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
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