28th Nov 2005 13:12
Altona Resources PLC28 November 2005 ALTONA RESOURCES PLC Interim Report 31st August 2005 Altona Resources Plc Interim Report for the period from Incorporation on 2nd February 2005 to 31stAugust 2005 Chairman's Statement Since Altona Resources Plc ("Altona" or "the Company") listed on AIM in March2005, the board of directors, and a network of consultants, has been activelyidentifying and assessing a number of resource projects that satisfied theCompany's investment criteria. From this project review process, the Arckaringa Coal Project ("Arckaringa") inSouth Australia was selected as the outstanding acquisition opportunity, with anagreement being reached in September 2005 to acquire a 100% interest inArckaringa for the share consideration of 30 million Altona shares. As announced on 18 November 2005, the Company has now successfully completed theacquisition of Arckaringa, with the issued share consideration representing only13% of the enlarged issued share capital of Altona. The acquisition of Arckaringa positions Altona as a holder of a substantial coalresource and energy bank, with a JORC compliant resource of over 7 billiontonnes of sub-bituminous Permian coal amenable to open pit mining, and suitablefor fuel for power generation and potential application of "coal to oil"technology. The board looks forward to progressing the exciting development potential ofArckaringa. The board is pleased to announce that the management of the Company and theresource project review process has been undertaken very cost effectively, asreflected in Altona's small operating loss for the period ended 31 August ofonly (£28,239). The board extends its appreciation for the support of the Company'sshareholders, who pleasingly have been rewarded with substantial gains in valuefrom the IPO price of 1p per share to a price at the date of this report of 8p,a gain of 700%. Christopher LambertChairman 22nd November 2005 Independent Review Report to Altona Resources Plc Introduction We have been instructed by the Company to review the financial information setout on pages 3 to 5 and we have read the other information contained in theinterim report and considered whether it contains any apparent misstatements ormaterial inconsistencies with the financial information. This report, including the conclusion, has been prepared for and only for theCompany for the purpose of their interim report and for no other purpose. We donot, therefore, in producing this report, accept or assume responsibility forany other purpose or to any other person to whom this report is shown or intowhose hands it may come save where expressly agreed by our prior consent inwriting. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by the Directors. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4issued by the Auditing Practices Board as if that Bulletin applied. A reviewconsists principally of making enquiries of the Directors and applyinganalytical procedures to the financial information and underlying financial dataand based thereon, assessing whether the accounting policies and presentationhave been consistently applied unless otherwise disclosed. A review excludesaudit procedures such as tests of controls and verification of assets,liabilities and transactions. It is substantially less in scope than an auditperformed in accordance with Auditing Standards and therefore provides a lowerlevel of assurance than an audit. Accordingly we do not express an auditopinion 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 period ended31st August 2005. CHAPMAN DAVIS LLPChartered Accountants2 Chapel CourtLondon SE1 1HH Profit and Loss Account (Unaudited) For the period from Incorporation on 2nd February 2005 to the 31st August 2005 Notes £ Administrative expenses (39,602) Operating Loss (39,602) Interest Received 11,363 LOSS ON ORDINARY ACTIVITIES BEFORE TAX (28,239) Taxation 2 - LOSS ON ORDINARY ACTIVITIES AFTER TAX (28,239) Loss per share : Basic (0.01) pence Balance Sheet (Unaudited)At 31st August 2005 £ FIXED ASSETSOffice Equipment 1,499 CURRENT ASSETSCash at bank and Receivables 990,200 Debtors 35,885 TOTAL CURRENT ASSETS 1,026,085 CREDITORS: Amounts falling due within one year (15,155) NET CURRENT ASSETS 1,010,930 NET ASSETS 1,012,429 CAPITAL AND RESERVESCalled up share capital 200,000 Share Premium 840,668 Profit and Loss Account (28,239) SHAREHOLDERS' FUNDS 1,012,429 Cash Flow Statement (Unaudited) For the period from Incorporation on 2nd February 2005 to 31st August 2005 Notes £ CASH OUTFLOW FROM OPERATING ACTIVITIES 4 (60,332) Capital expenditure and financial investment 9,864 CASH OUTFLOW BEFORE FINANCING (50,468) Net proceeds of financing 1,040,668 INCREASE IN CASH 990,200 Notes to the Interim ReportFor the period ending 31st August 2005 1. PRESENTATION OF INTERIM RESULTS This interim report was approved by the Directors on 22nd November 2005. Theinterim results have not been audited, but were the subject of an independentreview carried out by the Company's auditors, Chapman Davis LLP. Their reviewconfirmed that the figures were prepared using applicable accounting policiesand practices consistent with those to be adopted in the annual report. Thefinancial information contained in this interim report does not constitutestatutory accounts as defined by Section 240 of the Companies Act 1985. A copyof this interim report can be obtained from the Company's registered office at55 Gower Street, London WC1E 6HQ. 2. TAXATION No taxation has been provided due to losses in the period. 3. DIVIDENDS The Directors do not recommend the payment of a dividend. 4. RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS £ Increase in cash in the period 990,200Net funds at beginning of period 0 Net funds at end of period 990,200 - DIRECTORS REGISTERD OFFICE NOMINATED ADVISOR AND BROKER Third Floor Nabarro Wells & Co LimitedChristopher Walter Lambert 55 Gower Street Saddlers House LONDON WC1E 6HQ Gutter LaneJeremy Samuel Edelman Cheapside LONDON EC2V 6HS Anthony John Samaha AUDITORS REGISTRARS Chapman Davis LLP 2 Chapel Court Share Registrars Limited LONDON SE1 1HH Craven House West Street FarnhamSECRETARY SOLICITORS SURREY GU9 7EN RonaldsonsStephen Frank Ronaldson 55 Gower Street LONDON WC1E 6HQ This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Altona Energy