Interim Results for the Six M

RNS Number : 4199T

Pathfinder Minerals PLC

29 September 2010

 



Pathfinder Minerals Plc

("Pathfinder" or "the Company")

Interim Report for the six months ended 30 June 2010

The Board of Pathfinder Minerals plc (AIM: PFP) today announces the Company's Interim results for the six months ended 30 June 2010.

CHAIRMAN'S STATEMENT

I have pleasure in presenting the 2010 half year report.

In my June statement included in the 2009 report and accounts, I reported that the Board had been actively pursuing the Company's new investing policy and that it hoped to make a significant investment in the latter part of 2010.  This continues to be the case.

These financial statements reflect the conversion of loan notes and the exercise of warrants that I referred to in my last statement and I am pleased to report that further warrants to subscribe for shares have been exercised since the half-year end.

We remain confident that our initial investment in IM Minerals Limited ("IM"), a privately owned, junior mining company, will in due course provide significant shareholder value.  Recently IM has increased its interest in Companhia Mineira de Naburi SA ("CMdN") from 75% to 100%.  CMdN is the company which holds exploration and extraction licences respectively over adjacent potential titanium oxide ore resources in Mozambique.  The Board continues to believe that these resources will be developed into a world class asset.

Nicholas Trew

Chairman

27 September 2010

PATHFINDER MINERALS PLC

INTERIM REPORT AND FINANCIAL STATEMENTS 2010

COMPREHENSIVE INCOME STATEMENT

For the six months ended 30 June 2010

		Unaudited 6 months ended 30 June 2010		Unaudited 6 months ended 30 June 2009		Audited Year ended 31 December 2009
	Notes	£ '000		£ '000		£ '000
Revenue		-		7		9
Administration expenses		(160)		(134)		(467)
Gross loss		(160)		(127)		(458)
Other income		-		92		154
Operating loss		(160)		(35)		(304)
Finance costs		(7)		(46)		(83)
Loss on ordinary activities before taxation		(167)		(81)		(387)
Taxation		-		-		-
Comprehensive loss for the period		(167)		(81)		(387)
Loss per share	2	(0.6p)		(1.0p)		(4.8p)

PATHFINDER MINERALS PLC

INTERIM REPORT AND FINANCIAL STATEMENTS 2010

STATEMENT OF FINANCIAL POSITION

For the six months ended 30 June 2010

		Unaudited 30 June 2010		Unaudited 30 June 2009		Audited 31 December 2009
	Notes	£ '000		£ '000		£ '000
Assets
Non-current assets
Investments		200		-		200
Current assets
Prepayments		8		-		-
Inventories		-		2,900		-
Trade and other receivables		21		59		30
Cash and cash equivalents		51		12		157
		80		2,971		187
Total assets		280		2,971		387
Liabilities
Current liabilities
Trade and other payables		162		71		177
Interest bearing loans and borrowings		-		2,900		-
Total liabilities		162		2,971		177
Non-current liabilities
Interest bearing loans and borrowings	3	-		-		168
Total liabilities		162		2,971		345
Total net assets		118		-		42
Equity
Share capital - issued and fully paid	3	8,384		7,997		7,997
Share premuim		2,157		1,970		1,970
Other reserves	3	17		-		348
Retained loss		(10,440)		(9,967)		(10,273)
Total equity		118		-		42

PATHFINDER MINERALS PLC

INTERIM REPORT AND FINANCIAL STATEMENTS 2010

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

For the six months ended 30 June 2010

		Share Capital	Share Premium	Other Reserves	Retained Earnings		Total
	Notes	£'000	£'000	£'000	£'000		£'000
1 January 2009		7,997	1,970	-	(9,886)		81
Loss for the period		-	-	-	(81)		(81)
30 June 2009		7,997	1,970	-	(9,967)		-
1 January 2009		7,997	1,970	-	(9,886)		81
Movement in the year		-	-	348	-		348
Loss for the year		-	-	-	(387)		(387)
31 December 2009		7,997	1,970	348	(10,273)		42
1 January 2010		7,997	1,970	348	(10,273)		42
Movement in the period	3	387	187	(331)	-		243
Loss for the period		-	-	-	(167)		(167)
30 June 2010		8,384	2,157	17	(10,440)		118

PATHFINDER MINERALS PLC

INTERIM REPORT AND FINANCIAL STATEMENTS 2010

CASH FLOW STATEMENT

For the six months ended 30 June 2010

		Unaudited 6 months ended 30 June 2010		Unaudited 6 months ended 30 June 2009		Audited Year ended 31 December 2009
	Notes	£ '000		£ '000		£ '000
Cash flows used in operating activities
Operating loss		(160)		(35)		(458)
Adjustments for:
Share based payment		-		-		17
Operating cash used before working capital changes		(160)		(35)		(441)
Decrease in trade and other receivables		9		292		321
(Decrease) increase in trade and other payables		(15)		(10)		96
(Increase) in prepayments		(8)		-		-
Cash (used in) generated from operations		(174)		247		(24)
Interest paid		(7)		(46)		-
Net cash (used in) generated from operating activities		(181)		201		(24)
Investing activities
Interest received		-		-		1
Investment in IM Minerals		-		-		(200)
Net cash generated from investing activities		-		-		(199)
Financing activities
Waiver of loans by lenders		-		-		153
Repayment of borrowings		-		(209)		(209)
Interest paid		-		-		(83)
Net proceeds from issue of convertible loans		-		-		499
Proceeds from issue of shares	3	75		-		-
Net cash generated from (used in) financing activities		75		(209)		360
Net movement in cash and cash equivalents		(106)		(8)		137
Cash and cash equivalents at the beginning of the period		157		20		20
Cash and cash equivalents at the end of the period		51		12		157

PATHFINDER MINERALS LIMITED

INTERIM REPORT AND FINANCIAL STATEMENTS 2010

NOTES TO THE ACCOUNTS

For the six months ended 30 June 2010

1.    BASIS OF PREPARATION

These financial statements have been prepared under the historical cost convention and on a going concern basis; and, with the exception of International Accounting Standard 34 - Interim Financial Reporting (which is not mandatory for companies listed on AIM), in accordance with International Financial Reporting Standards and IFRIC interpretations adopted for use in the European Union.

The financial information for the period ended 30 June 2010 has not been audited or reviewed in accordance with the International Standard on Review Engagements 2410 issued by the Auditing Practices Board.  The figures were prepared using applicable accounting policies and practices consistent with those adopted in the statutory accounts for the year ended 31 December 2009.  The figures for the year ended 31 December 2009 have been extracted from these accounts, which have been delivered to the Registrar of Companies, and contain an unqualified audit report.

The financial information contained in this document does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006.  In the opinion of the directors, the financial information for this period fairly presents the financial position, result of operations and cash flows for the period.

This Interim Financial Report was approved by the Board of Directors on 27 September 2010.

2.   LOSS PER SHARE

The calculation of loss per share is based on the loss after taxation divided by the weighted average number of shares in issue during the period.  The comparative figures for 2009 have been adjusted to take account of the capital reorganisation that took place at the end of 2009.  The difference between the basic and fully-diluted loss per share is not material.

3.    CONVERSION OF LOANS AND ISSUE OF SHARES

During the period, all of the convertible loans of £506,000 were converted into ordinary shares of 1p each, resulting in the issue of 33,733,333 ordinary 1p shares.  Also during the period holders of warrants to subscribe for 5,000,000 ordinary shares of 1p each exercised those warrants, resulting in the injection of £75,000 of additional cash resources.

As a result of the issue of these additional shares, at 30 June 2010 the number of ordinary 1p shares in issue was 46,730,472.

4.    ACQUSITION EXPENSES

As outlined in the Chairman's Statement, the Company has been appraising a significant further investment.  In so doing it has incurred commitments to pay fees on completion of any transaction.  Because such costs will be aggregated with the cost of the acquisition itself, these commitments have not been reflected in the figures reported here.

5.    A copy of this interim statement is available on the Company's website - www.pathfinderplc.co.uk

Contact:

Pathfinder Minerals Plc Nicholas Trew, Chairman	Tel: [phone]
Daniel Stewart & Company plc Oliver Rigby	Tel: [phone]

 

END

 

 

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