TIDMSTGR

RNS Number : 5630G

Stratmin Global Resources PLC

29 June 2012

StratMin Global Resources Plc

(formerly Woodburne Square AG Plc)

("Stratmin" or the "Company")

Final Results

For the year ended 31 December 2011

Chairman's statement

Introduction

I am pleased to present to shareholders the results for the year ended 31 December 2011. I was appointed to the Board on 14 November 2011 and the results contained herein are, therefore, for the majority of a period during which I was not Chairman of the Group.

At the year end, the Group's net assets were GBP865,000 (2010: GBP1,458,000), a fall of approximately 41% compared to the prior year. The result of several factors which we hope to have corrected and enable us to look forward to a positive future.

Summary and Current Activities

To briefly summarise 2011, the Company evolved from being an internet marketing service business to an investment holding company focused on precious metals and more specifically the silver mining industry. It was renamed from Directex Realisations plc to Woodburne Square Ag plc, an investment manager was retained and the limited funds of the Company were invested in TSX, AIM, and PLUS Market quoted companies.

As you know mining and silver stocks in particular followed the market curve of their rise by mid 2011 and steady decline through today. The investment portfolio subsequently declined in value following the correlation to the market. The Company announced a strategic review in October 2011 and the simultaneous resignation of the investment manager. Shortly thereafter in November, I joined the board of directors and subsequently became Chairman.

Upon joining the board, we completed a strategic review and with the help of new board member Jeff Marvin and former member Martin Kiersnowski (Chairman 2010/2011), we put forward for shareholder approval, at the March 1, 2012 general meeting, proposals to broaden the investment policy of the Company, update the Articles of Association of the Company to conform with the 2006 Companies Act, and change the name to StratMin Global Resources Plc, each of which were subsequently approved by shareholders. At the same time we were also able to announce that we had invested $1.275m in Graphmada, a non-listed graphite mining company in Madagascar.

As a result of the strategic review, your board identified graphite as a strategic mineral and Graphmada with significant growth potential. In accordance with our business objective we continue to nurture and provide strategic advice to Graphmada and expect good results from this investment notwithstanding the movement in the stock market.

Your board continues to seek opportunities and strategies to enhance shareholder value.

I look forward to providing updates and further news as it develops in the near future.

Thank you for your continued support.

Gobind Sahney

Chairman

28 June 2012

StratMin Global Resources plc

   Gobind Sahney                                      +44 (0) 207 467 1700 

Libertas Capital Corporate Finance Limited

   Sandy Jamieson                                     +44 (0) 207 569 9650 

Rivington Street Corporate Finance

   Jon Levinson                                         +44 (0) 20 7 562 3357 

StratMin Global Resources Plc

Group Income Statement

Year to 31 December 2011

 
                                                   2011      2010 
                                        Notes   GBP'000   GBP'000 
--------------------------------------  -----  --------  -------- 
Continuing operations 
 
Administrative expenses                           (301)     (338) 
Other operating income                      3       212         - 
Other operating expenses                    4     (146)         - 
 
Operating loss                              2     (235)     (338) 
 
Investment income                                     1         - 
Finance costs                                         -       (6) 
 
Loss before tax                                   (234)     (344) 
 
Tax                                         5         -         - 
 
 
Loss for the year from continuing 
 operations                                       (234)     (344) 
 
 
Discontinued operations 
 
Profit for the year from discontinued 
 operations                                           -     1,616 
 
 
(Loss)/profit for the period                      (234)     1,272 
 
 
(Loss)/profit attributable to equity 
 holders of the parent                            (234)     1,272 
 
 
(Loss)/Profit per share                     6 
 
From continuing operations 
 
Basic and diluted(pence)                          (0.4)     (0.7) 
 
From continuing and discontinued 
 operations 
 
Basic and diluted(pence)                          (0.4)       2.5 
 
 

StratMin Global Resources Plc

Group Statement of Comprehensive Income

Year to 31 December 2011

 
                                                             2011      2010 
                                                  Notes   GBP'000   GBP'000 
-----------------------------------------------  ------  --------  -------- 
 
Profit /(Loss) for the year                                 (234)     1,272 
 
Other comprehensive income: 
Exchange differences on translation of foreign 
 operations                                                   (4)        91 
Market value adjustments to investments                     (856)         - 
 
 
Other comprehensive (expense)/income for 
 the period                                                 (860)        91 
 
 
Total comprehensive (expense)/income for 
 the year attributable to equity holders 
 of the parent                                            (1,094)     1,363 
 
 

StratMin Global Resources Plc

Group and Company Statements of Financial Position

at 31 December 2011

 
                                           GROUP                   COMPANY 
                                     ------------------  ---------------------------- 
                                         2011      2010      2011      2010      2009 
                              Notes   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
----------------------------  -----  --------  --------  --------  --------  -------- 
 
Non-Current assets 
Investment in subsidiaries                  -         -     1,443     1,443     2,712 
Available for sale 
 investments                      7       579         -       579         -         - 
 
                                          579         -     2,022     1,443     2,712 
----------------------------  -----  --------  --------  --------  --------  -------- 
 
Current assets 
Trade and other receivables                35        24        35        20        84 
Cash and cash equivalents                 336     1,576       331        92       343 
 
                                          371     1,600       366       112       427 
                                                         -------- 
 
Current liabilities 
Trade and other payables                   85       142     1,469        97     4,898 
Provisions                                  -         -         -         -       965 
 
                                           85       142     1,469        97     5,863 
----------------------------  -----  --------  --------  --------  --------  -------- 
 
Net assets/(liabilities)                  865     1,458       919     1,458   (2,724) 
----------------------------  -----  --------  --------  --------  --------  -------- 
 
Equity 
Share capital                     8       255       202       255       202       202 
Share premium account                  27,128    26,680    27,128    26,680    26,680 
Investment reserve                      (856)         -     (856)         -         - 
Other reserves                          2,372     2,372         -         -         - 
Retained earnings                    (28,034)  (27,796)  (25,608)  (25,424)  (29,606) 
 
 
Total equity                              865     1,458       919     1,458   (2,724) 
----------------------------  -----  --------  --------  --------  --------  -------- 
 

StratMin Global Resources Plc

Group Statement of Changes in Equity

For the year to 31 December 2011

 
                            Share                  Investment     Other   Retained 
                          capital  Share Premium      reserve   reserve   earnings    Total 
                          GBP'000        GBP'000      GBP'000   GBP'000    GBP'000  GBP'000 
-----------------------  --------  -------------  -----------  --------  ---------  ------- 
 
Balance at 1 January 
 2010                         202         26,680            -     2,372   (29,159)       95 
 
Profit for the year             -              -            -         -      1,273    1,273 
Other comprehensive 
 loss for the period            -              -            -         -         90       90 
-----------------------  --------  -------------  -----------  --------  ---------  ------- 
Total comprehensive 
 income for the year            -              -            -         -      1,363    1,363 
-----------------------  --------  -------------  -----------  --------  ---------  ------- 
 
 
Balance at 31 December 
 2010                         202         26,680            -     2,372   (27,796)    1,458 
 
Loss for the year               -              -            -         -      (234)    (234) 
Other comprehensive 
 loss for the period            -              -        (856)         -        (4)    (860) 
 
Total comprehensive 
 income for the year            -              -        (856)         -      (238)  (1,094) 
Net proceeds of share 
 issues                        53            448            -         -          -      501 
 
 
Balance at 31 December 
 2011                         255         27,128        (856)     2,372   (28,034)      865 
 
 

The Company acquired the entire issued share capital of Direct Excellence Limited (previously known as Interactive Prospect Targeting Limited) pursuant to a share for share exchange on 1 December 2004. The Other reserve reflects the difference between the nominal value of the shares issued to acquire Direct Excellence Limited (previously known as Interactive Prospect Targeting Limited) and the cumulative value of the Company's share capital and share premium account at the date of acquisition.

StratMin Global Resources Plc

Group and Company Statements of Cash Flows

Year to 31 December 2011

 
                                                   GROUP              COMPANY 
                                                2011      2010      2011      2010 
                                             GBP'000   GBP'000   GBP'000   GBP'000 
------------------------------------------  --------  --------  --------  -------- 
 PROFIT FOR THE YEAR 
 From continuing operations                    (234)     (344)     (184)     4,182 
 From discontinued operations                      -     1,616         -         - 
 Adjusted for: 
 Finance expense                                   -         6         -         - 
 Gain arising on disposal of discontinued                                        - 
  operations                                       -   (1,616)         - 
 Investment income                               (1)         -       (1)         - 
 Decrease in provisions                            -     (965)         -     (965) 
 Shares and loan notes issued in 
  settlement of fees                              88         -        88         - 
 Gain arising on settlement of 
  loan notes                                   (148)         -     (148)         - 
 Profit on disposal of investments              (29)         -      (29)         - 
 Impairment of investment                          -         -         -     1,269 
 
 Operating cash flows before movements 
  in working capital                           (324)   (1,303)     (274)     4,486 
 
 Decrease in trade and other receivables        (11)        60      (15)        64 
 Decrease in trade and other payables           (57)     (972)     1,372   (4,801) 
 
 Net cash from operations                      (392)   (2,215)     1,083     (251) 
------------------------------------------  --------  --------  --------  -------- 
 
 INVESTING ACTIVITIES 
 Proceeds from disposal of subsidiary              -     6,780         -         - 
 Purchases of investments                    (2,669)         -   (2,669)         - 
 Proceeds from the disposal of 
  investments                                  1,263         -     1,263         - 
 Investment income                                 1         -         1         - 
 
 Net cash generated from investing 
  activities                                 (1,405)     6,780   (1,405)         - 
------------------------------------------  --------  --------  --------  -------- 
 
 FINANCING ACTIVITIES 
 Proceeds from share issues                      515         -       515         - 
 Share issue costs                              (44)         -      (44)         - 
 Proceeds from issue of loan notes               240         -       240         - 
 Repayment of borrowings                           -   (3,509)         -         - 
 Repayment of loan notes                       (150)         -     (150)         - 
 Interest paid                                     -       (6)         -         - 
 
 Net cash used in financing activities           561   (3,515)       561         - 
 
 Net decrease in cash and cash 
  equivalents                                (1,236)     1,050       239     (251) 
 Cash and cash equivalents at beginning 
  of year                                      1,576       488        92       343 
 Effect of foreign exchange rate 
  changes                                        (4)        38         -         - 
 
 Cash and cash equivalents at end 
  of year                                        336     1,576       331        92 
------------------------------------------  --------  --------  --------  -------- 
 

StratMin Global Resources Plc

Notes to the preliminary announcement

For the year ended 31 December 2011

 
 1   GENERAL INFORMATION 
     StratMin Global Resources Plc is a company incorporated in 
      the United Kingdom under the Companies Act 2006. The nature 
      of the Group's operations and its principal activities are 
      set out in the Directors' Report on page 3. 
     GOING CONCERN 
      The directors have, at the time of approving the financial 
      statements, a reasonable expectation that the Company and the 
      Group have adequate resources to continue in existence for 
      the foreseeable future. Thus they continue to adopt the going 
      concern basis of accounting in preparing the financial statements. 
 
 
 2    OPERATING LOSS 
                                                    2011      2010 
                                                 GBP'000   GBP'000 
     -----------------------------------------  --------  -------- 
     Operating loss is stated after charging: 
 Staff costs                                         132       264 
 ---------------------------------------------  --------  -------- 
 
 
 3    OTHER OPERATING INCOME 
                                                                    2011       2010 
                                                                 GBP'000    GBP'000 
 
             Realised gains on disposal of investments                29          - 
             Discount on settlement of loan notes                    148          - 
             Refund of overpaid PAYE in respect of unapproved         35          - 
              option scheme 
 
                                                                     212          - 
    ---------------------------------------------------------  ---------  --------- 
 
 
 
 4    OTHER OPERATING expenses 
                                                           2011       2010 
                                                        GBP'000    GBP'000 
 
             Compensation for loss of office                 40          - 
             Compensation payment to former director         70          - 
             Loss on foreign currency transactions           36          - 
 
                                                            146          - 
    ------------------------------------------------  ---------  --------- 
 
 
 
 5    taxation 
      There is no tax charge/credit in 2011 or 2010. 
       The UK corporation tax rate applicable for 2011 is 26% (2010: 
       28% changed in April 2010). The average rate for 2011 was 26.5%. 
       Reconciliation of tax charge: 
                                                  2011    2011       2010   2010 
                                               GBP'000       %    GBP'000      % 
     --------------------------------------  ---------  ------  ---------  ----- 
 
  Loss on ordinary activities before 
   tax                                           (234)              (344) 
 
  Tax at the UK corporation tax 
   rate of 26.5% (2010: 28%)                        62   26.5%         96    28% 
 
      Effects of: 
  Tax effect of expenses that are 
   not deductible in determining 
   taxable profit                                 (13)               (48) 
 
  Unutilised tax losses carried 
   forward                                        (49)               (48) 
 
  Tax charge for period                              -                  - 
 ------------------------------------------  ---------  ------  ---------  ----- 
 
 
 6    (loss)/earnings per share 
                                                    2011                                2010 
                                      Profit/       Number        Pence   Profit/       Number        Pence 
                                       (loss)    of shares    per share    (loss)    of shares    per share 
                                      GBP'000         '000                GBP'000         '000 
 
  Basic (loss)/earnings 
   per share                            (234)       57,471        (0.4)     1,272       50,518          2.5 
  from continuing operations            (234)       57,471        (0.4)     (344)       50,518        (0.7) 
  from discontinued operations              -            -            -     1,616       50,518          3.2 
 
 
 
 7     AVAILABLE-FOR-SALE INVESTMENTS 
                                                   GROUP                 COMPANY 
                                            2011     2010     2011       2010       2009 
                                         GBP'000  GBP'000  GBP'000    GBP'000    GBP'000 
      --------------------------------  --------  -------  -------  ---------  --------- 
 
 Purchases of investments                  2,669        -    2,669          -          - 
 Proceeds from sale of 
  investments                            (1,263)        -  (1,263)          -          - 
 Gain on disposal of investments              29        -       29          -          - 
 -------------------------------------  --------  -------  -------  ---------  --------- 
 Cost of investments at 
  31 December                              1,435        -    1,435          -          - 
 Market value adjustment                   (856)        -    (856)          -          - 
 -------------------------------------  --------  -------  -------  ---------  --------- 
 Net book value at 31 
  December                                   579        -      579          -          - 
 -------------------------------------  --------  -------  -------  ---------  --------- 
 
 
 
 8     Called up share capital 
                                                               2011        2010 
                                                            GBP'000     GBP'000 
     -------------------------------------------------  -----------  ---------- 
 
       Called up, allotted and fully paid 
   63.9m (2010: 50.5m) ordinary shares of 
    0.4p each                                                   255         202 
 -----------------------------------------------------  -----------  ---------- 
 
   On 28 February 2011 6,952,381 new shares were issued at 5.25p 
    each as a result of a placing, raising GBP365,000 before expenses. 
    On 14 October 2011 4,615,384 new share were issued at 3.25p 
    each as the result of a placing, raising GBP150,000 before 
    expenses 
    On 27 November 2011 335,925 new shares were issued, with a 
    total value of GBP10,000, in settlement of a director's compromise 
    agreement. 
    On 2 December 2011 1,450,000 new shares were issued, with a 
    total value of GBP20,000, in settlement of a director's compromise 
    agreement. 
 
 
 9     Share-based payments 
       Equity-settled share option schemes 
        The Group has granted options to certain directors and employees. 
        Options are exercisable at a price equal to the average quoted 
        market price of the Company's shares on the date of grant. 
        The vesting period is generally 3 years. If the options remain 
        unexercised after a period of 10 years from the date of grant 
        the options expire. Options are forfeited if the employee leaves 
        the Group before the options vest. 
        Details of the options and warrants outstanding during the 
        year are as follows: 
                                                                  2011                      2010 
                                            Number            Weighted        Number    Weighted 
                                        of options    average exercise    of options     average 
                                                                 price                  exercise 
                                                                                           price 
                                             000's                 GBP         000's         GBP 
 
   Outstanding at the beginning 
    of the year                                100                1.07           258        1.55 
   Forfeited during the year                     -                   -         (158)        1.91 
 
 
   Outstanding at the end 
    of the year                                100                1.07           100        1.07 
 
 
   Exercisable at the end 
    of the year                                 62                1.58            37        1.91 
 
   The options outstanding at 31 December 2011 had a weighted 
    average exercise price of GBP1.07 and a weighted average remaining 
    contractual life of 5.6 years. 
    There was no charge in the income statement in respect of options 
    either in 2011 or in 2010. 
    In the year ended 31 December 2008 warrants were issued on 
    24 October 2008. The aggregate of the estimated fair values 
    of the warrants granted on that date was GBP180,000. On the 
    24 October 2010 in accordance with the deed of termination 
    the warrants were cancelled for cash consideration of GBP24,000. 
 
 
 10   POST YEAR END EVENTS 
      On 12 January 2012, the Company acquired a 15% stake in Graphmada 
       Equity PTE Limited for a total consideration of $1,275,000. 
       On 2 March 2012, the Company agreed to grant options, as part 
       of a new share option scheme, equally to Gobind Sahney and Jeff 
       Marvin, both Directors of the Company, over a total of 9,580,806 
       ordinary shares in the Company representing 15% of the issued 
       share capital of the Company. The options were granted with 
       an exercise price of 2.25p being the market price of the shares 
       on 5 March 2012. 
       On 10 April 2012, 500,000 new shares were issued at 4p each 
       raising GBP20,000 before expenses, in settlement of fees. 
       On 16 May 2012, 12,500,000 new shares were issued at 4p each 
       as a result of a placing, raising GBP500,000 before expenses. 
       On 18 May 2012, 4,916,667 new shares were issued at 6p each 
       as a result of a placing, raising GBP295,000 before expenses. 
 

The statement of financial position at 31 December 2011 and the statement of comprehensive income, the statement of changes in equity, the statement of cash flows and the associated notes for the year then ended have been extracted from the Company's financial statements upon which the auditor's opinion is unqualified and does not include any statement under section 498 of the Companies Act 2006.

The accounts for the year ended 31 December 2011 are being posted to shareholders and will be laid before the Company at the Annual General Meeting in due course. Copies will also shortly be available from the registered office of the Company and via the Company's website www.stratminglobal.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR BKCDQPBKDPAB

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