TIDMMCR
RNS Number : 5644O
Mercer Resources PLC
23 September 2013
Mercer Resources plc
("Mercer" or the "Company")
Half Yearly Report
The board announces its unaudited interim results for the six
month period ended 30 June 2013
HIGHLIGHTS
During the period
-- Total comprehensive loss for the period GBP14,000 (2012: GBP148,000)
Post period-end
-- The Company completed a capital reorganisation, conversion of
preference shares, disposal of operating businesses, raised
GBP235,000 raised before costs and adopted an investing policy.
-- The previous board of directors was replaced by Trevor Wells and Shahed Mahmood.
-- The Company changed its name from Alexander David Securities
Group Plc to Mercer Resources Plc
CHAIRMAN'S STATEMENT
The unaudited interim accounts for the six months to 30 June
2013 reflect the final months of trading for the Alexander David
Securities Group Plc which, through its subsidiaries, conducted
private client stockbroking and corporate finance business.
The period to 30 June 2013 continued to prove to be challenging
for the Company and the former Directors concluded that the costs
of being quoted on AIM far outweighed the benefits for securities
firms such as Alexander David Securities Group Plc. Against this
background, the previous Directors concluded that the only option
to achieve value for shareholders was to pursue an alternative
strategy, namely to dispose of the Company's existing assets,
become an investing company focused on natural resources and to
raise new funds for the implementation of this strategy.
Shareholder approval for this alternative strategy was obtained
on 8 July 2013 and shortly after the adoption of the investing
policy the Company changed its name to Mercer Resources Plc. The
existing board stood down and were replaced by Shahed Mahmood and
Trevor Wells.
The new board is excited at the opportunity that now exists to
fulfil the Company's investing policy to invest in opportunities
within the natural resources, energy and precious metals sectors
that the Directors believe are either of strategic value or
represent a significant value opportunity. The board is currently
reviewing a number of possible investment opportunities and is
delighted to have the support of new and existing shareholders. We
look forward to updating the market on our progress in due
course.
Trevor Wells
Non-Executive Chairman
For further information please see www.mercerresources.com or
contact:
Mercer Resources plc
Trevor Wells 020 3301 9331
Nominated Adviser
James Caithie/Avi Robinson
Cairn Financial Advisers LLP 020 7148 7900
Broker
Lucy Williams/Heena Karani
Peterhouse Corporate Finance Limited 020 7469 0932
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months to 30 June 2013
6 Months to 6 Months to Year ended 31
30 June 2013 30 June 2012 December 2012
*(restated) *(restated)
GBP'000 GBP'000 GBP'000
Continuing operations
Administrative expenses (25) (25) (50)
-------------- -------------- ---------------
Loss before taxation (25) (25) (50)
Taxation - - -
Loss after taxation (25) (25) (50)
Discontinued operations 11 (123) (600)
-------------- -------------- ---------------
Total comprehensive loss
for the period (14) (148) (650)
-------------- -------------- ---------------
Basic and diluted loss
per share:
Continuing operations (0.003)p (0.003)p (0.008)p
Discontinued operations 0.001p (0.016)p (0.082)p
-------------- -------------- ---------------
Total loss per share (0.002)p (0.020)p (0.090)p
*The comparative figures for the 6 months to 30 June 2012 and
year ended 31 December 2012 have been restated to reflect the
contribution to the results of operations that have been
discontinued in 2013.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2013
As at As at As at
30 June 30 June 31 December
2013 2012 2012
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment - 1 -
Intangible assets - 485 485
--------- --------- -------------
- 486 485
--------- --------- -------------
Current Assets
Investments - 406 112
Trade and other receivables - 531 314
Assets classified as held for sale 950 - -
--------- ---------
950 937 426
Total assets 950 1,423 911
--------- --------- -------------
Equity and liabilities
Equity
Share capital 2,882 2,882 2,882
Share premium 1,462 1,462 1,462
Merger reserve 3,278 3,278 3,278
Preference Shares 2,086 2,074 2,074
Reverse acquisition reserve (5,036) (5,036) (5,036)
Accumulated losses (4,526) (4,019) (4,512)
--------- --------- -------------
146 641 148
--------- --------- -------------
Non-current liabilities
Subordinated loan notes 133 142 142
Trade and other payables - 625 568
Short term borrowings - 15 53
Liabilities directly associated with 671 - -
assets classified as held for sale
--------- --------- -------------
671 782 763
--------- --------- -------------
Total equity and liabilities 950 1,423 911
--------- --------- -------------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Six Months to 30 June 2013
Share Share Reverse Merger Preference Accumulated Total
capital premium Acquisition Reserve Shares losses
Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2012 2,882 1,462 (5,036) 3,278 1,724 (3,871) 439
New Preference Shares - - - - 350 - 350
Loss for the period - - - - - (148) (148)
Balance at 30 June 2012 2,882 1,462 (5,036) 3,278 2,074 (4,019) 641
----------------- -------- ------------- -------- ------------ ------------ --------
Credit for share based
payment - - - - - 9 9
Loss for the period - - - - - (502) (502)
Balance 31 December 2012 2,882 1,462 (5,036) 3,278 2,074 (4,512) 148
----------------- -------- ------------- -------- ------------ ------------ --------
Subordinated debt
converted
to Preference Shares - - - - 12 - 12
Loss for the period - - - - - (14) (14)
Balance at 30 June 2013 2,882 1,462 (5,036) 3,278 2,086 (4,526) 146
================= ======== ============= ======== ============ ============ ========
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the Six Months to 30 June 2013
6 Months 6 Months Year ended
to 30 June to 30 June 31 December
2013 2012 2012
GBP'000 GBP'000 GBP'000
Loss before taxation (14) (148) (650)
Loss/(profit) on principal trading (65) (173) 98
Discontinued Operations 11 - -
Share based payments - - 8
Finance costs - 5
Depreciation - 2 3
Decrease/(increase) in receivables 17 (191) 25
Increase/(decrease) in payables (3) 111 51
Cash outflow from operations (54) (399) (460)
Interest paid - - -
------------ ------------ -------------
Net cash outflow from operating
activities (54) (399) (460)
------------ ------------ -------------
Cash flow from financing activities:
Proceeds from borrowing 107 - -
Issue of preference shares - 350 350
Net cash from financing activities 107 350 350
------------ ------------ -------------
Net increase in cash and cash equivalents 53 (49) (110)
Cash and cash equivalents at beginning
of period (53) 34 57
Cash and cash equivalents at end
of period 0 (15) (53)
------------ ------------ -------------
Accounting Policies
Interim Accounts for the Six Months to 30 June 2013
1. Basis of preparation and accounting policies
These condensed interim statements have been prepared in
accordance with IAS34, 'Interim Financial Reporting', as adopted by
the European Union on a basis consistent with International
Financial Reporting Standards (IFRS). They do not contain all of
the information required for full financial statements and should
be read in conjunction with the consolidated financial statements
of the Group as at and for the year ended 31 December 2010. These
interim financial statements do not constitute statutory accounts
within the meaning of the Companies Act.
The interim financial information is not audited. The interim
financial information was approved by the Board of Directors on xxx
2013. The information for the year ended 31 December 2012 is
extracted from the statutory financial statements for that year
which have been reported on by the Group's auditors and delivered
to the Registrar of Companies. The audit report was
unqualified.
The accounting policies applied by the Group in these interim
financial statements are the same as those applied by the Group in
its consolidated financial statements for the year ended and as at
31 December 2012.
2. Earnings per share
Six months Six months Year ended
to 30 June to 30 June 31 December
2013 2012 2012
GBP'000 GBP'000 GBP'000
Loss attributable to equity
holders of the parent:
Loss from continuing operations (25) (25) (50)
Profit / (loss) from discontinued
operations 11 (123) (600)
------------ ------------ -------------
Loss for the purpose of basic
and diluted loss per share (14) (148) (650)
------------ ------------ -------------
Number of shares:
Weighted average number of
shares in issue during the
year 742,544,869 742,544,869 742,544,869
Effect of outstanding options - - -
------------ ------------ -------------
Adjusted weighted average number
of shares 742,544,869 742,544,869 742,544,869
------------ ------------ -------------
Basic and diluted earnings
per share :
Loss per share from continuing
operations (0.003)p (0.003)p (0.008)p
Profit/(loss) per share from
discontinued operations 0.001p (0.016)p (0.082)p
Total loss per share for the
period (0.002)p (0.020)p (0.090)p
------------ ------------ -------------
4. Related party transactions
There were no related party transactions during the period.
5. Management
Key management are those persons having authority and
responsibility for planning, controlling and directing the
activities of the Company. In the opinion of the Board, the
Company's key management are the Directors of the Company.
Information regarding their compensation is given below in
aggregate for each of the categories specified in IAS 24 Related
Party Disclosures:
6 months 6 months Year
to 30 to 30 Ended
June June 31 Dec
2013 2012 2012
GBP'000 GBP'000 GBP'000
Short-term employee benefits 32 68 68
32 68 68
========= ========= =========
6. Ultimate controlling party
The Directors do not consider there to be a single ultimate
controlling party.
7. Directors' responsibility statement
The interim report is the responsibility of, and has been,
approved by the Directors. The Directors are responsible for
preparing the interim financial statements in accordance with the
AIM Rules for Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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