Half-year Report

RNS Number : 0684I

Ajax Resources PLC

30 November 2022

 

November 30, 2022

AJAX RESOURCES PLC

("Ajax"  or the "Company")  

Interim Results for the period ended August 31, 2022

Ajax [LSE: AJAX], the UK listed special purpose acquisition company with a focus on natural resources, is pleased to publish its unaudited interim financial statements for the six months ended August 31, 2022 (the "Interim Results"). A copy of the Interim Results will shortly be available for download on the Company's website, www.ajaxresources.com , and can also be viewed here:

http://www.rns-pdf.londonstockexchange.com/rns/0684I_1-2022-11-30.pdf

Key elements from the Interim Results have been extracted and can be viewed below.

-    ENDS -

Further Information:

Ajax Resources Plc Ippolito Cattaneo, Chief Executive Officer	Tel: + 44 (0) 208 146 6345 [e-mail]
Clear Capital Markets (Corporate Broker) Jonathan Critchley/ Keith Swann	Tel:  [phone]  [e-mail]; [e-mail]
Allenby Capital Limited (Financial Adviser) Nick Harriss	Tel:  + 44 (0) 203 328 5656 [e-mail]

Chairman's Statement

The energy transition from fossil fuels towards a low-carbon economy has created a growing number of attractive opportunities for junior independent energy companies, both in the renewable and non-renewable domains.

We have maintained an open approach in our assessment of various opportunities across the natural resource spectrum, ranging from battery metals such as Lithium and Cobalt, to Critical Metals, as well as Hydrocarbons. This is because our assessment strategy has been guided by an overreaching attention towards achieving the most commercially advantageous transaction to achieve Ajax's long-term growth in accordance with stringent due diligence criteria.

The Company's management is, as outlined in Ajax's IPO prospectus document, engaged in seeking to identify and acquire a target company or business that can return significant value to shareholders by enabling Ajax to become a revenue generating, fully-fledged natural resource production and exploration entity with significant potential.

I am pleased to report that during the period, in view of our current development stage, effective cost control has been rigorously enforced and will continue to be maintained until such time as an acquisition is identified and completed.

It is the Board's opinion, in consideration of the opportunities currently under review, that Ajax is well positioned to achieve transformational growth once it successfully completes an acquisition.

We thank shareholders for their continued support, evidenced by the Company's recent share price performance, and we look forward to building on this momentum as we move forward in taking Ajax to the next key milestone in its development.

Michael Hutchinson, Non-Executive Chairman

November 30, 2022

STATEMENT OF COMPREHENSIVE INCOME

	Notes	31/08/2022 Unaudited 6 months  £	28/02/2022 Audited FY £
Revenue			-
Cost of sales			-
Gross profit		-	-
Administrative expenses		(97,876)	(79,625)
Operating loss and loss before income tax	4	(97,876)	(79,625)
Taxation	5		-
Loss and total comprehensive loss for the period		(97,876)	(79,625)
Loss per share (basic and diluted) attributable to the equity holders (pence)	6	(0.21)	(0.66)

  The notes to the financial statements form an integral part of these financial statements.

STATEMENT OF FINANCIAL POSITION

	Notes	31/08/2022 Unaudited 6 months   £	28 February 2022 Audited FY £
Current assets
Receivables	8	-	663,585
VAT Credit	8	25,884	11,952
Cash and cash equivalents	9	1,249,546	-
		1,275,430	675,537
Total assets		1,275,430	675,537
Equity
Ordinary shares	10	1,436,660	120,000
Retained earnings/(loss)		(177,501)	(79,625)
Total equity		1,259,159	40,375
Current Liability
Other payables		16,271	635,162
Total equity and liabilities		1,275,430	675,537

The notes to the financial statements form an integral part of these financial statements.

These financial statements were approved by the board of directors and recognized for issue on 30 November 2022, and are signed on its behalf by:

Michel Hutchinson

Chairman & Director

Company Registration No. 13467546

STATEMENT OF CHANGES IN EQUITY

	Ordinary  share capital	Retained losses	Total
	£	£	£
Balance at incorporation at 21 June 2021	12,500	-	12,500
Share issue	107,500	-	107,500
Loss and total comprehensive loss for the period	-	(79,625)	(79,625)
Balance at 28 February 2022	120,000	(79,625)	40,375
Share issue	1,342,000	-	1,342,000
Share issue costs	(25,340)		(25,340)
Loss and total comprehensive income for the period	-	(97,876)	(97,876)
Balance at 28 February 2022	1,436,660	(177,501)	1,259,159

Share capital is the amount subscribed for shares at nominal value.

The retained earnings represent the cumulative results of the company attributable to equity shareholders.

STATEMENT OF CASH FLOWS

		31/08/2022 Unaudited 6 months   £		28 February 2022 Audited FY £
Cash flows from operating activities
Loss before tax		(97,876)		(79,625)
(Increase)/Decrease in receivables		11,952		(11,952)
Increase/(Decrease) in payables		(6,109)		10,162
Net cash used in operating activities		(92,033)		(81,415)
Cash flows from investing activities				-
Net cash used in investing activities				-
Cash flows from financing activities
Proceeds from the issue of ordinary shares (net of issue costs)		1,341,579		81,415
Net cash from financing activities		1,341,579		81,415
Net increase / (decrease) in cash and cash equivalents		1,249,546		-
Cash and cash equivalents at the start of the period		-		-
Cash and cash equivalents at the end of the period			1,249,546		-

Cautionary Statement

The Interim Results have been prepared solely to provide additional information to shareholders to assess the Company's strategy and performance. The Interim Results should not be relied on by any other party or for any other purpose.

The Interim Results are unaudited and do not constitute full accounts.

 

END

 

 

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