PETROCAPITAL RESOURCES PLC
("Petrocapital" or the "Company")
INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED 31 AUGUST 2008
CHAIRMAN'S STATEMENT
In the first six months of the financial year the Company made a loss of
£46,569, which was mainly attributable to the professional costs incurred in
connection with the acquisition of 95.7% of the ordinary share capital of the
Company by Jurby Corporation ("Jurby") on 31st July.
As shareholders will recall from a previous announcement, the acquisition of
the Company by Jurby heralded the transition of the Company to that of an
investor in strategic interests in existing companies involved in oil
exploration and precious metals mining in the Eastern European and Asian
regions, with a particular focus on Kazakhstan.
As part of the change in focus of the Company the following appointments have
been made to the Board of Directors: Jochen Schaefer, CEO; Axel Von Schubert
COO; Jonathan Scott-Barrett, New Business Development; Timothy Le Druillenec,
Finance Director and Company Secretary; with, finally, myself as Chairman. Our
previous Chairman, Richard Armstrong, remains as a non-executive director.
I would also like to take this opportunity to thank our departing directors
Stephen Evans and Jonathon de Mendonca for their work in the formation of this
corporate vehicle.
This change of strategy and introduction of a new management team, together
with the secondary listing your Company has recently obtained on the XETRA
market in Frankfurt, marks the beginning of an exciting new venture. The
Company is already involved in detailed talks with several parties about
potential investments in the oil and precious metals sectors.
We look forward to the new future of the Company and further announcements will
be made as soon as appropriate.
Emmanuel Olympitis
CHAIRMAN
PROFIT AND LOSS ACCOUNT
Notes 6 months to 12 months to 6 months to
31 August 29 February 31 August
2008 2008 2007
£ £ £
Turnover - - -
Administrative expenses (11,470) (21,903) (8,100)
------ ------ ------
Operating loss (11,470) (21,903) (8,100)
Exceptional items 2 (36,195) (70,000) -
------ ------ ------
(47,665) (91,903) (8,100)
Interest receivable and other 1,096 2,909 1,492
income
------ ------ ------
Loss on ordinary activities before (46,569) (88,994) (6,608)
taxation
Taxation - - -
------ ------ ------
Loss on ordinary activities after
taxation (46,569) (88,994) (6,608)
and retained for the period
------ ------ ------
Loss per ordinary share - basic 3 (0.15)p (0.36)p (0.03)p
------ ------ ------
Loss per ordinary share - diluted 3 ( 0.08)p (0.10)p (0.01)p
------ ------ ------
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There were no recognised gains or losses other than those passing through the
profit and loss account.
BALANCE SHEET
As at As at As at
Notes 31 August 29 February 31 August
2008 2008 2007
£ £ £
Current assets
Debtors and prepayments 4 6,591 5,219 72,437
Cash at bank and in hand 23,522 59,018 64,687
------ ------ ------
30,113 64,237 137,124
Creditors: amounts falling due
within (27,346) (14,901) (5,402)
one year
------ ------ ------
Net current assets 2,767 49,336 131,722
Creditors: amounts falling after
more than 5 (29,470) (81,861) (81,861)
one year
------ ------ ------
Total assets less current (26,703) (32,525) 49,861
liabilities
------ ------ ------
Capital and reserves
Called up share capital 6 130,000 50,000 50,000
Equity reserve 5 15,530 43,139 43,139
Profit and loss account (172,233) (125,664) (43,278)
------ ------ ------
Shareholders' funds - equity (26,703) (32,525) 49,861
------ ------ ------
CASH FLOW STATEMENT
Notes 6 months to 12 months to 6 months to
31 August 29 February 31 August
2008 2008 2007
£ £ £
Net cash outflow from operating (36,592) (14,907) (7,821)
activities
Returns on investments and
servicing of 1,096 2,909 1,492
finance
------ ------ ------
Net cash outflow before financing (35,496) (11,998) (6,329)
Financing
Issue of convertible loan notes - - -
Issue of ordinary share capital - - -
------ ------ ------
Cash inflow from financing - - -
------ ------ ------
(Decrease)/ increase in cash for (35,496) (11,998) (6,329)
the period
------ ------ ------
NOTES TO THE FINANCIAL INFORMATION
1. Status of these accounts
The interim accounts for the period from 1 March 2008 to 31 August 2008 are
unaudited. The financial information set out in this statement does not
constitute statutory accounts within the meaning of the Companies Act 1985.
2. Exceptional items
The exceptional item for the period ended 31 August 2008 relates to
professional costs incurred in connection with the acquisition during the
period of 95.7% of the ordinary share capital of the Company by Jurby
Corporation, a St Vincent incorporated company.
The exceptional item for the year ended 29 February 2008 relates to a provision
against a loan of £70,000 which the Directors considered to be irrecoverable.
3. Loss per ordinary share
Basic and diluted earnings per share figures are based on the following losses
and numbers of shares:
6 months to 12 months to 6 months to
31 August 29 February 31 August
2008 2008 2007
restated restated
Basic £ £ £
Loss after tax 46,569 88,994 6,608
------ ------ ------
Weighted average number of 31,739,130 25,000,000 25,000,000
shares
------ ------ ------
Diluted
Loss after tax 46,569 88,994 6,608
------ ------ ------
Weighted average number of 31,739,130 25,000,000 25,000,000
shares
Weighted average number of
potential shares on 22,500,000 62,500,000 62,500,000
convertible loan notes
------ ------ ------
54,239,130 87,500,000 87,500,000
------ ------ ------
4. Debtors and prepayments
As at As at As at
31 August 29 February 31 August
2008 2008 2007
£ £ £
Loan - - 70,000
Other debtors and prepayments 6,591 5,219 2,437
------ ------ ------
6,591 5,219 72,437
------ ------ ------
5. Amounts falling due after more than one year
As at As at As at
31 August 29 February 31 August
2008 2008 2007
£ £ £
Convertible 0% loan notes 45,000 125,000 125,000
------ ------ ------
The convertible loan notes are convertible into ordinary shares of the Company
at any time between the date of issue of the notes on 5 May 2006 and their
conversion date of 31 December 2011. On issue the shares were convertible at
1,000 ordinary shares per £1 loan note.
On 31 July 2008 £80,000 convertible loan notes 2011 were converted into
80,000,000 new ordinary shares in the Company.
Following the share consolidation on 31 July 2008 (Note 6), the loan notes are
now convertible at 500 ordinary shares per £1 loan note.
The net proceeds received from the issue of the convertible loan notes have
been split between the liability element and an equity component, representing
the fair value of the embedded option to convert the liability into equity of
the Company as follows:
As at As at As at
31 August 29 February 31 August
2008 2008 2007
£ £ £
Nominal value of convertible 125,000 125,000 125,000
loan notes issued
Converted to ordinary shares (80,000) - -
------ ------ ------
45,000 125,000 125,000
Equity component (15,530) (43,139) (43,139)
------ ------ ------
Net liability component 29,470 81,861 81,861
------ ------ ------
6. Issued Share Capital
As at As at As at
31 August 29 February 31 August
2008 2008 2007
£ £ £
65,000,000 ordinary 0.2p shares 130,000 - -
50,000,000 ordinary 0.1p shares - 50,000 50,000
------ ------ ------
130,000 50,000 50,000
------ ------ ------
On 31 July 2008 £80,000 convertible loan notes 2011 were converted into
80,000,000 new ordinary shares in the Company.
By way of an ordinary resolution dated 31 July 2008, every 2 ordinary shares of
0.1p each in the Company was consolidated into 1 ordinary share of 0.2p.
In addition to the issued share capital there are 868,750 warrants in issue
each entitling the holder to acquire 1 ordinary share at a price of 0.2p.
There are no non-voting shares or preference shares in issue.
7. The interim accounts have been prepared in accordance with the accounting
policies set out in the annual accounts for the year ended 28 February 2008,
but they have not been audited or reviewed by the Company's auditors.
THE DIRECTORS OF THE ISSUER ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS
ANNOUNCEMENT.
---ENDS---
Enquiries:
Petrocapital Resources Plc 020 7581 1331
Emmanuel Olympitis
Fisher Corporate Plc 020 7388 7000
Gary Miller
END
PETROCAPITAL RESOURCES PLC: Interim Results for the period ended 31 August 2008
© 2008 PR Newswire
Sie erhalten auf FinanzNachrichten.de kostenlose Realtime-Aktienkurse von und
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen.
Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen,
bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen
Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu
verstehen sein kann.
