Embargoed until 7am
(“Altona” or “the Company”)
Interim Results
Altona (AQSE: ANR.PL), a mining exploration company, announces its unaudited interim results for the six months ended
“In May of 2020, outside the review period, the Company engaged with a Malawian mining consultancy, which is in the process of acquiring the mining rights over a Rare Earth Element project in southern
“We are also speaking with owners of other mining assets, whilst assessing the potential of alternative projects, should a more suitable investment be found, or should the project in
“We also continue to search for realistic funding solutions for the Company, so as to provide the necessary capital for the Company to remain solvent until we find our next project, and to ensure our shareholders do not face excessive dilution. It has become a delicate balancing act, but ultimately the board is trying to ensure the Company survives in its current form and therefore, we may have to face tough choices in the next few months in order to raise the right amount of funds at the right price which will enable us to finally move ahead and put the last few years behind us.
“The shares in the Company remain suspended and may do so until new funds have been raised. This, we hope, will be in conjunction with the Company finalising a deal to acquire a new mining asset. The timeline for any fund raise and completion of an acquisition, if one is to happen, we envisage, will be within the next four months.
“We will continue to update the market as and when we have developments to report and we once more thank our shareholders for their ongoing support.”
Financial Review
The financial loss of the Group for the six months ended
The Company had total liabilities of £377,000 at
-ends-
For further information, please visit www.altonaenergy.com or contact:
Altona Energy plc Christian Taylor-Wilkinson , Interim CEO +44 (0) 7795 168 157Philip Sutherland , Non-Executive Director +61 (0)402 440 339Alfred Henry Corporate Finance Ltd (AQSE Corporate Adviser)Jon Isaacs /Nick Michaels +44 (0) 20 3772 0021 Leander (Financial PR) +44 (0) 7795 168 157
Company Information
Altona is a mining exploration company focused on the evaluation, development and extraction of minerals.
The Company was admitted to trading on AIM on
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED
Notes Unaudited Unaudited
Half-year ended Half-year Audited
ended Year ended
31 Dec 2019 31 Dec 2018 30 June 2019
£’000 £’000 £’000
Total administrative expenses and (78) (366) (624)
loss from operations
Impairment expense - - (11,033)
Loss before taxation (78) (366) (11,657)
Tax 2 - - -
Loss for the financial period (78) (366) (11,657)
Other comprehensive income
Exchange differences on - (148) (187)
translating foreign operations
maybe subsequently reclassified
to profit or loss
Total comprehensive profit/(loss) (78) (514) (11,844)
attributable to the equity
holders of the parent
Loss per share
- Basic and diluted 3 (4.87p) (23.51p) (894.84p)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT
Unaudited Unaudited Audited
31 Dec 2019 31 Dec 2018 30 June 2019
£’000 £’000 £’000
ASSETS
Non-current assets
Intangible assets - 11,074 -
Other receivables 3 3 3
Total Non-current assets - 11,077 3
Current assets
Trade and other receivables 21 77 32
Cash and cash equivalents - 19 -
Total Current assets 21 96 32
Total assets 24 11,173 35
LIABILITIES
Current liabilities
Trade and other payables 4 377 127 310
Total Current liabilities 377 127 310
Total liabilities 377 127 310
NET ASSETS (353) 11,046 (275)
Capital and reserve attributable to the
equity holders of the Parent
Share capital 1.431 1,427 1.431
Share premium 18,697 18,692 18,697
Merger reserve 2,001 2,001 2,001
Foreign exchange reserve 1,224 1,263 1,224
Retained losses (23,706) (12,337) (23,628)
TOTAL EQUITY (353) 11,046 (275)
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE HALF YEAR ENDED
Unaudited Unaudited
Half-year Half-year ended Audited
ended 31 Dec 2018 Year ended
31 Dec 2019 30 June 2019
£’000 £’000 £’000
Operating activities
Loss before taxation (78) (366) (11,657)
Share based payments - - 9
Impairment of intangibles - - 11,033
(Increase)/ decrease in receivables 11 (39) 6
Increase / (decrease) in payables and 67 36 123
provisions
Cash used in operations - (369) (486)
Income tax benefit received - - -
Net cash outflow used in operating - (369) (486)
activities
Investing activities
Interest received - - -
Net cash outflow from investing - - -
activities
Financing activities
Proceeds from bank overdraft - - 96
Proceeds from issue of shares - - -
Costs of issue -
Net cash inflow from financing - - 96
activities
Increase/decrease in cash and cash - (369) (390)
equivalents in period/ year
Cash and cash equivalents at beginning - 391 391
of period / year
Effect of exchange rate changes on cash - (3) (1)
and cash equivalents
Cash and cash equivalents at end of - 19 -
period / year
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED
Foreign Total
Share Share premium Merger exchange Retained shareholders’
capital reserve reserve losses equity
£’000 £’000 £’000 £’000 £’000 £’000
Balance at 30 1,427 18,692 2,001 1,411 (11,971) 11,560
June 2018
Total - - - (148) (366) (514)
comprehensive
loss for the
period
Issue of - - - - - -
share capital
Balance at 31 1,427 18,692 2,001 1,263 (12,337) 11,046
December 2018
Total - - - (39) (11,291) (11,330)
comprehensive
loss for the
period
Issue of 4 5 - - - 9
share capital
Balance at 30 1,431 18,697 2,001 1,224 (23,628) (275)
June 2019
Total - - - - (78) (78)
comprehensive
loss for the
period
Issue of - - - - - -
share capital
Balance at 31 1,431 18,697 2,001 1,224 (23,706) (353)
December 2019
NOTES TO THE INTERIM REPORT
FOR THE HALF YEAR ENDING
1. GENERAL INFORMATION
The consolidated interim financial information for the period
The financial information contained in this interim report does not constitute statutory accounts as defined by section 435 of the Companies Act 2006.
The comparatives for the full year ended
2. TAXATION
The Group has recognised a £nil tax credit (
3. LOSS PER SHARE
The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.
Unaudited Unaudited Audited
31 Dec 2019 31 Dec 2018 30 June 2019
Loss for the period (£’000) (78) (366) (11,657)
Weighted average number of shares – 1,602 1,559 1,602
expressed in thousands
Basic loss per share – expressed in pence (4.87p) (23.51p) (894.84)
As the inclusion of the potential ordinary shares would result in a decrease in the loss per share they are considered to be anti-dilutive and, as such, the diluted loss per share calculation is the same as the basic loss per share.
4. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
31 Dec 2019 31 Dec 2018 30 June 2019
£’000 £’000 £’000
Trade payables 115 60 132
Bank overdraft 100 - 96
Accruals and other payables 162 67 82
377 127 310
5. POST REPORTING DATE EVENTS
The following events occurred subsequent to period end:
-- The company launched an Open Offer to existing shareholders with an aim
to raise up to £400,000 to pursue the acquisition of a Petroleum
Exploraiton Licence Application in South Australia , however took the
decision to cancel the open offer due to it not raising the minimum
amount required to acquire the PELA. Therefore, those shareholders who
subscribed for shares in the offer, were refunded the full amount of
their subscription monies in relation to the Open Offer.
-- The Company entered into a Memorandum of Understanding (“MoU”) with
mining consultancy company, Akatswiri Mineral Resources (“Akatswiri”),
to acquire a majority stake in a rare earth mining project in the Chambe
Basin , Mulanje in Southern Malawi .
Akatswiri is currently the 100% owner of Akatswiri Rare Earths Pvt Ltd
(“ARE”), a Malawi registered company, which has applied for Exploration
licence APL 0153 - the Chambe Rare Earth Project (“Chambe”). It is
expected that the licence will be granted in June, following government
final approval.
The terms of the MoU state Altona will initially acquire a 51% holding
in ARE, rising to 75% on certain project milestones being met. Akatswiri
will remain a 25% shareholder. The consideration for the transaction
will be Altona Energy ordinary shares if the transaction proceeds.
