Interim Results for the six months to 30 June 2013

Companies

Reabold Resources (RBD)

All directors dealings today

		Unaudited	Unaudited	Audited
		6 months to	6 months to	12 months to
		30-Jun-13	30-Jun-12	31-Dec-12
	Notes	£'000	£'000	£'000

Revenue		-	-	-
Other operating income		15	136	247
Administration expenses		(95)	(890)	(1,273)
Exceptional items
Onerous lease		-	213	213
Impairment of investments		-	(904)	(904)
Impairment of property, plant & equipment		-	(306)	(306)
Writedown of receivables		-	1,042	-
Provision for parent entity loan guarantee		-	503	-
Net benefit from settlement of CVA		-	-	9,899
Operating (loss)/profit		(80)	2,190	7,876

Finance income		-	-	-
Finance costs		(6)	(42)	(42)

(Loss)/profit on ordinary activities before taxation		(86)	(2,232)	7,834
Taxation on (loss)/profit on ordinary activities		-	-	-
(Loss)/profit for the financial period		(86)	(2,232)	7,834

Other comprehensive income		-	-	-
Total comprehensive income for the period		(86)	(2,232)	7,834

Attributable to:
Equity holders		(86)	(2,232)	7,834
Non controlling interests		-	-	-
		(86)	(2,232)	7,834

Earnings per share
Basic and diluted (loss)/earnings per share (pence)	2	(0.1)	(32.3)	88.5

		Unaudited	Unaudited	Audited
		30-Jun-13	30-Jun-12	31-Dec-12
	Notes	£'000	£'000	£'000
ASSETS
Non-current assets
Investments		-	500	-
Property, plant and equipment		-	-	-
		-
Current assets
Cash		33	-	189
Trade and other receivables		23	126	11
		56	126	200

Total assets		56	626	200

EQUITY
Capital and reserves
Share capital	3	181	121	181
Share premium account		7,570	7,480	7,570
Shares held by EBT		(8)	(23)	(8)
Capital redemption reserve		200	200	200
Other reserves		20	20	20
Retained earnings		(8,142)	(18,121)	(8,056)
Total equity		(179)	(10,323)	(93)

LIABILITIES
Non-current liabilities
Convertible loan notes	4	-	-	202
		-	-	202
Current liabilities
Trade and other payables		27	7,795	91
Borrowings		-	1,317	-
Deferred consideration		-	1,837	-
Convertible loan notes	4	208	-	-
		235	10,949	91

Total liabilities		235	10,949	293
Total equity and liabilities		56	626	200

		Unaudited	Unaudited	Audited
		6 months to	6 months to	12 months to
		30-Jun-13	30-Jun-12	31-Dec-12
	Note	£'000	£'000	£'000
Cash flows from operating activities
Operating (loss)/profit		(86)	(2,232)	7,834
Adjustments for:
Impairment of investments		-	904	904
Onerous lease provision		-	(213)	(213)
Depreciation on property, plant and equipment		-	42	42
Impairment of property, plant and equipment		-	306	306
Bad debt provision		-	1,042	247
Reduction in deferred consideration		-	(1,106)	-
Accrued interest		6	-	-
Net benefit from creditor settlement		-	-	(9,899)

Operating cash flows before movement in working capital		(80)	(1,257)	(779)

Decrease in receivables		(12)	-	1,404
Decrease in payables		(64)	754	112

Cash (expended)/generated by operations		(156)	(503)	737

Interest paid		-	-	(42)

Net cash from operating activities		-	-	695

Cash flows from investing activities
Interest received		-	-	-
Divestment of subsidiary undertaking		-	-	500

Net cash (used) in investment activities		-	-	500

Cash flows from financing activities
Repayment of borrowings		-	-	(439)
Settlement of creditor claims		-	-	(105)
Loan notes	5	-	-	202
Share placement		-	-	150

Net cash (used in)financing activities		-	-	(192)

Net (decrease)/increase in cash and cash equivalents		(156)	(503)	1,003

Cash and cash equivalents at the beginning of the period		189	(814)	(814)

Cash and cash equivalents at the end of the period		33	(1,317)	189

Cash and cash equivalents comprises the following:
Cash and cash equivalents		33			-		189
Borrowings	-		(1,317)			-
	33			(1,317)			189

The calculations of the basic and diluted earnings per share are based on data the following:	Unaudited 6 months to 30-Jun-13 £'000	Unaudited 6 months to 30-Jun-12 £'000	Audited 12 months to 31-Dec-12 £'000
(Loss)/profit for the year	(86)	(2,232)	7,834

(Loss)/profit for the purpose of basic earnings per share	(86)	(2,232)	7,834

Number of shares
Weighted average number of ordinary shares in issue during the year	66,915,896	6,915,896	8,869,551
Effect of dilutive options	-	-	-
Effect of dilutive long-term incentive plan	-	-	-
Effect of dilutive deferred consideration	-	-	-
Effect of shares held in treasury	-	-	-

Diluted weighted average number of ordinary shares in issue during the year	66,915,896	6,915,896	8,869,551

(Loss)/profit/earnings per share
Basic (loss)/profit/earnings per share (pence)	(0.1)	(32.3)	88.3

		Proforma
	30-Jun-13 No. shares	30-Jun-12 No. shares	31-Dec-12 No. shares
Ordinary shares
Opening ordinary shares of 0.25 pence each	-	48,411,267	48,411,267
Capital reorganisation and consolidation	-	(41,495,371)	(41,495,371)
Post reorganisation, ordinary shares of 0.10 pence each	66,915,896	6,915,896	6,915,896
Placement of new ordinary shares of 0.10 pence each	-	-	60,000,000
Closing ordinary shares of 0.10 pence each	66,915,896	6,915,896	66,915,896

"A" Deferred Share
Opening "A" Deferred Share of 1.65 pence each	6,915,896	-	-
Capital reorganisation and consolidation	-	6,915,896	6,915,896
Closing "A" Deferred Share of 1.65 pence each	6,915,896	6,915,896	6,915,896

	30-Jun-13 £'000	30-Jun-12 £'000	31-Dec-12 £'000
Ordinary shares
Opening ordinary shares of 0.25 pence each	-	121	121
Capital reorganisation and consolidation	-	-	(114)
Post reorganisation, ordinary shares of 0.10 pence each	67	121	7
Placement of new ordinary shares of 0.10 pence each	-	-	60
Closing ordinary shares of 0.10 pence each	67	121	67

"A" Deferred Share
Opening "A" Deferred Share of 1.65 pence each	114	-	-
Capital reorganisation and consolidation	-	-	114
Closing "A" Deferred Share of 1.65 pence each	114	-	114