29th Jun 2009 14:30
AIM: EVE
PRESS RELEASE
29 June 2009
Everfor Resources plc
Final Results for the Year Ended 31 December 2008
Everfor Resources plc ('Everfor', or the 'Company') (AIM:EVE) announces its audited results for the year ended 31 December 2008. The Company's forthcoming Annual General Meeting will be held at 1 Red Place, London, W1K 6PL, United Kingdom on 30 July 2009 at 10.00am.
Executive Chairman's Statement
As announced on 5 June 2008, subsequent to its cessation of diamond exploration activities in North West Russia, Everfor Diamonds plc effectively became a cash shell and was re-named Everfor Resources plc ("Everfor" or the "Company") and re-structured in readiness for new potential opportunities.
Everfor adopted a policy of reviewing potential investments in the mining of natural resources of any nature whatsoever, primarily in Russia, Kazakhstan and Kyrgyzstan. The policy covered the acquisition of various exploration, development or production projects in the minerals, base metals, precious metals or hydrocarbon related industries after applying due diligence which would be carried out by reputable professional advisors and consultants experienced in the related industries.
Recent capital market conditions have increased the difficulty of raising capital to acquire or invest in mining or natural resources deposits, and while we have reviewed various opportunities, the Board has not yet identified an asset or investment suitable for its investment policy. Pursuant to the AIM Rules for Companies, if Everfor has not implemented its investment policy by 30 June 2009 the board expects that trading in Everfor will be suspended from 8.00am on 1 July 2009 until such time as it has made an investment or investments to implement its investment policy. If the investment policy is not implemented within six months of suspension, it is anticipated that Everfor's shares will be cancelled from trading on AIM.
I have full confidence in the commitment and experience of the Everfor team and will update shareholders on the Company's development in due course.
Dr Sergey V Kurzin
Executive Chairman
29 June 2009
The Company advises that the full 2008 Annual Report and Annual Financial Statements are available from the Company's website at www.everfor.com and have been sent to shareholders. The Notice of the Annual General Meeting and associated proxy cards will be mailed to shareholders on 30 June 2009.
Everfor Resources plc
Consolidated income statement for the year ended 31 December 2008
|
|
2008 |
2007 |
||
|
£'000 |
£'000 |
|||
|
Exploration expenses |
- |
(96) |
||
|
Provision in respect of exploration licenses |
- |
(3,182) |
||
|
Exploration expenses |
- |
(3,278) |
||
|
Other operating expenses |
(105) |
(448) |
||
|
Operating loss |
(105) |
(3,726) |
||
|
Finance income |
9 |
20 |
||
|
Loss before taxation |
(96) |
(3,706) |
||
|
Taxation |
- |
- |
||
|
Loss for the year |
(96) |
(3,706) |
||
|
Attributable to: |
||||
|
Equity shareholders of the parent |
(96) |
(3,322) |
||
|
Minority Interest |
- |
(384) |
||
|
(96) |
(3,706) |
|||
|
Loss per share - basic and diluted |
(1.9)p |
(67.21)p |
||
Everfor Resources plc
Consolidated statement of changes in equity for the year ended 31 December 2008
|
Called up share capital |
Share premium |
Merger reserve |
Translation reserve |
Retained earnings |
Total shareholder equity |
Minority Interest |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
At 1 January 2007 |
989 |
4,111 |
1,950 |
25 |
(3,529) |
3,546 |
384 |
3,930 |
|
Currency translation differences and net income recognised directly in equity |
- |
- |
- |
(54) |
- |
(54) |
- |
(54) |
|
Loss for the year |
- |
- |
- |
- |
(3,322) |
(3,322) |
(384) |
(3,706) |
|
Total recognised income and expense for the year |
- |
- |
- |
(54) |
(3,322) |
(3,376) |
(384) |
(3,760) |
|
Share based payments |
- |
- |
- |
- |
20 |
20 |
- |
20 |
|
At 1 January 2008 |
989 |
4,111 |
1,950 |
(29) |
(6,831) |
190 |
- |
190 |
|
Currency translation differences and net expense recognised directly in equity |
- |
- |
- |
26 |
- |
26 |
- |
26 |
|
Loss for the period |
- |
- |
- |
- |
(96) |
(96) |
- |
(96) |
|
Total recognised income and expense for the year |
- |
- |
- |
26 |
(96) |
(70) |
- |
(70) |
|
Share based payments |
- |
- |
- |
- |
7 |
7 |
- |
7 |
|
At 31 December 2008 |
989 |
4,111 |
1,950 |
(3) |
(6,920) |
127 |
- |
127 |
Everfor Resources plc
Consolidated balance sheet as at 31 December 2008
|
2008 |
2007 |
||
|
£'000 |
£'000 |
||
|
ASSETS |
|||
|
Non current assets |
|||
|
Property, plant and equipment |
1 |
2 |
|
|
1 |
2 |
||
|
Current assets |
|||
|
Other receivables |
2 |
26 |
|
|
Cash and cash equivalents |
165 |
260 |
|
|
167 |
286 |
||
|
Total Assets |
168 |
288 |
|
|
EQUITY AND LIABILITIES |
|||
|
Current liabilities |
|||
|
Trade and other payables |
41 |
98 |
|
|
Total current liabilities |
41 |
98 |
|
|
Equity |
|||
|
Called up share capital |
989 |
989 |
|
|
Share premium |
4,111 |
4,111 |
|
|
Merger reserve |
1,950 |
1,950 |
|
|
Translation reserve |
(3) |
(29) |
|
|
Retained earnings |
(6,920) |
(6,831) |
|
|
Equity attributable to shareholders of the parent |
127 |
190 |
|
|
Minority interests |
- |
- |
|
|
Total equity |
127 |
190 |
|
|
Total Equity and Liabilities |
168 |
288 |
|
|
|
Everfor Resources plc
Consolidated cash flow statement for the year ended 31 December 2008
|
2008 |
2007 |
||
|
£'000 |
£'000 |
||
|
Operating activities |
|||
|
Loss before taxation |
(96) |
(3,706) |
|
|
Depreciation |
1 |
2 |
|
|
Finance income |
(9) |
(20) |
|
|
Share based payments |
7 |
20 |
|
|
Foreign exchange losses |
26 |
(54) |
|
|
Impairment of exploration licenses |
- |
3,182 |
|
|
Decrease in other receivables |
24 |
167 |
|
|
(Decrease) in trade and other payables |
(57) |
(7) |
|
|
Net cash flows from operating activities |
(104) |
(416) |
|
|
Investing activities |
|||
|
Interest received |
9 |
20 |
|
|
Net cash flows from investing activities |
9 |
20 |
|
|
(Decrease) / Increase in net cash and cash equivalents in the year |
(95) |
(396) |
|
|
Cash and cash equivalents at the beginning of the year |
260 |
656 |
|
|
Cash and cash equivalents at the end of the year |
165 |
260 |
ENDS
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For further information please contact:
Tania Tchedaeva, Company Secretary, Everfor Resources plc
Tel: +44 (0) 20 7514 0595
Gavin Dallas, Investor Relations, Everfor Resources plc
Tel: +44 (0)20 7514 0595
Ryan Gaffney / Henry Fitzgerald-O'Connor, Canaccord Adams Limited
Tel: +44 (0) 20 7050 6500
www.everfor.com
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Related Shares:
EVE.L