(the 'Company')
Stallion Resources plc is pleased to announce its unaudited results for the six months ended 30 June 2015.
The Company made a loss before tax of £91,157 for the six months to 30 June 2015 and cash balances held at 30 June 2015 were £70,765.
On 9 May 2014, the Company's shareholders approved a new Investing Policy which is to invest in and/or acquire companies and/or projects within the natural resources and/or energy sector with potential for growth. The Investing Policy states that the Company will also consider opportunities in other sectors as they arise if the Directors consider there is an opportunity to generate an attractive return for Shareholders. In selecting investment opportunities, the Directors will focus on businesses, assets and/or projects that are available at attractive valuations and hold opportunities to unlock embedded value.
As an Investing Company, the Company was required to make an acquisition or acquisitions which constitutes a reverse takeover under the AIM Rules or otherwise implement its proposed Investing Policy on or before the date falling twelve months from the adoption of the Investing Policy failing which, in accordance with the AIM rules, the Company's Ordinary Shares would then be suspended from trading on AIM. The Company's Board of Directors considered a wide range of investments throughout the reporting period, including conducting detailed due diligence and engaging in negotiations on several project opportunities, both in the natural resources sector but also in other unrelated sectors. However, as at 9 May 2015, being 12 months after the approval of the Company's Investing Policy, the Company had not implemented its Investing Policy or completed a reverse takeover. As such, the Company's shares were suspended from trading on 11 May 2015. The Company has a period of six months from 11 May 2015 to make a reverse takeover or implement the Company's Investing Policy in order for the Company's shares to recommence trading.
While the suspension of the Company's shares from trading is regrettable, the Company's Board of Directors has continued to work diligently with a view to ensuring that an appropriate transaction or transactions are consummated to enable trading to re-commence. We will keep shareholders appraised of developments.
On behalf of the Board on 30 September 2015.
Non-Executive Chairman
For further information, please contact:
Stallion Resources plc | +44 20 3006 0260 |
George Frangeskides (Company Secretary) | |
Sanlam Securities UK Limited (Nominated adviser and joint broker) | +44 20 7628 2200 |
Lindsay Mair/James Thomas | |
Peterhouse Corporate Finance Limited (Joint broker) | +44 20 7469 0930 |
Duncan Vasey | |
Eran Zucker |
Unaudited 6 months ended 30 June 2015 | Unaudited 6 months ended 30 June 2014 | Audited Year ended 31 Dec 2014 | |||
€ | € | € | |||
Revenue | |||||
Cost of sales | - | - | (1,329) | ||
Gross loss | - | - | (1,329) | ||
Administrative expenses | (91,157) | (78,505) | (182,556) | ||
Write-off of balances on disposal of investments | - | 209,860 | - | ||
Share based payments | - | - | (181,570) | ||
Operating (loss)/profit | (91,157) | 131,355 | (365,455) | ||
Financial expenses | - | (8,278) | (8,323) | ||
(Loss)/profit before income tax | (91,157) | 123,077 | (377,778) | ||
Tax charge for the year | - | - | (6,570) | ||
(Loss)/profit for the period from continuing operations | (91,157) | 123,077 | (380,348) | ||
Profit from discontinued operations | - | - | 265,031 | ||
(Loss)/profit attributable to the owners of the parent | (91,157) | 123,077 | (115,317) | ||
Other comprehensive income | |||||
Currency translation differences | 6,113 | 762 | (23,223) | ||
Total comprehensive (loss)/profit for the period attributable to owners of the parent | (85,044) | 123,839 | (138,540) | ||
(Loss)/profit per share Basic and diluted | (0.00p) | 0.00p | (0.00p) |
Unaudited As at 30 June 2015 | Unaudited As at 30 June 2014 | Audited As at 31 Dec 2014 | ||
€ | € | |||
Assets | ||||
Current assets | ||||
Trade and other receivables | 9,572 | 11,865 | 11,692 | |
Cash and cash equivalents | 70,765 | 365,040 | 124,459 | |
Total Assets | 80,337 | 376,905 | 136,151 | |
Equity and Liabilities | ||||
Equity attributable to owners of the parent | ||||
Share capital | 335,564 | 335,564 | 335,564 | |
Share premium reserve | 2,505,416 | 2,505,416 | 2,505,416 | |
Share-based payments reserve | 181,570 | - | 181,570 | |
Retained losses | (3,018,949) | (2,554,399) | (2,933,905) | |
Total equity | 3,601 | 286,581 | 88,645 | |
Liabilities | ||||
Current liabilities | ||||
Trade and other payables | 76,736 | 90,324 | 47,506 | |
Total Equity and Liabilities | 80,337 | 376,905 | 136,151 |
distributed by |