Interim Results

Zareba PLC
30 September 2005

Zareba PLC



Interim report for the period ended 30 June 2005



Chairman's Statement



This is my first report following the flotation of the Company in February 2005.
The attached profit and loss account shows that the company made a loss for the
period to June of £38,619and had some £1.35 million in cash resources.



The company was floated to make investments in the mining and minerals sector.
Its first investment was announced on 8 June, and was in a company developing a
diamond mine in Northern Namibia. The initial investment of N$ 500,000 has been
subsequently increased by a further N$ 500,000. The total investment represents
10% of the investee company, which is named Shelfco 21 Pty Limited. A Competent
Persons Report was commissioned from Placer Analysis Ltd, but this report has
been delayed to enable further data to be included. In the meantime the mine
itself is scheduled to be formally opened on 15 October 2005 by the Minister of
Mines and Energy of Namibia, and the opening is likely to appear on the Namibian
national television.



Other investments are also under examination, including investments which would
constitute reverse acquisitions under the AIM rules, but no firm agreements for
such investments have been made.



The directors remain conscious of the need to conserve cash, and expenses are
being kept to a minimum. They remain confident that Zareba will meet the
criteria of the London Stock Exchange for investment companies within the time
limits set by the Exchange.



Brian Moritz

(Chairman)





PROFIT AND LOSS ACCOUNT for the period ended 30 JUNE 2005


                                                      Notes            30 June
                                                                          2005
                                                                             £

Administrative expenses                                                (55,539)

Operating loss                                                         (55,539)

Interest receivable                                                     16,920

Loss on ordinary activities before taxation                            (38,619)

Tax on loss on ordinary activities                                           -

Retained loss for the financial period                    5            (38,619)








The profit and loss account has been prepared on the basis that all operations
are continuing operations.



There were no gains or losses in the period other than those included in the
above profit and loss account.


BALANCE SHEET as at 30 JUNE 2005

  
                                                            Notes                         2005
                                                                                             £
Fixed assets                                                                 
Investments                                                   1                         41,220

Current assets
Debtors                                                       2             5,357
Cash at bank and in hand                                                1,349,790

                                                                        1,355,147

Creditors: amounts falling due within one year                3            (6,506)

Net current assets                                                                    1,348,641

Total assets less current liabilities                                                 1,389,861

Capital and reserves
Called up share capital                                       4                         203,300
Share premium account                                         5                       1,225,180
Profit and loss account                                       5                         (38,619)

Shareholders' funds - equity interests                        6                       1,389,861





CASH FLOW STATEMENT for the period ended 30 JUNE 2005


                                                          Notes                           2005
                                                                                             £

Net cash outflow from operating activities                  A                           (54,390)

Returns on investments and servicing of finance

Interest received                                                   16,920

Net cash inflow from returns on investments and                                          16,920
servicing of finance

Acquisitions and disposals
Purchase of investment                                             (41,220)
                                                                                          (41,220)

Cash outflow before management of liquid resources                                        (78,690)
and financing

Management of liquid resources
Cash term deposits                                              (1,200,000)
                                                                                       (1,200,000)
Financing

Issue of ordinary share capital                                  1,583,000
Cost of share issues                                              (154,520)

Net cash outflow from financing                                                         1,428,480

Increase in cash in the period                              C                             149,790





NOTES TO THE CASH FLOW STATEMENT for the period ended 30 JUNE 2005


A       Reconciliation of operating loss to net cash outflow from operating activities

                                                                           2005
                                                                              £
        Operating loss                                                  (55,539)
        Increase in debtors                                              (5,357)
        Increase in creditors within one year
                                                                          6,506
        Net cash outflow from operating activities                      (54,390)



B      Analysis of net funds
                                             23 October 2004           Cash flow      30 June 2005
                                                           £                   £                 £
       Net cash:
       Cash at bank and in hand                            -             149,790           149,790
       Liquid resources:
       Bank deposits                                                   1,200,000         1,200,000

       Net funds                                           -           1,349,790         1,349,790




C      Reconciliation of net cash flow to movement in net funds

       Increase in cash in the period                                    149,790
       Cash outflow from increase in liquid resources                  1,200,000
       Opening net debt                                                        -
       Closing net funds                                               1,349,790



NOTES TO THE ACCOUNTS for the period ended 30 JUNE 2005


1.      Fixed asset investments                                             2005
                                                                               £
        Unlisted investments                                              41,220



2.      Debtors                                                             2005
                                                                               £

        Other debtors                                                      5,357




3.      Creditors: amounts falling due within one year                      2005
                                                                               £

        Trade creditors                                                    6,024
        Other creditors                                                      482
                                                                           6,506


4.      Called up share capital                                             2005
                                                                               £
        Authorised
        1,000,000,000 ordinary shares of £0.001 each                   1,000,000
        Allotted, called up and fully paid
        203,300,000 ordinary shares of £0.001 each                       203,300



NOTES TO THE ACCOUNTS for the period ended 30 JUNE 2005 (continued)




5.      Statement of movements on reserves                  Share premium            Profit and loss
                                                                  account                   account
                                                                        £                         £
        Retained loss for the period                                    -                  (38,619)
        Premium on shares issued during the year                 1,379,700                        -
        Cost of share issue written off to share premium account  (154,520)                       -
        At 30 June 2005                                          1,225,180                 (38,619)



6.     Reconciliation of movements in                                      2005
       shareholders' funds                                                    £

       Loss for the financial period                                    (38,619)
       Proceeds from issue of shares                                  1,583,000
       Cost of share issue written off to share premium account        (154,520)

       Net addition to shareholders' funds                            1,389,861
       Opening shareholders' funds                                            -

       Closing shareholders' funds                                    1,389,861








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