(“Imperial”, the “Group” or the “Company”)
Unaudited interim report for the six months to
I am pleased present the unaudited financial results for
During the period Imperial has continued its highly selective search for a natural resources project which a) fits our target investment criteria b) is fundable moving forward and c) is corporately possible given our very small capital structure and severely limited funds.
I’m pleased to say that deal flow remains strong – an uptick in commodity prices coupled with a return of risk capital (in certain jurisdictions) to the micro capital resources sector bodes well for the future.
Our targeting process continues to specifically review commodities that attract market and industry support – most particularly gold, battery inputs such as lithium and cobalt and metals that are in cyclical supply shortfall such as zinc.
Imperial continues to be run leanly with quoted costs negotiated as low as possible. However, to stay listed and continue to operate in 2018, Imperial will need to seek additional capital to continue its existence.
Its cash reserves will be used in the short term to cover travel costs, professional consultancy fees, initial due diligence and other costs incidental to the identification and development of acquisition opportunities.
During the six month period ended
Total expenses during the period were £39,352 (2016: £92,029) which consisted of corporate and administration expenses.
The Group’s Statement of Financial Position as at
31 Dec 2017 31 Dec 2016 30 June 2017 £ £ £ Current assets 43,274 79,699 74,025 Non current assets - 13,500 - Total assets 43,274 93,199 74,025 Current liabilities 12,956 6,471 4,358 Total liabilities 12,956 6,471 4,358 Net assets 30,318 86,728 69,667
The Directors of the Company accept responsibility for the contents of this announcement.
For further information please contact:
Tel: + 61 417 714 292
Tel: 020 7469 0930
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended
6 months to 31 Dec 6 months to 31 Dec Year ended 30 June 2017 Unaudited 2016 Unaudited 2017 Audited Note £ £ £ Continuing operations Revenue - - - Impairment of - (74,288) (361,777) receivable and loss on disposal of available for sale investment Administrative (39,352) (17,741) (36,479) expenses Loss before (39,352) (92,029) (398,256) taxation Finance income – 3 3 5 interest receivable Income tax 2 - - - Loss for the year (39,349) (92,026) (398,251) attributable to the equity shareholders of the parent Other comprehensive income Items that may be subsequently reclassified to profit or loss Prior year - 70,844 - reversal of unrealised changes in value of available for sale financial asset Unrealised changes - (28,500) - in value of available for sale financial assets Reclassification - - 329,908 of cumulative loss on available for sale assets on disposal Other - 42,344 329,908 comprehensive income for the year, net of tax Total (39,349) (49,682) (68,343) comprehensive income for the period/year attributable to the equity shareholders of the parent Loss per share Basic and diluted (0.128p) (0.316p) (1.329p) loss per share 3 attributable to the equity shareholders of the parent (pence)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at As at 30 June 2017 31 Dec 2017 31 Dec 2016 Audited Unaudited Unaudited £ £ £ ASSETS Non-current assets Financial assets – Available for sale - 13,500 - Total non-current assets - 13,500 - Current assets Trade and other receivables 5,904 13,741 1,352 Cash and cash equivalents 37,370 65,958 72,673 Total current assets 43,274 79,699 74,025 TOTAL ASSETS 43,274 93,199 74,025 LIABILITIES Current Liabilities Trade and other payables 12,956 6,471 4,358 Total current liabilities 12,956 6,471 4,358 TOTAL LIABILITIES 12,956 6,471 4,358 NET ASSETS 30,318 86,728 69,667 EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY Share capital 201,700 201,700 201,700 Share premium 855,588 855,658 855,658 Other reserve 1,670 - 1,600 Available for sale reserve - (287,564) - Retained losses (1,028,640) (683,066) (989,291) TOTAL EQUITY 30,318 86,728 69,667
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended
Share Share Shares to be Retained Available Total Equity capital premium issued under losses for sale options reserve £ £ £ £ £ £ At 1 July 199,950 822,408 24,241 (615,281) (329,908) 101,410 2016 Loss for the - - - (92,026) - (92,026) period Other - - - - 42,344 42,344 comprehensive income for the period Total - - - (92,026) 42,344 (49,682) comprehensive income for the period Issue of 1,750 33,250 - - - 35,000 ordinary shares Expiry of - (24,241) 24,241 - - share options Balance at 31 201,700 855,658 - (683,066) (287,564) 86,728 Dec 2016 At 1 July 201,700 855,658 1,600 (989,291) - 69,667 2017 Loss for the - - - (39,349) - (39,349) period Other - - - - - - comprehensive income for the period Total - - - (39,349) - (39,349) comprehensive income for the period Issue of - (70) 70 - - - share options Expiry of - - - - - - share options Balance at 31 201,700 855,588 1,670 (1,028,640) - 30,318 Dec 2017
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended
Note 6 months to 31 Dec 6 months to 31 Dec Year ended 30 June 2017 2016 2017 Unaudited Unaudited Audited £ £ £ Cash flows from 4 (35,306) (11,908) (34,194) operating activities Net cash used in (35,306) (11,908) (34,194) operating activities Cash flows from investing activities Interest received 3 3 5 Proceeds from - - 28,999 disposal of available for sale financial assets Cash flows 3 3 29,004 generated from investing activities Cash flows from financing activities Proceeds from - 35,000 35,000 issue of shares Cash Flows - 35,000 35,000 generated from financing activities Net increase/ (35,303) 23,095 29,810 (decrease) in cash and cash equivalents Cash and cash 72,673 42,863 42,863 equivalents at beginning of the period Cash and cash 37,370 65,958 72,673 equivalents at end of the period
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended
NOTE 1: BASIS OF PREPARATION
The condensed consolidated interim financial information of the Group for the six months ended
The financial statements have been prepared on a going concern basis notwithstanding that the Group incurred a net loss of £39,419 during the half year ended
Nevertheless, after making enquiries and considering the uncertainties described above, the Directors have a reasonable expectation that the Group and Company will have access to adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the Financial Statements.
The Financial Statements are presented in sterling (£), rounded to the nearest pound and have been prepared on the going concern basis.
NOTE 2: TAXATION
No taxation has been provided due to losses in the period. No deferred tax asset has been recognised for past or current losses as the recoverability of any such assets is not probable in the foreseeable future.
NOTE 3: LOSS PER SHARE
The calculation of the basic loss per share of
In accordance with IAS 33, no diluted earnings per share is presented as the effect on the exercise of share options or warrants would be to decrease the loss per share.
NOTE 4: NOTES TO THE CASH FLOW STATEMENT
6 months to 31 Dec 6 months to 31 Dec Year ended 30 June 2017 2016 2017 Unaudited Unaudited Audited £ £ £ Reconciliation of loss from operations to cash flows from operating activities Loss from operations (39,349) (92,026) (398,251) Interest receivable 3 3 5 Net loss from disposal - 74,288 361,777 of available for sale financial assets Share options expense - - 1,600 (Increase)/Decrease in (4,553) 9,275 6,241 trade and other receivables Increase / (Decrease) 8,593 (3,448) (5,566) in trade and other payables Cash flow from (35,306) (11,908) (34,194) operating activities
NOTE 5:POST BALANCE SHEET EVENTS
There has not been any matter or circumstance occurring subsequent to the end of the half year, that has significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.
NOTE 6: FORWARD LOOKING STATEMENTS
This report contains certain forward looking statements, which include assumptions with respect to future plans, results and expenditures. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Please refer to the Company’s Annual Report available from the Company’s web site for a list of risk factors. The Company’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this report are made as at the date of this report
NOTE 7: INTERIM REPORT
Copies of this interim report for the six months ended