28th Sep 2007 07:01
Summit Resources plc28 September 2007 Summit Resources Plc ("Summit" or the "Company"; Ticker: (SUMR)) Interim Results for the six months ended 30 June 2007 ----------------------------------------------------- CHAIRMAN'S STATEMENTPeriod ended 30 June 2007 I am pleased to announce that Summit Resources plc (the "Company" or "SummitResources") has continued to make progress towards meeting its investmentstrategy. During the last 10 months the Company has provided Coal Contractors (1991) Incwith bridging finance facilities totalling £1,150,000 in order to enable thecompletion of the purchase of an anthracite washing plant and associated civilengineering works at the Stockton Colliery in Pennsylvania, USA. The bridgingfinance facilities were extended to 31 July 2007 and have now become payable at 20 days notice. Coal Contractors (1991) Inc. is part of the Stockton Coal Group which owns andoperates the Stockton Mine. Located approximately one mile east from the town ofHazelton, in the Hazel Creek Valley, Pennsylvania, the mine encompasses about900 land acres and is accessible by both road and rail. The Stockton CoalGroup has used the bridging finance facilities provided by the Company tocomplete a recently commissioned anthracite preparation plant. The anthracitepreparation plant has been designed to produce a variety of sizes of clean coalproducts for sale to the domestic and industrial markets. Results During the six months to 30 June 2007, the Company received investment income of£35,008 and incurred administrative expenses of £159,491 resulting in a loss of£124,483. Christopher LambertChairman 28 September 2007 INCOME STATEMENT 6 months to 6 months to Year ended 30 June 2007 30 June 2006 31 December 2006 (unaudited) (unaudited) (audited) Note £ £ £ Administrative expenses (159,491) (79,235) (246,037) ________ ________ ________ Loss from Operations (159,491) (79,235) (246,037) Finance revenue 35,008 3,797 43,090 ________ ________ ________ Loss on Ordinary Activities (124,483) (75,438) (202,947)before Taxation Income tax expense - - - ________ ________ ________ Loss for the period / year (124,483) (75,438) (202,947) ________ ________ ________ Loss per share expressed in pence 3 (0.04)p (0.4)p (0.13)p BALANCE SHEET 6 months to 6 months to Year ended 30 June 2007 30 June 2006 31 December 2006 (unaudited) (unaudited) (audited) Note £ £ £ ASSETS Non-Current Assets Property, plant and equipment 2,220 - 2,911 __________ __________ __________ Current Assets Other receivables 4 1,725,230 38,600 1,345,005Cash 1,800,257 3,685,910 2,200,675 __________ __________ __________ 3,525,487 3,724,510 3,545,680 __________ __________ __________ Total Assets 3,527,707 3,724,510 3,548,591 __________ __________ __________ EQUITY AND LIABILITIES Equity and Reserves Called up share capital 5 187,508 187,508 187,508Share premium account 3,535,543 3,561,739 3,544,739Other reserves 6 15,847 - 6,651Retained loss (327,430) (75,438) (202,947) __________ __________ __________ Total Equity 3,411,468 3,673,809 3,535,951 __________ __________ __________ Current Liabilities Trade and other payables 116,239 50,701 12,640 __________ __________ __________ Total Equity and Liabilities 3,527,707 3,724,510 3,548,591 __________ __________ __________ STATEMENT OF CHANGES IN EQUITY Called up Share Total share Share option Retained shareholders capital premium reserve loss Equity £ £ £ £ £ 6 months ended 30 June 2007As at 1 January 2007 187,508 3,544,739 6,651 (202,947) 3,535,951Shares issued during the - - - - -period Share issue costs - - - - -Equity-settled share-based - - - - -payments Equity-settled share - (9,196) 9,196 - -issue expenses Loss for the period - - - (124,483) (124,483) ________ ________ ________ ________ ________ Balance as at 30 June 2007 187,508 3,535,543 15,847 (327,430) 3,411,468 ________ ________ ________ ________ ________ 6 months ended 30 June 2006As at 1 January 2006 - - - - -Shares issued during the 187,508 3,737,843 - - 3,925,351 period Share issue costs - (176,104) - - (176,104)Equity-settled share-based - - - - -payments Equity-settled share - - - - -issue expenses Loss for the period - - - (75,438) (75,438) ________ ________ ________ ________ ________ Balance as at 30 June 2006 187,508 3,561,739 - (75,438) 3,673,809 ________ ________ ________ ________ ________ Year ending 31 December 2006As at 1 January 2006 - - - - -Shares issued during the 187,508 3,737,842 - - 3,925,350period Share issue costs - (193,103) - - (193,103)Equity-settled share-based - - 6,651 - 6,651payments Loss for the year - - - (202,947) (202,947) ________ ________ ________ ________ ________ Balance as at 187,508 3,544,739 6,651 (202,947) 3,535,95131 December 2006 ________ ________ ________ ________ ________ CASH FLOW STATEMENT 6 months to 6 months to Year ended 30 June 2007 30 June 2006 31 December (unaudited) (unaudited) 2006 (audited) £ £ £ Cash Flows from Operating Activities Operating loss (159,491) (79,235) (246,037)Adjustments for:Depreciation 691 - 576Share options expensed - - 6,651Trade and other receivables (380,225) (38,600) (195,005)Trade and other payables 103,599 50,701 12,640 _________ _________ _________ Net Cash used in (435,426) (67,134) (421,175)Operating Activities Cash Flows from Investing Activities Interest received 35,008 3,797 43,090Payment to acquire - - (3,487)tangible assets Increase in short term loan (1,150,000) _________ _________ _________ Net Cash generated / 35,008 3,797 (1,110,397)(used) in Investing Activities Cash Flows from Financing Activities Proceeds from issue - 3,925,350 3,925,350of sharesShare issue costs - (176,104) (193)Share based payments - - - _________ _________ _________ Net Cash generated - 3,749,246 3,732,247from Financing Activities _________ _________ _________ Net (Decrease)/Increase (400,418) 3,685,909 2,200,675in Cash Cash and cash equivalents 2,200,675 - - at beginning of the period/year _________ _________ _________ Cash and cash 1,800,257 3,685,909 2,200,675equivalents at end of the period/year ________ _________ _________ NOTES TO THE INTERIM FINANCIAL STATEMENTS 1. Financial Information The financial information set out above does not constitute statutory accountswithin the meaning of Section 240 of the Companies Act 1985. It has beenprepared on a going concern basis in accordance with International FinancialReporting Standards (IFRS). The accounting policies applied in preparing thefinancial information are consistent with those that have been adopted in theCompany's 2006 statutory accounts. The financial information for the 6 months ended 30 June 2007 and the 6 monthsended 30 June 2006 have not been audited. 2. Basis of Preparation This financial information has been prepared in accordance with InternationalFinancial Reporting Standards (IFRS) as adopted by the European Union (EU),IFRIC interpretations and the Companies Act 1985 applicable to companiesreporting under IFRS. The financial information has been prepared underhistorical cost convention. The preparation of this financial information in conformity with generallyaccepted accounting principles requires the use of estimates and assumptionsthat affect the reported amounts of assets and liabilities at the date of thefinancial information and the reported amounts of revenues and expenses duringthe reporting period. Although these estimates are based on management's bestknowledge of the amount, event or actions, actual results ultimately may differfrom those estimates. 3. Earnings per Share The calculation of loss per share is based on a retained loss of £124,483 forthe period ended 30 June 2007 (30 June 2006: £75,438; 31 December 2006:£202,947) and the weighted average number of shares in issue in the period 30June 2007 of 267,868,264 (30 June 2006: 18,940,150; 31 December 2006:155,405,081). There is no difference between the diluted loss per share and theloss per share shown. 4. Bridging Loan Included in trade and other receivables at 30 June 2007 is a bridging loan of£1,150,000 (30 June 2006: £Nil, 31 December 2006: £1,150,000). This loan isinterest free and is due on 31 July 2007 at the earliest or thereafter upon 20days' notice from the Company. 5. Called Up Share Capital The authorised share capital of the Company and the called up and fully paidamounts at 30 June 2007 follows: Authorised £20,000,000,000 ordinary shares of 0.07p each 14,000,000 _________Issued and fully paid267,868,264 ordinary shares of 0.07p each 187,508 _________ 6. Share Options and Warrants The following equity instruments have been issued by the Company and have notbeen exercised at 30 June 2006: Number of Ordinary Exercise Shares price ExpiresIncentive options 24,348,147 2 pence 7 June 2011 INDEPENDENT REVIEW REPORT Introduction We have been instructed by the Company to review the financial information forthe six months ended 30 June 2007 which comprises the income statement, thebalance sheet, the statement of changes in equity and the cash flow statementand the related notes to the accounts and we have read the other informationcontained in the interim report and considered whether it contains any apparentmisstatements or material inconsistencies with the financial information. This report, including the conclusion, has been prepared for and only for theCompany for the purpose of the AIM Rules of the London Stock Exchange and for noother purpose. We do not, in producing this report, accept or assumeresponsibility for any other purpose or to any other person to whom this reportis shown or into whose hands it may come save where expressly agreed by ourprior consent in writing. Directors' Responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by the Directors. The Directors areresponsible for preparing the interim report in accordance with the AIM Rules ofthe London Stock Exchange which require that the accounting policies andpresentation applied to the interim figures should be consistent with thoseapplied in preparing the annual accounts except where any changes, and thereasons for them, are disclosed. Review Work Performed We conducted our review in accordance with the guidance contained in Bulletin1999/4; the review of interim financial information issued by the AuditingPractices Board for use in the United Kingdom. A review consists principally ofmaking enquiries of management and applying analytical procedures to thefinancial information and underlying financial data and, based thereon,assessing whether the accounting policies and presentation have beenconsistently applied unless otherwise disclosed. A review excludes auditprocedures such as tests of controls and verification of assets, liabilities andtransactions. It is substantially less in scope than an audit performed inaccordance with International Standards on Auditing (UK and Ireland) andtherefore provides a lower level of assurance than an audit. Accordingly, we donot 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 2007. CLB Littlejohn FrazerChartered Accountants1 Park PlaceCanary WharfLondon E14 4HJ 28 September 2007 For further information: Summit Resources Plc: Toby Howell - 0207 182 1747 HB Corporate: Imran Ahmad / Cecil Jordaan - 0207 510 8561 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Atlantic Coal