13th Mar 2006 08:29
Ming Resources PLC13 March 2006 MING RESOURCES PLC Interim Reportfor the period ended 30 June 2005 Chairman's Statement 1 Independent Review Report 2 Profit and Loss Account 3 Balance Sheet 4 Cash Flow Report 5 Notes to the Interim Report 6-7 DIRECTORS, SECRETARY AND ADVISERS Directors Broker Craig Ian Burton (Chairman) Westhouse Securities LLP Claire Louise Poll Clements House Mark Freeman 14-18 Gresham Street London EC2V 7NN Registered Office and Directors' business address Nominated Adviser Adderbury Hill Barn RFC Corporate Finance Ltd Milton Road Level 8 Adderbury 250 St Georges Terrace Oxon OX17 3HN Perth WA 6000 Australia Secretary Auditors Katie Macdonald Keen EK & Co 2003 Ltd 12B Talisman Business Centre Bicester Oxon OX26 6HR Solicitors to the Company Principal Banker Watson, Farley & Williams Bankwest 15 Appold Street Hay Street, West Perth London EC2A 2HB Western Australia 6005 Registrars Computershare Investor Services PLCPO Box 82, The PavilionsBridgwater RoadBristol BS99 7NH Phone: 0870 702 0000 Welcome to the first Interim Report for Ming Resources. Since your Companylisted on the AIM on March 30 this year, we have reviewed projects with the viewto acquisition or joint venture. At 30 June 2005 the Company had US$1.8m cash at bank. It is expected that investments will be made in minerals projects or companiesoperating in the minerals sector. The investments may be either listed orunlisted and may be in companies, joint ventures, or direct interests inresource projects. The Directors are evaluating investment opportunities locatedin China, greater Asia or Africa. The Company currently has an experienced Board of three Directors who betweenthem have considerable investment and commercial expertise. The composition ofthe Board will be reviewed on a regular basis to ensure it has the appropriatemix of skills necessary for the objectives of the Company. Claire Poll has 12 years experience as a corporate executive for developmentcompanies and was until recently the Director of Corporate Development forInmarsat based in London. Mark Freeman is a chartered accountant with 8 yearsexperience. He is currently a director of an ASX listed resource company andfinancial controller for four public resource companies listed on the ASX. I have 12 years experience specialising in venture capital in the resourcessector. Over that period I have successfully co-founded nine public listednatural resource companies, with projects in a wide variety of commodities andgeographic locations. I am currently a director of six resources companieslisted on the ASX, one of which is dual listed on AIM. The Directors are confident that the capital of the Company will be fullyinvested within two years. If no investments have been made within that period,any surplus funds will be returned to Shareholders, subject to their approvaland it is likely that a substantial portion of capital will be invested in asmall number of projects. In closing, on behalf of the Board I would like to thank you for your financialsupport and the interest shown by you in the work your Company is undertaking. Yours sincerely Craig Burton Chairman Introduction We have been instructed by the company to review the financial information forthe six months ended 30 June 2005 set out on pages 3 to 7 and we have read theother information contained in the interim report and considered whether itcontains any apparent misstatements or material inconsistencies with thefinancial information. Our responsibilities do not extend to any otherinformation. Directors' responsibilities The interim report including the financial information contained therein is theresponsibility of, and has been approved by, the directors. The directors areresponsible for preparing the interim report in accordance with the AIM Ruleswhich require that the accounting policies and presentation applied to theinterim figures should be consistent with those applied in preparing thepreceding annual accounts except where any changes, and the reasons for them,are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4"Review of Interim Financial Information" issued by the Auditing Practices Boardfor use in the United Kingdom. A review consists primarily of making enquiriesof management and applying analytical procedures to the financial informationand underlying financial data and based thereon, assessing whether theaccounting policies and presentation have been consistently applied unlessotherwise disclosed. A review excludes audit procedures such as test of controlsand verification of assets, liabilities and transactions. It is substantiallyless in scope than an audit performed in accordance with United Kingdom auditingstandards and therefore provides a lower level of assurance than an audit.Accordingly, we do not express an audit opinion on the financial information. 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 30 June 2005. EK & Co 2003 Ltd Chartered Certified Accountants 12B Talisman Business Centre Bicester Oxon OX26 6HR 6 months to 30 June 2005 Note (unaudited) US$Administration Expenses (35,000)Operating Loss (35,000)Net interest 26,192Loss on ordinary activities before taxation (8,808)Tax on loss on ordinary activities -Loss on ordinary activities after taxation (8,808)Equity Minority Interests -Loss retained and transferred from reserves (8,808)Basic loss per share (cents per share) 2 (0.0268)Diluted loss per share (cents per share) 2 (0.0244) Statement of Total Recognised Gains and LossesLoss for the financial period (8,808)Exchange gain on foreign currency net inventories 16,463 Total recognised gain for the period 7,655 All transactions arise from continuing operations At 30 June 2005 Note (unaudited) US$Fixed AssetsIntangible assets 8,779 8,779Current AssetsCash assets 1,808,854Receivables 5,280 1,814,134 Creditors: amounts falling due within one year (25,616) Net current assets 1,788,518 Total assets less current liabilities 1,797,297 Capital and reservesCalled up share capital 93,809Share premium account 1,695,833Profit and loss account 7,655Shareholders Funds 5 1,797,297 6 months to Note 30 June 2005 US$Net cash inflow from operating activities 3 1,799 Return on Investments and servicing of financeInterest received 26,192Net cash inflow from returns on Investments and servicing of 26,192finance Taxation - Capital expenditure and financial investmentPurchase of intangible fixed assets (8,799)Net cash outflow from capital expenditure and financial investment (8,799) Management of liquid resourcesShort term deposits - Net cash inflow before financing 19,212 FinancingIssue of shares 1,876,173Share issue costs (86,531)Net cash inflow from financing 1,789,642 Increase in cash 4 1,808,854 1 Basis of Preparation of Financial Statements The interim financial information set out on pages 3 to 7 has been prepared onthe same basis and using the same accounting policies as will be applied inpreparing the accounts for the period ended 31 December 2005, the company'sfirst period end. The financial statements have been prepared under the historical cost convention Transactions of UK companies denominated in foreign currencies are translatedinto sterling at the rates ruling at the dates of the transactions. Amountsreceivable and payable in foreign currencies at the balance sheet date aretranslated at the rates ruling at that date. The financial information for the 6 months ended 30 June 2005 is unaudited. Inthe opinion of the directors the financial information for these periods fairlypresents the financial position, results of operations and cash flows for thoseperiods and conform with generally accept account principles. This is the first interim report for Ming Resources for the period fromincorporation 17 February 2005 to 30 June 2005. The functional currency of the Group is United States dollars (US$). Thisrepresents the currency of the primary economic environment in which the Groupoperates. The Interim report has been prepared in US$. 2 Loss Per Share The calculation of the loss per share is based on a loss of $8,808 to 30 June2005 and the weighted average number of ordinary shares outstanding of32,827,068 at 30 June 2005. The diluted earnings per share is based on aweighted average number of shares outstanding of 36,135,339 and the loss pershare presented. 3 Net Cash Outflow from Operating Activities 6 months to 30 June 2005 (unaudited) US$Operating loss (35,000)Increase in debtors (5,280)Increase in creditors 25,616Foreign exchange gain 16,463 Net cash inflow from operating activities 1,799 4 Reconciliation of Net Cash Flows to Movement in Net Funds 6 months to 30 June 2005 (unaudited) US$Increase in cash in the period 1,808,854Cash (outflow)/inflow from financing - short term - 1,808,854 Net funds at beginning of period -Net funds at end of period 1,808,854 5 Reconciliation of Movements in Shareholders Funds Loss for the period (8,808)Exchange gain on foreign currency net investments 16,463New share capital subscribed 1,876,173Costs of Capital (86,531)Net increase in shareholders funds 1,797,297 6 Publication of Non-statutory Accounts The financial information set out in this interim report does not constitutestatutory accounts as defined in section 240 of the Companies Act 1985. Theauditors' report on these financial statements was unqualified and did notcontain a statement under Section 237(2) of the Companies Act 1985 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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