Interim Results

21st Sep 2006 17:04

Capricorn Resources PLC21 September 2006 CAPRICORN RESOURCES PLC INTERIM RESULTS Capricorn Resources Plc ('Capricorn' or 'the Company'), the AIM listed miningand exploration company, announces its results for the six-months ended 30 June2006. CHAIRMAN'S STATEMENT The period under review has been one of considerable disappointment to yourdirectors. We have identified and examined several opportunities which we feltwould add value for shareholders. However, as one shareholder group has morethan 25% of the voting share capital, and is able to block any transaction wherea special resolution is required under the Companies Act, the approval of thatgroup has been sought prior to incurring costs on due diligence. To date, suchapproval has not been forthcoming. The Company's AIM listing was suspended on 3 April 2006 under the newlyintroduced rule relating to cash shells. This suspension remains in place andthe AIM listing will be cancelled on 3 October 2006, when the suspension hasbeen effective for six months. The directors are conscious that shareholders are currently unable to realisetheir investments, due to the AIM suspension. They are therefore consideringother possible markets for the ordinary shares. Their longer term objectiveremains to complete a reverse transaction, but the inevitable depletion of thecash resources makes this objective more difficult to achieve. Should such anopportunity not arise within a reasonable time scale the directors may recommendthat the company be wound up voluntarily. In the meantime the directors continue to minimise expenditure, and thecancellation of the AIM listing will mean that a nominated adviser and brokerwill no longer be required, reducing such costs still further. The loss for thesix month period to 30 June 2006 was £27,327. An amount of £150,093 remained inthe bank at that date Brian MoritzChairman21 September 2006 UNAUDITED PROFIT AND LOSS ACCOUNTFor the six months ended 30 June 2006 SIX MONTHS SIX MONTHS YEAR ENDED 31 ENDED ENDED DECEMBER 2005 30 JUNE 2006 30 JUNE 2005 £ £ £ ---------- ---------- ----------TURNOVER - - -Net operatingexpenses (29,453) (73,438) (127,390) ---------- ---------- ---------- OPERATING LOSS (29,453) (73,438) (127,390) Interestreceivable 2,126 89 196 ---------- ---------- ----------Loss onordinaryactivitiesbeforetaxation (27,327) (73,349) (127,194)Taxation - - - ---------- ---------- ----------LOSS ONORDINARYACTIVITIESAFTER TAXATION (27,327) (73,349) (127,194) ========== ========== ==========LOSS PER SHAREBasic anddiluted (0.04p) (0.11p) (0.19p) ========== ========== ========== UNAUDITED BALANCE SHEETAs at 30 June 2006 30 JUNE 30 JUNE 31 DECEMBER 2006 2005 2005 £ £ £FIXED ASSETS - 2,309 - ---------- ---------- ---------- CURRENT ASSETSDebtors 5,162 31,939 6,881Cash at bank and in hand 150,093 254,917 174,964 ---------- ---------- ---------- 155,255 286,856 181,845 CREDITORS: Amounts followingdue within one year (17,617) (73,504) (20,030) ---------- ---------- ---------- NET CURRENT ASSETS 137,638 213,352 161,815 ---------- ---------- ---------- NET ASSETS 137,638 215,661 161,815 ========== ========== ========== CAPITAL AND RESERVESCalled up share capital 66,890 66,574 66,574Share premium account 494,702 491,868 491,868Other reserves 57,125 57,125 57,125Profit and loss account (481,079) (399,906) (453,752) ---------- ---------- ----------EQUITY SHAREHOLDERS' FUNDS 137,638 215,661 161,815 ========== ========== ========== UNAUDITED CASH FLOW STATEMENTFor the six months ended 30 June 2006 SIX MONTHS SIX MONTHS YEAR ENDED 31 ENDED ENDED DECEMBER 30 JUNE 2006 30 JUNE 2005 2005 £ £ £ Cash outflowfrom operatingactivities (30,147) (50,689) (132,208) Returns oninvestmentsand servicingof finance 2,126 89 196 Capitalexpenditureand financialinvestment - - 1,460 ----------- ---------- ---------- CASH OUTFLOWBEFOREFINANCING (28,021) (50,600) (130,552) Financing 3,150 11,254 11,253 ----------- ---------- ----------(DECREASE) INCASH IN THEPERIOD (24,871) (39,346) (119,299) =========== ========== ========== Reconciliation of Net Cash Flow to Movement in Net Funds (Decrease) incash in theperiod (24,871) (39,346) (119,299) Net funds atbeginning ofperiod 174,964 294,263 294,263 ----------- ---------- ----------Net funds atend of period 150,093 254,917 174,964 =========== ========== ========== 1. The financial information contained in this unaudited interim report does not constitute statutory accounts as defined in section 240 of the Company Act 1985. 2. Basic and diluted loss per share is calculated by reference to the loss after taxation and the weighted average number of shares in issue during the period of 67,047,054 (six months to 30 June 2005 - 65,893,167 : year ended 31 December 2005 - 66,235,387). Due to the loss in the period, there is no dilutive effect from the issue of share options and warrants. Contact:Brian Moritz Capricorn Resources Plc Tel: 07976 994 300 This information is provided by RNS The company news service from the London Stock Exchange

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