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 inSouth 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 theChambe Basin , Mulanje inSouthern Malawi . Akatswiri is currently the 100% owner ofAkatswiri Rare Earths Pvt Ltd (“ARE”), aMalawi registered company, which has applied for Exploration licence APL 0153 - theChambe 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.
