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Athol Gold Limited (MAFL)

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Wednesday 28 September, 2011

Athol Gold Limited

Interim Results

RNS Number : 0981P
Athol Gold Limited
28 September 2011
 



28 September 2011

 

Athol Gold Limited

(the "Company")

 

Unaudited Interim Results for the Six Months Ended 30 June 2011

 

Athol Gold Limited today announces its unaudited interim results for the six months ended 30 June 2011.

 

Chairman's Review

The modest decrease in NAV per share from 0.64p to 0.54p is disappointing but reflects the weak market in mining juniors. We expect this market to change. Gold has dipped in recent days as a result of yet more margin hikes on COMEX and the SME. But you cannot buck inexorable market forces forever.

There has been some talk of deflationary threats. But we remain convinced that the leaders of the West do not believe in the invisible hand of capitalism and will not allow banks to fail or force workers to work harder for less money as they should. As such the printing presses will soon be whirring into action once again and gold will head sharply higher and that will, we believe, drive a material re-rating of our carefully selected portfolio.

We note that there are some 40 investment companies listed on AIM and PLUS with funds under management of less than £10 million. At this size and with the high fixed costs of a publicly quoted company few can deliver a return for shareholders. We accept that Athol needs to increase its assets under management in order to reach what we deem to be critical mass. We aim to do this in a way that does not dilute shareholders and we will be outlining our plans shortly. 

As such we approach the future with confidence and excitement.

 

On behalf of the board

 

Jennifer Allsop

Chairman

For further information please call:

Athol Gold Limited
Jennifer Allsop Executive Chairman

 

+44 7788 451744

Libertas Capital
Sandy Jamieson

+44 207 569 9650

 

Rivington Street Corporate Finance Limited

Jon Levinson / Dru Edmonstone

 

 

+ 44 20 7628 2200 

 

Bishopsgate Communications Limited

Nick Rome

 

+44 20 7562 3366


Statement of comprehensive Income

for the 6 months ended 30 June 2011



UNAUDITED

UNAUDITED

AUDITED



6 months to

30 June

2011

6 months to

30 June

2010

12 months to

31 December 2010



£'000

£'000

£'000

Continuing operations:





Net gains on disposal of investments


66

-

23

Change in fair value of investments


(466)

(3)

1,525

Other income


-

23

-






Total income


(400)

20

1,548






Operating expenses


(174)

(80)

(483)

Operating (loss)/profit


(574)

(60)

1,065

Finance income


-

(2)

(2)






(Loss)/profit before taxation


(574)

(62)

1,063






Taxation expense


-

-

-






(Loss)/profit for the period attributable to owners of the Company


(574)

(62)

1,063











(Loss)/earnings per share attributable to owners of the Company during the period


 

pence

 

pence

 

pence

Basic:


(0.10)

(0.04)

0.62

Diluted:


(0.10)

(0.04)

0.56

 



Statement of Financial Position

for the 6 months ended 30 June 2011

 



UNAUDITED

UNAUDITED

AUDITED



30 June

2011

30 June

2010

31 December

 2010



£'000

£'000

£'000






CURRENT ASSETS





Financial assets


3,172

-

2,869

Trade and other receivables


22

85

28

Cash and cash equivalents


5

374

42



3,199

459

2,939






CURRENT LIABILITIES





Trade and other payables


69

202

290



69

202

290

NET CURRENT ASSETS


3,130

257

2,649






NON-CURRENT LIABILITIES





Convertible unsecured loan notes


37

-

137



37

-

137






NET ASSETS


3,093

257

2,512






EQUITY





Share capital


1,438

344

981

Share premium


3,581

2,391

2,838

Loan note equity reserve


-

-

45

Capital reserve


15,736

15,736

15,736

Retained earnings


(17,662)

(18,214)

(17,088)

Equity attributable to owners of the Company and total equity


3,093

257

2,512

 

 



Statement of Cash flow

for the 6 months ended 30 June 2011

 



UNAUDITED

UNAUDITED

AUDITED



6 months to

30 June

2011

6 months to

30 June

2010

12 months to

31 December 2010



£'000

£'000

£'000






OPERATING ACTIVITIES





Profit/(Loss) before taxation


(574)

(62)

1,063

Adjustments for:





Share based payment charge


-

-

1

Profit on disposal of trading investments


(66)

-

(23)

Fair value adjustment on financial assets


466

3

(1,525)

Finance costs


-

-

2

Operating cashflow before working capital changes


(174)

(59)

(482)

(Decrease) in trade and other receivables


6

(71)

(12)

Increase/(decrease) in trade and other payables


(221)

42

130

Net cash outflow from operating activities


(389)

(88)

(364)

INVESTING ACTIVITIES





Purchases of investments


(1,170)

-

(1,548)

Disposals of investments


467

-

227

Net cash (outflow)/inflow from investing activities


(703)

-

(1,321)

FINANCING ACTIVITIES





Proceeds from share issues


1,055

-

1,143

Share issue expenses


-

-

(58)

Proceeds from issue of convertible loan notes


-

-

180

Net cash inflow from financing activities


1,055

-

1,265






Net (decrease)/increase  in cash and cash equivalents


(37)

(88)

(420)

Cash and cash equivalents at start of period


42

462

462






Cash and cash equivalents at end of period


5

374

42

 



Notes to the interim statement

for the 6 months ended 30 June 2011

 

1. General information

The Company is a limited company listed on AIM and is registered in the Cayman Islands.

The address of its registered office is Walker House, Mary Street, PO Box 908GT, George Town, Grand Cayman, Cayman Islands.  The financial statements are presented in Pounds Sterling which is the Company's presentational currency.

 

 

2. Basis of preparation

The interim financial statements of Athol Gold Limited have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and on the historical cost basis using the accounting policies which are consistence with those set out in the Company's Annual Report and Accounts for the year ended 31 December 2010.

This interim financial information for the six months to 30 June 2011 was approved by the board on 27 September 2011.

The unaudited interim financial information for period ended 30 June 2011 does not constitute statutory accounts.. The comparative figures for the year ended 31 December 2010 are extracted from the statutory financial statements which contain an unqualified audit report.

 

3. Earnings per share


The basic and diluted earnings per share is calculated by dividing the profit/(loss) attributable to owners of the Company by the weighted average number of ordinary shares in issue during the year.



6 months to

30 June

2011

6 months to

30 June

2010

12 months to

31 December 2010



£'000

£'000

£'000


Weighted average number of shares for calculating basic earnings per share

563,008,758

137,401,194

 

171,156,251


Weighted average number of shares for calculating fully diluted earnings per share

563,008,758

137,401,194

190,070,885

 

The diluted loss per share for the 6 months to 30 June 2010 and the 6 months to 30 June 2011 is the same as the basic loss per share as the losses in each period have an anti-dilutive effect.


4. Share capital



30 June

2011

30 June

2010

31 December

 2010



£'000

£'000

£'000







Authorised (par value of 0.25p):

4,000,000,000

4,000,000,000

4,000,000,000












Issued and fully paid (par value of 0.25p each):

573,339,681

137,401,194

392,284,866







Between 11 January and 18 January 2011, 54,000,000 shares were issued at 0.25p each as a result of the conversion of loan notes

Between 31 January and 3 February 2011, 72,996,988 shares were issued for cash at 0.83p each as the result of a private placing.

On 21 February 2011, 32,901,200 shares were issued at 1p each as a result of the conversion of loan notes.

Also on 21 February 2011, 19,156,627 shares were issued at 0.83p each as a result of the conversion of loan notes.

On 27 June 2011 4,000,000 shares were issued at 0.25p as the result of the conversion of loan notes.

 

 

 


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