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”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

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.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

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.

COOKIES

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.

HOW WE USE INFORMATION

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.

ACCESS TO YOUR INFORMATION AND CORRECTION

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.

WHERE WE STORE YOUR PERSONAL DATA

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.

CHANGES TO OUR PRIVACY POLICY

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.

OTHER WEBSITES

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.

CONTACT

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

 Information  X 
Enter a valid email address

Golden Prospect PLC (AMBR)

  Print      Mail a friend

Wednesday 08 March, 2006

Golden Prospect PLC

Final Results

Golden Prospect PLC
08 March 2006



                              GOLDEN PROSPECT PLC
  
        ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005

Golden Prospect plc (AIM: GOL), the natural resources investment bank, today
announces its final results for the 12 months ended 31 December 2005.

Highlights

  • Profit before tax: £9,575,559 up 113% (2004: £4,490,664)
  • Gross profits: £13,643,750 up 181% (2004: £4,860,240), comprising £3.0
    million from Investment Banking activities, £3.5 million from the Managed
    Portfolio and £7.1 million arising from the realisation of longer term
    investments in the Strategic Portfolio.
  • Basic EPS of 6.21p up 73% (2004: 3.59p)
  • Shareholders' equity plus unrealised gains: approximately £48.5 million up
    21% (2004: £40.0 million), comprising £31.4 million of shareholders' equity
    (2004: £25.4 million) and £17.1 million of unrealised gains (2004: £14.6
    million).
  • Final dividend of 0.75p making 1.25p for full year (2004: nil)


Enquiries

Malcolm Burne                          Tel: 020 7395 1930
Chairman
Golden Prospect plc

Tom Gaffney                            Tel: 020 7776 6400
Chief Executive Officer
Golden Prospect plc

Cathy Malins & Annabel Leather         Tel: 020 7493 3713
Parkgreen Communications


Further information on Golden Prospect plc:

Further information on Golden Prospect is available on the Company's website:
www.goldenprospectplc.com



Chairman's Statement

Dear Shareholders

The Board is pleased to report that the Group's profit before tax for the 12
months ended 31 December 2005 more than doubled to a record £9,575,559 (2004:
£4,490,664).  Basic earnings per share were up 73% to 6.21p from 3.59p.

The Group's gross profits increased 181% to £13,643,750 from £4,860,240.
Investment Banking activities, through Ambrian Partners, and the actively
Managed Portfolio accounted for approximately 22% and 26% of gross profits,
respectively.  Profits from the Strategic Portfolio accounted for approximately
52% of the Group's gross profits.

The Group's shareholders' equity increased by 24% during 2005 to £31.4 million
(2004: £25.4 million), of which £26.9 million was represented by listed
investments and cash. The market value of listed investments at 31 December 2005
was approximately £39.7 million (2004: £35.0 million) including unrealised gains
of £17.1 million.  The Group's net cash position at 31 December 2005 stood at
£4.3 million (2004: £2.4 million).

Dividend

The Board has pleasure in declaring payment of a final dividend of 0.75p per
share, making a total of 1.25p for the full year (2004: nil).  The dividend will
be payable on 28 April 2006 to all shareholders on the register as at 17 March
2006.

Operational Review

Golden Prospect ('GP') continues to enjoy favourable market conditions in the
natural resource sector and all activities within the Group witnessed strong
growth.  GP's outstanding success reflects the swift integration of Ambrian
Partners, which has transformed the Group into a leading investment bank within
the resources industry.

Our Strategic Portfolio benefits from our ability to identify, analyse and
respond quickly to opportunities to fund equity investments.  We focus our
investment strategy on companies that have well-defined projects that are in, or
near to, production.  Sometimes we appoint directors to the boards of companies
in which we invest.  This ability to make such principal investments vastly
improves Ambrian Partners' competitive position.  Our intention is that many of
the companies in which GP invests will also be companies with which Ambrian
Partners will have an investment banking relationship.

Turning to our actively Managed Portfolio, assets are geographically allocated
and based on a bottom-up approach focused on specific stock selection.
Investment opportunities are sourced from an extensive network of contacts
throughout the world, which has been built up over many years.  The Managed
Portfolio also benefits from our strategic partnership with Minesite.com, which
has over 250 junior/mid-tier exploration and mining companies subscribing to its
research and market news services.  Cross fertilisation of ideas has provided us
with a number of profitable research driven strategies.

Our Group's in-depth knowledge of the resources sector has led to many new
corporate clients seeking to retain Ambrian Partners' services as Financial
Adviser, Nominated Adviser (NOMAD) and/or Corporate Broker.  Ambrian Partners is
currently retained by 29 corporate clients.  Last year Ambrian Partners was
involved in 16 equity offerings (including six AIM initial public offerings)
that raised over £100 million.  Obtaining approval to act as a NOMAD for AIM by
the London Stock Exchange was an important milestone for Ambrian Partners
following its earlier FSA Category 'A' authorisation.  The brokerage division is
also building a strong reputation for quality research.  During the last year
research coverage was broadened to include the renewable energy sector, soft
commodities and environmental technologies.  The pipeline of transactions for
2006 is strong and includes initial public offering mandates for companies
active in these new and exciting areas.

As a logical extension to the investment banking activities, Ambrian Commodities
Limited has applied to become a Category 4 Associate Broker Member of the London
Metal Exchange ('LME').  The LME is the world's premier non-ferrous metals
market with highly liquid contracts, a world-wide reputation and turnover in
excess of US$3,000 billion per annum.  With a new team of highly experienced
professionals it is intended to expand the client base to include specialist and
non-specialist investment funds that have become increasingly active in the
commodities market.  With such professional experience being forged it became
obvious that a fund management division would augment the Group's potential and
to this end Ambrian Asset Management Limited ('AAM') was formed and very
recently obtained approval from the Financial Services Authority to manage and
advise on investments.  We intend to launch an open-ended investment fund based
in Guernsey which will focus on the wider resources sector to include renewable
energy and soft commodities.  AAM will also take full advantage of the
exceptional track record that Golden Prospect's portfolio managers have
displayed over recent years.

In our September Interim Statement we covered comprehensively the reasons behind
the robust nature of the natural resources market and attempted to explain the
commodities boom.  We continue to believe that the combination of high demand
growth, under-investment in exploration and lack of major discoveries will
continue to drive metals and minerals prices for some considerable time to come.
Most leading industry sources remain extremely optimistic about the sustained
growth and opportunities in the overall natural resource sector.  The US
commodity price index adjusted for CPI still suggests that commodity price
levels are near to historic lows in real terms.  The M&A rationalisation stage
of the cycle has only just begun and the discovery phase of new deposits has yet
to fuel market speculation.  Healthy price corrections will occur from time to
time but are perfectly normal in strong and sustainable bull markets.

In summary, the Golden Prospect Ambrian Group stands at the centre of financing
the natural resource universe and is increasingly being recognised for its
abilities in this area, best reflected by the growing list of high quality
institutional shareholders joining the Group's share register.  Moreover, we
were extremely encouraged by the appointment of Collins Stewart as our own
Nominated Adviser and joint Corporate Broker with Ambrian Partners during the
year.  This overall support is also in recognition that the Group has rapidly
shifted from an emphasis on net asset value to an earnings valuation so that
investment decisions can now be based on a price earnings multiple and other
relevant fundamental factors.

Moving forward, I am personally very excited by the sheer abundance of executive
talent within the Group, led by our visionary CEO, Tom Gaffney, who has built a
professional team second to none.  To capitalise further on this human resource
capability the Board agreed to establish a new equity incentive plan for the
reward and benefit of the Group's employees, whereby options will be granted to
employees to purchase Golden Prospect shares from an Employee Benefit Trust.
The purpose of these share options is to closely align the interest of our
employees with those of our shareholders.

Finally, I would like to take this opportunity of thanking all our friends with
whom we network, our shareholders who share our vision, our employees for their
commitment and my fellow directors without whose vast experience the Group's
accelerated growth would not have been possible.

Malcolm A Burne
Executive Chairman
As reported on 7 March 2006


GOLDEN PROSPECT PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year ended 31 December 2005

                                                   2005           2004
                                                      £              £

Turnover                                     32,517,783     10,117,214
Cost of sales                               (18,874,033)    (5,256,974)
                                           ------------     ----------
Gross profit                                 13,643,750      4,860,240

Other operating income - dividends               52,999        101,444
received
Administrative expenses                      (4,100,109)    (1,182,774)
Provision for impairment written back                 -        759,560
                                           ------------   ------------
Operating profit - continuing operations      9,596,640      4,538,470

Interest receivable                             102,399         34,427
Interest payable and similar charges           (123,480)       (82,233)
                                          -------------    -----------
Profit on ordinary activities before          9,575,559      4,490,664
taxation

Tax on profit on ordinary activities         (2,910,153)    (1,139,968)
                                           ------------      ---------
Profit for the financial year                 6,665,406      3,350,696
                                           ============      =========

Profit per ordinary share - basic                  6.21p          3.59p
                          - diluted                5.98p          3.32p



CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2005

                                                                 2005                           2004
                                                           £               £              £              £

FIXED ASSETS
Intangible assets                                                  4,433,698                     4,201,631
Tangible assets                                                      138,799                        24,512
Investments                                                          589,682                       465,560
                                                                ------------                  ------------
                                                                   5,162,179                     4,691,703
CURRENT ASSETS
Debtors: Amounts falling due
within one year                                    1,629,836                        539,506
Investments                                       23,542,135                     20,059,578
Cash at bank and in hand                           5,757,167                      3,639,452
                                               -------------                   ------------
                                                  30,929,138                     24,238,536
CREDITORS: Amounts falling
due within one year                               (4,702,080)                    (3,558,466)
                                               -------------                    -----------
NET CURRENT ASSETS                                                26,227,058                    20,680,070
                                                               -------------                  ------------
TOTAL ASSETS LESS CURRENT
LIABILITIES                                                       31,389,237                    25,371,773
                                                               =============                  ============

CAPITAL AND RESERVES
Called up share capital                                           10,726,121                    10,726,121
Share premium account                                             10,803,383                    10,803,383
Merger reserve                                                     1,245,256                     1,245,256
Profit and loss account                                            8,726,113                     2,597,013
Employee benefit trust                                              (111,636)                            -
                                                               -------------                  ------------
EQUITY SHAREHOLDERS'
FUNDS                                                             31,389,237                    25,371,773
                                                               =============                  ============


CONSOLIDATED CASH FLOW STATEMENT
Year ended 31 December 2005

                                                                  2005                          2004
                                                            £              £              £              £
Net cash inflow/(outflow)
from operating activities                                          5,485,019                      (861,284)

Returns on investments and
servicing of finance
Interest receivable                                   102,399                        34,427
Interest payable                                     (123,480)                      (46,233)
                                                   ----------                     ---------
Net cash (outflow) from returns on
investment and servicing of finance                                  (21,081)                      (11,806)

Taxation                                                          (2,148,597)                     (901,862)

Capital expenditure and financial investment
Payments to acquire intangible fixed
assets                                               (330,031)                      (66,839)
Payments to acquire tangible fixed assets            (148,132)                      (21,731)
Payments to acquire fixed asset
investments                                          (124,122)                     (115,572)
Sale of fixed asset investment                              -                         1,157
                                               --------------                  ------------
Net cash (outflow) from capital
expenditure and financial investment                                (602,285)                     (202,985)

Acquisitions
Payments to acquire subsidiary                              -                      (349,374)
Bank and cash balances acquired with
subsidiary                                                  -                        13,486
                                                 ------------                   -----------
Net cash (outflow) from acquisitions                                       -                      (335,888)

Equity Dividend paid                                                (536,306)                            -
                                                                ------------                    ----------
Net cash inflow/(outflow) before financing                         2,176,750                    (2,313,825)

Financing
Issue of ordinary share capital                             -                     3,612,500
Expenses of share issues                                    -                      (109,567)
Bank loan                                                   -                     1,500,000
                                                 ------------                   -----------
Net cash inflow from
financing                                                                  -                     5,002,933
                                                                ------------                  ------------
Increase in cash                                                   2,176,750                     2,689,108
                                                                ============                  ============


NOTES

1.  The financial information set out does not constitute statutory accounts
within the meaning of s.240 of the Companies Act 1985.

2.  Earnings per share

The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the year.

The calculation of diluted earnings per share is based on the basic earnings per
share adjusted to allow for the issue of shares on the assumed conversion of all
dilutive options.

Reconciliation of the earnings and weighted average number of shares in the
calculations are set out below.


                                2005                                      2004
                Earnings      Weighted      Per Share     Earnings      Weighted      Per Share
                           average number                            average number
                   £          of shares       Amount         £          of shares       Amount
                                             (pence)                                   (pence)

Basic            6,665,406     107,261,208        6.21p    3,350,696      93,368,570        3.59p
earnings per
share
                   =======                      =======      =======                      =======
Dilutive                         4,076,700                                 7,526,215
effect of
share options
                             -------------                             -------------
Diluted          6,665,406     111,337,908        5.98p    3,350,696     100,894,785        3.32p
earnings per
share
                   =======         =======      =======      =======         =======      =======

3. Dividends

                                2005                   2004
                                   £                      £

Paid - 0.5p per share        536,306                      -
Proposed - 0.75p per share   804,459                      -
   
                            ========                  =====




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

a d v e r t i s e m e n t