Director Dealings in Company Shares
Directors and senior management may acquire shares in the
Company, but are prohibited from dealing in Company shares or
exercising options during Close Periods or whilst in the possession
of price sensitive information that has not been made public. The
Company has established a written code on share dealing.
Transactions with Natasa Mining Ltd ("Natasa")
Any proposed transaction between the Company (or a subsidiary
undertaking of the Company) and Natasa or a director of Natasa
(whilst Natasa holds not less than 30% of the issued ordinary
shares of the Company) must be on arms length commercial terms and
be approved by the independent non-executive directors of the
Company in advance of it being entered into by the Company. For the
avoidance of doubt, no director who is interested in any way in
such a contract shall take part in any deliberations on the part of
the Company (or a subsidiary undertaking of the Company) with
regard to the approval of such a contract.
Conflict of Interest
Directors must keep the Board advised, on an ongoing basis, of
any interest that could potentially conflict with those of the
Company. Details of director related entity transactions with the
Company are set out in Note 25 to the accounts.
Ethical Standards and Performance
The Company is not of sufficient size to warrant the preparation
of a formal code of ethical business standards for the Company. The
Board does, however, require of itself and its employees the
highest ethical standards when carrying out their duties and when
acting on behalf of the Company. In particular, any transactions
with Directors of the Company are formally approved by the Board.
The Director concerned does not participate in discussion or
approval of the transaction.
Political and charitable donations
No political or charitable donations were made during the
year.
Auditors
Sawin & Edwards have indicated their willingness to continue
in office. A resolution to reappoint Sawin & Edwards for the
ensuing year will be proposed at the 2014 Annual General
Meeting.
By order of the board.
J Reynolds
Company Secretary
28 May 2014
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2013
Year Year
Ended Ended
31 December 31 December 2012
2013 Restated
Notes $ $
Administrative expenses (1,970,118) (2,711,898)
Impairment charge 9 - (3,050,548)
Gain on dilution of subsidiary - 147,659
Share of net result of associates (87,225) (13,437)
_________ _________
Loss from operations (2,057,343) (5,628,224)
Finance costs 5 (1,538,047) (1,023,978)
Foreign exchange gain / (loss) 1,001,138 170,189
_________ ________
Loss before taxation (2,594,252) (6,482,013)
Income tax expense 7 - -
Loss for the year (2,594,252) (6,482,013)
Attributable to:
Equity holders of the parent (2,972,182) (6,199,095)
Non-controlling interest 377,930 (282,918)
_________ _________
(2,594,252) (6,482,013)
Loss per share in cents -
including
share of associate's results
Basic 8 (0.54) (1.34)
Loss per share in cents- excluding
share of associate's results
Basic 8 (0.52) (1.34)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2013
Year Year
Ended Ended
31 December 31 December 2012
2013 Restated
$ GBP
Loss for the year (2,594,252) (6,482,013)
Foreign currency translation
differences
for foreign operations 21,573 (21,573)
_________ _________
Other comprehensive income /
(expense) for the year 21,573 (21,573)
_________ _________
Total comprehensive expense for
the year (2,572,679) (6,503,586)
Attributable to:
Equity holders of the parent (2,950,609) (6,220,668)
Non-controlling interest 377,930 (282,918)
_________ _________
Total comprehensive expense for
the year (2,572,679) (6,503,586)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2013
31 December 31 December 2012
Notes 2013 Restated
ASSETS $ $
Non-current assets
Intangible assets 9 - -
Property, plant and equipment 10 199 1,012
Investment in associated undertaking 11 26,297,657 26,238,663
_________ _________
Total non-current assets 26,297,856 26,239,675
Current assets
Taxation receivable 14 - 3,884
Trade and other receivables 15 - 535,713
Cash and cash equivalents 16 211,683 124,215
Total current assets 211,683 663,812
_________ _________
TOTAL ASSETS 26,509,539 26,903,487
EQUITY AND LIABILITIES
Current liabilities
Loans 17 12,001,620 9,865,769
Trade and other payables 18 72,660 77,521
Total current liabilities 12,074,280 9,943,290
_________ _________
Total liabilities 12,074,280 9,943,290
Equity
Share capital 19 17,242,518 17,242,518
Share based payments reserve 20 1,482,165 1,434,424
Foreign currency translation
reserve 21 - (21,573)
Accumulated loss (4,053,529) (1,081,347)
Equity attributable to equity
holders of the parent 14,671,154 17,574,022
Non-controlling Interest 22 (235,895) (613,825)
Total equity 14,435,259 16,960,197
_________ _________
TOTAL EQUITY AND LIABILITIES 26,509,539 26,903,487
The financial statements were approved by the Board of directors
on 28 May 2014 and signed on its behalf by:
C Kyriakou
Chairman
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2013
Share Foreign
Based Currency Non-
Share Payment Translation Accumulated Controlling
Capital Reserve Reserve Loss Interest Total
$ $ $ $ $ $
1 January
2013 17,242,518 1,434,424 (21,573) (1,081,347) (613,825) 16,960,197
Total
comprehensive
expense for
the year:
Loss - - - (2,972,182) 377,930 (2,594,252)
Total other
comprehensive
income /
(expense) - - 21,573 - - 21,573
Total
comprehensive
expense for
the year - - 21,573 (2,972,182) 377,930 (2,572,679)
Share options
granted in
year - 65,216 - - - 65,216
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