Preliminary Results for the Year Ended 28 Febru...

MetalNRG plc (the "Company") Preliminary Results for the Year Ended 28 February 2016 The Company today announces its preliminary financial results for the year ended 28 February 2016. Business review The principal activity of the company during the year was that of an investment holding company. The results for the year are a reflection of the minimal cost of keeping the Company administered whilst continuing searching for suitable opportunities. The actual costs were GBP 36,862 (2015: GBP 41,073) adjusted for currency gains of GBP 13,277 (2015: GBP 12,485). The directors have maintained most funds in US dollars as that is the currency they anticipate any deal is likely to be conducted in. The directors have continued to investigate potential investments. Of the various projects considered during the course of the financial year ended 28 February 2016 it was determined that none of the projects were suitable for the PLC to pursue. The directors remain committed to evaluating commercially viable projects and ultimately taking forward one or several projects that they believe will deliver value for shareholders. The Directors will continue to waive their fees until a suitable investment opportunity is identified. Post year end events Since 28 February 2016, the following post year end events have taken place. -- On 11 March 2016, following approval of various resolutions as set out in the circular and notice of general meeting, sent to shareholders on 11 February 2016 (the "Circular"), the company subdivided its existing issued ordinary shares of 0.5p each in the capital of the company into one new ordinary share with a nominal value of 0.01p and one deferred share with a nominal value of 0.49p. Further details of this share capital reorganisation can be found in the Circular. -- The company adopted a new investing policy, with greater focus on projects within the natural resources and/or energy sector. The full investing policy can be found on pages 10 and 11 of the Circular and is also available on the company's website. -- Strategic investment made by Metal Tiger plc (LON:MTR) to subscribe for 19,027,268 ordinary shares of 0.01p each in the company representing 28.25% of the company's enlarged issued share capital. -- Appointment of Metal Tiger plc's CEO, Paul Johnson, to the Board as a Non-executive director and resignation of J.C.W. De Thierry as a director. -- Rebranding and change of name from ZimNRG plc to MetalNRG plc. Principal risks and uncertainties The principal risks and uncertainties facing the company are general and economic risks, specifically currency exchange and liquidity risk. Currency exchange risk is managed by holding funds in US dollars, and monitoring closely exchange fluctuations which could affect those funds. Liquidity risk is managed by the control of expenditure, but is ultimately dependent on the success of any future viable investment projects. The annual report and accounts will shortly be sent to shareholders. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The directors of the Company accept responsibility for the contents of this announcement. For further information, please contact: MetalNRG Christopher Latilla-Campbell +44(0) 1604 845 551 Cairn Financial Advisers LLP James Caithie / Liam Murray +44(0) 20 7148 7900 Statement of Income and Retained Earnings Year ended 28 February 2016 2016 2015 Note GBP GBP Administrative expenses 23,585 28,588 --------------- --------------- Operating loss 2 23,585 28,588 --------------- --------------- Loss on ordinary activities before taxation 23,585 28,588 Tax on loss on ordinary activities - --------------- --------------- Loss for the financial year and total comprehensive income 23,585 28,588 --------------- --------------- --------------- --------------- Retained losses at the start of the year (753,957) (725,369) --------------- --------------- Retained losses at the end of the year (777,542) (753,957) --------------- --------------- --------------- --------------- Earnings per share Basic earnings per share/(loss) (pence per share) (0.05) (0.06) Diluted earnings per share/(loss) (pence per share) (0.05) (0.06) --------------- --------------- --------------- --------------- All the activities of the company are from continuing operations. Statement of Financial Position Year ended 28 February 2016 2016 2015 Note GBP GBP GBP Current assets Debtors 4 18,750 17,043 Cash at bank and in hand 123,127 147,128 ------------- ------------- 141,877 164,171 Creditors: amounts falling due within one year 5 10,499 9,208 ------------- ------------- Net current assets 131,378 154,963 ------------- ------------- Total assets less current liabilities 131,378 154,963 ------------- ------------- Net assets 131,378 154,963 ------------- ------------- ------------- ------------- Capital and reserves Called up share capital 6 241,660 241,660 Share premium account 7 667,260 667,260 Profit and loss account 7 (777,542) (753,957) ------------- ------------- Shareholders funds 131,378 154,963 ------------- ------------- ------------- ------------- Statement of Cash Flows Year ended 28 February 2016 2016 2015 GBP GBP Cash flows from operating activities Loss for the financial year (23,585) (28,588) Adjustments for: Accrued (income)/expenses (588) 100 Changes in: Trade and other debtors (1,707) (1,044) Trade and other creditors 1,879 (117) ------------------- ------------------- Cash generated from operations (24,001) (29,649) ------------------- ------------------- Net cash used in operating activities (24,001) (29,649) ------------------- ------------------- ------------------- ------------------- Net decrease in cash and cash equivalents (24,001) (29,649) Cash and cash equivalents at beginning of year 147,128 176,777 ------------------- ------------------- Cash and cash equivalents at end of year 123,127 147,128 ------------------- ------------------- ------------------- ------------------- Notes to the Financial Statements Year ended 28 February 2016 1. Statement of compliance MetalNRG plc is a public limited company incorporated in England. The registered office is 6 Middle Street, London EC1A 7JA. These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. 2. Operating profit Operating profit or loss is stated after crediting: 2016 2015 GBP GBP Foreign exchange differences (13,277) (12,485) ------------------- ------------------- 3. Auditor's remuneration 2016 2015 GBP GBP Fees payable for the audit of the financial statements 5,400 6,700 ------------------- ------------------- 4. Debtors 2016 2015 GBP GBP Prepayments and accrued income 1,230 1,253 Other debtors 17,520 15,790 ------------------- ------------------- 18,750 17,043 ------------------- ------------------- 5. Creditors: amounts falling due within one year 2016 2015 GBP GBP Trade creditors 3,317 1,438 Accruals and deferred income 7,182 7,770 ------------------- ------------------- 10,499 9,208 ------------------- ------------------- 6. Called up share capital Authorised share capital 2016 2015 No. GBP No. GBP Ordinary shares of GBP 0.005 each 150,000,000 750,000 150,000,000 750,000 --------------- --------------- --------------- --------------- Issued, called up and fully paid 2016 2015 No. GBP No. GBP Ordinary shares of GBP 0.005 each 48,332,003 241,660 48,332,003 241,660 --------------- --------------- --------------- --------------- At the year end there were 4,000,000 (2015: 4,000,000) exercisable share options held by directors at an exercise price of GBP 0.02. Each ordinary share is entitled to one vote in any circumstances. Each ordinary share is entitled pari passu to dividend payments or any other distribution and to participate in a distribution arising from a winding up of the company. 7. Reserves Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses. 8. Events after the end of the reporting period On 11 March 2016 the company sub-divided its 48,332,003 ordinary 0.5 pence shares into 48,332,003 ordinary 0.01 pence shares and 48,332,003 deferred 0.49 pence shares. On the same date the company then issued 19,027,268 ordinary 0.01 pence shares for GBP 50,000. 9. Related party transactions There is no individual with ultimate overall control of the company. C.P. Latilla-Campbell is a director and shareholder of this company and also a director and sole shareholder of London Finance & Investment Corporation Limited (LFIC). Accountancy charges incurred by this company amounting to GBP 3,500 (2015: GBP 5,250) represent proportional recharges in respect of the time spent on company business by the LFIC company accountant. At the year end trade creditors included an amount of GBP nil (2015: GBP 250) outstanding to LFIC. 10. Transition to FRS102 These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2014. No transitional adjustments were required in equity or profit or loss for the year. MetalNRG plc

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