Interim Results

RNS Number : 7761P
Bezant Resources PLC
31 March 2009
 



Bezant Resources Plc


Interim Results for the six months ended 31 December 2008

Bezant Resources Plc ('Bezant' or the 'Company'), the AIM listed gold and copper exploration and development company operating in the Philippines and Tanzania, today announces its interim results for the six months ended 31 December 2008.  


Highlights: 






Cash Resources:

£2.5 million cash in bank.

Company remains fully funded for completion of its current Philippines and Tanzanian exploration programmes. 


Mankayan Copper-Gold Project, Philippines:











Independent Inferred Resource estimate at a 0.4 per cent. copper cut-off of approximately 277.7 million tonnes grading at 0.50% copper and 0.42 g/t of gold.

Approximately 3.06 billion pounds (1.39 million tonnes) of copper and 3.8 million ounces of gold contained within the Inferred Resource.

Exploration Programme near completion with submission of final database to the Snowden Group imminent.


Tanzania:

Anglo Tanzania Gold Limited, a wholly owned subsidiary of the Company, maintains its 46% interest in the Mkurumu Project, (a subsidiary of AngloGold Ashanti holds a similar 46% interest and Tanzanian locals hold the remaining 8%).

The early exploration continues in a package of 9 highly prospective tenements with Prospecting Licences.


Corporate:

Dr. Evan Kirby appointed as a Non-Executive Director.

Matrix Corporate Capital LLP appointed as sole Broker to the Company.

Commenting on the interim results, Gerry Nealon, Executive Chairman, said: 

'Within a two year timeframe we have successfully pursued an extensive drilling programme at the Mankayan project, which has generated defined results to a JORC compliant Inferred Resource. 

The updating of our drilling and geotechnical database is near completion and submission for final independent verification from the Snowden Group.  

In the coming Quarter, we look to update areas within the current Inferred Resource to that of Indicated Resource status, as well as developing the encouraging higher grade zone within the deposit. In addition, the Board aims to capitalise on its area of expertise, seeking further attractive opportunities for potential expansion into other promising tenements and exploration licence areas within Tanzania.'



For further information, please contact:

Bezant Resources Plc

Tel: +61 8 9368 1566

Gerry Nealon, Executive Chairman

Mobile: +61 41 754 1873

Bernard Olivier, Executive Director

Mobile : +61 40 894 8182


Strand Partners Limited


James Harris

Matthew Chandler 

Tel: +44 (0) 20 7409 3494


Alastair Stratton                                                                                            Tel: +44 (0) 20 3206 7000

Matrix Corporate Capital LLP


Media enquiries: 

Threadneedle Communications (UK)

Tel: +44 (0) 20 7653 9855

Laurence Read / Beth Harris

Mobile: +44 (0) 797 995 5923

Email: Laurence.Read@threadneedlepr.co.uk




or visit: http://www.bezantresources.com 






Bezant Resources Plc

Chairman's statement


I have pleasure in presenting the Interim Report for Bezant in relation to the six month period ended 31 December 2008.


In the Philippines, site work on our two year drilling and environmental programme for the Mankayan Project is nearing completion. During the reporting period, Snowden Mining Industry Consultants Pty. Limited ('Snowden') confirmed a JORC compliant Inferred Resource at a 0.4 per cent. copper cut-off of approximately 277.7 million tonnes grading at 0.50% copper and 0.42 g/t of gold (serving to support the Company's belief that approximately 3.06 billion pounds (1.39 million tonnes) of copper and 3.8 million ounces of gold are contained within the Inferred Resource). This Inferred Resource was, at the time, limited to information resulting from digitisation of historical data on the Mankayan Project, but also indicated that the deposit is centred on an approximate 900m. x 300-400m. intrusive stock complex. The additional new data acquired from the Company's current drilling programme, also promotes the presence of a localised higher grade zone approximately 300m. long x 200m. wide and 600-900m. deep. It is anticipated that the updated drilling and geotechnical database will be submitted to Snowden during the next Quarter and the status of certain areas to the deposit, including this high grade zone, may well be upgraded to that of an Indicated Resource.  


During the period, metallurgical samples representing the various lithologies defined from our diamond drill core were also submitted to AMMTEC Laboratories in Perth. Selective flotation conditions were established and excellent copper recoveries to high-grade copper concentrates were achieved. Gold recovery was acceptable with the gold being distributed between the copper concentrate and a pyrite concentrate, whilst a bulk flotation test to produce a larger sample of copper concentrate shall be finalised and the results available during the next Quarter, thereby serving to complete the current Metallurgical Test Programme. It is anticipated that Snowden's final report on the Mankayan Project shall be completed and announced within the next Quarter.


In Tanzania, the Company maintains its 46 per cent. interest in the 'Mkurumu Project', being prospective for gold, with AngloGold Ashanti retaining a similar 46 per cent. interest and the remaining 8 per cent. being held by indigenous Tanzanian locals. Progress continues on our early exploration programme in relation to a package of 9 highly prospective tenements with Prospecting Licenses covering, in aggregate, some 2,116 square kilometres. The Company also has an interest in other Licence areas covering approximately a further 455 square kilometres. As announced in May 2008, the Company owns an initial 30 per cent. interest in these tenements and has the right to progressively earn-in an interest of up to 50 per cent. over a two year period in return for funding towards exploration activities of US$100,000 per quarter (a maximum of US$800,000 in aggregate).


Reflecting expenditure on our ongoing exploration programmes within the Philippines and Tanzania, the Company incurred a loss after tax for the six month period ended 31 December 2008 of approximately £498,000 (2007: loss of £428,000).


In December 2008, Dr. Evan Kirby was appointed as a Non-Executive Director of the Company in order to provide further technical support to Dr. Olivier and Mr. Siapno, while Mr. Mark Burchnall stepped down from the Board to pursue his other work commitments and we wish him well in his future endeavours.


Most recently, the Board was pleased to announce the appointment of Matrix Corporate Capital LLP as sole Broker to the Company and their research coverage on the Company is expected to commence shortly.


I would like to take this opportunity to thank all of our Shareholders for their continuing support and look forward to reporting further progress throughout the remainder of 2009.



Gerard Nealon 

Executive Chairman

30 March 2009




Interim Financial Information of Bezant Resources Plc 

The following interim financial information of Bezant Resources Plc is for the period from 1 July 2008 to 31 December 2008. The interim financial information was approved by the Board of Directors on 27 March 2009.


Bezant Resources Plc

Group Income Statement

For the period ended 31 December 2008



Unaudited

Period ended

31 December 2008

£'000


Unaudited

Period ended

31 December 2007

£'000


Audited

Year ended

30 June

2008

£'000

Continuing operations












Group revenue

-


-


-







Cost of sales

-


-


-

Gross profit/(loss)

-


-


-







Depreciation 

(5)


(1)


(4)

Share-based payment expense

(44)


(69)


(136)

Other administrative expenses

(383)


(412)


(950)







Total administrative expenses

(432)


(482)


(1,090)

Impairment expenses

(125)


-


(5,985)







Group operating loss

(557)


(482)


(7,075)







Interest receivable

52


54


180

Other income

7


-


-

Total Income

59


54


180







Loss before taxation

(498)


(428)


(6,895)







Taxation

-


-


-







Loss for the period

(498)


(428)


(6,895)







Attributable to:

Equity holders of the Company

(498)


(428)


(6,895)







Loss per share (pence)






Basic & Diluted

(1.27p)


(1.19p)


(18.66p)





Bezant Resources Plc

Group Statement of Changes in Equity

For the period ended 31 December 2008



Share Capital

£'000

Share Premium

£'000

Other Reserves

£'000

Accumulated Losses

£'000

Total 

Equity

£'000







Unaudited - period ended 31 December 2008    






Balance at 1 July 2008

1,016

21,904

165

(12,498)

10,587

Cost of share-based payments

-

-

44

-

44

Current period loss

-

-

-

(498)

(498)

Foreign currency reserve

-

-

99

-

99

Balance at 31 December 2008

1,016

21,904

308

(12,996)

10,232

Unaudited - period ended 31 December 2007    






Balance at 1 July 2007

987

10,576

686

(5,603)

6,646

Share issues

25

10,326

-

-

10,351

Share issue costs

-

(414)

-

-

(414)

Reversal of placement funds received in advance

-

-

(665)

-

(665)

Cost of share-based payments

-

-

69

-

69

Current period loss

-

-

-

(428)

(428)

Foreign currency reserve

-

-

46

-

46

Balance at 31 December 2007

1,012

20,488

136

(6,031)

15,605


Audited - year ended 30 June 2008






Balance at 1 July 2007

987

10,576

686

(5,603)

6,646

Share issues

29

11,742

-

-

11,771

Share issue costs

-

(414)

-

-

(414)

Cost of share-based payments

-

-

136

-

136

Reversal of placement funds received in advance

-

-

(665)

-

(665)

Current year loss

-

-

-

(6,895)

(6,895)

Foreign currency reserve

-

-

8

-

8

Balance at 30 June 2008

1,016

21,904

165

(12,498)

10,587



                




Bezant Resources Plc

Group Balance Sheet

As at 31 December 2008


Notes


Unaudited

Period ended

31 December

2008

£'000


Unaudited

Period ended

31 December

2007

£'000


Audited

Year ended

30 June

2008

£'000








ASSETS







Non-current assets







Goodwill

4

-


4,500


-

Investment in associate

5

6,871


5,892


6,218

Investment in joint venture 

6

606


521


493

Plant and equipment


33


9


32

Deferred exploration and evaluation 

  costs

7

272


49


149

Other investment 

8

9


200


135



7,791


11,171


7,027

Current assets







Cash at bank and in hand


2,544


4,557


3,713

Trade and other receivables

9

8


18


7



2,552


4,575


3,720

Total assets


10,343


15,746


10,747

LIABILITIES







Current Liabilities







Trade and other payables

10

111


141


160



111


141


160








Total liabilities


111


141


160

Net assets


10,232


15,605


10,587








EQUITY







Share capital


1,016


1,012


1,016

Share premium account


21,904


20,488


21,904

Reserves 

12

308


136


165

Accumulated losses


(12,996)


(6,031)


(12,498)








Shareholders' Equity


10,232


15,605


10,587



  Bezant Resources Plc

Group Cash Flow Statement

For the period ended 31 December 2008


Notes


Unaudited

Period ended

31 December 2008

£'000


Unaudited

Period ended

31 December 2007

£'000


Audited

Year ended

30 June

2008

£'000








Net cash outflow from 

operating activities

14

(528)


(430)


(974)








Cash flows from 

 investing activities







Payments for plant and equipment


(6)


(7)


(32)

Payments to fund exploration


(123)


(112)


(149)

Payments for joint venture expenditure


(113)


-


(35)

Payments to acquire investment in associate


-


(500)


(500)

Loans to associates


(653)


(278)


(605)

Payments to acquire available-for-

  sale investments 


-


(200)


(200)

Interest received


52


54


180

Other income


15


50


73


Net cash outflow from 

investing activities


(828)


(993)


(1,268)








Cash flows from 

 financing activities







Proceeds from the issue of shares


-


4,335


4,335

Share issue costs


-


(26)


(26)


Net cash inflow from 

 financing activities


-


4,309


4,309








(Decrease) / Increase in cash and cash equivalents


(1,356)


2,886


2,067








Cash and cash equivalents at

 beginning of period


3,713


1,625


1,625








Effect of foreign currency translation

 reserve


187


46


21








Cash and cash equivalents at end

 of period


2,544


4,557


3,713




Bezant Resources Plc

Notes to the Interim Financial Information

For the period ended 31 December 2008


1.    Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated below.


1.1    Basis of preparation


This interim report, which incorporates the financial information of the Company and its subsidiary undertakings (the 'Group'), has been prepared using the historical cost convention, on a going concern basis and in accordance with the International Financial Reporting Standards ('IFRS') including IAS 34 'Interim Financial Reporting' and IFRS 6 'Exploration for and Evaluation of Mineral Resources', as adopted by the European Union ('EU'). 


These interim results for the six months ended 31 December 2008 are unaudited and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial statements for the year ended 30 June 2008 have been delivered to the Registrar of Companies and the auditors' report on those financial statements was unqualified and did not contain a statement made under Section 237(2) or Section 237(3) of the Companies Act 1985, with the latter version of the Companies Act having been current during the previous reporting period.


Basis of Consolidation


The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertakings and have been prepared by using the principles of acquisition accounting, which includes the results of the subsidiaries from their dates of acquisition.


                 All intra-group transactions, income, expenses and balances are eliminated fully on consolidation.


A subsidiary undertaking is excluded from the consolidation where the interest in the subsidiary undertaking is held exclusively with a view to subsequent resale and the subsidiary undertaking has not previously been consolidated in the consolidated accounts prepared by the parent undertaking.


Business Combination


On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (i.e. discount on acquisition) is credited to profit and loss in the period of acquisition.The interest of minority shareholders is stated at the minority's proportion of the fair values of the assets and liabilities recognised. Subsequently, any losses applicable to the minority interest in excess of the minority interest are allocated against the interests of the parent.  


                Investment in associate companies is accounted for using the equity method.


1.2    Goodwill


Goodwill is the difference between the amount paid on the acquisition of the subsidiary undertakings and the aggregate fair value of their separable net assets. Goodwill is capitalised as an intangible asset and in accordance with IFRS 3 'Business Combinations' is not amortised but tested for impairment when there are any indications that its carrying value is not recoverable. As such, goodwill is stated at cost less any provision for impairment in value. If a subsidiary undertaking is subsequently sold, goodwill arising on acquisition is taken into account in determining the profit and loss on sale.


1.3    Exploration and evaluation expenditure 

    

Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves. Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the decision to abandon the area is made. When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the area according to the rate of depletion of the economically recoverable reserves. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. 


Costs of site restoration are provided when an obligating event occurs from when exploration commences and are included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal and rehabilitation of the site in accordance with clauses of the mining permits. Such costs have been determined using estimates of future costs, current legal requirements and technology on a discounted basis. Any changes in the estimates for the costs are accounted for on a prospective basis. In determining the costs of site restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. Accordingly the costs have been determined on the basis that the restoration will be completed within one year of abandoning the site.


1.4    Revenue


Revenue from the sale of goods (precious metals) is recognised upon production. Interest revenue is recognised on a proportional basis taking into account the interest rate applicable to the financial assets.





Bezant Resources Plc

Notes to the Interim Financial Information

For the period ended 31 December 2008


1.5    Share based payments


The Company made share-based payments to certain directors and advisers by way of issue of share options. The fair value 

of these payments is calculated by the Company using the Black Scholes option pricing model. The expense is recognised on a straight line basis over the period from the date of award to the date of vesting, based on the Company's best estimate of shares that will eventually vest.


1.6    Foreign Currency Transactions and Balances


                (i) Functional and presentational currency


Items included in the Group's financial statements are measured using Pounds Sterling ('£'), which is the currency of the primary economic environment in which the Group operates ('the functional currency'). The financial statements are presented in Pounds Sterling ('£'), which is the functional currency of the Company and is the Group's presentation currency.


The individual financial statements of each Group company are presented in the functional currency of the primary economic environment in which it operates.


                (ii) Transactions and balances


Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.


Transactions in the accounts of individual Group companies are recorded at the rate of exchange ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rates ruling at the balance sheet date. All differences are taken to the income statement.


For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group's foreign operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising are classified as equity and transferred to the Group's translation reserve. Such translation differences are recognised as income or as expenses in the period in which the operation is disposed of.


2.    Loss per share 


The basic loss per ordinary share has been calculated using the loss for the period of £498,000 (31 December 2007: £428,000, 30 June 2008: £6,895,000) and the weighted average number of ordinary shares in issue of 39,162,223 (31 December 2007: 36,131,961, 30 June 2008: 36,944,824).


The diluted loss per share has been calculated using a weighted average number of shares in issue and to be issued of 34,011,508 (31 December 2007: 36,236,122, 30 June 2008 36,890,621). The diluted loss per share has been kept the same as the basic loss per share as the conversion of share options decreases the basic loss per share, thus being anti-dilutive. 



3.    Segmental reporting


For the purposes of segmental information, the operations of the Group are focused in Tanzania and the Philippines and comprise one class of business: the exploration, evaluation and development of mineral resources.


               The Group's operating loss arose from its operations in both Tanzania and the Philippines.  




Bezant Resources Plc

Notes to the Interim Financial Information

For the period ended 31 December 2008



4.    Goodwill

    

    Group


Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000













Cost






At periods' / year end

4,500


4,500


4,500







Impairment






At periods' / year end

(4,500)


-


(4,500)







Net book value






At periods' / year end

-


4,500


-







Goodwill arose on the acquisition of the Company's subsidiary undertakings.  


5.    Investments in associate accounted for using the equity method of accounting


    Group


Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Investment in Crescent Mining and Development Corporation


5,614


5,614


5,614

Loan due from Crescent Mining and Development Corporation

1,257


278


604


6,871


5,892


6,218


  Bezant Resources Plc

Notes to the Interim Financial Information

For the period ended 31 December 2008



6.    Investment in joint venture


    Group


Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Investment in Mkurumu Project

606


521


493


7.    Deferred exploration and evaluation costs


    Group


Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Deferred exploration and evaluation 

  costs

272


49


149

    

8.    Other investment


    Group


Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Shares in listed company

9


200


135


9.    Trade and other receivables


    Group


Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Other receivables

8


18


7


10.    Trade and other payables


    Group


Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Trade payables

77


118


125

Other payables & accruals

34


23


35


111


141


160

  Bezant Resources Plc

Notes to the Interim Financial Information

For the period ended 31 December 2008



11.    Share capital and options


    Group

Class

Nominal value


Unaudited

31 December 2008

Number


Unaudited

31 December 2007

Number


Audited

30 June 

2008

Number









Authorised






Ordinary

0.2p


690,432,500


690,432,500


690,432,500

Deferred

4p


7,959,196


7,959,196


7,959,196

Deferred

99p


625,389


625,389


625,389









Allotted, called up and fully paid






Ordinary

0.2p


39,162,223


37,162,223


39,162,223

Deferred

4p


7,959,196


7,959,196


7,959,196

Deferred

99p


625,389


625,389


625,389



    Share options


    Details of share options outstanding at 31 December 2008 are as follows:



Unaudited

31 December 2008

Number


Unaudited

31 December 2007

Number


Audited

30 June 

2008

Number







Opening balance

2,197,800


2,197,800


2,197,800

Granted during the period

-


-


-

Exercised during the period

-


-


-

Lapsed during the period

-


-


-








2,197,800


2,197,800


2,197,800





Bezant Resources Plc

Notes to the Interim Financial Information

For the period ended 31 December 2008



12.    Reserves


    Group

Share based payment reserve

Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Opening balance

142


6


6

Share based payments - charge

44


69


136







Closing balance

186


75


142


    

Foreign currency reserve

Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Opening balance

23


15


15

Movement in reserve

99


46


8







Closing balance

122


61


23


Other reserve - for own shares 

Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Opening balance

-


665


665

Transfer to equity

-


(665)


(665)







Closing balance

-


-


-


13.    Share-based payments 


    Group


The Group and Company recognised the following charge in the income statement in respect of its share based payment plans:



Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Share-based payment charge

44


69


136




Bezant Resources Plc

Notes to the Interim Financial Information

For the period ended 31 December 2008




14.    Reconciliation of operating cash flows to net cash outflows from operating activities



Unaudited

31 December 2008

£'000


Unaudited

31 December 2007

£'000


Audited

30 June 

2008

£'000







Group operating loss

(557)


(482)


(7,075)







Other income

7


-


-

Depreciation 

5


1


4

Foreign exchange gain

(87)


-


(12)

Share-based payment expense

44


69


136

VAT refunds received

(15)


(50)


(73)

Impairment in investments

125


-


5,985

(Increase) / decrease in trade and other receivables

(1)


27


38

Increase / (decrease) in trade and other payables

(49)


5


23








(528)


(430)


(974)



  Bezant Resources Plc

Notes to the Interim Financial Information

For the period ended 31 December 2008



15.    Events after the balance sheet date


There has not arisen in the interval between the half year end and the date of this report any item, transaction or event of a material or unusual nature likely, in the opinion of the directors of the Company, to effect:


  • The Company's operations in future financial periods; or 

  • The results of those operations in future financial periods; or

  • The Company's state of affairs in future financial periods.



16.    Availability of Interim Report


A copy of these results will be available from the Company's registered office at Quadrant House, Floor 6, 17 Thomas More Street, Thomas More Square, London E1W 1YW and can also be downloaded from our website at www.bezantresources.com. Bezant Resources Plc is registered in England and Wales with company number 2918391.




INDEPENDENT REVIEW REPORT BY THE AUDITORS

TO BEZANT RESOURCES PLC



Introduction

We have been engaged by the company to review the condensed financial statements in the interim results for the six months ended 31 December 2008 which comprises the Group Income Statement, the Group Statement of Changes in Equity, the Group Balance Sheet, the Group Cash Flow Statement and the related notes. We have read the other information contained in the interim results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.


Directors' Responsibilities

The interim result is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim results in accordance with the AIM Rules For Companies.


As disclosed in note 15, the annual financial statements of the group will be prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in the interim results has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the European Union.


Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim results based on our review.


Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.


Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed financial statements in the interim results for the six months ended 31 December 2008 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules For Companies.




UHY Hacker Young LLP

Chartered Accountants

Registered Auditors

London


30 March 2009


This information is provided by RNS
The company news service from the London Stock Exchange
 
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