Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

Global Coal Mgmnt (GCM)

  Print      Mail a friend       Annual reports

Friday 16 March, 2007

Global Coal Mgmnt

Interim Results

Global Coal Management PLC
16 March 2007

        GLOBAL COAL MANAGEMENT PLC (Formerly Asia Energy plc) (AIM: GCM)

            Interim Report for the six months ended December 31 2006

It has been an exciting period for Global Coal Management plc (GCM). We have
acquired some new additions to the Company's portfolio, whilst witnessing many
dynamic changes in the political and investment climate in Bangladesh.

In January 2007 the Company's name changed to Global Coal Management plc. The
name better reflects the global strategy of the Company and the broadening of
our investment portfolio.

While the political situation in Bangladesh remains uncertain, there is general
optimism in the business community that the current Caretaker Government will
take this opportunity to address the critical issues facing the country today.
This includes the key issue of power supply.

GCM continues to wait for approval from the Government of Bangladesh for the
Phulbari Coal Project's Scheme of Development. We remain committed to work with
the Government to find an acceptable and harmonious way to implement this
exciting Project for the benefit of all stakeholders.

Highlights of the year have been investments in GVM Metals Ltd (GVM) and Peoples
Telecommunications and Information Services Ltd (PeoplesTel) in the latter part
of December 2006 and January 2007.


The Group made a loss of £1,027,000 after tax for the six months to 31 December
2006 (December 2005: loss of £355,000). This includes a one-off charge of
£834,000 due to the valuation of options issued during the six months ended 31
December 2006 to comply with the new accounting standard FRS20 Share-Based
Payments. Excluding the impact of this charge, the loss for the six months ended
31 December 2006 is £193,000.

Exploration expenditure for the six months amounted to £1.8 million (December
2005: £3.9 million) as the Group reduced activity while awaiting approval from
the Government of Bangladesh, to proceed with the next stage of the Phulbari
Coal Project.

Attached below are the detailed Profit and Loss, Balance Sheet and Cash Flow.

                         Group profit and loss account
                   For the six months ended 31 December 2006

                                                  6 months to        6 months to       Year ended
                                                   31 December       31 December          30 June
                                                          2006              2005             2006
                                                   (unaudited)       (unaudited)        (audited)
                                                          £000              £000             £000

Share-based payments (FRS20)                               834                 -                -
Other administrative expenses                              839               512            1,338

Administrative expenses                                  1,673               512            1,338

Group operating loss                                   (1,673)             (512)          (1,338)

Interest receivable                                        647               157              817

Group operating loss and loss on                       (1,026)             (355)            (521)
ordinary activities before taxation

Taxation on loss on ordinary activities                    (1)                 -                1

Loss on ordinary activities after                      (1,027)             (355)            (520)

Loss for the financial period                          (1,027)             (355)            (520)
attributable to members of the parent

Retained loss for the period                           (1,027)             (355)            (520)

Basic and diluted loss per share                        (2.1)p            (0.8)p           (1.2)p

              Group statement of total recognised gains and losses
                   For the six months ended 31 December 2006

                                                   6 months to       6 months to       Year ended
                                                   31 December       31 December          30 June
                                                          2006              2005             2006
                                                   (unaudited)       (unaudited)        (audited)
                                                          £000              £000             £000

Loss for the financial period                          (1,027)             (355)            (520)
attributable to members of the parent

Total recognised losses relating to the                (1,027)             (355)            (520)

As a result of adopting FRS20, the net assets as at 30 June 2006 increased by
                            £36,000 to £46,090,000.

                              Group balance sheet
                             As at 31 December 2006

                                                   31 December       31 December          30 June
                                                          2006              2005             2006
                                                   (unaudited)       (unaudited)        (audited)
                                                          £000              £000             £000

Fixed assets
Intangible assets                                       19,760            14,219           17,930
Tangible assets                                            351               328              343
Investments                                              2,513                 -                -

                                                        22,624            14,547           18,273

Current assets

Debtors                                                    258               200              155
Deferred tax asset                                           -                 -                1
Other receivables                                           46                 -               46
Cash at bank and in hand                                23,502            31,050           28,083

                                                        23,806            31,250           28,285

Creditors: amounts falling due with one                  (298)             (775)            (468)

Net current assets                                      23,508            30,475           27,817

Total assets less current liabilities                   46,132            45,022           46,090

Net assets                                              46,132            45,022           46,090

Capital and reserves

Called up share capital account                          4,877             4,800            4,877
Share premium account                                   42,708            41,854           42,664
Other reserves account                                     537                 -              346
Profit and loss account                                (1,990)           (1,632)          (1,797)

Equity shareholders' funds                              46,132            45,022           46,090

                           Group cash flow statement
                   For the six months ended 31 December 2006

                                                   6 months to       6 months to       Year ended
                                                   31 December       31 December          30 June
                                                          2006              2005             2006
                                                   (unaudited)       (unaudited)        (audited)
                                                          £000              £000             £000

Net cash outflow used in operating                       (766)             (473)          (1,140)

Returns on investments and servicing of
Interest                                                   568               156              817

Capital expenditure and financial
Purchase of tangible fixed assets                         (48)                 -            (124)
Purchase of intangible fixed assets                    (1,822)           (4,305)          (7,680)
Expenditure on investments                             (2,513)                 -                -
Payment for security deposits                                -                 -             (31)

Net cash outflow before management of                  (4,581)           (4,622)          (8,158)
liquid resources and financing


Issue of ordinary share capital                              -            31,237           31,807
Share issue costs                                            -           (1,208)          (1,209)

                                                             -            30,029           30,598

Increase (decrease) in cash                            (4,581)            25,407           22,440

For further information:

Stephen Bywater                                 Cathy Malins or Annabel Leather
Chief Executive                                 Parkgreen Communications
Ph: +44 (0)207 290 1630                         Ph: +44 (0)207 851 7480

Graham Taggart
Finance Director
Ph: +44 (0)207 290 1630

Global Coal Management plc
Tel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631;

View Interim Results in full - PDF Format:

Hard copies of the interim accounts will be posted to shareholders following
this announcement.

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