TIDMACP
RNS Number : 0663O
Armadale Capital PLC
29 September 2023
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
29 September 2023
Armadale Capital Plc
('Armadale' the 'Company' or the 'Group')
Interim Results
Armadale, the AIM quoted investment company focused on natural
resource projects in Africa, is pleased to announce its unaudited
interim results for the six months ended 30 June 2023.
Highlights
During the half year Armadale has made further progress towards
commercial production at the Mahenge Liandu Project in
Tanzania.
-- Armadale continue to advance the FEED study in preparation
for obtaining project financing. This information will enhance the
detail in the Definitive Feasibility Study.
-- Armadale continued to collect environmental baseline data as
is required for the compliance of the mining lease and to assist in
the design and planning of the proposed mining operations. In
addition, the base line data for temperature, pressure, wind, moon
phase, humidity, solar radiation, rainfall and stream flow data
assists the local community to have access to regional weather data
for local planning requirements in the Mahenge region.
-- Logistics routes for the product were assessed to determine
the optimum methods to ensure the final product will enter the
market at the desired price level.
The Group is continuing discussions with several potential
financing partners regarding the debt and equity funding required
for project development. The significantly improved market
fundamentals for graphite concentrates has lead to increased
interest from stakeholders capable of providing long-term project
finance. Armadale continued its ongoing review of its quoted equity
portfolio, where the Directors believe there are opportunities for
capital gains, and made a number of acquisitions of quoted
companies in the resources sector.
Armadale also continued to actively review other investment
opportunities for mineral exploration in Africa.
During the period, a further GBP60,000 was spent on the project
and the Company also expanded its portfolio of passively managed
investments, spending GBP587,000 on three new holdings in listed
resource companies. The portfolio performed well during the period,
increasing in overall market value by GBP456,000 net. At 30 June
2023 the Company had cash of GBP300,000 (with and average monthly
cash burn of about GBP20,000 including annual audit costs) and
listed investments worth GBP1,593,000.
FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2023
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Unaudited
Six months ended
30 June 30 June
2023 2022
GBP'000 GBP'000
Administrative expenses (165) (151)
Change in fair value of investments 456 (1)
Profit/(loss) before taxation 291 (152)
Taxation - -
-------------------- -------------------
Profit/(loss) after taxation 291 (152)
Other comprehensive income/(loss)
Items that may be reclassified to
profit or loss:
Exchange differences on translating
foreign entities 24 (57)
-------------------- -------------------
Total comprehensive income/(loss)
attributable to equity holders of
the parent company 315 (209)
==================== ===================
Pence Pence
Earnings/(loss) per share attributable
to equity holders of the parent company
(note 3)
Basic and fully diluted 0.05 (0.03)
==================== ===================
Consolidated Statement of Financial Position
At 30 June 2023
Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Assets
Non-Current assets
Exploration and evaluation assets 5,550 5,010 5,483
Investments 1,593 79 562
7,143 5,089 6,045
Current assets
Trade and other receivables 137 60 150
Cash and cash equivalents 300 1,723 1,046
------------- ------------- ----------------
437 1,783 1,196
------------- ------------- ----------------
Total assets 7,580 6,872 7,241
============= ============= ================
Equity and liabilities
Equity
Share capital 3,324 3,321 3,324
Share premium 25,153 25,076 25,153
Shares to be issued 286 286 286
Share option and warrant reserve 362 610 362
Foreign exchange reserve 342 9 318
Retained earnings (21,988) (22,473) (22,279)
------------- ------------- ----------------
Total equity 7,479 6,829 7,164
============= ============= ================
Current liabilities
Trade and other payables 101 43 77
Total equity and liabilities 7,580 6,872 7,241
============= ============= ================
Unaudited Consolidated Statement of Changes in Equity
For the period ended 30 June 2023
Share Share Shares Share Foreign Retained Total
Capital Premium to be Option Exchange Earnings
GBP'000 GBP'000 Issued Reserve Reserve GBP'000 GBP'000
GBP'000 GBP'000 GBP'000
Balance 1
January
2022 3,275 23,906 286 925 66 (22,636) 5,822
Loss for the
year - - - - - (206) (206)
Other
comprehensive
income - - - - 252 - 252
------------ ------------ ------------ ------------ ------------- ------------- ------------
Total
comprehensive
income for
the year - - - - 252 (206) 46
------------ ------------ ------------ ------------ ------------- ------------- ------------
Issue of
shares 49 1,247 - - - - 1,296
Transfer on
exercise
and expiry of
warrants - - - (563) - 563 -
Total other
movements 49 1,247 - (563) - 563 1,296
------------ ------------ ------------ ------------ ------------- ------------- ------------
Balance 31
December
2022 3,324 25,153 286 362 318 (22,279) 7,164
Profit for the
period - - - - - 291 291
Other
comprehensive
income - - - - 24 - 24
------------ ------------ ------------ ------------ ------------- ------------- ------------
Total
comprehensive
income for
the period - - - - 24 291 315
------------ ------------ ------------ ------------ ------------- ------------- ------------
Balance 30
June 2023 3,324 25,153 268 362 342 (21,988) 7,479
============ ============ ============ ============ ============= ============= ============
The following describes the nature and purpose of each reserve
within shareholders' equity:
Reserve Description and purpose
Share capital Amount subscribed for share capital at nominal
value
Share premium Amount subscribed for share capital in excess of
nominal value, net of allowable expenses
Shares to be issued Share capital to be issued in connection
with historical acquisition
Share option and warrant reserve Cumulative charge recognised
under IFRS2 in respect of share-based payment awards
Foreign exchange reserve Gains/losses arising on re-translating
the net assets of overseas operations into sterling
Retained earnings Cumulative net gains and losses recognised in
the statement of comprehensive income
Consolidated Statement of Cash Flows
For the period ended 30 June 2023
Unaudited Audited
Six Months ended Year ended
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit/(loss) before taxation 291 (152) (206)
Change in fair value of investments (456) 1 (102)
(165) (151) (308)
Changes in working capital
Receivables 13 30 (11)
Payables 24 (31) 12
------------ ------------ ----------------
Net cash used in operating activities (128) (152) (307)
============ ============ ================
Cash flows from investing activities
Expenditure on exploration and
evaluation assets (60) (345) (518)
Purchase of listed investments (587) (411)
Sale of listed investments 29 58 89
Net cash used in investing activities (618) (287) (840)
============ ============ ================
Cash flows from financing activities
Proceeds from share issues - 1,276 1,307
Net cash from financing activities - 1,276 1,307
============ ============ ================
Net (decrease)/increase in cash
and cash equivalents (746) 837 160
Cash and cash equivalents at
1 January 2023 1,046 886 886
Cash and cash equivalents at
30 June 2023 300 1,723 1,046
============ ============ ================
Notes to the unaudited condensed consolidated financial
statements
For the period ended 30 June 2023
1. Incorporation and principal activities
Country of incorporation
Armadale Capital Plc was incorporated in the United Kingdom as a
public limited company on 19 August 2005. Its registered office is
1 Arbrook Lane, Esher, Surrey, KT10 9EG.
Principal activities
The principal activity of the Group during the period was that
of an investment company.
2. Accounting policies
2.1. Statement of compliance
The financial information for the six months ended 30 June 2022
and 30 June 2021 is unaudited and does not constitute the Group's
statutory financial statements for those periods within the meaning
of Section 434 of the Companies Act 2006. The comparative financial
information for the year ended 31 December 2021 has been derived
from the Annual Report and Accounts, which were approved by the
Board of Directors on 20 May 2022 and delivered to the Registrar of
Companies. The report of the Auditors on those accounts was
unqualified and did not contain any statement under Section 498 of
the Companies Act 2006.
This condensed set of financial statements has been prepared in
accordance with IAS 34 'Interim Financial Reporting' as adopted by
the European Union. This condensed set of financial statements
should be read in conjunction with the annual financial statements
for the year ended 31 December 2021 which have been prepared in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the United Kingdom.
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 31 December 2021 as
described in those annual financial statements.
In respect of new financial reporting standards which came into
effect for reporting periods beginning on 1 January 2022, the
Directors consider that their implementation has no material effect
on the financial information presented in this statement.
2.2. Going Concern
The financial statements have been prepared on the going concern
basis as, in the opinion of the Directors, there is a reasonable
expectation that the Group will continue in operational existence
for the foreseeable future. The Company's ability to continue as a
going concern and to achieve its long term strategy of developing
its exploration projects is dependent on further fundraising. At 30
June 2023, the Group had cash of GBP300,000 and listed investments
with a value of GBP1,593,000.
2.3. Exploration and evaluation assets
These assets are recorded at cost and are amortised over their
expected useful life on a pro rata basis of actual production for
the period to expected total production.
2.4. Investments
Investments are stated at fair value.
3. Earnings/(loss) per share
The calculation of earnings per share is based on a profit of
GBP291,000 (2022, loss of GBP152,000) and on 587,529,895 (2022,
560,588,302) Ordinary Shares, being the weighted average number of
Ordinary Shares in issue during the period.
For the period ended 30 June 2022, there was no difference
between basic loss per share and diluted loss per share as the
Group reported a loss.
**ENDS**
For further information, please visit the Company's website
www.armadalecapitalplc.com , follow Armadale on Twitter
@ArmadaleCapital or contact:
Enquiries:
Armadale Capital Plc
Tim Jones, Company Secretary +44 (0)20 7236 1177
------------------------
Nomad and broker: Cavendish Capital Markets
Limited
Simon Hicks / Seamus Fricker +44 (0)20 7220 0500
------------------------
The Company also announces that its Nominated Adviser and
Broker, finnCap Ltd, has now changed its name to Cavendish Capital
Markets Limited following completion of its own corporate
merger.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU No. 596/2014) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
More information can be found on the website
www.armadalecapitalplc.com .
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END
IR BLGDCLDDDGXI
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
Armadale Capital (LSE:ACP)
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