TIDMLPP
RNS Number : 4885T
Lapp Plats Plc
08 June 2009
8 June 2009
LAPP PLATS PLC ("Lapp Plats" or the "Company")
Final Results
Lapp Plats announces its final results for the year ended 31st December 2008.
Introduction
I am delighted to report that on 27 May 2009, the Board of Lapp Plats announced
a number of "transformational developments". These developments included my
appointment as Non-Executive Chairman and the appointment of experienced oil
industry executive, John Craven, as CEO, the adoption of a new oil and gas
strategy, a proposed change of name to Cove Energy plc ("Cove Energy") and the
appointment of a new Nominated Adviser and Broker. I am now satisfied that the
building blocks are in place to allow the Company to grow and prosper after
spending a number of years at a low level of activity whilst the Board searched
for the right combination of personnel and opportunity to build a sustainable
and coherent strategy in order to create value for shareholders.
Board Changes
The Board announced on 27 May 2009 my appointment as Non-Executive Chairman and
that of John Craven, founder and until recently CEO of Petroceltic International
plc, as Chief Executive Officer, both appointments with immediate effect.
Tom O'Gorman, the outgoing Non-Executive Chairman, will continue on the Board as
a Non-Executive Director. Brian Barrett, a founding Director, is stepping down
from the Board and retiring as Company Secretary. The Board expresses its
sincere appreciation to Brian for his work and commitment to the Company since
its formation in 2003. Michael Nolan will act as Company Secretary going
forward.
I am a Petroleum Engineer and have spent my career working in the Royal Dutch
Shell Group ("Shell"), having joined in 1980. I am currently Country Chairman
for Shell in Algeria, prior to which I held the positions of Director External
Relations for EP Africa from 2003-2005, Vice President EP for Russia (Salym,
Sakhalin) from 2001 to 2003 and Vice President Iran (Soroosh and Nowrooz) from
1998 to 2001. Earlier in my Shell career I worked at the Shell head offices in
The Hague from where I developed business in China, Iran and Russia. I have also
held senior roles in the Philippines, Syria, Thailand and the UK. I graduated in
1980 with an MSc in Chemistry from Universiteit van Amsterdam.
John Craven is a petroleum geologist with thirty five years experience in senior
technical and commercial roles in upstream oil and gas exploration and
production companies. Prior to joining the Company, John was founder and Chief
Executive of AIM and IEX quoted, African and Mediterranean focussed, exploration
company, Petroceltic International plc ("Petroceltic"). Petroceltic grew under
his direction and stewardship to a business with a diversified portfolio of
exploration and appraisal projects in Italy, Algeria and Tunisia. In addition to
the above, John brings with him a deep understanding of the investment community
and a solid reputation earned following 35 years of delivery to stakeholders.
John graduated with an MSc in Petroleum Geology from the Royal School of Mines
in London and he also earned an MBA from Queens University in Belfast. Prior to
Petroceltic, John held senior management and director roles in a number of
quoted and private oil companies including Gulf Oil, Dana Petroleum and Vanco
Energy.
New Oil and Gas Strategy
Cove Energy's strategy is to identify and acquire oil and gas assets in the
early phase of the upstream life-cycle and mature them into marketable
opportunities for the medium and larger oil and utility companies. The Company's
initial focus will be on Africa and the Mediterranean. The Company will be
"opportunity driven" but the objective is to target assets in areas where larger
oil companies are not yet active or have overlooked opportunities. Cove Energy
will also seek out assets owned by companies in distress as a result, for
instance, of the current global economic climate.
The Company intends to operate with a minimum level of staffing but with a
larger experienced "virtual" skills-pool from where it can draw on relevant
experience on a case-by-case basis. The Company intends at the outset to partner
and joint venture with investors and associates who will support Cove Energy
with commercial skills and influence in areas where the Company intends to grow
its business.
The strategy will be implemented and driven jointly by myself and John Craven.
A management team commensurate with the escalating requirements of the business
is being assembled and further appointments will be confirmed over the coming
months.
The Company has maintained a core treasury, in excess of GBP1 million, since
late 2006. The Directors are aware that investments in new projects will require
additional capital and funding options will be continually monitored by the
Board, in tandem with the development of the new strategy.
Change of Name
The Directors will propose to shareholders at the forthcoming Annual General
Meeting of the Company that the Company changes its name to Cove Energy plc in
order to reflect the new oil and gas strategy. A new website
www.cove-energy.com is under construction.
Annual General Meeting
The Annual General Meeting will be held at Brown's Hotel London 11.30AM on
Thursday 2nd July 2009. The Notice and resolutions in respect of this Annual
General Meeting will be dispatched shortly along with the Annual Report and
Accounts for the financial year ended 31 December 2008.
Appointment of new Nominated Adviser and Broker
The Board appointed London based Cenkos Securities plc as the Company's AIM
Nominated Adviser and Broker on 27 May 2009.
The Company is a UK registered company and, with the appointment of a UK based
Nominated Adviser and Broker, the Board has requested that the Irish Stock
Exchange cancel the quotation of the Company's ordinary shares on the IEX Market
with effect from 26 June 2009. The Company's Ordinary Shares will continue to be
traded on AIM.
Swedish Mineral Properties
Following an independent review of the licence blocks held by the Company since
2004, the Company decided in August 2007 to reduce its existing ground holdings
and it has also taken the opportunity to acquire a new property.
The following Table set outs the revised Claim Table following the payments in
August 2007 to the Swedish Mining Directorate (Sw: Bergsstaten) of the relevant
licence fees and renewal fees, as applicable:
Exploration Licence Elements covered Claim Area Licence
Licence
Name Under licence (hectares)
Renewed/Applied Expires
Tjårro Nr 1 Fe, Au, Cu 2,241
August 2007 August 2010
Glossary of Symbols: Au - Gold, Cu - Copper, Fe - Iron.
The Company continues to hold the existing Swedish mineral licence in good
standing, without significant financial obligations, and the Company will look
to commercialise the mineral assets of Lapp Plats AB, a wholly owned subsidiary
of the Company, in due course.
Financial Results
The net loss for the year before tax amounted to GBP321,579 (2007 profit
GBP15,006). The main component in the loss for the year was an impairment charge
taken against the carrying values of the Swedish mineral assets of GBP222,156
(2007: Nil). Net interest received in the year decreased to GBP55,643 compared
to GBP71,047 in the previous period. This loss, in addition to the impairment
charge included administration costs and other costs incurred in investigating
new oil and gas opportunities under the 2008 arrangements with Cheliston
Consultancy Limited, now terminated.
Total assets at 31 December 2008 of GBP1,278,233 (2007: GBP1,594,463) included
GBP1,133,655 in cash balances (2007: GBP1,236,930).
Annual Report
The Directors' Report and Financial Statements for the year to 31 December 2008
will be posted to shareholders in the near future and copies can be obtained on
the Company's web site at www.lapp-plats.com.
I am pleased that we are on the cusp of creating a new oil and gas company with
Cove Energy plc and I would like to thank current and former Directors and all
those who have assisted us in any way to arrive at this pivotal juncture in the
Company's history.
Michael Blaha
Chairman
8 June 2009
Lapp Plats Plc
Group Income Statement
for the year ended 31 December 2008
+----------------------------------------+---------+--------------+-----+--------------+
| | | 2008 | | 2007 |
+----------------------------------------+---------+--------------+-----+--------------+
| | | GBP | | GBP |
+----------------------------------------+---------+--------------+-----+--------------+
| | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| Administrative expenses | | (155,066) | | (56,041) |
+----------------------------------------+---------+--------------+-----+--------------+
| Impairment of exploration and | | (222,156) | | - |
| evaluation assets | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| Group Operating loss | | (377,222) | | (56,041) |
+----------------------------------------+---------+--------------+-----+--------------+
| | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| Finance Revenue | | 55,643 | | 71,047 |
+----------------------------------------+---------+--------------+-----+--------------+
| | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| (Loss)/profit on ordinary activities | | (321,579) | | 15,006 |
| before taxation | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| Tax on (loss)/profit on ordinary | | - | | - |
| activities | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| (Loss) / Profit for the year | | (321,579) | | 15,006 |
+----------------------------------------+---------+--------------+-----+--------------+
| | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| Accumulated (loss) brought forward | | (162,140) | | (177,146) |
+----------------------------------------+---------+--------------+-----+--------------+
| | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| Accumulated (loss) carried forward | | (483,719) | | (162,140) |
+----------------------------------------+---------+--------------+-----+--------------+
| | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| Earnings per share: | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| Basic profit / (loss) per share | | (1.44 pence) | | (0.7 pence) |
+----------------------------------------+---------+--------------+-----+--------------+
| | | | | |
+----------------------------------------+---------+--------------+-----+--------------+
| Diluted profit / (loss) per share | | (1.44 pence) | | (0.7 pence) |
+----------------------------------------+---------+--------------+-----+--------------+
The results for the year all arise on continuing operations.
Lapp Plats Plc
Group Balance Sheet
as at 31 December 2008
+-------------------------------------------------+--------------+-----+--------------+
| | 2008 | | 2007 |
+-------------------------------------------------+--------------+-----+--------------+
| | GBP | | GBP |
+-------------------------------------------------+--------------+-----+--------------+
| Assets | | | |
+-------------------------------------------------+--------------+-----+--------------+
| | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Non-Current Assets | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Intangible assets | 88,822 | | 298,330 |
+-------------------------------------------------+--------------+-----+--------------+
| Property, Plant and Equipment | - | | 666 |
+-------------------------------------------------+--------------+-----+--------------+
| | 88,822 | | 298,996 |
+-------------------------------------------------+--------------+-----+--------------+
| | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Current Assets | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Trade and other receivables | 55,756 | | 58,537 |
+-------------------------------------------------+--------------+-----+--------------+
| Cash and cash equivalents | 1,133,655 | | 1,236,930 |
+-------------------------------------------------+--------------+-----+--------------+
| | 1,189,411 | | 1,295,467 |
+-------------------------------------------------+--------------+-----+--------------+
| | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Total Assets | 1,278,233 | | 1,594,463 |
+-------------------------------------------------+--------------+-----+--------------+
| | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Equity and Liabilities | | | |
+-------------------------------------------------+--------------+-----+--------------+
| | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Equity | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Called up share capital | 222,683 | | 222,683 |
+-------------------------------------------------+--------------+-----+--------------+
| Share premium account | 1,500,823 | | 1,500,823 |
+-------------------------------------------------+--------------+-----+--------------+
| Share based payment reserve | 9,997 | | 9,997 |
+-------------------------------------------------+--------------+-----+--------------+
| Foreign currency translation reserve | (7,172) | | 10,668 |
+-------------------------------------------------+--------------+-----+--------------+
| Retained Loss | (483,719) | | (162,140) |
+-------------------------------------------------+--------------+-----+--------------+
| | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Attributable to equity shareholders | 1,242,612 | | 1,582,031 |
+-------------------------------------------------+--------------+-----+--------------+
| | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Liabilities | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Current Liabilities | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Trade and other payables | 35,621 | | 12,432 |
+-------------------------------------------------+--------------+-----+--------------+
| | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Total Liabilities | 35,621 | | 12,432 |
+-------------------------------------------------+--------------+-----+--------------+
| | | | |
+-------------------------------------------------+--------------+-----+--------------+
| Total Equity and Liabilities | 1,278,233 | | 1,594,463 |
+-------------------------------------------------+--------------+-----+--------------+
Lapp Plats Plc
Group Cash Flow Statement
for the year ended 31st December 2008
+-----------------------------------------+-----+-----------------+-----+--------------+
| | | 2008 | | 2007 |
+-----------------------------------------+-----+-----------------+-----+--------------+
| | | GBP | | GBP |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Cash flows from operating activities | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Net Loss for the year before taxation | | (377,222) | | (56,041) |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Adjustments for: | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Foreign exchange gain | | (30,488) | | (1,752) |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Depreciation | | - | | 440 |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Write down of deferred exploration | | 222,156 | | 10,158 |
| costs | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Loss on disposal of fixed assets | | 666 | | - |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Decrease / (Increase) in debtors | | 2,781 | | (38,107) |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Increase / (Decrease) in creditors | | 23,189 | | (5,834) |
+-----------------------------------------+-----+-----------------+-----+--------------+
| | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Net cash used in operating activities | | (158,918) | | (91,136) |
+-----------------------------------------+-----+-----------------+-----+--------------+
| | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Cashflows from investing activities | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Expenditure on exploration activities | | - | | (10,087) |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Interest received | | 55,643 | | 71,047 |
+-----------------------------------------+-----+-----------------+-----+--------------+
| | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Net cash from investing activities | | 55,643 | | 60,960 |
+-----------------------------------------+-----+-----------------+-----+--------------+
| | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Net (Decrease)/Increase in cash and | | (103,275) | | (30,176) |
| cash equivalents | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Cash and Cash Equivalents at beginning | | 1,236,930 | | 1,267,106 |
| of year | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
| Cash and cash equivalents at end of | | 1,133,655 | | 1,236,930 |
| year | | | | |
+-----------------------------------------+-----+-----------------+-----+--------------+
Lapp Plats Plc
Group Statement of Changes in Equity
for the year ended 31 December 2008
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| | | | Share | Foreign | | |
| | | | Based | | | |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| | Share | Share | Payment | Exchange | Retained | |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| | Capital | Premium | Reserve | Reserve | Losses | Total |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| Balance at 1 January | 222,683 | 1,500,823 | 9,997 | - | (177,146) | 1,556,357 |
| 2007 | | | | | | |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| Profit for the year | - | - | - | - | 15,006 | 15,006 |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| Foreign exchange | - | - | - | 10,668 | - | 10,668 |
| difference | | | | | | |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| Balance at 31 | 222,683 | 1,500,823 | 9,997 | 10,668 | (162,140) | 1,582,031 |
| December 2007 | | | | | | |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| | | | | | | |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| Balance at 1 January | 222,683 | 1,500,823 | 9,997 | 10,668 | (162,140) | 1,582,031 |
| 2008 | | | | | | |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| Loss for the year | - | - | - | - | (321,579) | (321,579) |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| Foreign exchange | - | - | - | (17,840) | - | (17,840) |
| difference | | | | | | |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
| Balance at 31 | 222,683 | 1,500,823 | 9,997 | (7,172) | (483,719) | 1,242,612 |
| December 2008 | | | | | | |
+-----------------------+---------+-----------+-----------+----------+-----------+-----------+
BACKGROUND
Lapp Plats plc and its subsidiary are involved in the development of Oil and Gas
Exploration and Minerals Exploration projects. The Company is a public limited
company incorporated in England. The Group has operations in Sweden and
considers pursuing projects on a worldwide basis. The Company's shares are
quoted on the AIM market of the London Stock Exchange (LPP.L) and on the IEX
market of the Irish Stock Exchange (LPC.IR).
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION
As permitted by the European Union and in accordance with AIM and IEX Rules, the
Group financial statements have been prepared in accordance with International
Financial Reporting Standards ("IFRSs") and their interpretations issued by the
International Accounting Standards Board (IASB) as adopted by the EU (IFRS).
The IFRSs adopted by the EU as applied by the Company and the Group in the
preparation of these financial statements are those that were effective at 31
December 2008.
This preliminary statement is not the Company's statutory accounts. The
statutory accounts for the year ended 31 December 2008 have been approved by the
Directors and have received an unqualified audit opinion that does emphasise
that the realisation of the carrying value of intangible assets (GBP88,822) is
dependent on a number of factors some of which are not within control of the
Company.
The full Annual Report 2008 of the Company will be available on the Lapp Plats
plc web site www.lapp-plats.com
ENDS
FOR FURTHER INFORMATION PLEASE CALL:
+-------------------------------------------+----------------------------+
| Lapp Plats plc | |
+-------------------------------------------+----------------------------+
| Michael Blaha, Chairman | Tel: + 353 1 662 4351 |
| John Craven, CEO | |
| | |
+-------------------------------------------+----------------------------+
| | |
+-------------------------------------------+----------------------------+
| Cenkos Securities | |
+-------------------------------------------+----------------------------+
| Jon Fitzpatrick / Ken Fleming | Tel: +44 (0)131 220 6939 |
+-------------------------------------------+----------------------------+
| | |
+-------------------------------------------+----------------------------+
| Financial Dynamics | |
+-------------------------------------------+----------------------------+
| Billy Clegg / Edward Westropp | Tel: +44 (0)20 7831 3113 |
+-------------------------------------------+----------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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