Stratmin Global Resources PLC Half Yearly Report (2668N)
September 27 2012 - 2:00AM
UK Regulatory
TIDMSTGR
RNS Number : 2668N
Stratmin Global Resources PLC
27 September 2012
27 September 2012
StratMin Global Resources plc
"StratMin" or the "Company"
Unaudited Interim Results for the Six Months Ended 30 June
2012
Chairman's Review
I am pleased to report on the Company's interim results for the
six months ended 30 June 2012.
At the period end, the Group's net assets were GBP1,121,000
(2011: GBP1,574,000). This decline in net assets reflects the
change in the focus of your company, and the resultant disposal of
under-performing and illiquid, legacy investments. Proceeds from
these disposals have been used to further our activities in the
graphite sector.
To briefly summarise, the company has been concentrating on the
graphite sector through its investment in Graphmada.
In the first half of 2012, in accordance with our business
objective, we have continued to nurture and provide strategic
advice to Graphmada. Your Board has visited Madagascar on four
separate occasions since the beginning of the year to monitor the
progress Graphmada is making in developing its assets. Progress
continues, as the company maintains its transformation from an
exploration and development entity to a graphite producer. Whilst
this progress has not been as rapid as your Board would like, and
originally hoped for in previous announcements, this has not been
due to any one particular reason, but reflects the natural
development cycle of any major exploration project. The nature of
the mining business means that delays do occur. Although, we are
pleased to report that the construction and commissioning of its
graphite processing plant in Madagascar has now been substantially
completed and that continuous soil sampling by trenching on its
Loharano 1 location continues to determine ore feed volumes
available for production. We expect these volumes to be in
sufficient quantities to meet Graphmada's sales objectives as has
been previously announced in April of this year. Graphmada plans to
further enhance ore volume through additional sampling and drilling
programs. We are striving to make sure that Graphmada becomes a
worldwide low cost producer of large flake graphite, and we are
confident that our investment will produce significant returns for
shareholders in the short-to-medium term.
In other developments we are pleased to announce the appointment
of Manoli Yannaghas to our board as a non-executive director.
Manoli brings considerable experience in the natural resource
industry and operations.
Your board is committed to enhancing 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
27 September 2012
For further information, please contact:
StratMin Global Resources plc Libertas Capital Corporate Finance
Gobind Sahney, Chairman Limited
Tel: 0207 467 1700 Sandy Jamieson
Tel: 0207 569 9650
Peterhouse Corporate Finance
Jon Levinson
Tel: 020 7562 3357
Unaudited Group Income Statement
For the 6 months ended 30 June 2012
6 months 6 months 12 months
to to to
30 Jun 30 Jun 31 Dec
2012 2011 2011
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
------------------------------- ------ ---------- ---------- ----------
Administrative expenses (369) (70) (301)
Other operating income - - 183
Other operating expenses - - (146)
Operating loss (369) (70) (264)
Finance costs (8) (81) -
(Loss)/gain on disposal of
investments (330) (96) 29
Finance income - - 1
------------------------------- ------ ---------- ---------- ----------
Loss before taxation (707) (247) (234)
Taxation expense - - -
Loss for the period (707) (247) (234)
Pence Pence Pence
------------------------------- ------ ---------- ---------- ----------
Loss per share attributable
to owners of the Company for
the period:
Basic and diluted 3 (1.034p) (0.44p) (0.4p)
------------------------------- ------ ---------- ---------- ----------
Unaudited Group Statement of Comprehensive Income
For the 6 months ended 30 June 2012
6 months 6 months 12 months
to to to
30 Jun 2012 30 Jun 2011 31 Dec 2011
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
--------------------------------------- ----- ----------- ----------- -----------
Loss for the period (707) (247) (234)
Other comprehensive income/(expense):
Exchange differences on translation
of foreign operations - (2) (4)
Market value adjustment to investments 5 215 - (856)
Other comprehensive income/(expense)
for the period 215 (2) (860)
Total comprehensive expense for
the period attributable to equity
holders of the parent (492) (249) (1,094)
Unaudited Group Statement of Financial Position
As at 30 June 2012
30 Jun 30 Jun 31 Dec
2012 2011 2011
Notes Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
---------------------------------- ------ ---------- ---------- ---------
NON-CURRENT ASSETS
Financial assets 5 1,084 1,867 579
---------------------------------- ------ ---------- ---------- ---------
1,084 1,867 579
---------------------------------- ------ ---------- ---------- ---------
CURRENT ASSETS
Trade and other receivables 14 6 35
Cash and cash equivalents 124 61 336
---------------------------------- ------ ---------- ---------- ---------
138 67 371
TOTAL ASSETS 1,222 1,934 950
---------------------------------- ------ ---------- ---------- ---------
EQUITY
Share capital 6 327 230 255
Share premium 27,804 27,017 27,128
Investment reserve 5 (641) - (856)
Other reserve 2,372 2,372 2,372
Retained earnings (28,741) (28,045) (28,034)
---------------------------------- ------ ---------- ---------- ---------
Equity attributable to owners
of the Company and total equity 1,121 1,574 865
---------------------------------- ------ ---------- ---------- ---------
CURRENT LIABILITIES
Trade and other payables 101 360 85
---------------------------------- ------ ---------- ---------- ---------
101 360 85
---------------------------------- ------ ---------- ---------- ---------
1,222 1,934 950
---------------------------------- ------ ---------- ---------- ---------
Unaudited Group Statement of Cash flow
For the 6 months ended 30 June 2012
6 months 6 months 12 months
to to to
30 Jun 30 Jun 31 Dec
2012 2011 2011
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------------ ---------- ---------- ----------
OPERATING ACTIVITIES
Loss before taxation (707) (247) (234)
(Profit)/Loss on disposal of investments 330 - (29)
Investment income - 96 (1)
Finance costs 8 81 -
Share and loan notes issued in
settlement of fees - - 88
Gain arising on settlement of loan
notes - - (148)
Operating cash flow before working
capital changes (369) (70) (324)
Increase in trade and other receivables 21 18 (11)
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