Half Yearly Report

RNS Number : 4443F
SolGold PLC
20 February 2015
 



 

 

 

HALF YEAR FINANCIAL REPORT

 

FOR THE SIX MONTHS ENDED 31 DECEMBER 2014

 

(UNAUDITED)


Corporate Information

 

 

DIRECTORS

Brian Moller (Non-Executive Chairman)

Alan Martin (Managing Director)

Nicholas Mather (Executive Director)

Robert Weinberg (Non-Executive Director)

John Bovard (Non-Executive Director)

 

COMPANY SECRETARY

Karl Schlobohm

 

REGISTERED OFFICE

Locke Lord LLP

201 Bishopsgate

London EC2M 3AB

United Kingdom

 

Registered Number 5449516

 

AUSTRALIAN OFFICE

Level 27, 111 Eagle St

Brisbane QLD 4000

Phone: + 61 7 3303 0660 

Fax: +61 7 3303 0681

Email: info@solgold.com

Web Site: www.solgold.com

 

AUDITORS

BDO LLP

55 Baker Street

London W1U 7EU

United Kingdom

 

AUSTRALIAN AUDITORS

BDO Audit Pty Ltd
Level 18, 300 Queen Street
Brisbane QLD 4000

 

NOMINATED ADVISOR

SP Angel Corporate Finance LLP

Prince Frederick House

35-39 Maddox Street

London W1S 2PP

United Kingdom

 

BROKERS

SP Angel Corporate Finance LLP

Prince Frederick House

35-39 Maddox Street

London W1S 2PP

United Kingdom

 

GMP Securities Europe LLP

Stratton House

5 Stratton Street

First Floor

London W1J 8LA 

 

 

UK SOLICITORS

Locke Lord LLP

201 Bishopsgate

London EC2M 3AB

United Kingdom

 

AUSTRALIAN SOLICITORS

Hopgood Ganim

Level 8, Waterfront Place

1 Eagle Street

Brisbane QLD 4000

Australia

 

REGISTRARS

Computershare Investor Services plc

The Pavilions, Bridgwater Road

Bristol BS99 7NH

United Kingdom


DIRECTORS' REPORT

 

Your Directors present their report on the company and its controlled entities for the half year ended 31 December 2014.  SolGold plc is a public limited company incorporated in England and Wales.

 

DIRECTORS

 

The names of the Directors in office at any time during or since the end of the period are:

 

Brian Moller (Non-Executive Director)

Alan Martin (Managing Director and CEO)

Nicholas Mather (Executive Director)

Robert Weinberg (Non-Executive Director)

John Bovard (Non-Executive Director)

 

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

 

PRINCIPAL ACTIVITIES

 

The principal activities of SolGold plc (the "Company") and its subsidiaries (together "SolGold" or the "Group") are exploration for copper, gold and other minerals in Ecuador, Solomon Islands and Queensland, Australia. 

 

Review and results of operations

 

The loss after income tax for the Company for the half-year ended 31 December 2014 was $1,392,444 (31 December 2013 loss of $782,452).

 

Exploration Activities 

 

SolGold has interests in exploration tenements in Queensland, Australia, the Solomon Islands and Ecuador.

 

During the period, the following activity was completed:

 

Cascabel Project, Ecuador (SolGold 85% through its 85% equity interest in Exploraciones Novomining SA, ENSA);

 

The Cascabel tenement is located in the highly prolific Andean Copper Belt, approximately 60km to the north-northeast of the Junin porphyry copper deposit (982Mt @ 0.89% copper).  In the same belt, and 550km to the north is located the giant La Colosa porphyry gold deposit (24Mozs gold).

 

During the reporting period, SolGold carried out the following exploration activities on the Cascabel Project:

 

1.    Geological mapping incorporating the "Anaconda Geological Mapping" technique, which is an effective exploration tool for porphyry environments.

2.    Completion of soil sampling program for the Cascabel tenement.  Samples were assayed for multiple elements and TerraSpec analysis. Interpretation of the results is still in progress.

3.    Completion of 14 km2 Induced Polarisation (IP) and Magnetotelluric (MT) "Orion" survey at Alpala by Quantec Geophysics. The Orion IP system is an advanced IP geophysical survey technique to provide deep detection of sulphides in porphyry systems.

4.    Completion of 9 km2 Orion IP and MT survey at Aguinaga target.

5.    Continuation of diamond drilling with the completion of Holes 7 and 8 and near completion of Hole 9 for a total of 3,432.8 metres.

 

 

Key results from Holes 7, 8 and 9 are as follows:

·        Hole 7; 958m @ 0.40% Cu & 0.17 g/t Au (from 654m to 1612m), including 238m @ 0.65% Cu & 0.35 g/t Au (from 1056m to 1294m).

·        Hole 8; 914.45m @ 0.41% Cu & 0.44 g/t Au (from 396m to 1310.45m), including 282m at 0.60% Cu and 0.76 g/t Au (from 904m to 1186m).

·        Hole 9; 1050.8m @ 0.68% Cu & 0.92 g/t Au (from 650m to 1700.8m), including 772m @ 0.80% Cu & 1.19 g/t Au (from 710m to 1482m).

 

Following the reporting date, drilling on Hole 10 commenced on 26 January 2015.



 

DIRECTORS' REPORT (CONTINUED)

 

Review and results of operations (Continued)

 

Exploration Activities (continued)

 

Queensland Projects (SolGold 100%)

 

Given the strategy to focus the exploration effort on the Cascabel tenement in Ecuador, joint venture interest was investigated for all of the tenements in Queensland, especially Mt Perry, Rannes and Normanby. While Confidentiality Agreements were signed with numerous interested parties, being both exploration and mining companies, the continued challenging markets for raising exploration funds in the sector meant that no joint venture agreements were established during the period. SolGold is currently evaluating the forward exploration programs for these projects and the optimum avenue to create value for shareholders. Joint venture agreements are still being investigated with the strategy for the joint venture partner to commit funds and carry out the exploration to earn an interest in the tenements.

 

As a result of the review, no exploration was carried out on the Company's Queensland projects during the reporting period.

 

Kuma Project, Solomon Islands (SolGold 100%)

 

Limited exploration work was carried out on the Kuma tenement in the Solomon Islands. This work included the following:

 

·      Soil sampling program - 171 soil samples collected for assay and TerraSpec investigation.

·      Rock samples - 15 samples collected.

 

The results for the soil and rock sampling programs above are being interpreted to determine the next steps to be taken for this project.

 

No exploration or other activity was carried out for the Fauro, Lower Koloula and Malukuna tenements.

 

 

Equity

 

On 17 December 2014, the Company issued an additional 33,591,828 shares at £0.03 to raise approximately £1,000,000 pursuant to a share placement to institutional and other investors.  The proceeds of the placement are to be used for the continued exploration of the Company's Cascabel project including the continuation of the Phase 2 drilling program at the Alpala Prospect and related exploration costs, costs associated with the maintenance of the Company's tenements in Australia and the Solomon Islands and for working capital purposes.

 

Matters subsequent to the half yearly financial period

 

The Directors are not aware of any significant changes in the state of affairs of the Company after the balance date that is not covered in this report.

 

Signed in accordance with a resolution of the board of Directors.

 

 

 

Alan Martin

Managing Director and CEO

Brisbane

20 February 2015

 

Qualified Person

Information in this report relating to the exploration results is based on data reviewed by Dr Bruce Rohrlach (BSc (Hons), PhD), the GM Exploration of the Company.  Dr Rohrlach is a Member of the Australasian Institute of Mining and Metallurgy who has in excess of 27 years' experience in mineral exploration and is a Qualified Person under the AIM Rules.  Dr Rohrlach consents to the inclusion of the information in the form and context in which it appears.

 

Consolidated Statement of Profit or loss and other Comprehensive Income

 

for the half year ended 31 December 2014

 



Half-Year

 



2014

2013

 


Notes

A$

(Unaudited)

A$

(Unaudited)

 





 

Revenue


9,981

320

 





 

Administration and consulting expenses


834,584

771,270

 

Borrowing cost expenses


111

1,058

 

Depreciation and amortisation expense


9,858

19,273

 

Employee benefit expenses


278,353

170,502

 

Exploration expenditure written-off


-

-

 

Legal expenses


44,712

39,015

 

Share based payments expense


20,959

16,793

 

Operating loss before income tax


(1,178,596)

(1,017,591)

 

Income tax (expense) benefit


(213,848)

235,139

 

Loss for the period


(1,392,444)

(782,452)

 

Other comprehensive income




 

Items that may be reclassified to profit and loss




 

Change in fair value of available for sale financial assets


(710,405)

783,798

 

Exchange differences on translation of foreign operations


(2,423)

-

 

Income tax relating to other comprehensive income


213,848

(235,139)

 

Other Comprehensive income, net of tax


(498,980)

548,659

 

Total comprehensive income for the period


(1,891,424)

(233,793)

 









Loss for the half-year attributable to:




Owners of the parent company


(1,392,079)

(782,452)

Non-controlling interest


(365)

-



(1,392,444)

(782,452)









Total comprehensive income for the half-year is attributable to:




Owners of the parent company


(1,891,059)

(233,793)

Non-controlling interest


(365)

-



(1,891,424)

(233,793)

 







2014

2013


Notes

Cents

(Unaudited)

Cents

(Unaudited)

Basic and diluted loss per ordinary share




- basic and diluted

4

(0.2)

(0.1)

 

 

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

 

Consolidated Statement of Financial Position

 

at 31 December 2014

 

 



31 December

30 June



2014

2014


Notes

A$

(Unaudited)

A$

(Audited)

Assets




Current assets




Cash and cash equivalents


1,070,057

4,547,229

Other receivables and prepayments


163,358

1,112,340

Total current assets


1,233,415

5,659,569

Non-current assets




Other financial assets


63,527

169,353

Investments in available-for-sale securities


2,239,705

2,942,116

Investment in associates


-

-

Property, plant and equipment


27,395

133,742

Exploration and Evaluation Assets

5

26,842,909

21,451,449

Total non-current assets


29,173,536

24,696,660

Total assets


30,406,951

30,356,229

 

Current liabilities




Trade and other payables


892,204

787,301

Lease liabilities


-

-

Total current liabilities


892,204

787,301

Non-current liabilities




Lease liabilities


-

-

Total non-current liabilities


-

-

Total liabilities


892,204

787,301

Net assets


29,514,747

29,568,928

 

Equity




Issued capital

6     

91,357,793

89,541,509

Reserves


2,285,025

2,763,046

Accumulated losses


(64,218,278)

(62,826,199)

Non-controlling interest


90,207

90,572

Total equity


29,514,747

29,568,928

 

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

 

 


Consolidated Statement of Changes in Equity

 

for the half year ended 31 December 2014

 

 

 

Notes

Share capital

A$

(Unaudited)

Available for Sale Financial Asset Reserve

A$

(Unaudited)

Share option reserve

A$

(Unaudited)

Foreign currency translation reserve

A$

(Unaudited)

Non-Controlling interest reserve

A$

(Unaudited)

Accumulated losses

A$

(Unaudited)

Non-controlling interests

A$

(Unaudited)

Total

A$

(Unaudited)

Balance 30 June 2013


75,780,281

10,390

3,222,873

-

-

(60,209,103)

-

18,804,441

Loss for the period


-

-

-

-

-

(782,452)

-

(782,452)

Other comprehensive income for the period


-

548,659

-

-

-

-

-

548,659

Total comprehensive income for the period


-

548,659

-

-

-

(782,452)

-

(233,793)

New share capital subscribed


6,426,116

-

-

-

-

-

-

6,426,116

Share issue costs


(322,506)

-

-

-

-

-

-

(322,506)

Share options issued to employees and consultants


-

-

16,793

-

-

-

-

16,793

Balance 31 December 2013


81,883,891

559,049

3,239,666

-

-

(60,991,555)

-

24,691,051

Loss for the period


-

-

-

-


(4,048,764)

-

(4,048,764)

Other comprehensive income for the period


-

1,154,961

-

72,158

-

-

-

1,227,119

Total comprehensive income for the period


-

1,154,961

-

72,158

-

(4,048,764)

-

(2,821,645)

New share capital subscribed


8,057,972

-

-

-


-

-

8,057,972

Share issue costs


(400,354)

-

-

-


-

-

(400,534)

Shares and options issued to Directors, employees and consultants


-

-

19,196

-


-

-

19,196

Share options forfeited during the period


-

-

(2,214,120)

-

-

2,214,120

-

-

Non-controlling interest in subsidiary acquired


-

-

-

-

(67,864)

-

90,572

22,708

Balance 30 June 2014


89,541,509

1,714,010

1,044,742

72,158

(67,864)

(62,826,199)

90,572

29,568,928

Loss for the period


-

-

-

-

-

(1,392,079)

(365)

(1,392,444)

Other comprehensive income for the period


-

(497,283)

-

(1,697)

-

-

-

(498,980)

Total comprehensive income for the period


-

(497,283)

-

(1,697)

-

(1,392,079)

(365)

(1,891,424)

New share capital subscribed


1,901,475

-

-

-

-

-

-

1,901,475

Share issue costs


(85,191)

-

-

-

-

-

-

(85,191)

Value of shares and options issued to Directors, employees and consultants


-

-

20,959

-

-

-

-

20,959

Balance 31 December 2014


91,357,793

1,216,727

1,065,701

70,461

(67,864)

(64,218,278)

90,207

29,514,747

 

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.


Consolidated Statement of Cash Flows

 

for the half year ended 31 December 2014

 

 



Half-Year



2014

2013


Notes

A$

(Unaudited)

A$

(Unaudited)

Cash flows from operating activities




Receipts from customers


-

-

Payments to suppliers and employees


(1,162,017)

(842,911)

Interest received


9,981

320

Interest paid


(111)

(1,058)

Net cash outflow from operating activities


(1,152,147)

(843,649)

 

Cash flows from investing activities




Proceeds from sale (Acquisition) of property, plant and equipment


(3,890)


20,336

Investments in available-for-sale securities


-

(528,877)

Refund of (payment for) security deposits


10,000

5,000

Acquisition of exploration and evaluation assets


(4,886,586)

(2,052,544)

Net cash (outflow)/inflow from investing activities


(4,880,476)

(2,556,085)

 

Cash flows from financing activities




Proceeds from the issue of ordinary share capital


2,640,642

6,428,567

Payment of issue costs


(85,191)

(322,506)

Net repayment of finance leases


-

(23,576)

Net cash inflow from financing activities


2,555,451

6,082,485





Net (decrease)/increase in cash and cash equivalents


(3,477,172)

2,682,750

Cash and cash equivalents at beginning of period


4,547,229

880,424

Cash and cash equivalents at end of period


1,070,057

3,563,174

 

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

 

 


 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE HALF-YEAR ENDED 31 DECEMBER 2014

 

 

NOTE 1  summary of significant accounting policies

 

Basis of preparation

 

This general purpose consolidated half year financial report for the half year ended 31 December 2014 has been prepared in accordance with IAS 34 Interim Financial Reporting and International Financial Reporting Standards ('IFRSs').

 

The consolidated financial statements are presented in Australian dollars ("A$") and have been prepared on the historical cost basis.

 

The half year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing activities of the consolidated entity as the full financial report.

 

It is recommended that the half year financial report be read in conjunction with the annual report for the year ended 30 June 2014 and considered together with any public announcements made by SolGold plc and its controlled entities during the half year ended 31 December 2014.

 

The same accounting policies and methods of computation have generally been followed in this half-year financial report as the most recent annual financial report.

 

Material Uncertainty Regarding Going concern

 

The half year financial report has been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business.  The Group has not generated revenues from operations.  As such, the Group's ability to continue to adopt the going concern assumption will depend upon a number of matters including subsequent successful raisings in the future of necessary funding and the successful exploration and subsequent exploitation of the Company's tenements.  In the absence of these matters being successful, there exists a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern and, therefore, it may be unable to realise its assets and discharge its liabilities in the ordinary course of business.

 

Comparatives

 

When required by Accounting Standards, comparatives have been adjusted to conform to changes in presentation for the current financial year.

 

Basis of consolidation

 

The half year consolidated financial statements comprise the financial statements of SolGold plc and its controlled entities as at 31 December 2014.

 

 



 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE HALF-YEAR ENDED 31 DECEMBER 2014

 

 

NOTE 2  OPERATING SEGMENTS

 

The Group determines and separately reports operating segments based on information that is internally provided to the Board of Directors, who are the Group's chief operating decision makers.

 

The Group has outlined below the separately reportable operating segments, having regard to the quantitative threshold tests provided in IFRS 8 Operating Segments, namely that the relative revenue, asset or profit / (loss) position of the operating segment equates to 10% or more of the Group's respective total.  The Group reports information to the Board of Directors along company lines.  That is, the financial position of SolGold and each of its subsidiary companies is reported discreetly, together with an aggregated Group total.  Accordingly, each company within the Group that meets or exceeds the threshold tests outlined above is separately disclosed below. 

 

31 December 2014

(Unaudited)


 

Finance

Income

$

 

Other

Income

$

 

 

Result

$

Share Based

Payments

$

 

 

Depreciation

$

 

 

Assets

$

 

 

Liabilities

$

SolGold

9,858

-

(1,383,727)

20,959

5,038

31,015,140

806,257

Australian Resource Management

115

-

(2,211)

-

1,435

655,925

32,852,767

Central Minerals

4

-

(912)

-

769

3,672,559

13,201,929

Acapulco Mining

4

-

(2,825)

-

2,616

5,925,036

3,752,721

Solomon Operations

-

-

-

-

-

12

81,457

Honiara Holdings

-

-

(286)

-

-

2,051

957,562

Guadalcanal Exploration

-

-

(50)

-

-

5,931

1,216,580

ENSA

-

-

(2,433)

-

-

7,004,031

6,219,355

Consolidation/Elimination

-

-

-

-

-

(17,873,734)

(58,196,424)

Total

9,981

-

(1,392,444)

20,959

9,858

30,406,951

892,204









31 December 2013

(Unaudited)


 

Finance

Income

$

 

Other

Income

$

 

 

Result

$

Share Based

Payments

$

 

 

Depreciation

$

 

 

Assets

$

 

 

Liabilities

$

SolGold

156

-

(766,922)

16,793

5,543

31,922,520

386,899

Australian Resource Management

124

-

(10,415)

-

10,179

1,510,225

32,724,857

Central Minerals

6

-

(2,193)

-

1,376

3,617,975

13,106,856

Acapulco Mining

34

-

(2,406)

-

2,175

5,906,700

3,683,950

Solomon Operations

-

-

-

-

-

29,758

81,457

Honiara Holdings

-

-

(167)

-

-

3,263

956,514

Guadalcanal Exploration

-

-

(349)

-

-

1,143,267

1,202,314

Consolidation/Elimination

-

-

-

-

-

(18,950,795)

(51,650,985)

Total

320

-

(782,452)

16,793

19,273

25,182,913

491,862

 

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE HALF-YEAR ENDED 31 DECEMBER 2014

 


31 December

2014

31 December

2013


A$

(Unaudited)

A$

(Unaudited)

 

NOTE 3  Revenues and Expenses




Included in the profit / (loss) are the following revenues and expenses:



Interest revenue - external parties 

9,981

320

Other income

-

-


9,981

320




Depreciation

9,858

19,273




Defined contribution superannuation expense

28,549

32,565

 

 

Note 4  Loss per share

 

Calculation of basic and diluted loss per share is in accordance with IAS 33 Earnings per Share.

 

Loss per ordinary share



Basic loss per share (cents per share)

(0.2)

(0.4)

Diluted loss per share (cents per share)

(0.2)

(0.4)

Net loss used in calculating basic and diluted loss per share

(1,392,444)

(1,346,461)





Number

Number

Weighted average number of ordinary share used in the calculation of basic loss per share


654,723,069


380,425,233

The options are non-dilutive as the company is incurring losses.



 



 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE HALF-YEAR ENDED 31 DECEMBER 2014

 

Note 5  Exploration and Evalutation Assets

 


Half Year Ended 31 December

2014

Full Year Ended 30 June
2014


A$

(Unaudited)

A$

(Audited)

Carrying amount at the beginning of the period

21,451,449

14,578,178

Additions - expenditure

5,391,460

6,022,676

Additions - business combinations

-

3,097,086

Exploration expenditure written off

-

(2,246,491)

Carrying amount at the end of the period

26,842,909

21,451,449

 

Recoverability of the carrying amount of exploration assets is dependent on the successful development and commercial exploitation of areas of interest, and the sale of minerals or the sale of the respective areas of interest.

 

Note 6  issued capital

 


Half Year Ended 31 December

2014

Full Year Ended 30 June
2014


A$

(Unaudited)

A$

(Audited)

a) Issued capital



Ordinary shares fully paid up

91,357,793

89,541,509




b) Movement in ordinary shares



At the beginning of the reporting period

89,541,509

75,780,281

Shares issued during the period

1,901,475

14,484,088

Transaction costs on share issue

(85,191)

(722,860)

At reporting date

91,357,793

89,541,509




c) Movement in number of ordinary shares on issue



Shares at the beginning of the reporting period

652,153,202

553,354,342

-     6 September 2013 (1)

-

700,000

-     25 September 2013 (2)

-

49,840,967

-     10 March 2014 (3)


488,560

-     21 March 2014 (4)


47,769,333

-     17 December 2014 (5)

33,591,828

-

-     Shares at the reporting date

685,745,030

652,153,202







(1)    On 6 September 2013, 700,000 $0.22 ordinary shares were issued on achievement of certain employment related milestones.

(2)    On 25 September 2013, 49,840,967 $0.128 ordinary shares were issued for cash pursuant to a share placement.

(3)    On 10 March 2014, 488,560 $0.202 ordinary shares were issued to Cornerstone Capital Resources as part consideration for SolGold moving to 85% ownership of Exploraciones Novomining S.A.

(4)    On 21 March 2014, 47,769,333, $0.165 ordinary shares were issued for cash pursuant to a share placement.

(5)    On 17 December 2014,33,591,828, $0.057 ordinary shares were issued for cash pursuant to a share placement.



 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE HALF-YEAR ENDED 31 DECEMBER 2014

 

 

NOTE 7    RELATED PARTIES

 

Transactions with Directors and Director-Related Entities

 

(i)         SolGold plc has a standing Administration and Services Agreement with DGR Global Ltd, an entity associated with Nicholas Mather (a Director) and Brian Moller (a Director) whereby DGR Global Ltd has agreed to provide certain services including the provision by DGR Global Ltd of its premises (for the purposes of conducting the Company's business operations), use of existing office furniture, equipment and certain stationery, together with general telephone, reception and other office facilities (''Services'').  In consideration for the provision of the Services, the Company shall reimburse DGR Global Ltd for any expenses incurred by it in providing the Services.  DGR Global Ltd was paid $180,000 (2013: $132,000) for the provision of administration, management and office facilities to the Company during the half year.  The total amount outstanding at half year end is $nil (2013: $nil).

 

(ii)        Mr Brian Moller (a Director), is a partner in the Australian firm Hopgood Ganim Lawyers. Hopgood Ganim were paid $44,277 (2013: $26,999) for the provision of legal services to the Company during the half year.  These services were based on normal commercial terms and conditions.  The total amount outstanding at half year end is $nil (2013: $14,683).

 

 

NOTE 8    COMMITMENTS AND CONTINGENT ASSET AND LIABILITIES

 

There are no significant changes to commitments and contingencies disclosed in the most recent annual financial report.

 

 

NOTE 9  SUBSEQUENT EVENTS

 

The Directors are not aware of any significant changes in the state of affairs of the Group or events after balance that would have a material impact on the consolidated financial statements.

 

 


DIRECTORS' DECLARATION

 

In the directors' opinion:

 

·      the attached financial statements and notes thereto comply with IAS 34 'Interim Financial Reporting' and other mandatory professional reporting requirements;

 

·      the attached financial statements and notes thereto give a true and fair view of the consolidated entity's financial position as at 31 December 2014 and of its performance for the financial half-year ended on that date; and

 

·      there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors.

 

On behalf of the directors

 

 

 

Alan Martin

Managing Director and CEO

 

Brisbane

20 February 2015


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR EAXAEAANSEEF

Companies

Solgold (SOLG)
UK 100

Latest directors dealings