AUDITED FINAL RESULTS TO 31 MARCH 2018 DGAP

Hot Rocks Investments plc (HRIP)
AUDITED FINAL RESULTS TO 31 MARCH 2018

03-Sep-2018 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


HOT ROCKS INVESTMENTS PLC

 

("HOT ROCKS" OR THE "COMPANY")

 

AUDITED FINAL RESULTS TO 31 MARCH 2018 

 

CHAIRMAN'S STATEMENT

 

I hereby present the financial results for the Company for the year ended 31 March 2018.  The Company is an active investor primarily in junior natural resources companies. During the year and since the year end we have seen a recovery across much of our portfolio.

 

The Company made a pre-tax loss of £219,298 for the year, compared to a pre-tax loss of £16,191 in the prior year. The Company will not be paying a dividend at this stage (2017: £Nil).

 

Cash and cash equivalents as at the year end of 31 March 2018 were £16,710 (2017: £12,216).

 

We have seen a number of our investments appreciate in value and we are generally pleased with performance.

Of note, on 27 April 2017 Minergy Limited listed on the Botswana Stock Exchange. This week Minergy has been granted a mining licence in Botswana marking a significant milestone for the company, which aims to produce coal for sale in Botswana and South Africa, as well as further overseas. Minergy is the sole owner of the 390 million tonne Masama Coal Project in the Mmambula Coalfield, in the south-west of the country where pre-construction work has already commenced on site, with the mine expected to start producing its first saleable coal in February next year.

 

Medgold, listed on the TSXV which traded as low at 4cents per share in 2014 has recovered and is presently 34cents. Diamond drilling at the Tlamino Gold Project has recommenced for a minimum Phase 2 programme of 2,400m. Also, preparation for 40 line-km of an IP-Resistivity program at the Karamanica Zone has commenced. The exploration and development of the Tlamino Gold Project is being conducted under programmes which are fully funded by Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) ("Fortuna").

 

Post year end our investee company Block Energy plc was admitted to trading on AIM. We hold 3,222,501 ordinary shares.

 

We participated in the IPO of Predator Oil & Gas Holdings plc and have added to our holding since its flotation on the Standard List. We have an interest in 2,052,000 ordinary shares.

 

We hold stakes in the following entities:

 

  • Block Energy plc (AIM: BLOE)
  • Brazil Tungsten Holdings Limited
  • Copper Bay plc
  • Elephant Oil Limited
  • Impact Oil & Gas Limited
  • Mafula Energy Limited
  • MedGold Resources Corp (TSXV:MED)
  • Minergy Limited
  • New Horizon Oil & Gas Limited
  • N4 Pharma plc (AIM:N4P)
  • Predator Oil & Gas Holdings plc (LSE:PRD)
  • Rift Resources Limited
  • Royal Road Minerals (previous Tigris Resources) (TSXV:RYR)

The Board of Directors will continue to introduce further equity positions to the Company to enable additional diversification of the portfolio. It is anticipated that these will continue to be primarily within the natural resources sector.

 

 

 

Brian Rowbotham

Non-Executive Chairman

31 August 2018

 

The Directors of the issuer are responsible for the content of this announcement.

For further information please contact:

Hot Rocks Investments plc

Gavin Burnell: 0207 264 4444 

Peterhouse Capital Limited

Guy Miller: 020 7220 9796

 

HOT ROCKS INVESTMENTS PLC STATEMENT OF COMPREHENSIVE INCOME

 YEAR ENDED 31 MARCH 2018

 

 

 

 

2018

2017

Continuing Operations

 

£

£

 

 

 

 

Revenue

 

-

-

 

 

 

 

Foreign exchange gain/(loss) on available-for-sale financial assets

 

(20,656)

22,062

Operating expenses

 

(48,369)

(33,217)

Share based payments expense

 

(115,600)

-

Impairment of available-for-sale financial assets

 

(52,604)

(15,962)

Other gains/ - sale of available-for-sale financial assets

 

17,922

8,689

 

 

_______

_______

 

 

 

 

Operating (Loss)

 

(219,307)

(18,428)

 

Finance income

 

 

9

 

2,237

 

 

_______

_______

 

 

 

 

(Loss) before Income Tax

 

(219,298)

(16,191)

 

 

 

 

Income tax expense

 

-

-

 

 

_______

_______

 

 

 

 

(Loss) for the Year attributable to equity holders

 

(219,298)

(16,191)

 

 

_______

_______

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

 

 

Items that may be Reclassified Subsequently to

 Profit or Loss

 

 

 

Reclassification of cumulative gains on available-for-sale

  financial asset due to disposal

 

-

(6,055)

Fair value change in value on available-for-sale financial assets

 

78,469

180,078

 

 

_______

_______

 

 

 

 

Total Comprehensive (loss)/Income for the Year attributable to equity holders

 

(140,829)

174,023

 

 

_______

_______

 

 

 

 

Earnings Per Share - Basic and Diluted (expressed in pence per share)

 

(0.1)

 (0.0)

 

 

_______

_______

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC STATEMENT OF FINANCIAL POSITION

REGISTERED NUMBER 06163193 AT 31 MARCH 2018

 

 

 

 

As at

31 March

2018

As at

31 March

2017

 

 

£

£

Assets

 

 

 

 

 

 

 

Non-Current Assets

 

 

 

 

 

 

 

Available-for-sale financial assets

 

811,206

836,126

 

 

_______

_______

 

 

 

 

 

 

811,206

836,126

 

 

_______

_______

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Other receivables

 

-

721

Cash and cash equivalents

 

16,710

12,216

 

 

_______

_______

 

 

 

 

 

 

16,710

12,937

 

 

_______

_______

 

 

 

 

Total Assets

 

827,916

849,063

 

 

_______

_______

 

 

 

 

Equity and Liabilities

 

 

 

 

 

 

 

 

 

 

 

Equity Attributable to Shareholders

 

 

 

 

 

 

 

Ordinary shares

 

173,602

173,602

Share premium account

 

1,174,631

1,174,631

Share options and warrants reserve

 

115,600

-

Other reserves

 

144,678

66,209

Retained loss

 

(886,173)

(666,875)

 

 

_______

________

 

 

 

 

 

 

722,338

747,567

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Trade and other payables

 

105,578

101,496

 

 

_______

_______

 

 

 

 

Total Equity and Liabilities

 

827,916

849,063

 

 

_______

_______

 

 

 

 

 

 

 

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC STATEMENT OF CASH FLOWS

 YEAR ENDED 31 MARCH 2018

 

 

 

 

2018

2017

 

 

£

£

 

 

 

 

Cash Flows from Operating Activities

 

 

 

(Loss) before income tax

 

(219,298)

(16,191)

Finance income

 

(9)

(2,237)

Unrealised foreign exchange loss/(gain)

 

20,656

(22,062)

Share based payments

 

115,600

-

Bad debts

 

-

2,997

Gain on disposal of available-for-sale financial assets

 

(17,922)

  (8,689)

Impairment of available-for-sale financial asset

 

52,604

15,962

Decrease in other receivables

 

720

2,130

Increase in trade and other payables

 

4,082

10,425

 

 

_______

_______

 

 

 

 

Cash Used in Operations

 

(43,567)

(17,665)

Interest paid

 

-

-

Income tax paid

 

-

(82)

 

 

_______

_______

 

 

 

 

Net Cash Used in Operations

 

(43,567)

(17,747)

 

 

_______

_______

 

 

 

 

Cash Flows from Investing Activities

 

 

 

Purchases of available-for-sale financial assets

 

(5,869)

(33,984)

Proceeds from disposal of available-for-sale financial

 assets

 

53,930

50,242

 

 

_______

_______

 

 

 

 

Net Cash Generated from Investing Activities

 

48,061

_______

16,258

_______

 

 

 

 

 

 

 

 

Increase/(decrease) in Cash and Cash Equivalents

 

4,494

(1,489)

 

 

 

 

Cash and cash equivalents at the beginning of the year

 

12,216

13,705

 

 

_______

_______

 

 

 

 

Cash and Cash Equivalents at the End of the Year

 

16,710

12,216

 

 

_______

_______

 

 

 

 

 

 



ISIN: GB00B1WV3198
Category Code: MSCU
LSE Ticker: HRIP
Sequence No.: 5954
EQS News ID: 719843

 
End of Announcement EQS News Service

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