25th Sep 2006 17:01
Summit Resources plc25 September 2006 SUMMIT RESOURCES PLC Interim ReportFor the six months ending 30 June 2006 Registered Number 05315929 Operation's Review Since the admission of Summit Resources plc ("Summit Resources" or "Company") toAIM on 8th June 2006 the board of Directors have reviewed a number of investmentand acquisition opportunities, in line with the Company's investment strategy. The Directors believe that market conditions continue to provide good investmentopportunities. The Company is currently evaluating a number of theseopportunities that it feels will enhance shareholder value and are confidentthat Summit Resources will be fully invested within twelve months. Toby Howell Director25 September 2006 Independent Review Report to Summit Resources PlcIntroduction We have been instructed by the Company to review the financial information forthe six months ended 30th June 2006 which comprises Profit & Loss account,Balance Sheet, Cashflow statement, Reconciliation of Movements in Shareholders'Funds and the related notes 1 to 5. We have read the other information containedin the interim report and considered whether it contains any apparentmisstatements or material inconsistencies with the financial information. This report is made solely to the Company having regard to guidance contained inBulletin 1999/4 'Review of interim financial information' issued by the AuditingPractices Board. To the fullest extent permitted by the law, we do not accept orassume responsibility to anyone other than the Company, for our work, for thisreport, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by, the Directors. The Directorsare responsible for preparing the interim report as required by the AIM Rulesissued by the London Stock Exchange. Review work performed We conducted our review having regard to the guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing PracticesBoard for use in the United Kingdom. A review consists principally of makingenquiries of management and applying analytical procedures to the financialinformation and underlying financial data, and based thereon, assessing whetherthe accounting policies and presentation have been consistently applied, unlessotherwise disclosed. A review excludes audit procedures such as tests ofcontrols and verification of assets, liabilities and transactions. It issubstantially less in scope than an audit performed in accordance with UnitedKingdom Auditing Standards and therefore provides a lower level of assurancethan an audit. Accordingly we do not express an audit opinion on the financialinformation. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 30th June 2006. Chapman Davis LLPChartered AccountantsLondon25 September 2006 Profit and loss account (unaudited)for the six months ended 30 June 2006 Six months Period ending ending Note 31 December 30 June 2006 2005 (unaudited) (unaudited) £'000 £'000 Administrative expenses (79) - Operating loss (79) - Interest receivable 4 - Loss on ordinary activities before (75) -taxation Taxation on loss on ordinary - -activities Retained Loss (75) - Loss per share expressed in penceper share- Basic 2 (0.4) - Balance sheet (unaudited)At 30 June 2006 30 June 2006 31 December 2005 (unaudited) (unaudited) Notes £'000 £'000 Current assets Debtors 20 -Prepayments 19 -Cash at bank 3,686 - 3,725 - Creditors - falling due within one (50) -year Net current assets 3,675 - Net assets 3,675 - Capital and reservesCalled up share capital 3 188 -Share premium account 4 3,562 -Profit and loss account 4 (75) - Total Equity shareholders' funds 3,675 - Cash flow statement (unaudited)for the 6 months ended 30 June 2006 Six months Period ending ending 31 December 2005 30 June 2006 (unaudited) (unaudited) £'000 £'000 Net cash outflow from operating (67) -activities Return on InvestmentsInterest received 4 - Cash outflow before financing (63) - FinancingIssue of ordinary share capital 3,925 -Payments relating to issue of share (176) -capital Net cash outflow from financing 3,749 -activities Cash at beginning of the period - Increase in cash in the period 3,686 - Notes to the interim reportfor the six months ended 30 June 2006 1. Basis of preparation The financial information contained herein does not constitute statutoryaccounts within the meaning of Section 240 of the Companies Act 1985. TheCompany filed dormant accounts for the period ended 31 December 2005. TheCompany's auditors, Chapman Davis LLP, have reviewed the interim financialinformation for the six months ended 30th June 2006 and their report is set outon page 2. The financial information for the 6 months ended 30th June 2006 is unaudited. Inthe opinion of the Directors the financial information for this period fairlypresents the financial position, results of operations and cash flows for thisperiod and conforms with generally accepted U.K. accounting principles. A copy of this interim report is available from the Company's registered officeat 7 Savoy Court, London WC2R 0ER. These financial statements have been prepared under the historical costconvention and in accordance with the applicable UK accounting standards. 2. Loss per share Six months Period ending ending 31 December 2005 30 June 2006 (unaudited) (unaudited) £ £Basic Loss for the period Loss (75,438) -Weighted Average Number of 18,940,150 1Shares Loss Per Share - pence (0.4)p - The basic earnings per share has been calculated on a loss on ordinaryactivities after taxation of £75,438 and on 18,940,150 ordinary shares being theweighted average number of shares in issue and ranking for dividend during theperiod. No diluted loss per share is presented as the effect of exercise ofoutstanding options is to decrease the loss per share. 3. Share Capital The authorised share capital of the Company and the called up and fully paidamounts at 30 June 2006 were as follows: £ 30 June 2006 (unaudited)Authorised:20,000,000,000 ordinary shares of 0.07p each 14,000,000 Allotted, called up and fully paid:267,868,264 ordinary shares of 0.07p each 187,508 At the date of incorporation, the Company had an authorised share capital of£2,000,000 divided into 200,000,000 ordinary shares of £0.01 each, of which 2shares were issued fully paid to the subscribers to the Memorandum ofAssociation of the Company. On 6th April 2006 the Company allotted and issued afurther 12 ordinary shares of £0.01, fully paid, for cash at par. On 7 April 2006 the authorised share capital of the Company was increased from£2,000,000 to £14,000,000 by the creation of 1,200,000,000 new ordinary sharesof £0.01 and was sub-divided into 140,000,000,000 ordinary shares of £0.0001each and was consolidated into 20,000,000,000 ordinary shares of £0.0007 each. On 20 May 2006, the Company issued and allotted 65,681,065 ordinary shares,fully paid, at par value. On 22 May 2006 certain persons subscribed for and were allotted an aggregate of18,262,999 Ordinary Shares, fully paid for cash at £0.011 per share. On 8 June 2006 certain persons subscribed for and were allotted an aggregate of183,924,000 Ordinary Shares, fully paid for cash at £0.02 per share. 4. Reconciliation of movement in shareholders funds Share Share Profit and Total loss capital premium account £'000 £'000 £'000 £'000 At 1 January 2006 - - - -Proceeds from share 188 3,738 - 3,926issueShare issue expenses - (176) - (176)Loss for the period - - (75) (75)At 30 June 2006 188 3,562 (75) 3,675 5. Post Balance Sheet Events On 8th September 2006 Summit entered into an agreement to provide CoalContractors (1991) Inc. with a Bridging Finance Facility of £400,000. The Bridging Finance Facility has been provided for the purpose of enabling CoalContractors (1991) Inc. to pay the final consideration due for an anthracitewashing plant at Coal Contractors (1991) Inc.'s Stockton Colliery inPennsylvania, USA. Under the terms of the agreement the principal amount of £400,000 plus aredemption fee of £15,000 is payable to Summit on 31 December 2006 by CoalContractors (1991) Inc. Furthermore under an agreement dated 8th August 2006Hichens, Harrison Ventures Limited (a wholly owned subsidiary of Hichens,Harrison & Co plc - Summit's Broker), has guaranteed the principal amount of theBridging Finance Facility on commercial terms. For further information, please contact: Hichens, Harrison & Co. plc 020 7382 4451Adam Wilson Ruegg & Co Limited 020 7584 3663Gavin Burnell This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Atlantic Coal