TIDMKZG
RNS Number : 6063K
Kazera Global PLC
17 December 2018
17 December 2018
Kazera Global plc
Final Results for the Year Ended 30 June 2018
Kazera Global plc ("Kazera Global" or "the Company"), the AIM
quoted investment company who, through its stake in African
Tantalum (Pty) Limited ("Aftan"), has an interest in the Namibia
Tantalite Investment Mine ("NTI" or the "Mine") in Namibia, is
pleased to announce its audited final results for the full year
ended 30 June 2018 ("the Period").
Highlights
Operational
-- Significant plant upgrades achieved during the Period,
successfully increasing production capability and ensuring tantalum
purity
-- Supply agreement signed with a global North American leading
tantalum consumer and end user of the Mine's tantalum ore ("the
Customer")
o Six shipments of the Company's industry leading high purity
tantalum shipped to the Customer during the Period with grades
reaching over 40% purity
-- Clearance certificate for abstraction of water from the
Orange River to the Mine issued by the Office of the Environmental
Commissioner as part of the Ministry of Environment and Tourism, a
highly important achievement, allowing optionality and increased
efficiencies for water supply at higher volumes to the Mine
-- Initiated a tender process for the laying of the pipework from the Orange River to the Mine
-- Initiated a targeted exploration programme to develop a
comprehensive understanding of the mineralisation over the
property, which covers 452Ha. The programme focuses on the
Homestead, Purple Haze (formerly referred to as Lepidolite),
Signalberg Mountain, White City and Snake deposits
-- Exploration campaign begun at the Homestead and Purple Haze
locations to delineate tantalum and lithium resource
o Encouraging initial exploration results confirmed lithium and
tantalum mineralization at both locations
-- Reduced staffing numbers at the Mine to reduce operating
costs and optimise the operation, using a multi skilled employee
base
-- MSA Group commissioned to carry out the targeted exploration programme
Financial
At 30 June 2018:
-- Successfully raised GBP3.75 million in July 2017 through a
placing with the net proceeds being used on further upgrades and
execution of drilling programme
-- Cash at bank amounted to approximately GBP1.125 million, up
from 30 June 2017 balance of GBP364k
-- Net assets of GBP4.3 million, up from 30 June 2017 balance of GBP3.5 million
Post Period
-- Exploration campaign drilling for resource definition
continued by MSA Group with 360 cores drilled and assayed to date,
showing positive initial results
Outlook
-- Continued focus to unlock the full value of the property
through its targeted exploration program. Ore resource reports for
the target deposits expected to be produced during calendar year
2019
-- Continued engagement with the Company's customer base and
other potential end users on the supply of tantalum
-- Continued assessment of global investment opportunities
Larry Johnson, Chief Executive Officer of Kazera Global,
said:
"This year, we have seen significant changes which have reshaped
and refocussed the Company's strategic and operational focus.
Aftan's focus is on extracting maximum value from the targeted
exploration programme which has already yielded exciting results.
Aftan, with our help, continue to press forward with the program
and I would like to thank all our shareholders for their continued
support and we look forward to updating shareholders on the full
value of this highly important mine."
Posting of accounts
The Report and Accounts for the period ended 30th June 2018 will
shortly be available on the Group's website and will be sent to
registered shareholders by post shortly together with notice of the
Group's AGM.
For further information on the Company, visit:
https://kazeraglobal.com/
Kazera Global plc (c/o Camarco) Tel: +44 (0)203 757 4980
Larry Johnson (CEO)
finnCap (Nominated Adviser and Tel: +44 (0)207 220 0500
Joint broker)
Christopher Raggett / Scott Mathieson
/ Anthony Adams (corporate finance)
Shore Capital (Joint broker) Tel: +44 (0)207 408 4090
Mark Percy / Toby Gibbs (corporate
finance)
Jerry Keen (corporate broking)
Camarco (PR) Tel: +44 (0)203 757 4980
Gordon Poole / James Crothers /
Monique Perks
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
"Competent Person's Statement
In accordance with the AIM Note for Mining and Oil and Gas
Companies, Kazera Global discloses that Michael Cronwright of MSA
Group, is the qualified person that has reviewed the technical
information contained in this document. Michael Cronwright has a
Pr.Sci.Nat with the South African Council for Natural Scientific
Professions ("SACNASP") and is a member in good standing with
SACNASP. Mr Cronwright has the appropriate relevant qualifications,
experience, competence and independence to act as a Competent
Person as defined in the 2012 Edition of the "Australian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Michael Cronwright consents to the inclusion of the
information in this announcement in the form and context in which
it appears."
CHAIRMAN'S STATEMENT
Year to 30 June 2018
2018 has been an important year for Kazera Global on a number of
fronts and, as I write this, I am very pleased with the position
the Company is in and excited for what the future holds.
It is important to remember what the fundamental purpose of the
Company is and to reflect on this against what we, as a company,
are trying to achieve from our investment in African Tantalum (Pty)
Limited ("Aftan"), the owner of the Namibia Tantalite Investment
Mine ("NTI" or "the Mine"). During the year, we adopted a new
investing policy that is aligned with the Company's strategy to
achieve shareholder return primarily via capital appreciation
through the purchase and sale of securities and other direct
investments in companies and projects. This gives us the
flexibility to pursue different opportunities however our primary
focus and where we see so much future value is in NTI.
Together with the adoption of the new policy, we rebranded to
Kazera Global to align the Company's purpose with its strategic
focus. The successful upgrade of the processing plant and the
securing of an offtake partner has positioned the mine in a very
strong position. Coupling this with the approval of a clearance
certificate for the abstraction of water from the Orange River, a
highly material development for the Company, also ensures that
future production can be well supplied with water - a very valuable
resource for the Mine.
Earlier in the year, Kazera, together with Aftan, engaged in a
deliberate strategic shift towards exploration and resource
definition across the NTI Licence. This is designed to fully
understand the total mineralisation and to ascertain the quantum of
high grade Tantalum and Lithium that we know exists.
Aftan, together with world class drilling consultants, continue
to conduct its drilling campaign with 360 cores drilled and assayed
to date from targets Homestead and Purple Haze. It is the Company's
intention for an ore resource report to be generated for Homestead
and Purple Haze by the end of Q1 2019 before moving further afield
to our other targets, the Signaalberg and White City pegmatites,
and for an ore resource report for all those areas to be produced
during calendar year 2019.
With the drilling campaign in full swing and early results
endorsing our belief in the quality of NTI, I expect 2019 to be not
only enlightening but also value accretive for the Company. On
behalf of the Board, I thank our fellow employees for their
unwavering hard work and all the staff of Aftan and our
shareholders for their continued support.
Giles Clarke
Chairman
13 December 2018
CHIEF EXECUTIVE OFFICER'S REVIEW
Year to 30 June 2018
Overview
The year have seen significant changes which have reshaped and
refocussed the Company's strategic and operational focus.
This has had a significant impact on the ongoing operations at
the NTI Mine, as Aftan and the Company shifts from a strategy of
increasing production of world class grade product, to a targeted
exploration programme. This decision has enabled Aftan, the
Company, and interested global offtake parties, to fully assess the
fundamental and future value of this high value operation.
Operations
During the year, the Aftan group was granted a newly approved
water licence by the Office of the Environmental Commissioner to
acquire water from the Orange River. This is highly important, as
it will deliver increased efficiencies for water at higher volumes
to NTI. It also represented a significant milestone for Aftan and
the Company as it signified a major endorsement by the Namibian
Government for the project. Following on from the approval of the
water licence, Aftan and the Company initiated a tender process for
laying the pipework from the Orange River to the mine, with the
intention of utilising solar power to drive the system.
During the year, NTI successfully passed multiple site audits by
leading end users to meet stringent quality requirements by the
global community. In April, Aftan began the application process for
the certification of the installation of a larger tailings dam as
part of plant upgrades to be able to focus on delivering industry
leading quality tantalum shipments from the Mine to our Customer
base. This will be important as it will allow for increased
production capacity in the future.
In May 2018, the Company announced the decision to pursue a
targeted exploration programme to further develop a comprehensive
understanding of the mineralisation across the property, which
covers 452 Ha. In June 2018, and months following to date, Kazera
begun this exploration drilling programme with the drilling of
approximately 3000 metres across, initially focussing on the
Homestead and Purple Haze, and later the Signaalberg mountain and
White City, pegmatite deposits. The MSA Group is commissioned to
carry out this targeted exploration programme.
In line with the change in strategic focus, Aftan and Kazera
have significantly reduced staffing numbers at the Mine. The
Company made this decision to reduce mining costs and optimise the
operation using a multi skilled employee base.
Although the Company has redirected resources in the latter part
of the financial year towards obtaining mineralisation definition
across the property, mining continued at Homestead throughout the
Period, producing Tantalite and Lithium bearing ore for future
processing. During the Period, Aftan shipped its fifth and sixth
shipment of high grade tantalum to the customer. Post Period, in
August 2018, Aftan ceased ore processing to free up resources for
the exploration campaign.
Financials
The Group has cash and cash equivalents of GBP1,125,000 at 30
June 2018 compared to GBP364,000 in 2017 and has net assets of
GBP4,300,000 compared to GBP3,537,000 in 2017. The group's loss
before tax was GBP2,538,000 including pre-production costs of
GBP1,308,000. These were capitalised in the previous year when the
loss before tax was GBP1,098,000. The Company does not plan to pay
a dividend for the twelve months to 30 June 2018.
Outlook
As the Group looks to the future, the Group will continue to
focus on its new strategic vision to unlock significant near-term
and long-term value through its targeted exploration programme over
the next several months across the whole property. The Group will
continue to engage in discussions with our Customer base and other
potential end users on the supply of tantalum but remains steadfast
in bringing the Mine to achieve a JORC compliant resource.
Larry Johnson
Chief Executive Officer
13 December 2018
GROUP INCOME STATEMENT
For the year ended 30 June 2018
Year ended Year ended
30 June 30 June
2018 2017
Notes GBP'000 GBP'000
------------------------------------------ ----- ---------- ----------
Pre-production expenses (1,308) -
Administrative expenses (1,230) (1,098)
Operating loss and loss before tax 6 (2,538) (1,098)
Taxation 9 - -
Loss for the year and total comprehensive
loss (2,538) (1,098)
Loss attributable to owners of the
Company (1,977) (901)
Loss attributable to non-controlling
interests (561) (197)
------------------------------------------- ----- ---------- ----------
(2,538) (1,098)
------------------------------------------ ----- ---------- ----------
Earnings per share attributable to
owners of the Company
From continuing operations:
Basic and diluted (pence) 10 (0.81)p (0.51)p
The accounting policies and notes form an integral part of these
financial statements.
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2018
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
----------------------------------------------------- ---------- ----------
Loss for the year attributable to owners
of the Company (1,977) (901)
Other comprehensive income:
Items that may be subsequently reclassified
to profit and loss:
Exchange differences on translation of foreign
operations (342) 235
Other comprehensive (expense)/income for
the year (342) 235
Total comprehensive loss for the year attributable
to equity holders of the parent (2,319) (666)
The Company has elected to take the exemption under section 408
of the Companies Act 2006 not to present the parent Company pro t
and loss account. The loss for the Parent Company for the year was
GBP295,000 (2017: GBP308,000).
The accounting policies and notes are an integral part of these
financial statements.
GROUP AND COMPANY STATEMENTS OF FINANCIAL POSITION
As at 30 June 2018
GROUP COMPANY
------------------ ------------------
2018 2017 2018 2017
Notes GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ ----- -------- -------- -------- --------
Non-Current assets
Goodwill 11 586 588 - -
Other intangible assets 12 1,813 1,891 - -
Property, plant and equipment 13 771 655 - -
Investment in subsidiaries 14 - - 7,026 4,434
3,170 3,134 7,026 4,434
------------------------------ ----- -------- -------- -------- --------
Current assets
Trade and other receivables 15 213 174 37 19
Cash and cash equivalents 16 1,125 364 907 249
1,338 538 944 268
--------
Current liabilities
Trade and other payables 17 208 135 48 128
208 135 48 128
------------------------------ ----- -------- -------- -------- --------
Net assets 4,300 3,537 7,922 4,574
------------------------------ ----- -------- -------- -------- --------
Equity
Share capital 18 2,568 1,890 2,568 1,890
Share premium account 18 14,131 11,314 14,131 11,314
Capital redemption reserve 2,077 2,077 2,077 2,077
Currency translation reserve (90) 252 - -
Retained earnings (13,503) (11,674) (10,854) (10,707)
------------------------------ ----- -------- -------- -------- --------
Equity attributable to owners
of the Company 5,183 3,859 7,922 4,574
Non-controlling interests (883) (322) - -
------------------------------ ----- -------- -------- -------- --------
Total equity 4,300 3,537 7,922 4,574
------------------------------ ----- -------- -------- -------- --------
These financial statements were approved by the Board of
Directors on 13 December 2018.
Signed on behalf of the Board by:
Larry Johnson
Director
Company number: 005697574
The accounting policies and notes form an integral part of these
financial statements.
GROUP STATEMENT OF CHANGES IN EQUITY
Year to 30 June 2018
Share Capital Currency Equity
Share premium redemption translation Retained shareholders Non-controlling
capital account reserve reserve earnings funds interests Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================= ======== ======== =========== ============ ========= ============= ================ ========
Balance at 1
July 2016 1,084 9,125 2,077 17 (10,773) 1,530 (125) 1,405
Comprehensive
income Loss
for the year - - - - (901) (901) (197) (1,098)
Other
comprehensive
income - - - 235 - 235 - 235
----------------- -------- -------- ----------- ------------ --------- ------------- ---------------- --------
Total
comprehensive
income - 235 (901) (666) (197) (863)
----------------- -------- -------- ----------- ------------ --------- ------------- ---------------- --------
Issue of share
capital 806 2,189 - - - 2,995 - 2,995
Balance at 30
June 2017 1,890 11,314 2,077 252 (11,674) 3,859 (322) 3,537
----------------- -------- -------- ----------- ------------ --------- ------------- ---------------- --------
Comprehensive
income Loss
for the year - - - - (1,977) (1,977) (561) (2,538)
Other
comprehensive
expense - - - (342) - (342) - (342)
----------------- -------- -------- ----------- ------------ --------- ------------- ---------------- --------
Total
comprehensive
expense - (342) (1,977) (2,319) (561) (2,880)
----------------- -------- -------- ----------- ------------ --------- ------------- ---------------- --------
Issue of share
capital 678 2,817 - - - 3,495 - 3,495
Share based
payment expense - - - - 148 148 - 148
Balance at 30
June 2018 2,568 14,131 2,077 (90) (13,503) 5,183 (883) 4,300
================= ======== ======== =========== ============ ========= ============= ================ ========
The accounting policies and notes form an integral part of these
financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY
Year to 30 June 2018
Capital
Share Share redemption Retained
capital Premium reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ ---------- ---------- ------------- ----------- ---------
Balance at 1 July 2016 1,084 9,125 2,077 (10,399) 1,887
Total comprehensive expense
for the year - - - (308) (308)
Issue of share capital 806 2,189 - - 2,995
Balance at 30 June 2017 1,890 11,314 2,077 (10,707) 4,574
Total comprehensive expense
for the year - - - (295) (295)
Issue of share capital 678 2,817 - - 3,495
Share based payment expense - - - 148 148
Balance at 30 June 2018 2,568 14,131 2,077 (10,854) 7,922
------------------------------ ---------- ---------- ------------- ----------- ---------
The accounting policies and notes form an integral part of these
financial statements.
GROUP AND COMPANY STATEMENTS OF CASH FLOWS
Year to 30 June 2018
GROUP COMPANY
Year ended Year ended Year ended Year ended
30 June 30 June 30 June 30 June
2018 2017 2018 2017
Notes GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ------ ----------- ----------- ----------- -----------
OPERATING ACTIVITIES
Net cash used in operating
activities 22 (2,237) (1,291) (715) (615)
INVESTING ACTIVITIES
Purchases of property,
plant and equipment (275) (251) - -
Development costs (41) (1,217) - -
Advances to subsidiary
undertakings - - (2,122) (2,008)
Net cash used in investing
activities (316) (1,468) (2,122) (2,008)
---------------------------- ------ ----------- ----------- ----------- -----------
FINANCING ACTIVITIES
Net proceeds from share
issues 3,495 2,995 3,495 2,995
Repayment of loans - (150) - (150)
Net cash from financing
activities 3,495 2,845 3,495 2,845
Net increase in cash and
cash equivalents 942 86 658 222
Exchange rate translation
adjustment (181) 218 - -
Cash and cash equivalents
at beginning of year 364 60 249 27
Cash and cash equivalents
at end of year 16 1,125 364 907 249
---------------------------- ------ ----------- ----------- ----------- -----------
The accounting policies and notes are an integral part of these
financial statements.
NOTES TO THE GROUP FINANCIAL STATEMENTS
For the year ended 30 June 2018
1 GENERAL INFORMATION
Kazera Global Plc is a company incorporated in the United Kingdom
under the Companies Act 2006. The nature of the Group's operations
and its principal activities are set out in the Strategic Report
and the Directors' Report.
2 STATEMENT OF COMPLIANCE
The financial statements have been prepared and approved by
the Directors in accordance with all relevant IFRSs as issued
by the International Accounting Standards Board ("IASB"), and
interpretations issued by the IFRS Interpretations Committee,
endorsed by the European Union ("EU").
At the date of authorisation of this document, the following
Standards and Interpretations, which have not been applied in
these financial statements, were in issue, but not yet effective:
-- IFRS 9 Financial Instruments
-- IFRS 15 Revenue from Contracts with Customers
-- IFRS 2 Amendments - Classification and measurement of share-based
payments transactions
-- IFRIC 22 Foreign currency transactions and advanced consideration
-- IFRS 16 Leases
The Directors anticipate that the adoption of the above Standards
and Interpretations in future periods will have little or no
impact on the financial statements of the Company when the relevant
Standards come into effect for future reporting periods, although
they have yet to complete their full assessment in relation
to the impact of IFRS 9 and IFRS 15.
3 Accounting Policies
The principal accounting policies adopted and applied in the
preparation of the Group and Company Financial statements are
set out below.
These have been consistently applied to all the years presented
unless otherwise stated:
BASIS OF ACCOUNTING
The consolidated financial statements have been prepared in
accordance with applicable International Financial Reporting
Standards ("IFRS") including standards and interpretations issued
by both the International Accounting Standards Board ("IASB")
and the International Financial Reporting Interpretation Committee
("IFRIC") as adopted and endorsed by the European Union ("EU"),
further to IAS Regulation (EC 1606/2002).
The consolidated financial statements have been prepared on
the basis of historical cost. Cost is based on the fair values
of the consideration given in exchange for assets.
GOING CONCERN
The financial statements have been prepared on the going concern
basis.
The Directors have prepared cash flow forecasts to 31 March
2019, which show that the Group and Company will have sufficient
available cash resources to provide for its future requirements.
In preparing their forecasts the Directors have given due regard
to the risks and uncertainties affecting the business as set
out in the Strategic report.
On this basis, the Directors have a reasonable expectation that
the Group and Company have adequate resources to continue operating
for the foreseeable future. For this reason, they continue to
adopt the going concern basis in preparing the Group and Company's
financial statements.
BASIS OF CONSOLIDATION
The Group's consolidated financial statements incorporate the
financial statements of Kazera Global Plc (the "Company") and
entities controlled by the Company (its subsidiaries). Subsidiaries
are entities over which the Group has the power to govern the
financial and operating policies generally accompanying a shareholding
of more than one half of the voting rights. The existence and
effect of potential voting rights that are currently exercisable
or convertible are considered when assessing whether the Group
controls another entity.
Subsidiaries are fully consolidated from the date on which control
is transferred to the Group. They are de-consolidated from the
date that control ceases.
Inter-company transactions, balances and unrealised gains on
transactions between Group companies are eliminated. Profits
and losses resulting from inter-company transactions that are
recognised in assets are also eliminated. Accounting policies
of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
Where necessary, adjustments are made to the financial statements
of subsidiaries to bring the accounting policies used into line
with those used by the Group.
All intra-group transactions, balances, income and expenses
are eliminated on consolidation.
BUSINESS COMBINATIONS
The acquisition of subsidiaries is accounted for using the
acquisition method under IFRS 3. The acquisition method involves
the recognition at fair value of all identifiable assets and
liabilities, including contingent liabilities of the subsidiary,
at the acquisition date, regardless of whether or not they were
recorded in the financial statements of the subsidiary prior
to acquisition. On initial recognition the assets and liabilities
of the subsidiary are included in the consolidated statement
of financial position at their fair values, which are also used
as the bases for subsequent measurement in accordance with the
Group accounting policies. Goodwill is stated after separating
out identifiable intangible assets. Goodwill represents the
excess of the fair value of the consideration transferred over
the fair value of the Group's share of the identifiable net
assets of the acquired subsidiary at the date of acquisition.
Acquisition costs are expensed as incurred.
GOODWILL
Goodwill arising on consolidation represents the excess of the
cost of acquisition over the Group's interest in the fair value
of the identifiable assets and liabilities of a subsidiary,
associate or jointly controlled entity at the date of acquisition
and is included as a non-current asset.
Goodwill is tested annually, or more regularly should the need
arise, for impairment and is carried at cost less accumulated
impairment losses. Any impairment is recognised immediately
in the income statement and is not subsequently reversed.
Goodwill is allocated to cash generating units for the purpose
of impairment testing.
On disposal of a subsidiary the attributable amount of goodwill
is included in the determination of the profit or loss on disposal.
In accordance with IAS 36 the Group values Goodwill at the lower
of its carrying value or its recoverable amount, where the recoverable
amount is the higher of the value if sold and its value in use.
FOREIGN CURRENCIES
The individual financial statements of each group company are
presented in the currency of the primary economic environment
in which it operates (its functional currency). For the purpose
of the Group financial statements, the results and financial
position of each group company are expressed in Pounds Sterling,
which is the functional currency of the Company, and the presentation
currency for the Group financial statements.
In preparing the financial statement of the individual companies,
transactions in currencies other than the entity's functional
currency (foreign currencies) are recorded at the rates of exchange
prevailing on the dates of the transactions. At each year end
date, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing
on the year end date. Non-monetary items carried at fair value
that are denominated in foreign currencies are translated at
the rates prevailing at the date when the fair value was determined.
Non-monetary items that are measured in terms of historical
cost in a foreign currency are not retranslated.
Exchange differences arising on the settlement of monetary items,
and on the retranslation of monetary items, are included in
the income statement. Exchange differences arising on the retranslation
of non-monetary items carried at fair value are included in
profit or loss for the period, except for differences arising
on the retranslation of non-monetary items in respect of which
gains and losses are recognised directly in equity. For such
non-monetary items, any exchange component of that gain or loss
is also recognised directly in equity.
For the purpose of presenting Group financial statements, the
assets and liabilities of the Group's foreign operations are
translated at exchange rates prevailing on the year end date.
Income and expense items are translated at the average exchange
rates for the period. Exchange differences arising are classified
as equity and transferred to the Group's translation reserve.
Such translation differences are recognised as income or as
expenses in the period in which the operation is disposed of.
TAXATION
The tax currently payable is based on taxable profit or loss
for the period. Taxable profit or loss differs from net profit
or loss as reported in the income statement because it excludes
items of income or expense that are taxable or deductible in
other years and it further excludes items that are never taxable
or deductible. The Company's liability for current tax is calculated
using tax rates that have been enacted or substantively enacted
by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable
on differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases
used in the computation of taxable profit, and is accounted
for using the balance sheet liability method. Deferred tax liabilities
are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it
is probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets
and liabilities are not recognised if the temporary difference
arises from goodwill or from the initial recognition (other
than in a business combination) of other assets and liabilities
in a transaction that affects neither the tax profit nor the
accounting profit.
The carrying value of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to
allow all or part of the deferred tax asset to be recovered.
Deferred tax is calculated at the tax rates that are expected
to apply in the period when the liability is settled or the
asset is realised based on tax laws and rates that have been
enacted at the balance sheet date. Deferred tax is charged or
credited in the income statement, except when it relates to
items charged or credited directly to equity, in which case
the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is
a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes
levied by the same taxation authority and the Company intends
to settle its current tax assets and liabilities on a net basis.
DEVELOPMENT COSTS
Development costs relate to expenditure incurred on the development
and evaluation of mineral resources. These costs are recorded
as intangible assets until the mineral resource reaches the
production stage. Upon completion of development and commencement
of production, capitalised development costs as well as evaluation
expenditures are transferred to mining assets in property, plant
and equipment and depreciated over the expected life of the
mineral resource.
Development costs incurred on specific projects are capitalised
when all the following conditions are satisfied:
-- completion of the intangible asset is technically feasible
so that it will be available for use or sale
-- the Group intends to complete the intangible asset and use
or sell it
-- the Group has the ability to use or sell the intangible asset
-- the intangible asset will generate probable future economic
benefits
-- there are adequate technical, financial and other resources
to complete the development and to use or sell the intangible
asset, and
-- the expenditure attributable to the intangible asset during
its development can be measured reliably.
Other development expenditure that does not meet these criteria
is recognised as an expense as incurred. Development costs previously
recognised as an expense are not recognised as an asset in a
subsequent period.
PROPERTY, PLANT AND EQUIPMENT
Property, Plant and equipment are recorded at cost, less depreciation,
less any amount of adjustments for impairment, if any.
Significant improvements are capitalised, provided they qualify
for recognition as assets. The costs of maintenance, repairs
and minor improvements are expensed when incurred.
Tangible assets, retired or withdrawn from service, are removed
from the balance sheet together with the related accumulated
depreciation. Any profit or loss resulting from such an operation
is included in the income statement.
Tangible and intangible assets are depreciated on the straight-line
method based on their estimated useful lives from the time they
are put into operation, so that their net cost is diminished
over the lifetime of consideration to estimated residual value
as follows:
Land and buildings - Over 20 years
Plant and equipment- Between 5 and 10 years
IMPAIRMENT OF PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS
EXCLUDING GOODWILL
Assets that have an indefinite useful life are not subject to
amortisation but are reviewed for impairment annually and where
there are indications that the carrying value may not be recoverable.
An impairment loss is recognised for the amount by which the
carrying value exceeds the recoverable amount.
TRADE RECEIVABLES, loans and other receivables
Trade and other receivables are non-derivative financial assets
with fixed or determinable payments that are not quoted in an
active market. They are included in current assets, except for
those with maturities greater than 12 months after the balance
sheet date, which are classified as non-current assets and are
measured at amortised cost less an allowance for any uncollectible
amounts. The net of these balances are classified as "trade
and other receivables" in the balance sheet.
Trade and other receivables are assessed for indicators of impairment
at each balance sheet date and are impaired where there is objective
evidence that the recovery of the receivable is in doubt.
Objective evidence of impairment could include significant financial
difficulty of the customer, default on payment terms or the
customer going into liquidation.
The carrying amount of trade and other receivables is reduced
through the use of an allowance account. When a trade or other
receivable is considered uncollectible, it is written off against
the allowance account. Subsequent recoveries of amounts previously
written off are credited against the allowance account. Changes
in the carrying amount of the allowance account are recognised
in the income statement.
Loans and receivables, as categorised above, are measured at
amortised cost using the effective interest method less any
impairment. Interest income is recognised by applying the effective
interest rate, except for short-term receivables when the recognition
of interest would be immaterial.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash at bank and in hand,
deposits at call with banks, other short-term highly liquid
investments with original maturity at acquisition of three months
or less that are readily convertible to cash, net of bank overdrafts.
For the purpose of the cash flow statement, cash and cash equivalents
consist of the definition outlined above.
FINANCIAL LIABILITIES
All non-derivative financial liabilities are classified as other
financial liabilities and are initially measured at fair value,
net of transaction costs. Other financial liabilities are subsequently
measured at amortised cost using the effective interest rate
method. Other financial liabilities consist of borrowings and
trade and other payables.
Financial liabilities are classified as current liabilities
unless the Company has an unconditional right to defer settlement
of the liability for at least 12 months after the balance sheet
date.
OTHER FINANCIAL LIABILTIES, BANK AND SHORT TERM BORROWINGS
Other financial liabilities, as categorised above, are initially
measured at fair value, net of transaction costs. Other financial
liabilities are subsequently measured at amortised cost using
the effective interest method, with interest expense recognised
on an effective yield basis. Other financial liabilities are
classified as current liabilities unless the Company has an
unconditional right to defer settlement of the liability for
at least 12 months after the balance sheet date.
EQUITY INSTRUMENTS INCLUDING SHARE CAPITAL
Equity instruments consist of the Company's ordinary share capital
and are recorded at the proceeds received, net of direct issue
costs.
SEGMENTAL ANALYSIS
Under IFRS 8 operating segments are considered to be components
of an entity about which separate financial information is available
that is evaluated regularly by the chief operating decision
maker in deciding how to allocate resources and assessing performance.
The Company's chief operating decision maker is the Board of
Directors. At present, and for the period under review, the
Company's sole reporting segment is the tantalite mining operation
in Namibia.
4 CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATIONS
In the application of the Group's accounting policies, which
are described in Note 3, the Directors are required to make
judgements, estimates and assumptions that affect the application
of policies and reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions
are based on historical experience and various other factors
that are believed to be reasonable under the circumstances,
the results of which form the basis of making the judgements
about carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ
from these estimates.
The valuation of the options involves making a number of critical
estimates relating to price volatility, future dividend yields,
expected life of the options and forfeiture rates. These assumptions
have been described in more detail in Note 19. The estimates
and assumptions could materially affect the Income Statement.
5 SEGMENTAL REPORTING
The business consists of a single investment activity being
the tantalite mining operation in Namibia. As a result the segmental
financial information is the same as that set out in the Statement
of Comprehensive Income, Statement of Financial Position, Statement
of Changes in Equity and the Statement of Cash Flows.
6 OPERATING LOSS
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
---------------------------------------------- ------------ ------------
Loss for the period has been arrived at after
charging:
Staff costs as per Note 8 below 1,067 311
Auditors remuneration 21 21
Depreciation of property, plant and equipment 119 62
----------------------------------------------------------------- ------------ ------------
7 auditors' remuneration
The analysis of auditors' remuneration is as follows:
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
----------------------------------------------- ------------ ------------
Fees payable to the Group's auditors for the
audit of the Group's annual accounts 20 20
Total audit fees 20 20
Fees payable to the Group auditor and their
associates for other services to the Group:
Tax services 1 1
21 21
------------------------------------------------------------------ ------------ ------------
8 staff costs
The average monthly number of employees (including executive
directors) for the continuing operations was:
Year ended Year ended
30 June 30 June
2018 2017
Number Number
---------------------------------------------- ------------ ------------
Group total staff 115 100
GBP'000 GBP'000
---------------------------------------------- ------------ ------------
Wages and salaries 822 277
Share based payment in respect of exercise
of options 148 -
Other benefits 4 -
Social security costs 93 34
1,067 311
----------------------------------------------------------------- ------------ ------------
Directors' emoluments
An analysis of the directors' emoluments and pension entitlements
and their interest in the share capital of the Company is contained
in the Report of the Board on remuneration accompanying these
financial statements.
9 taxation
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
--------------------------------------------------- ------------ ------------
Loss on continuing operations before tax (2,538) (1,098)
---------------------------------------------------------------------- ------------ ------------
Tax at the UK corporation tax rate of 19% (2017:
19.75%) (482) (217)
Effects of:
Expenses not deductible for tax purposes 22 5
Unutilised tax losses carried forward 460 212
Tax charge for period - -
---------------------------------------------------------------------- ------------ ------------
The total taxation charge in future periods will be affected
by any changes to the corporation tax rates in force in the
countries in which the Group operates.
10 LOSS PER SHARE
The calculation of basic loss per share is based on the following
data:
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
----------------------------------------------- ----------- -----------
Loss for the year attributable to owners of
the Company (1,977) (901)
Weighted average number of ordinary shares
in issue for basic and fully diluted earnings 245,076,157 177,144,947
------------------------------------------------------------------- ----------- -----------
LOSS PER SHARE (PENCE PER SHARE)
BASIC AND FULLY DILUTED:
- from continuing and total operations (0.81) (0.51)
------------------------------------------------------------------- ----------- -----------
The Company has outstanding warrants and options as disclosed
under Note 20 which may be dilutive in future periods. The effect
in respect of the current year would have been anti-dilutive
(reducing the loss per share) and accordingly is not presented.
In addition the effect of the issue of ordinary shares shortly
after year end, would also have been anti-dilutive, and accordingly
is not considered. The issue however, may be dilutive in future
periods.
11 GOODWILL
2018 2017
GROUP GBP'000 GBP'000
-------------------------------- ------- -------
Balance brought forward 588 571
Exchange translation difference (2) 17
Balance carried forward 586 588
--------------------------------- ------------------- ------- -------
The Directors have reviewed the carrying value of Goodwill at 30
June 2018 and consider that no impairment provision is required.
The Impairment review involved calculating the NPV of the Group's
cash generating assets. The NPV calculation involved using the
discounted cash flow forecast model based on current and expected
production results. As a result of carrying out this impairment
testing review the Directors considered that there was no need for
any impairment of the carrying value of the goodwill.
The Directors continue to review goodwill on an on-going basis
and where necessary in future periods will request external
valuations to further support the valuation basis.
12 OTHER INTANGIBLE ASSETS
Development Mining
costs licences Total
GROUP GBP'000 GBP'000 GBP'000
-------------------------------- ----------- --------- -------
At 1 July 2017 1,881 10 1,891
Net additions in year 41 - 41
Exchange translation difference (119) - (119)
----------------------------------------------------- ----------- --------- -------
At 30 June 2018 1,803 10 1,813
----------------------------------------------------- ----------- --------- -------
13 PROPERTY, PLANT AND EQUIPMENT
Land & Plant & Furniture
buildings machinery & equipment Total
GROUP GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ---------- ---------- ------------ -------
Cost
At 1 July 2016 125 321 37 483
Adjustment - 64 (4) 60
Additions - 251 - 251
----------------------------------------------------- ---------- ---------- ------------ -------
Cost at 30 June 2017 125 636 33 794
Exchange translation difference - (48) (3) (51)
Additions - 270 5 275
----------------------------------------------------- ---------- ---------- ------------ -------
Cost at 30 June 2018 125 858 35 1,018
Depreciation
At 1 July 2016 6 7 4 17
Adjustment - 63 (3) 60
Charge for the year 9 49 4 62
----------------------------------------------------- ---------- ---------- ------------ -------
Depreciation at 30 June 2017 15 119 5 139
Exchange translation difference - (10) (1) (11)
Charge for the year 5 102 12 119
----------------------------------------------------- ---------- ---------- ------------ -------
Depreciation at 30 June 2018 20 211 16 247
----------------------------------------------------- ---------- ---------- ------------ -------
Net book value at 30 June 2018 105 647 19 771
----------------------------------------------------- ---------- ---------- ------------ -------
Net book value at 30 June 2017 110 517 28 655
----------------------------------------------------- ---------- ---------- ------------ -------
14 INVESTMENT IN subsidiarY UNDERTAKINGS
The Company's investments in its subsidiary and associated undertakings
2018 2017
COMPANY GBP'000 GBP'000
---------------------------------------------- -------------------- ------------------
Cost and net book value
At 1 July 4,434 2,184
Additional advances to African
Tantalum (Pty) Ltd 2,122 2,008
Intercompany loan interest 470 242
As at 30 June 7,026 4,434
---------------------------------------------- ------------------- -------------------- ------------------
The intercompany loan to Aftan bears interest at 12% p.a.
All principal subsidiaries of the Group are consolidated into
the financial statements. At 30 June 2018 the subsidiaries were
as follows:
Subsidiary Country Principal activity Holding %
undertakings of registration
---------------------- --------------------- ---------------------- ---------- ------
African Tantalum
(Pty) Intermediate holding Ordinary
Ltd Namibia company shares 75
Namibia Tantalite
Investments Ordinary
(Pty) Ltd Namibia Tantalite mining shares 100
Tameka Shelf
Company Ordinary
Four (Pty) Ltd Namibia Mining licence holder shares 100
--------------------- ---------------------- ------------------------------------------ ---------- ------
The following table summarises the movement in the investments
made by the Company in subsidiary undertakings, as above:
2018 2017
COMPANY GBP'000 GBP'000
At 1 July 4,434 2,184
Part capitalisation of loan to
Aftan 600 550
Increase in loan to Aftan 1,992 1,700
------------------------------------------- -------- --------
As at 30 June 7,026 4,434
------------------------------------------- -------- --------
During the year approximately 25% of the intercompany loan was
converted into shares in Aftan.
15 TRADE AND OTHER RECEIVABLES
GROUP COMPANY
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- ------- ------- ------- -------
Other receivables 206 166 30 11
Prepayments and accrued income 7 8 7 8
213 174 37 19
--------------------------------------------------- ------- ------- ------- -------
The Directors consider the carrying amount of intercompany loans
and other receivables approximates to their fair value.
16 CASH AND CASH EQUIVALENTS
GROUP COMPANY
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- ------- ------- ------- -------
Cash and cash equivalents 1,125 364 907 249
----------------------------------------------- ------- ------- ------- -------
Cash and cash equivalents (which are presented as a single class
of asset on the face of the balance sheet) comprise cash at bank
and other short term, highly liquid investments with a maturity of
three months or less.
The Directors consider the carrying amount of cash and cash
equivalents approximates to their fair value.
17 TRADE AND OTHER PAYABLES
GROUP COMPANY
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ---------- ---------- ---------- ----------
Trade payables 59 33 8 33
Other payables 4 - 4 -
Accruals 145 102 36 95
------------------------------------------ ---------- ---------- ---------- ----------
208 135 48 128
------------------------------------------ ---------- ---------- ---------- ----------
The Directors consider the carrying amount of trade payables
approximates to their fair value.
18 share capital AND SHARE PREMIUM
Number of Nominal value Share premium
shares GBP'000 GBP'000
ISSUED AND FULLY PAID:
At 30 June 2016, shares of
1p each 108,461,539 1,084 9,125
Share issue 80,555,554 806 2,444
Share issue expenses - - (255)
At 30 June 2017, shares of
1p each 189,017,093 1,890 11,314
Share issues 67,832,350 678 3,138
Share issue expenses - - (321)
-------------------------------------------------- ------------- --------------- ---------------
At 30 June 2018 256,849,443 2,568 14,131
-------------------------------------------------- ------------- --------------- ---------------
Share issues
On 16 August 2017, the Company issued 62,500,000 ordinary shares
of 1p at 6p per share for cash in respect of a private placing.
On 12 March 2018, the Company issued 3,199,410 ordinary shares
of 1p at 1.25p per share for cash in respect in respect of options
exercised by directors of the Company.
On 29 March 2018, the Company issued 2,132,940 ordinary shares
of 1p at 1.25p per share for cash in respect in respect of options
exercised by ex-directors of the Company.
19 Share-based payments
Equity-settled share option scheme
The Company operates share-based payment arrangements to incentivise
directors by the grant of share options. Equity-settled share-based
payments are measured at fair value (excluding the effect of
non-market based vesting conditions) at the date of grant. The
fair value determined at the grant date of the equity-settled
share-based payments is expensed on a straight-line basis over
the vesting period, based on the Company's estimate of shares
that will eventually vest and adjusted for the effect of non-market
based vesting conditions.
On 25 March 2014, the Board resolved to grant options over up
to 8,531,760 new ordinary shares exercisable at 1.25p per share
and granted 1,599,705 such options each to G Clarke and N Harrison.
On 16 July 2015, a further 1,599,705 such options were granted
each to G Clarke and N Harrison, and 2,132,940 options were
granted to former directors on the same terms. The options are
exercisable at any time up to 25 March 2018.
On 17 August 2017, 10,000,000 options were granted to L Johnson,
vesting in 3 tranches, 3,300,000 options on the first anniversary,
3,300,000 options on the second anniversary, and 3,400,000 options
on the third anniversary of the date of grant and exercisable
at 6p per share for 3 years from the vesting date. The options
are subject to certain performance related conditions.
The significant inputs to the model in respect of the share
options granted in August 2017 were as follows:
Share price at date of grant 6.3 pence
Exercise price 6.0 pence
No. of share options 10,000,000
Expected volatility 50%
Average option life 5 years
Risk free rate 1.5%
Calculated average fair 2.89 pence
value per share
The total share-based payment expense recognised in the income
statement for the year ended 30 June 2018 in respect of the
share options granted was GBP148,000 (2017: Nil).
---------------------------------------------------------------------------------------------
Number
of Number of
options options
at Granted Exercised at
1 July in in the 30 June Exercise Vesting
2017 the year year 2018 price Date Expiry date
------------ ------------ ----------- ----------- ---------- ------------ -------------
5,332,350 - 5,332,350 - - - -
3,300,000 - 3,300,000 6.00p 17.08.2018 17.08.21
3,300,000 - 3,300,000 6.00p 17.08.2019 17.08.22
3,400,000 - 3,400,000 6.00p 17.08.2020 17.08.23
------------ ------------ ----------- ----------- ---------- ------------ -------------
5,332,350 10,000,000 5,332,350 10,000,000 6.00p
------------ ------------ ----------- ----------- ---------- ------------ -------------
20 FINANCIAL INSTRUMENTS
The Group's financial instruments comprise borrowings, cash
and various items, such as trade receivables and trade payables
that arise directly from its operations. The main purpose of
these financial instruments is to raise finance for the Group's
operations.
FINANCIAL ASSETS BY CATEGORY
The IAS 39 categories of financial assets included in the Statement
of financial position and the headings in which they are included
are as follows:
2018 2017
GBP'000 GBP'000
--------------------------------------------- ------------- -------------
Financial assets:
Cash and cash equivalents 1,125 364
Loans and receivables 206 166
---------------------------------------------- --- ------------- -------------
1,331 530
-------------------------------------------------- ------------- -------------
FINANCIAL LIABILITIES BY CATEGORY
The IAS 39 categories of financial liability included in the
Statement of financial position and the headings in which they
are included are as follows:
2018 2017
GBP'000 GBP'000
------------------------------------------------------ ---------------------- ---------
Financial liabilities at amortised cost:
Trade and other payables 63 33
63 33
------------------------------------------------------ ---------------------- ---------
The following table details the Company's remaining contractual
maturity for its non-derivative financial liabilities with agreed
repayment periods. The table has been drawn up based on the
undiscounted cash flows of financial liabilities based on the
earliest repayment date on which the Company can be required
to pay. The table includes both interest and principal cash
flows. To the extent that interest flows are floating rate,
the undiscounted amount is derived from the interest rate curves
at the balance sheet date. The contractual maturity is based
on the earliest date on which the Company may be required to
pay.
Less than 3 months Over 5
1 month 1-3 months to 1 year 1-5 years years
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ---------- ----------- ---------- ---------- ---------
30 June 2018
Non-interest bearing:
Trade and other payables - 63 - - -
Short term borrowings - - - - -
----------------------------- ---------- ----------- ---------- ---------- ---------
30 June 2017
Non-interest bearing:
Trade and other payables - 33 - - -
Short term borrowings - - - - -
----------------------------- ---------- ----------- ---------- ---------- ---------
21 RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group is exposed to a variety of financial risks which result
from both its operating and investing activities. The Group's
risk management is coordinated by the Board of Directors, and
focuses on actively securing the Group's short to medium term
cash flows by minimising the exposure to financial markets.
The main risks the Group are exposed to through its financial
instruments and the operations of the Group are credit risk,
foreign currency risk, liquidity risk and market price risk.
These risks are managed by the Group's finance function together
with the Board of Directors.
Capital risk management
The Group's objectives when managing capital are:
* to safeguard the Group's ability to continue as a
going concern, so that it continues to provide
returns and benefits for shareholders;
* to support the Group's growth; and
* to provide capital for the purpose of strengthening
the Group's risk management capability.
The Group actively and regularly reviews and manages its capital
structure to ensure an optimal capital structure and equity
holder returns, taking into consideration the future capital
requirements of the Group and capital efficiency, prevailing
and projected profitability, projected operating cash flows,
projected capital expenditures and projected strategic investment
opportunities. Management regards total equity as capital and
reserves, for capital management purposes.
Credit risk
The Company's principal financial assets are bank balances and
cash and other receivables, which represent the Company's maximum
exposure to credit risk in relation to financial assets. The
credit risk on liquid funds is limited because the counterparties
are banks with high credit ratings assigned by international
credit rating agencies.
The Group's maximum exposure to credit risk is GBP1,125,000
(2017: GBP364,000) comprising cash and cash equivalents.
Liquidity risk
Liquidity risk arises from the possibility that the Group might
encounter difficulty in settling its debts or otherwise meeting
its obligations related to financial liabilities. The Group
manages this risk through maintaining a positive cash balance
and controlling expenses and commitments. The Directors are
confident that adequate resources exist to finance current operations.
Foreign Currency risk
The Group undertakes transactions denominated in foreign currencies.
Hence, exposures to exchange rate fluctuations arise. Following
the acquisition of African Tantalum (Pty) Ltd. Ltd, the Group's
major activity is now in Namibia, bringing exposure to the exchange
rate fluctuations of GBP/GBP Sterling with the Namibian Dollar
and South African Rand, the currencies in which most of the
operating costs are denominated. At the year end the value of
assets denominated in these currencies was such that the resulting
exposure to exchange rate fluctuations was not material to the
Group's operations. Going forwards the Group is exposed to the
US$ as it has entered into an off-take agreement for the major
part of its production, priced in US$.
Exchange rate exposures are managed within approved policy parameters.
The Group has not entered into forward exchange contracts to
mitigate the exposure to foreign currency risk.
The Directors consider the assets most susceptible to foreign
currency movements to be the Investment in Subsidiaries. Although
these investments are denominated in Namibian Dollars their
value is dependent on the global market value of the available
Tantalite resources.
Market Price risk
Going forwards the Group's exposure to market price risk mainly
arises from potential movements in the market price of Tantalite.
The Group is managing this price risk by completing a fixed
price off-take agreement in respect of the major part of its
planned production.
22 NOTES TO THE CASHFLOW STATEMENT
GROUP COMPANY
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------------- -------- -------- -------- --------
Operating loss (2,538) (1,098) (295) (308)
Depreciation and amortisation 119 62 - -
Share based payment expense 148 - 148 -
Shares issued in settlement of
fees - - - -
Intercompany loan interest - - (470) (242)
-------------------------------------------- -------- -------- -------- --------
Operating cash flows before movement
in working capital (2,271) (1,036) (617) (550)
(Increase)/decrease in receivables (39) (104) (18) 19
(Decrease)/increase in payables 73 (151) (80) (84)
-------------------------------------------- -------- -------- -------- --------
Net cash used in operating activities (2,237) (1,291) (715) (615)
-------------------------------------------- -------- -------- -------- --------
23 EVENTS AFTER THE REPORTING PERIOD
There have been no material events since the reporting date.
24 Related party tranSactions
The remuneration of the Directors, who are the key management
personnel of the Company, is set out in the report of the Board
on remuneration accompanying these financial statements.
During the year Westleigh Investment Holdings Ltd ("WIHL") received
GBP48,000 (2017: GBP48,000) in respect of accounting, administration
and office accommodation services provided to the Company. WIHL
is a substantial shareholder in the Company and is controlled
by Giles Clarke and Nick Harrison through their holdings of
73.28% and 26.72% respectively.
There have been no other material transactions with related
parties.
25 OPeRATING LEASES
The Group has an operating lease over the land for which it
has a mining licence which endures until the mining operations
permanently cease. The rent is approximately GBP150 per annum.
26 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
There were no capital commitments authorised by the Directors
or contracted for at 30 June 2018 (2017: GBPnil).
27 ULTIMATE CONTROLLING PARTY
The Directors do not consider there to be one single ultimate
controlling party.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR FKADNBBDBNBD
(END) Dow Jones Newswires
December 17, 2018 02:01 ET (07:01 GMT)
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