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

Creon Resources PLC (AMED)

  Print      Mail a friend

Wednesday 31 October, 2012

Creon Resources PLC

Interim results for six months ended 31 July 2012

RNS Number : 8679P
Creon Resources PLC
31 October 2012
 



For immediate release: 31 October 2012

Creon Resources Plc

Interim results for the six months ended 31 July 2012

 

Creon Resources Plc (AIM: CRO) ("Creon", the "Group", or the "Company"), the resources and resources-infrastructure investment company, today announces its interim results for the six months ended 31 July 2012.

 

Period highlights:

·    Raised £12.1 million through an open offer to all shareholders to implement its investment policy (the "Open Offer"); and

·    Completed its first investment in the offshore oil and gas infrastructure sector with US$15.3 million (c£9.8 million) joint venture with multi-billion dollar China based shipbuilding giant, Yangzijiang Shipbuilding (Holdings) Ltd (the "JV Investment").

Post-period highlights:

·    Mr Ghanim Al Saad joins board as non-executive Chairman; and

·    Mr Glen Lau joins board as Chief Executive Officer.

Glen Lau, CEO of Creon, commented:

"Creon has been transformed over the last 6 months and we are pleased to have secured the financial future of the Company through the successful Open Offer. The JV Investment was the culmination of a great deal of hard work and we are delighted to be able to call upon Mr Ghanim Al Saad as our chairman. We remain cautiously optimistic about the Company's future."

Full copies of the unaudited interim results are available to view and download from the Company's website: www.creonresources.com.

For further information please contact:

Creon Resources plc


Glen Lau, Chief Executive Officer

Tel: +44 (0) 20 7583 8304 / + 65 9677 9427

Daniel Stewart & Company plc


Nominated Adviser & Broker


Paul Shackleton / James Felix

Tel: + 44 (0) 20 7776 6550

GTH Communications Limited


Toby Hall/Suzanne Johnson-Walsh

Tel: + 44 (0) 20 3103 3900

 

 

DIRECTORS' REPORT

 

Introduction

The first half of the current financial year witnessed significant changes for the Company, culminating in the transformational joint venture agreement ("JV Agreement") announced in July 2012 with Yangzijiang Shipbuilding (Holdings) Ltd ("YZJ Holdings"). During the period under review the Company significantly strengthened its balance sheet through the successful completion of an open offer to all shareholders which raised £12.1 million (the "Open Offer"). 2012 has also seen some changes to the board and we were delighted to welcome Ghanim Al Saad and Glen Lau onto the board over the last few months.

 

Operational review

At the beginning of the period under review, the directors set out with two key objectives: (i) to strengthen the Company's balance sheet to enable it to execute its investment strategy; and (ii) to identify and execute a suitable investment.

 

Pleasingly, the Company was able to announce the Open Offer in June and, during July, the Company entered the JV Agreement with multi-billion dollar China based shipbuilding giant, YZY Holdings ("JV Investment").

 

Open Offer to raise £12.1 million

In June 2012, the Company successfully raised £12.1 million through an open offer to all shareholders issuing 2,416,429,088 new ordinary shares of 0.1p each ("Ordinary Shares") at 0.5p each. Any Ordinary Shares not taken up by the then existing shareholders of the Company were subscribed for by Qatar Investment Corporation ("QIC"), a company ultimately controlled by Mr Ghanim Al Saad. As a result of the Open Offer, QIC now holds approximately 72.8 per cent. of the Company's Ordinary Shares.

 

JV Agreement

As previously announced, under the terms of the JV Agreement, Creon and YZJ Holdings have invested approximately US$15.3 million and US$16.2 million, respectively, into YZJ Offshore Engineering Pte Ltd ("YZJ Offshore"), to enable YZJ Offshore to be become a leading player in the design and construction of marine offshore oil and gas vessels (jack-up and semi-submersible rigs). Since signing the JV Agreement, YZJ Offshore has been steadily building up its operations in order to provide marketing, procurement, front end engineering and design, and management consultancy services for the construction, fabrication and repair of oil and gas marine vessels and platforms.

During the period under review, the Company set up a wholly owned Singapore incorporated subsidiary, Creon Resources (Asia) PTE Ltd ("Creon Asia"), to become the registered holder of its investment in the YZJ Offshore. The JV Investment was transferred to Creon Asia post period end.

 

Financial review

No revenue was generated during the period as the directors' efforts were focussed on raising investment funds and executing the JV Agreement. Administrative expenses of £243,000 incurred during the first half (2011: £135,000) included approximately £140,000 of legal and professional fees associated with the Open Offer and the JV Agreement. The Company also incurred a foreign exchange loss of approximately £74,000 during the period on the JV Investment. The net loss for the period was £317,000 (2011: £135,000) and the loss per share was 0.06p (2011: 0.31p).

 

The Group ended the period with net assets of £11.84 million (31/1/12: £0.07 million), comprised of principally the JV Investment of £9.78 million and net cash of £2.12 million. Net asset value per share as at 31 July 2012 stood at 0.43p (31/1/12: 0.02p).

 

Board changes

Mr Ghanim Al Saad joined the board as non-executive chairman on 4 October 2012 and Glen Lau joined as chief executive office on 18 September 2012, replacing Jeswant Natarajan who stepped down on the same day.

 

Current trading and prospects

YZJ Offshore, through its 40% owned associate company, Jiangsu Yangzijiang Offshore Engineering Co. Ltd. ("YZJOE China"), has now secured the land rights to approximately 1.6 million square metres of prime shorefront land in Taicang, Jiangsu Province on China's east coast, some 50 miles north of Shanghai ("Land"). The board of Creon understand that the Land is the ideal location for the construction of YZJ Offshore's new rig yard ("New Yard") due to its deep water and absence of bridges en route to the open sea. In addition to the ownership and construction of the New Yard, YZJOE China will undertake the business of turnkey construction, fabrication and repair of offshore oil and gas marine vessels and platforms.

Creon continues to monitor closely its investment in YZJ Offshore and the board is confident that YZJ Offshore will secure at least one significant order for a new offshore marine vessel before the end of the current financial year. In addition to the JV Agreement Creon is currently in discussions over a number of other investments in the oil and gas sector, including a potential strategic stake in a resource trading business. Further updates will be made in due course.

 

The Company remains well capitalised with a strong balance sheet. The board would like to thank its shareholders for their continued support and remain cautiously optimistic about the Company's future.

 

 

CREON RESOURCES PLC

Group statement of comprehensive income

for the six months ended 31 July 2012


 

Note

6 months ended 31.7.12 £'000

6 months ended 31.7.11 £'000

12 months ended 31.1.12 £'000

Revenue


-

-

-

Cost of Sales


-

-

-



______

______

______

Gross profit / (loss)


-

-

-






Administrative expenses


(243)

(135)

(172)

Foreign exchange gain / (loss)


(74)

-

-

Exceptional items: Impairment of investments


-

-

(380)

                              Impairment of receivables


-

-

(93)

 

 


______

______

______

Loss from operations


(317)

(135)

(645)






Financial income


-

-

-



______

______

______

Loss on ordinary activities before taxation


(317)

(135)

(645)

Tax on (loss) on ordinary activities


-

-

-



______

______

______

Loss on ordinary activities after taxation


(317)

(135)

(645)



______

______

______

Loss per share

1

(0.06)p

(0.31)p

(0.83)p

 

 

Consolidated unaudited statement of financial position


 

Note

As at 31.7.12 £'000

As at 31.7.11 £'000

As at 31.1.12 £'000

Assets:


Non-current Assets


Investment in unquoted equity

2

-

Investment in unquoted preference shares


20





Current Assets


Investments in quoted shares


Other receivables


Cash and cash equivalents











Total Assets


11,933

428

128






Liabilities:





Current Liabilities





Trade and other payables




Non-current Liabilities


 

 

 

 


Total Liabilities


(95)

(123)

(55)





Net Assets


11,838

305

73



 

Capital and Reserves


Called up equity share capital


720

Share premium account

 

 

3,838

Retained earnings




Total Equity

 


11,838

305

73

 

 

Unaudited consolidated cash flow statement


 

 

6 months ended 31.7.12 £'000

6 months ended 31.7.11 £'000

12 months ended

31.1.12

£'000

Reconciliation of operating profit to net cash flow from operating activities





Loss for the period / year before tax


(317)

(135)

(645)

Adjustments for:





Impairment of investment


-

93

380

Loan receivable provision


-

-

68

Change in receivables


(13)

(6)

35

Change in  payables


4

19

(48)



___

___

___

Cash flows from operating activities


(290)

(29)

(210)






Interest received


-

-

-

Taxation refunded

 

 


-

-

-



__

__

__

Net cash from operating activities


-

-

-

 






Investing activities





Loans receivable repaid


-

12

12

New investment                                                                                


(9,779)

-

-



_____

___

___

Net cash used in investing activities


(9,779)

12

12






Financing activities





Issue of share capital


12,082

24

302



_____

__

___

Net cash used in financing activities


12,082

24

302






Net increase in cash and equivalents


2,013

7

104

Cash and equivalents at beginning of year


104

-

-

Cash and equivalents at end of year


2,117

7

104

 

NOTES TO THE INTERIM ACCOUNTS

1. Loss per share

The basic and diluted loss per share for the period ended 31 July 2012 was 0.06p (2011: 0.3p). The calculation of loss per share is based on the loss of £317,343 for the period ended 31 July 2012 (2011: £135,186 loss) and the weighted average number of shares in issue during the period of 575,848,847 (2011: 44,016,700).

 

2. Investment in unquoted equity

This represents a holding of 15,330,000 shares of US$1 each in YZJ Offshore Engineering Pte Ltd (Company Registration No. 201100098M), a company incorporated in the Republic of Singapore, the subject of the JV Agreement.

 

3. Preparation of interim report

This report was approved by the Directors on 30 October 2012.

 


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

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