27th Jun 2014 07:00
Red Leopard Holdings Plc
("Red Leopard" or the "Company")
Final Results for the year to 31 December 2013
I am pleased to present the financial statements for the year to 31 December 2013 for Red Leopard Holdings Plc and its wholly owned subsidiaries (together the "Group").
Total equity of the Group as at 31 December 2013 was £320,111(2012: deficit £229,575) and the loss for the year attributable to the equity holders of the parent was £358,681(2012: £169,233).
As at 31 December 2013 net cash for the Group was £120,999(2012: £5,555).
On 23 July 2013, following shareholder approval at the 2012 AGM, the Company ceased its operations in the property sector and became an investing company pursuant to Rule 15 of the AIM Rules, at which time it adopted an investing policy which focused on the exploration and development of natural resources. On 6 September 2013, in accordance with this new policy, Red Leopard acquired the entire issued share capital of Red Leopard Mining Inc ('RLM'), a transaction which constituted a reverse takeover under the AIM Rules. RLM, an Idaho incorporated company, was established in 2013 as a special purpose vehicle into which 205 unencumbered claims (the "Claims") were transferred by Polaris Resources Inc, a wholly owned subsidiary of Quest Minerals Corporation,
The Claims are located in the vicinity of Shoshone County, Idaho, USA, commonly referred to as "Silver Valley". This area is well known as the premier silver district in North America, with total historic production to 2013 of around 1.2 billion ounces of silver and substantial lead, zinc, copper and gold. Most of the Claims, which cover a total land area of approximately 1,435 hectares (the equivalent to 3,546 acres), lie within the Panhandle National Forest and upon Bureau of Land Management ("BLM") land.
On the Claims land sits the Idora Tunnel. The Company recently submitted to the BLM for review and comment, a detailed written plan of operations to reopen the Idora Tunnel for purposes of exploration. Whilst the Company cannot predict with certainty the ultimate timing or actual approval of such plan of operations, RLM management remains confident that approval will be obtained.
Whilst the directors have been exploring other opportunities in the Coeur d'Alene mining district, the Company has also been proactive in considering other complimentary resource assets, in particular in Chile, and earlier this year established a wholly owned subsidiary, Minera Red Leopard Chile SpA ("MRLC"). Through MRLC, the Company recently assisted in the facilitation of the sale by Sociedad De Asesoria Jurdica y Economica Minem S.A. ("Minem"), a private company, of two properties, TresAmantes and San Antonio, located in the Atacama Region of Chile, to TSXV listed Cougar Minerals Corp ("Cougar"). In consideration, Minem paid the Company US$25,000 in cash and 300,000 ordinary shares ("Consideration Shares") in Cougar representing a proportion of the consideration Minem received for the properties, as announced on 7 April 2014.
A notice convening an Annual General Meeting of the Company to be held on 22 July 2014 at 10 am at 50 Jermyn Street, London SW1Y 6LX accompanies the full report and accounts which have been sent today to shareholders and are available to download from the Company's website: www.redleopardholdings.com.
J J May
Chairman
Enquiries:
Red Leopard Holdings PLC |
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John May, Chairman | Tel: +44 (0) 207 917 6822 |
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|
Northland Capital Partners Limited |
|
Gavin Burnell/ Lauren Kettle | Tel: +44 (0) 207 382 1100 |
Consolidated statement of comprehensive income for the year ended 31 December 2013
2013 |
2012 | |
£ | £ | |
OVERHEADS | ||
Administrative expenses | (358,681) | (169,041) |
OPERATING LOSS | (358,681) | (169,041) |
Finance income | - | 2 |
Finance cost | - | (194) |
LOSS FROM CONTINUING ACTIVITIES BEFORE TAXATION | (358,681) | (169,233) |
Tax expense | - | - |
LOSS FOR THE YEAR ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT | (358,681) | (169,233) |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT | (358,681) | (169,233) |
Loss per share - basic | (0.28)p | (0.19)p |
Loss per share -diluted | (0.28)p | (0.19)p |
Consolidated statement of financial position
2013 | 2012 | |
£ | £ | |
NON CURRENT ASSETS | ||
Intangible assets | 433,333 | - |
433,333 | - | |
CURRENT ASSETS | ||
Trade and other receivables | 28,758 | 21,357 |
Cash and cash equivalents | 120,999 | 5,555 |
TOTAL CURRENT ASSETS | 149,757 | 26,912 |
TOTAL ASSETS | 583,090 | 26,912 |
EQUITY | ||
Share capital | 1,500,800 | 1,368,334 |
Share premium account | 3,862,860 | 3,097,263 |
Share based payment reserve | 60,002 | 60,002 |
Retained earnings | (5,103,551) | (4,755,174) |
TOTAL EQUITY | 320,111 | (229,575) |
CURRENT LIABILITIES | ||
Trade and other payables | 262,979 | 256,487 |
TOTAL CURRENT LIABILITIES | 262,979 | 256,487 |
TOTAL LIABILITIES | 262,979 | 256,487 |
TOTAL EQUITY AND LIABILITIES | 583,090 | 26,912 |
Company statement of financial position for the year ended 31 December 2013
Year ended31 December2013 | Year ended31 December2012 | |
£ | £ | |
NON-CURRENT ASSETS | ||
Investments | 433,433 | 100 |
TOTAL NON-CURRENT ASSETS | 433,433 | 100 |
CURRENT ASSETS | ||
Trade and other receivables | 27,704 | 20,309 |
Cash and cash equivalents | 120,992 | 5,555 |
TOTAL CURRENT ASSETS | 148,696 | 25,864 |
TOTAL ASSETS | 582,129 | 25,964 |
EQUITY | ||
Share capital | 1,500,800 | 1,368,334 |
Share premium account | 3,862,860 | 3,097,263 |
Share based payment reserve | 60,002 | 60,002 |
Retained earnings | (5,110,113) | (4,762,572) |
TOTAL EQUITY | 313,549 | (236,973) |
CURRENT LIABILITIES | ||
Trade and other payables | 268,580 | 262,937 |
TOTAL CURRENT LIABILITIES | 268,580 | 262,937 |
TOTAL LIABILITIES | 268,580 | 262,937 |
TOTAL EQUITY AND LIABILITIES | 582,129 | 25,964 |
Consolidated statement of changes in equity for the year ended 31 December 2013
Share capital | Sharepremium account | Share based payment reserve | Retainedearnings | Totalequity | |
£ | £ | £ | £ | £ | |
At 1 January 2013 | 1,368,334 | 3,097,263 | 60,002 | (4,755,174) | (229,575) |
Loss for the year | - | - | - | (358,681) | (358,681) |
Total comprehensive income | 1,368,334 | 3,097,263 |
60,002 | (5,113,855) | (588,256) |
Transactions with owners: | |||||
Equity component of compound instrument | - | - |
- | 10,304 | 10,304 |
Issue of share capital | 132,466 | 765,597 | - | - | 898,063 |
Total transactions with owners | 132,466 | 765,597 | - | 10,304 | 908,367 |
At 31 December 2013 | 1,500,800 | 3,862,860 | 60,002 | (5,103,551) | 320,111 |
Share capital | Sharepremium account | Share based payment reserve | Retainedearnings | Totalequity | |
£ | £ | £ | £ | £ | |
At 1 January 2012 | 1,350,334 | 3,097,263 | 60,002 | (4,585,941) | (78,342) |
Loss for the year | - | - | - | (169,233) | (169,233) |
Total comprehensive income | - | - |
- | (169,233) | (169,233) |
Transactions with owners: | |||||
Issue of share capital | 18,000 | - | - | - | 18,000 |
Total transactions with owners | 18,000 | - | - | - | 18,000 |
At 31 December 2012 | 1,368,334 | 3,097,263 | 60,002 | (4,755,174) | (229,575) |
Company statement of changes in equity for the year ended 31 December 2013
Share capital | Sharepremium account | Share based payment reserve | Retainedearnings | Totalequity | |
£ | £ | £ | £ | £ | |
At 1 January 2013 | 1,368,334 | 3,097,263 | 60,002 | (4,762,572) | (236,973) |
Loss for the year | - | - | - | (357,845) | (357,845) |
Total comprehensive income | 1,368,334 | 3,097,263 | 60,002 | (5,110,113) | (594,818) |
Transactions with owners: | |||||
Equity component of compound instrument | - | - |
- | 10,304 | 10,304 |
Issue of share capital | 132,466 | 765,597 | - | - | 898,063 |
Total transactions with owners | 132,466 | 765,597 | - | 10,304 | 908,367 |
At 31 December 2013 | 1,500,800 | 3,862,860 | 60,002 | (5,110,113) | 313,549 |
Share capital | Sharepremium account | Share based payment reserve | Retainedearnings | Totalequity | |
£ | £ | £ | £ | £ | |
At 1 January 2012 | 1,350,334 | 3,097,263 | 60,002 | (4,593,507) | (85,908) |
Loss for the year | - | - | - | (169,065) | (169,065) |
Total comprehensive income | - | - |
- | (169,065) | (169,065) |
Transactions with owners: | |||||
Issue of share capital | 18,000 | - | - | - | 18,000 |
Total transactions with owners | 18,000 | - | - | - | 18,000 |
At 31 December 2012 | 1,368,334 | 3,097,263 | 60,002 | (4,762,572) | (236,973) |
Consolidated statement of cash flows for the year ended 31 December 2013
2013 | 2012 | ||
£ | £ | ||
CASH FLOWS USED IN OPERATING ACTIVITIES | (205,953) | (46,428) | |
INVESTING ACTIVITIES | |||
Interest received | - | 2 | |
Interest paid | - | (194) | |
CASH FLOWS USED IN INVESTING ACTIVITIES | - | (192) | |
FINANCING ACTIVITIES | |||
Issue of share capital | 321,397 | - | |
Proceeds from issue of convertible loan note | - | 13,000 | |
Proceeds from issue of short term loans | - | 29,046 | |
CASH FLOWS GENERATED FROM FINANCING ACTIVITIES | 321,397 | 42,046 | |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 115,444 | (4,574) | |
Cash and cash equivalents brought forward | 5,555 | 10,129 | |
CASH AND CASH EQUIVALENTS CARRIED FORWARD | 120,999 | 5,555 | |
Company statement of cash flows
2013 | 2012 | ||
£ | £ | ||
CASH FLOWS USED IN OPERATING ACTIVITIES | (205,960) | (45,406) | |
INVESTING ACTIVITIES | |||
Interest received | - | 2 | |
Interest paid on loans | - | (194) | |
CASH FLOWS USED IN INVESTING ACTIVITIES | - | (192) | |
FINANCING ACTIVITIES | |||
Issue of share capital | 321,397 | - | |
Proceeds from issue of convertible loan note | - | 13,000 | |
Proceeds from issue of short term loans | - | 29,046 | |
CASH FLOWS GENERATED FROM FINANCING ACTIVITIES | 321,397 | 42,046 | |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 115,437 | (3,552) | |
Cash and cash equivalents brought forward | 5,555 | 9,107 | |
CASH AND CASH EQUIVALENTS CARRIED FORWARD | 120,992 | 5,555 | |
Notes:
1. This statement has been prepared using accounting policies and presentation consistent with those applied in the preparation of the statutory accounts of the Company.
2. The summary accounts set out above do not constitute statutory accounts as defined by Section 428 of the UK Companies Act 2006. The consolidated statement of comprehensive income, the consolidated and company statements of financial position, consolidated and company statement of changes in equity and the consolidated and company statements of cash flows for the year ended 31 December 2013 have been extracted from the Company's 2013 statutory financial statements upon which the auditor's opinion is unqualified. The results for the year ended 31 December 2013 have been extracted from the statutory accounts for that period, which contain an unqualified auditor's report.
3. Basic loss per ordinary share for the year is based on the loss of £358,681 (2012: £169,233) and a weighted average of 127,690,964(2012: 90,830,543) ordinary shares.
For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive ordinary shares. Items included in the calculation are options for ordinary shares.
The effect of conversion of all potential dilutive ordinary shares would have an anti-dilutive effect on earnings per share and therefore they have been incorporated in the diluted earnings per share calculation. Potential ordinary shares are only treated as dilutive when their conversion to ordinary shares would decrease profit per share or increase loss per share.
4. The annual report and accounts were posted today to shareholders. These are also available to download from the Company's website, www.redleopardholdings.com.
5. An Annual General Meeting of the Company will be held on 22 July 2014 at 10 am, at 50 Jermyn Street London, SW1Y 6LX
Related Shares:
Red Leopard Holdings