24th May 2007 07:15
Pan African Resources PLC24 May 2007 24th May 2007 PAN AFRICAN RESOURCES PLC 9 Month Interim Statement at 31 December 2006 Result for the period During the period under review, the Group returned a loss of £685,805 ascompared with a loss of £865,249 in the eighteen-month period to 31 March 2006.As at 31 December 2006 the Company had a cash balance of approximately £750,704. Market Update The Company announced on 20 December that it had signed a conditional Sale ofShares Agreement with Metorex Limited to purchase 74% of Barberton Mines Limitedin South Africa. The proposed transaction is intended to provide the Companywith a strong production base to further pursue its exploration and developmentstrategy. This transaction is near conclusion and the Group's advisers are awaitingcertain regulatory approvals prior to release of an Admission Document and theconvening of an EGM for shareholders to consider and if thought appropriate,approve the transaction. On publication of the Admission Document the shares will recommence trading,which hopefully will arise as soon as the regulatory approvals are received. As Barberton prepares accounts to 30 June, the Group will report its next fullresult to 30 June 2007. Accordingly, nine month interims have been prepared. In order to continue to incentivise the current continuing Directors and PangeaExploration, options over their 20,700,000 ordinary shares of 1p eachexerciseable at 4p per share have been extended for a further three years,conditional upon approval of the transaction referred to above. Formal detailswill be included in the Admission Document. Your Board thanks the shareholders for their patience during the period since 20December while the transaction has been processed, but trust that the enhancedvalue of the enlarged group once completed will make the delay worthwhile. For further information please contact: Pan African Resources Ambrian Partners Limited Parkgreen CommunicationsNathan Steinberg Richard Brown Justine HowarthFinance Director +44 (0) 20 7776 6417 +44 (0) 20 7851 7480+44 (0) 20 7845 7500 PAN AFRICAN RESOURCES PLCAND SUBSIDIARIES CONSOLIDATED PROFIT AND LOSS ACCOUNTPeriod ended 31 December 2006 9 months to 18 months to 31/12/06 31/03/06 (restated) £ £ Exploration costs (345,208) (464,575)Administrative expenses (368,306) (420,783) Operating loss (713,514) (885,358)Interest receivable 27,709 30,759Amounts written off investments - (10,650) Loss on ordinary activities before taxation (685,805) (865,249)Tax on loss on ordinary activities - - Loss for the financial period (685,805) (865,249) Loss per ordinary share - basic (0.17p) (0.24p) PAN AFRICAN RESOURCES PLCAND SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006 31/12/06 31/03/06 (restated) £ £ £ £ FIXED ASSETSIntangible assets 5,210,958 4,847,630Investments 4,800 4,800 5,215,758 4,852,430CURRENT ASSETSDebtors 26,083 3,225Cash at bank 750,704 1,874,702 776,787 1,877,927 Creditors: amounts falling due within one year (182,869) (399,455) 593,918 1,478,472 Total assets less current liabilities 5,809,676 6,330,902 CAPITAL AND RESERVESShare capital 4,077,532 4,077,532Share premium account 3,978,178 3,978,178Merger reserve 1,485,000 1,485,000Share option reserve 238,535 73,956Profit and loss account (3,969,569) (3,283,764) Shareholders' funds 5,809,676 6,330,902 PAN AFRICAN RESOURCES PLCAND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENTPeriod ended 31 December 2006 9 months to 18 months to 31/12/06 31/03/06 (restated) £ £CASH FLOW STATEMENT Net cash outflow from operating activities (274,641) (503,901) Returns on investments and servicing of finance 27,709 30,759 Capital expenditure and financial investment (877,066) (697,170) Management of liquid resources (400,000) - Financing - 1,820,881 (Decrease)/Increase in cash (1,523,998) 650,569 PAN AFRICAN RESOURCES PLC NOTES TO THE UNAUDITED INTERIM ACCOUNTS Nine Months Ended 31 December 2006 1. The calculation of earnings per share is based on the loss of £685,805 and on the weighted average number of shares in issue totaling 407,753,235 ordinary shares. There is no dilutive effect in the period and in the previous period in accordance with FRS 14 paragraph 56. No change has been made to share based payments under FRS in respect of share options granted, as the Directors consider that the effect will not be material. 2. The current period for the company will be a fifteen-month period ending 30th June 2007. 3. The comparative figures were for the eighteen-month period ended 31st March 2006. 4. The interim statement for the nine months ended 31st December 2006 is audited and was approved by the Directors on 21 May 2007. The financial information set out above does not constitute statutory accounts within the meaning of s.240 of the Companies Act 1985. 5. Copies of the Interim Report are available to the public free of charge from the Company at Manfield House, 2nd floor, 1 Southampton Street, London WC2R 0LR during normal office hours, Saturdays, Sundays and Bank Holidays excepted, for 31 days from today. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pan African Resources