15. Trade and other receivables - current
31 December 31 December
2013 2012
Restated
$ $
Other receivables - 493,060
Prepayments and accrued income - 42,653
- 535,713
16. Cash and cash equivalents
31 December 31 December
2013 2012
Restated
$ $
Cash at bank and in hand 211,683 124,215
17. Loans
31 December 31 December
2013 2012
Restated
$ $
Balance brought forward 9,865,769 2,777,982
Amounts advanced 1,598,513 6,233,998
Loan interest and
charges 1,538,047 1,023,978
Exchange movement (1,000,709) (170,189)
________ ________
Balance carried forward 12,001,620 9,865,769
In February 2008, UMC Energy PLC ("PLC") secured an A$0.5
million (GBP224,000 as translated at 1 February 2008) loan facility
from Natasa Mining Ltd ("Natasa"). The loan bore interest at 15%
per annum on funds drawn, was unsecured and was repayable in August
2008 or upon PLC raising further debt or equity funding. The
facility bore a facility fee of A$15,000 (GBP6,729). The loan was
not repaid in August 2008 and with the forbearance of Natasa became
repayable under the same terms as the March 2008 loan, referred to
below.
In March 2008, PLC secured a further loan facility from Natasa
for an unspecified amount to be used in meeting its working capital
requirements, including funds to be expended on the Morondava
uranium project and the Papua New Guinea petroleum project. The
loan bore interest at 15% per annum on funds drawn, was secured by
a negative pledge over the equity interest in Uramad SA and was
repayable within 60 days following a demand by Natasa. The facility
bore a draw down fee of 3% of funds drawn.
In October 2009, PLC repaid A$2.4 million (GBP1,345,920) of the
loan amount through the issue of 213,638,095 ordinary GBP0.005
shares at a premium of GBP0.0013 per share to Natasa.
On 2 August 2013, Natasa, the Company and PLC entered into a
loan facility agreement whereby Natasa agreed to make available to
the Company a loan facility of not less than GBP1.7 million ($2.8
million) for the period up to 31 January 2015 at a rate of interest
of 15% compounded annually and a fee of 3% of amounts drawn down,
capitalised with the loan, and repayment on 60 days notice provided
that such notice cannot be given prior to 31 January 2015 or
earlier on the occurrence of an event of default (which would
include Natasa not having two representatives on the Board of the
Company). Security for this facility is a charge over the shares
held by the Company in its subsidiaries. At the same time, the
parties entered a deed of novation whereby the Company assumed all
of the liabilities of PLC to Natasa pursuant to the various
facilities described above.
18. Trade and other payables
31 December 31 December
2013 2012
Restated
$ $
Trade payables 21,215 14,769
Accruals 51,445 62,752
72,660 77,521
19. Called up share capital
31 December 31 December 31 December 31 December
2013 2013 2012 2012
Restated Restated
Allotted and fully Number $ Number $
paid
Ordinary shares of
no par value 484,444,763 17,242,518 484,444,763 17,242,518
The Company has one class of ordinary shares which carry no
right to fixed income. Holders of ordinary shares are entitled to
receive dividends as declared from time to time and are entitled to
one vote per share at shareholders' meetings.
Share options over ordinary shares in existence at 31 December
2013 are as follows:
Number Exercise price Expiry date
15,700,000 16.5p per share 31 October 2017
20. Share based payment reserve
31 December 31 December 2012
2013 Restated
$ $
Balance brought forward 1,434,424 17,475
Arising on grant of options under
the Company's 2012 Participants
Option Plan 65,216 1,416,949
Transfer to accumulated loss (17,475) -
Balance carried forward 1,482,165 1,434,424
The share based payment reserve relates to share options granted
to directors, consultants, staff and certain professional
advisors.
The share options vested on grant and are capable of being
exercised at any time between the date of grant and the expiry
date, subject to that, unless exercised, these share options expire
180 days following the grantee ceasing to be an executive /
consultant of the Company.
Movement on share options was as follows:
31 December 31 December 2012
2013 Restated
No of options No of options
Options at beginning of year 19,744,476 4,844,476
Options granted 800,000 14,900,000
Options lapsed (4,844,476) -
_________ _________
Options at end of year 15,700,000 19,744,476
Options exercisable at end of
year 15,700,000 19,744,476
Weighted average exercise prices
were as follows:
31 December 31 December 2012
2013 Restated
Options at beginning of year 16.24p 3.88p
Options granted 16.5p 16.5p
Options lapsed 3.88p -
Options at end of year 16.5p 16.24p
Options exercisable at year end 16.5p 16.24p
31 December 2013 31 December 2012
Restated
Weighted average remaining contracted
life of options outstanding at
the year end 3.8 years 4.8 years
31 December 31 December 2012
2013 Restated
Exercise prices of options outstanding
at the year end
Exercise price per share No of options No of options
3.88p - 4,844,476
16.5p 15,700,000 14,900,000
_________ _________
15,700,000 19,744,476
The option pricing model used in calculating the fair value of
options granted was the Black Scholes model.
Under the terms of the option incentive plan dated 19 December
2012, the exercise price is stated in sterling.
21. Translation reserve
31 December 31 December 2012
2013 Restated
$ $
Balance brought forward (21,573) -
Translation difference arising
on consolidation 21,573 (21,573)
Balance carried forward - (21,573)
22. Non-controlling interest
The non-controlling interest is in relation to a 20% share in
Uramad SA.
31 December 31 December 2012
2013 Restated
$ $
Share of net liabilities in Uramad
SA 235,895 613,825
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