this transaction had taken place at the
start of the reporting period the loss per share would reduce to
0.06p.
5. The annual report and accounts are available to download from
the Company's website, www.redleopardholdings.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSLFLMFWSESM
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