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Toledo Mining Corp. (TMC)
27.25p
- Change Today: -0.63p
- 52 Week High: 34.25
- 52 Week Low: 20.75
- Currency: UK Pounds
- Shares Issued: 49.85m
- Volume: 30,000
- Market Cap: £13.58m
- RiskGrade: 229
- Beta: 0.57
Update - Toledo Mining Full Results 2009
1 September 2009
Toledo Mining Full Years Results for the Year Ended 31 March 2009
Toledo Mining Corporation plc ("Toledo" or the "Company") (AIM:TMC)
is pleased to present its final results for the year ended 31 March
2009.
Highlights
Operations
* Ore production of 563,280 wet metric tonnes for the financial
year
* Record monthly ore production of 127,849 wet metric tonnes
(August 2008)
* Shipments of 418,350 wet metric tonnes
* Suspension of mining operations in October 2008 in response to
the global financial crisis
* Ipilan JORC resource of 30 million tonnes grading 1.36% nickel
* Positive concept study for heap leaching at Berong prepared by
European Nickel
* Memorandum of Understanding with Jiangxi Rare Earth and Rare
Metals Tungsten Group for possible leach process plants at Ipilan
and Berong
Financial
* Berong sales revenue, US$14.65 million (2008: US$23.35 million)
* Consolidated Profit before Tax £1,919,887 (2008: £1,206,702)
* Earnings per Share including associates 5.55p (2008: 3.43p)
Corporate
* Placement of 12 million shares at a price of 28 pence to raise
£3,248,222 net of expenses
* Additional supportive corporate investors enter the share
register
For further information, please visit www.toledomining.com or
contact:
Reg Eccles, Chairman, Toledo Mining Corporation +44 (0) 20 7514 1480
plc
Richard Greenfield, Ambrian Partners Ltd +44 (0) 20 7634 4700
Alex Buck, BuckBias Limited +44 (0) 7932 740 452
CHAIRMAN'S STATEMENT
During the period under review, your Board continued to pursue
maximising the return to shareholders from Toledo's sizeable
interests in large nickel laterite deposits on the island of Palawan
in the Philippines.
For the financial year to 31 March 2009, Toledo Mining Corporation
reported pre-tax profits of £1.91 million and fully diluted earnings
per share including associated companies results of 5.48 pence.
These compared to £1.21 million and 3.36 pence respectively for the
prior year.
The reported 2009 profit was partly the result of interest earned on
cash holdings and outstanding US$ denominated loans to Philippine
partners. The major contribution to reported profits, however, came
from exchange rate gains on those loans. Excluding exchange gains,
Toledo recorded a pre tax loss of £1.67 million of which the share of
associated company's losses in the Philippines accounted for £1.13
million. Exchange gains were also largely responsible for a rise in
shareholders equity from £25.51 million as at 31 March 2008 to £27.29
million as at 31 March 2009.
A major contributor to overall group performance was sales revenue on
ore shipments from the Berong mine in which Toledo holds a 56.1 per
cent economic interest. Although well below the level generated
during the nickel boom of the previous financial year, Berong sales
revenue still amounted to US$14.65 million.
During the year Toledo continued to fund not only its share of
operating expenses in the Philippine projects but also those of our
Philippine partners under the terms of existing loan agreements. As a
consequence cash holdings declined from £5.46 million to £2.88
million as at 31 March 2009.
At the end of the year, the principal loan amount outstanding from
Atlas Consolidated Mining & Development Corporation ("Atlas"), our
local partner in Berong Nickel Corporation ("BNC") stood at US$4.8
million. At the same date, the principal loan amount outstanding from
Brooks Nickel Ventures Inc, a partner in Ipilan Nickel Corporation,
amounted to US$7.32 million. The loans, which are in the nature of a
drawdown facility, are for principal amounts of US$5 million and US$8
million respectively. Each drawdown attracts 10 per cent cumulative
interest and is repayable three years from the date of drawdown.
Repayments due on the Atlas loan, starting from April 2009, have been
deferred pending the outcome of discussions to extend the repayment
schedule.
Progress towards the company's long term objective was inevitably
disrupted by the worst global banking crisis for at least three
quarters of a century. When the investment bank Lehman Brothers filed
for Chapter 11 bankruptcy protection on 14 September 2008, the
financial and economic landscape changed dramatically for the worse.
No economy or market sector has been immune from the fallout.
On the day the crisis broke, the London Metal Exchange cash price of
nickel, already less than half the heady heights of May 2007, was
just under US$18,000 per tonne. Within one month, the price had
fallen to US$11,500 per tonne, and by December 2008 it was trading
below US$10,000 per tonne.
In the run up to the financial crisis, Toledo had already taken
defensive action in response to declining Chinese demand for nickel
ore and a falling nickel price. This encompassed stopping all capital
expenditure other than for essential maintenance, and building a
stockpile of nickel ore ahead of a possible suspension of mine
operations. Consequently, when the financial crisis erupted it was a
relatively straightforward decision to place the Berong mine on care
and maintenance. Unfortunately, this decision meant laying off the
majority of the workforce. However, this action was considered
essential to the long-term viability of Berong and the future
prosperity within the local community.
Despite the deteriorating market environment, there were a number of
positive corporate achievements during the year. Mine production for
the seven months from the start of the financial year until the
suspension of mine operations early in October 2008 was a record.
Volume shipments for the same period were 2 per cent higher than in
the comparable 2007 period. Even though nickel prices declined
dramatically, Toledo reported a profitable first half year.
In June, we welcomed heap leach specialist European Nickel plc
("European Nickel") as a substantial shareholder. Also in June we
signed a Memorandum of Understanding with Jiangxi Rare Earth and Rare
Metals Tungsten Group ("JXTC") for the potential joint construction
of a leach process plant at Ipilan. In November we signed a second
MoU with JXTC for the construction of a demonstration nickel leaching
plant at Berong. In December we announced a sizeable JORC resource
for the Ipilan deposit.
The purchase by European Nickel, of a strategic stake both in Toledo
and BNC was highly significant. By affording Berong the opportunity
to access European Nickel's leading edge heap leaching technology for
the treatment of nickel laterites, the deal raises the prospect of
earlier treatment of Berong ore than was previously envisaged.
Discussions between Toledo (on behalf of BNC) and European Nickel as
to the mutually best way for Berong to realise this opportunity are
well advanced.
Since our financial year end, and as a result of the massive
injection of liquidity by governments and central banks into global
debt markets, a semblance of stability has returned to the world
economy. Indeed, the most recent economic data for several major
economies offers some encouragement that an economic recovery is
underway.
As its contribution to financial stability and economic growth, the
Chinese government elected last November to invest 4 trillion yuan
(US$586 billion) over a two-year period into domestic infrastructure
and social welfare projects. The nickel market has benefited from
this initiative and the nickel price has doubled since our March year
end.
Although the Berong mine remained on care and maintenance, Toledo was
able to make three shipments of stockpiled ore during May through
July of this year to BHP's Yabulu refinery. These shipments amounted
to some 143,765 wet metric tonnes ("WMT") of ore and generated much
welcome gross revenue to Berong of US$3.25 million.
In July 2008, BHP announced that it had reached agreement in
principle to sell its subsidiary Queensland Nickel Pty Ltd ("QNP") to
Professor Clive Palmer. QNP is the legal owner of the Yabulu
refinery. Your Board has no reason to believe that this sale will in
any way alter our contract with QNP for the sale of ore from Berong
to Yabulu.
During the past 15 months there have been substantial changes both to
the make-up of Toledo's share register and to the composition of your
board, which I firmly believe are very positive for Toledo. First
came European Nickel's 19.3 per cent investment in the company in
June 2008. Then in April of this year, we announced that 20 per cent
of our issued share capital had been acquired through a series of
on-market purchases by Daintree Resources Limited ("Daintree"), a
private company controlled by Jason Cheng and an associate. Jason
Cheng is the Managing Partner of Ancora Capital Management Limited, a
private equity firm investing in the natural resources sector in
Asia.
In August of this year Toledo placed 12 million shares at a price of
28 pence to raise £3,360,000 before expenses. Added to existing cash
holdings, the funds raised will fund an exploration programme at
Berong to improve its resource definition as part of a
pre-feasibility study for the construction of a leach process plant,
complete a mandatory "Declaration of Mine Feasibility" at Ipilan and
service budgeted working capital requirements to the end of 2010.
Resulting from the placement, Daintree now holds 24 per cent of
Toledo's issued equity and European Nickel has a 13.7 per cent
interest. Additionally a new shareholder, Fevamotinico SARL,
subscribed to the placement and now has a 9.8 per cent equity
interest.
Fevamotinico is a private company controlled by Kostyantin Zhevago,
Chief Executive and controlling shareholder of Ferrexpo plc, the
London-listed Ukrainian iron ore pellet producer. A company
controlled by Mr. Zhevago is converting a ferro manganese plant in
Macedonia into a ferro nickel plant. The Company is exploring
business opportunities with Fevamotinico with respect to our
Philippine assets.
Effective the end of March this year, George Bujtor resigned as Chief
Executive of Toledo to pursue other interests. During his tenure,
George made an invaluable contribution to the development of Toledo's
Philippine interests.
The combination of an extremely capable local management team and the
presence on the Toledo board of two very seasoned operators in the
mining and nickel industry, Simon Purkiss and Felix Pole allowed us
to defer replacing George at a time of severe weakness in the nickel
market and consequent pressure on our finances. Simon Purkiss is the
Chief Executive of European Nickel. Felix Pole, although now
independent, is a co-founder and past Chairman of European Nickel and
has considerable experience and extensive contacts within the global
nickel industry.
Following George's departure, Felix agreed to assume responsibility
for commercial dealings with the Philippine operations, current and
prospective partners and customers; a function which he is performing
admirably and for which the Board is very grateful.
In September 2008, we welcomed Constantine Thanassoulas to the board
as an independent director. Constantine's experience as both a senior
banker and a nickel industry executive is proving invaluable.
In July of this year, Jason Cheng accepted an invitation to join the
board. In addition to representing our largest shareholder, Jason
brings clarity of strategic thought and advice borne of his years as
an investment banker specialising in the natural resources industry,
subsequently as an independent businessman and an investment manager
based in Beijing and now as Managing Partner of Ancora Capital
Management.
In April, we appointed Tim Ashworth as General Manager Philippines,
Toledo Mining Corporation. Additionally, Tim has replaced George
Bujtor as Chief Executive of TMM Management Inc ("TMM"), the company
responsible for managing the day-to-day operations in the Philippines
on behalf of both Toledo and our partners. In this capacity Tim is
fortunate to have access to the wise council of Alfredo ("Fred")
Ramos, TMM's President and the Chairman of Atlas. Tim is a qualified
mining engineer with considerable experience in the nickel industry
in both Australia and Europe. Tim was previously Operations Manager,
Berong Nickel Corporation where he was instrumental in the successful
implementation of improved production and cost cutting initiatives.
In May 2008, Fernando Rimando joined the Manila office as Chief
Financial Manager. Fernando is a Certified Public Accountant who
previously audited major mining companies for an affiliate of Ernst &
Young. Tim and Fernan are ably assisted by a very experienced
technical team comprised predominantly of Philippine nationals.
We owe a big debt of gratitude to our management and staff for the
positive and resourceful manner in which they have tackled the
exceptional challenges of the past 18 months. It is largely thanks to
their efforts that Toledo has been able to weather the storm of
global recession and is now well placed to move forward with its
plans.
The severe downturn has emphatically not diminished our confidence in
the fundamental value and potential of Toledo's assets and strategy.
During the coming year, it is your board's intention to make major
progress towards the goal of becoming a profitable and substantial
nickel producer.
In pursuing this objective, we are very fortunate in having the
support of strategic partners both domiciled in the Philippines and
resident in other countries with the technical, financial, political
and industrial acumen that will enable us to create maximum value
from our investments in the nickel industry.
Reginald Eccles
1 September 2009
OPERATING REVIEW
The global economic crisis and its damaging impact on both the demand
for nickel and the nickel price posed major challenges for the
management of the Philippine operations during the financial year.
However, prompt and decisive action has served to limit the worse
effects of the nickel market recession. Consequently, the business
has not only emerged largely in tact but also well able to move
forward towards the long term objective of becoming a major value
added nickel producer.
Management has continued to focus on the development of the Berong
mine and surrounding deposits on the West Coast of the island of
Palawan and the Ipilan project on the east coast of the Island.
For the financial year under review, the Berong mine produced 563,280
WMT of ore and shipped, to customers in Australia and China, 418,350
WMT of ore containing 4,321 tonnes of nickel. All production and
sales occurred before the end of October when mine production ceased
and the shipping window closed. Shipments through to the end of
October were 2 per cent higher than in the comparable 2007 period.
However, full year shipments were 10.5 per cent lower there being no
sales during the January to March quarter.
Inventory at Berong as at 31 March 2009 amounted to some 297,000 WMT
of ore. Of this, 143,765 WMT of ore has since been shipped to BHP's
Yabulu refinery in Queensland, Australia. The remaining stockpile, of
153,000 WMT of ore, has an average nickel grade of 1.39 per cent,
insufficient for the minimum specification required by BHP but
suitable for some Chinese consumers. Together with our marketing
associates based in China we have renewed efforts to place this
inventory now that the nickel price has recovered.
Throughout the year, the twin pillars of management's efforts were
the optimisation of mine production and continuation of the programme
to drive down operating costs. August 2008 witnessed the highest
monthly production rate since mine operations commenced (127,849 WMT
of ore) with production for the September quarter reaching 345,000
WMT of ore, an annualised rate of 1.38 million WMT. Efforts to
reduce operating costs have been equally successful. The Berong mine
is in a good position to recommence profitable production at short
notice.
Responding to the collapse in Chinese demand for nickel ore all mine
production ceased in early October. Operations were then placed on
care and maintenance and some 600 Berong Nickel Corporation (BNC)
personnel and 200 contractors were laid off. This was a major loss of
employment for the local region. However, through the efforts of the
BNC community relations and human resources departments the reasons
for this decision were diligently communicated to the local
communities.
BNC also demonstrated its ongoing commitment to the Berong operation
by continuing to support its community initiatives such as the health
clinic, medical services, water treatment facility and the funding of
additional teachers for the local school. Additional personnel have
been retained to maintain the extensive environmental controls that
have been an integral part of the successful mining programme at
Berong.
Since the commencement of shipments in 2007, approximately US$500,000
has been paid into a fund for local and indigenous peoples to help
establish essential community services and livelihood projects. In
addition a further US$500,000 has been paid into the company's Social
Development and Management Plan to fund direct community projects,
whilst local governments have benefited from the payment of over
US600, 000 in local taxes and fees.
Planning to extend the JORC compliant resource at Berong to support a
major value adding process plant has been completed. The ultimate
goal of this exploration programme is to increase the JORC resource
from under 10 million tonnes presently to over 40 million tonnes.
Approvals for the exploration permits are currently being sought,
with a plan to commence drilling in October 2009. The exploration
programme is expected to take 12 months to complete and will comprise
over 17,000 metres of drilling.
In July 2008, BHP announced that it had reached agreement to sell its
Yabulu refinery to companies owned by Professor Clive Palmer.
Berong's current five year contract with Queensland Nickel Pty,
operator of Yabulu, runs until August 2012 with the possibility of a
further five year extension. The contract is for the supply of up to
500,000 WMT of ore per annum with a minimum annual off-take of
300,000 WMT of ore. As of August 2009 143,765 WMT of ore have been
shipped to Yabulu so far this year.
In addition to the BHP contract, we continue to seek sales elsewhere
and particularly in China, a market we have supplied in the past.
Although Chinese imports of nickel ore have recovered in the past few
months, much of the material has been purchased by blast furnaces as
an iron ore substitute with a low nickel content but high iron
content. Also, reported nickel ore inventories at Chinese ports
remain stubbornly high. Whilst below peak 2008 levels, as of mid
August 2009, inventories still exceeded 7 million tonnes.
Nonetheless, the recovery in Chinese stainless steel production and
consequent increased demand for nickel, does offer encouragement for
the prospects of renewed profitable sales from Berong to China in the
medium term.
The year under review saw considerable progress made towards the goal
of value added processing at both Ipilan and Berong. In October, a
concept study by European Nickel confirmed the economic viability of
a heap leaching operation at Berong. In June 2008 Toledo signed a
MoU with JXTC, for the finance and construction of a jointly owned
nickel leaching plant at Ipilan to supply the 40,000 tonne per annum
nickel refinery which JXTC is constructing in Nanchang, China. In
November Toledo announced the signing of a supplementary MoU with
JXTC for the construction of a demonstration leach plant at Berong.
Although the global financial crisis has slowed progress both in
converting the Moue's with JXTC into binding and detailed contracts
and in reaching agreement with European Nickel for access to their
heap leach technology, some positive progress has been made on both
counts. Samples of ore supplied to JXTC for metallurgical testing at
the Beijing General Research Institute of Mining and Metallurgy have
shown that Berong ore is amenable to both heap and tank leaching.
Thus the first crucially important step in converting the MoU with
JXTC into binding agreements has been achieved. Samples of Berong ore
have also been sent for leaching tests to the same laboratory in
Canada previously used by European Nickel.
Good progress has been made at the Ipilan deposit towards a
"Declaration of Mine Feasibility" which must be submitted to the
Mines and Geosciences Bureau before the end of 2010. An initial,
sizeable JORC resource, completed by the Snowden Mining Group, was
announced in November 2008. Snowden calculated a JORC resource of
30.59 million tonnes grading 1.36 per cent nickel (416,000 tonnes of
contained nickel) at a 1.0 per cent nickel cut-off grade. The Snowden
calculation comprised only 69 per cent of the now available drill
data. Recalculation of the resource based on 100 per cent of the
drill data is currently being undertaken in house. The results are
expected during the December quarter.
The other main focus at Ipilan has been on community relations and
permitting. Endorsement for a mining operation has been obtained
from the four Barangays (local councils) upon which Ipilan is
situated. The next stage of process entails securing the endorsement
of the municipal council, following a successful outcome of which,
Provincial endorsement will be sought. This process is targeted for
completion in October 2009. In addition, the Free and Prior Informed
Consent (FPIC) process must be completed through the National
Commission on Indigenous Peoples (NCIP) and approval must also be
sought from the Palawan Council for Sustainable Development (PCSD)
both of which are targeted for completion in December 2009.
Following completion of the in house calculation of the Ipilan
resource, we will undertake a study on the viability of a direct ore
shipping operation. A major part of this work will involve obtaining
an Environmental Clearance Certificate (ECC). The ultimate goal is to
have the study and all permitting completed by mid 2010 and to submit
a Declaration of Mine Feasibility shortly thereafter.
In parallel with this work, Ipilan Nickel Corporation (INC) has
continued its collaboration with MacroAsia, a major Philippine
corporation which owns the adjoining tenement to the Ipilan deposit.
In September 2007, Toledo Mining and MacroAsia signed a Memorandum of
Understanding to assess the potential for joint development and
operation of the adjoining properties. During the past year, INC
personnel have been outsourced to MacroAsia to assist with their
exploration programme. Although, MacroAsia has yet to announce a JORC
resource, the two tenements potentially contain a combined resource
of over 100 million tonnes for the two tenements. There is no doubt
that joint development of this major resource would have substantial
commercial benefits and we continue to explore this possibility with
MacroAsia.
The commitment over the past year of the teams both on site at Berong
and Ipilan and in the Manila office has been greatly appreciated. The
world has been through a major economic downturn which has happened
with unprecedented speed and ferocity. The ability of management to
react quickly to these conditions, significantly reducing expenses
whilst maintaining a core of expertise at the operations, has been
impressive.
The Company is now in a position to react just as quickly to a
rebounding nickel market. With the ongoing support of employees,
local community members and government, Toledo looks forward
positively to the ongoing development and success of its operations
in the Philippines.
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2009
Year Year
Ended Ended
31 March 2009 31 March 2008
Notes £ £
Revenue 3 1,190,121 981,487
Gross profit 1,190,121 981,487
Administration expenses (2,467,557) (2,317,544)
Exceptional item 4 - (583,433)
Foreign exchange gains /
(losses) 3,590,618 (98,722)
Other operating income 71,786 104,804
Realised and unrealised gains /
(losses) on
current asset investments 142,291 (221,298)
Share of results of associates (1,133,453) 2,649,630
Profit from operations 5 1,393,806 514,924
Investment income 8 526,081 691,778
Profit before taxation 1,919,887 1,206,702
Income tax expense 9 (198,100) -
Profit for the year 1,721,787 1,206,702
Attributable to:
Equity holders of the parent 1,639,603 1,003,144
Minority interest 82,184 203,558
________ ________
1,721,787 1,206,702
Earnings per share (pence) -
including
share of associates results
Basic 10 5.55 3.43
Diluted 10 5.48 3.36
Earnings / (loss) per share
(pence) -
excluding share of associates
results
Basic 10 9.39 (5.62)
Diluted 10 9.26 (5.52)
The Company has taken advantage of section 230 of the Companies Act
1985 not to publish its own income statement account
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2009
Notes 31 March 2009 31 March 2008
£ £
ASSETS
Non-current assets
Property, plant and equipment 11 1,629 8,429
Investment in associated
undertakings 13 11,273,708 12,408,531
Loans and receivables 14 13,755,986 7,625,613
Trade and other receivables 15 38,450 38,450
Total non-current assets 25,069,773 20,081,023
Current assets
Trade and other receivables 16 951,159 567,651
Taxation 17 29,001 23,928
Loans and receivables 18 - -
Current investments 19 - 413,616
Cash and cash equivalents 20 2,882,774 5,458,262
Total current assets 3,862,934 6,463,457
_________ _________
TOTAL ASSETS 28,932,707 26,544,480
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 21 996,112 622,770
Taxation 22 209,547 171,583
________ _______
Total current liabilities 1,205,659 794,353
________ _______
Total liabilities 1,205,659 794,353
Equity
Share capital 23 1,476,917 1,476,917
Share premium account 24 24,570,675 24,508,568
Share based payments reserve 25 307,899 408,980
Translation reserve 142,395 (735)
Retained profit / (loss) 795,810 (882,767)
Equity attributable to equity
holders of
the parent 27,293,696 25,510,963
Minority Interest 26 433,352 239,164
Total equity 27,727,048 25,750,127
_________ _________
TOTAL EQUITY AND LIABILITIES 28,932,707 26,544,480
COMPANY BALANCE SHEET AS AT 31 MARCH 2009
Notes 31 March 2009 31 March 2008
£ £
ASSETS
Non-current assets
Property, plant and equipment 11 1,629 8,429
Investment in subsidiary
undertaking 12 10,286 10,286
Investment in associated
undertakings 13 9,870,107 9,871,477
Loans and receivables 14 13,755,986 7,625,613
Trade and other receivables 15 38,450 38,450
Total non-current assets 23,676,458 17,554,255
Current assets
Trade and other receivables 16 52,703 177,772
Taxation 17 29,001 23,928
Loans and receivables 18 - -
Current investments 19 - 413,616
Cash and cash equivalents 20 2,712,295 5,249,534
Total current assets 2,793,999 5,864,850
_________ _________
TOTAL ASSETS 26,470,457 23,419,105
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 21 924,314 578,958
Taxation 22 209,547 171,583
________ ______
Total current liabilities 1,133,861 750,541
________ _______
Total liabilities 1,133,861 750,541
Equity
Share capital 23 1,476,917 1,476,917
Share premium account 24 24,570,675 24,508,568
Share based payments reserve 25 307,899 408,980
Retained loss (1,018,895) (3,725,901)
Equity attributable to equity
holders of
the parent 25,336,596 22,668,564
Total equity 25,336,596 22,668,564
_________ _________
TOTAL EQUITY AND LIABILITIES 26,470,457 23,419,105
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31
MARCH 2009
Share Trans-
Based Retained lation
Share Share Payments (Loss) / Minority Exchange
Capital Premium Reserve Profit Interest Reserve Total
£ £ £ £ £ £ £
Balance at
1
April 2008 1,476,917 24,508,568 408,980 (882,767) 239,164 (735) 25,750,127
Transfer
from
reserve - 62,107 (101,081) 38,974 - - -
Translation
movement - - - - 112,004 143,130 255,134
Profit for
the year - - - 1,639,603 82,184 - 1,721,787
________ _________ ______ _______ _______ _______ _________
Balance at
31 March
2009 1,476,917 24,570,675 307,899 795,810 433,352 142,395 27,727,048
Share Trans-
Based lation
Share Share Payments Retained Minority Exchange
Capital Premium Reserve Loss Interest Reserve Total
£ £ £ £ £ £ £
Balance at
1
April 2007 1,429,417 23,062,908 1,107,326 (2,491,097) 36,181 - 23,144,735
Share issue 47,500 1,352,500 - - - - 1,400,000
Transfer
from
reserve - 93,160 (698,346) 605,186 - - -
Translation
movement - - - - (575) (735) (1,310)
Profit for
the year - - - 1,003,144 203,558 - 1,206,702
________ _________ ______ _______ _______ ____ _________
Balance at
31 March
2008 1,476,917 24,508,568 408,980 (882,767) 239,164 (735) 25,750,127
CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2009
Notes Year Year
Ended Ended
31 March 2009 31 March 2008
£ £
Net cash outflow from operating 27
activities (1,312,017) (2,098,744)
Investing activities
Investment income 220,540 406,784
Purchase of property, plant &
equipment - (3,871)
Sale of current investments 555,907 280,654
Loan investments advanced (2,039,918) (5,687,372)
Loan investments repaid - 3,129,520
_________ _________
Net cash outflow from investing
activities (1,263,471) (1,874,285)
Financing activities
Issue of equity share capital - 1,400,000
________ ________
Net cash inflow from financing
activities - 1,400,000
Net decrease in cash and cash
equivalents (2,575,488) (2,573,029)
Cash and cash equivalents at 1
April 5,458,262 8,031,291
________ ________
Cash and cash equivalents at 31 20
March 2,882,774 5,458,262
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2009
1. General information
Toledo Mining Corporation Plc is a company incorporated in England
and Wales under the Companies Act 1985. The Company's registered
office is Ground Floor, 11 Albemarle Street, London, W1S 4HH. The
registration number of the Company is 5174452.
The principal activity of the Group is the investment in and
exploration and development of mining projects, specifically in the
Philippines.
The Group's principal activity is carried out in US dollars. The
financial statements are presented in pounds sterling as this is the
currency of the country (the UK) where the Company is incorporated
and its ordinary shares admitted for trading.
The Board of directors has authorised the issue of these financial
statements on the date of the statement as set out in Chairman's
Report.
2. Accounting policies
Basis of accounting
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs).
The financial statements have been prepared on the historical cost
basis except that certain financial instruments are accounted for at
fair values. The principal accounting policies adopted are set out
below.
New standards and interpretations not applied
The IASB and IFRIC have issued the following standards and
interpretations which are not effective and have not been early
adopted for these financial statements:
International Accounting Standards Effective for financial
(IAS/IFRSs)
year beginning
IFRS 2 (amended) Share-based payment vesting
conditions and cancellations 1 January 2009
IFRS 8 Operating segments 1 January 2009
IAS 1 (revised) Presentation of financial 1 January 2009
statements
IAS 1 (amended) Presentation of financial 1 January 2009
statements
IAS 16 (amended) Property, plant and 1 January 2009
equipment
IAS 19 (amended) Employee benefits 1 January 2009
IAS 23 (revised) Borrowing costs 1 January 2009
IAS 23 (amended ) Borrowing costs 1 January 2009
IAS 27 (amended) Consolidated and separate 1 January 2009
financial statements
IAS 28 (amended) Investments in associates 1 January 2009
IAS 32 (amended) Financial instruments - 1 January 2009
presentation
IAS 36 (amended) Impairment of assets 1 January 2009
IAS 38 (amended) Intangible assets 1 January 2009
IAS 39 (amended) Financial instruments-
recognition and 1 January 2009
measurement
International Financial Reporting
Interpretations
Committee (IFRIC)
IFRIC 13 Customer Loyalty Programmes 1 July 2008
IFRIC 16 Hedges of a net investment in a 1 October 2008
foreign operation
The directors do not anticipate that adoption of these standards and
interpretations will have a material impact on the Group and
Company's financial position or performance other than additional
disclosure requirements in the period of initial application,
although IAS 1 (revised) will change the manner in which the
statements are presented.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and all Group undertakings. Control is
achieved when the Company has the power to govern the financial and
operating policies of an investee entity so as to obtain benefits
from its activities.
On acquisition, the assets and liabilities and contingent liabilities
of a subsidiary are measured at their fair values at the date of
acquisition. Any excess of the cost of acquisition over the fair
value of the identifiable net assets acquired is recognised as
goodwill.
Any deficiency of the cost of acquisition below the fair value of the
identifiable net assets acquired (i.e. discount on acquisition) is
credited to the income statement in the period of acquisition. The
interest of minority shareholders is stated at the minority's
proportion of the fair values of the assets and liabilities
recognised. Subsequently, any losses applicable to the minority
interest in excess of the minority interest are allocated against the
interests of the parent.
The results of subsidiaries acquired or disposed of during the year
are included in the consolidated income statement from the effective
date of acquisition or up to the effective date of disposal, as
appropriate.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with
those used by the Group.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Investments in Associates
An associate is an entity over which the Group is in a position to
exercise significant influence, but not control or joint control,
through participation in the financial and operating policy decisions
of the investee.
The results and assets and liabilities of associates are incorporated
in these financial statements using the equity method of accounting.
Investments in associates are carried in the balance sheet at cost as
adjusted by post-acquisition changes in the Group's share of the net
assets of the associate, less any impairment in the value of
individual investments. Losses of the associates in excess of the
Group's interest in those associates are not recognised.
Where a Group company transacts with an associate of the Group,
unrealised profits and losses are eliminated to the extent of the
Group's interest in the relevant associate. Losses may provide
evidence of an impairment of the asset transferred in which case
appropriate provision is made for impairment.
The Group and its associated undertakings have complied with the
requirements of IFRS 6 Exploration for and Evaluation of Mineral
Resources.
Upon commencement of commercial production operation of a mining
property, the investment in the associate company relating to that
property is amortised on the basis of ore body extracted as a
proportion of the ore body estimate of that property.
Revenue recognition
Revenue and other operating income represent the provision of
consultancy, management and office services for the year.
Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable,
which is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial asset to that
asset's net carrying amount.
Gains and losses on current asset investments represent realised and
unrealised gains / (losses).
Foreign currencies
Transactions in currencies other than pounds sterling are recorded at
the rates of exchange prevailing on the dates of the individual
transactions. For practical reasons, a rate that approximates to the
actual rate at the date of the transaction is often used. At each
balance sheet date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates
prevailing on the balance sheet date. Non-monetary assets and
liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing at the balance sheet date.
Gains and losses arising on retranslation are included in net profit
or loss for the period. On consolidation, the assets and liabilities
of the Group's overseas operations are translated at exchange rates
prevailing on the balance sheet date. Income and expense items are
translated at the average exchange rates for the period unless
exchange rates fluctuate significantly. Exchange differences
arising, if any, are classified as equity and transferred to the
Group's translation reserve. Such translation differences are
recognised as income or as expenses in the period in which the
operation is disposed of.
The following rates of exchange have been applied:
2009 2008
1 US Dollar to 1 British Pound
Closing rate 0.703 0.501
Average rate 0.591 0.498
1 Philippine Peso to 1 British Pound
Closing rate 0.014 0.012
Average rate 0.012 0.011
Taxation
The income tax expense represents the sum of the tax currently
payable and deferred tax. The tax currently payable is based on
taxable profit for the year. Taxable profit differs from net profit
as reported in the income statement, because it excludes items of
income or expense that are taxable or deductible in other years and
it further excludes items that are never taxable or deductible. The
Group's liability for current tax is calculated using tax rates that
have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities in
the financial statements and the corresponding tax bases used in the
computation of taxable profit, and is accounted for using the balance
sheet liability method. Deferred tax liabilities are generally
recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable
profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not
recognised if the temporary difference arises from the original
recognition of other assets and liabilities in a transaction that
affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled or the asset is
realised. Deferred tax is charged or credited in the income
statement, except when it relates to items charged or credited
directly to equity, in which case the deferred tax is also dealt with
in equity.
No recognition has been made for the deferred tax asset arising in
respect of current losses as the directors are of the opinion that
this may not be realisable in the foreseeable future.
Financial instruments
Financial assets and financial liabilities are recognised on the
balance sheet when the Company becomes a party to the contractual
provisions of the instrument.
Non-current intangible assets
Non-current intangible assets are shown at cost less any provisions
made in respect of impairment.
Asset impairments
Assets are reviewed for impairment at each balance sheet date or if
events or changes in circumstances indicate that the carrying amount
may not be recoverable. When a review is conducted, the recoverable
amount is assessed by reference to the net present value of expected
future cash flows of the relevant income generating unit or disposal
value, if higher.
If an asset is impaired, a provision is made to reduce the carrying
amount to its estimated recoverable amount.
Non-current asset investments
Loan investments are shown at cost less provision for any permanent
diminution in value. Loan investments are recognised as an asset
when sums are advanced.
Property, plant and equipment
Office equipment and furniture are shown at cost less accumulated
depreciation and any recognised impairment loss. Depreciation is
charged so as to write off the cost of assets over their estimated
useful lives, using the straight line method on the following basis:
Office furniture and fittings 33% - 50%
Computer and office equipment 33% - 100%
Cash and cash equivalents
Cash and cash equivalents comprise cash held at bank and on short
term deposits.
Trade payables
Trade payables are not interest bearing and are stated at their
nominal value.
Trade receivables
Trade receivables do not carry any interest and are stated at their
nominal value as reduced by appropriate allowances for estimated
irrecoverable amounts.
Investments
Investments are recognised and derecognised on a trade date where a
purchase or sale of an investment is under a contract whose terms
require delivery of the investment within the timeframe established
by the market concerned, and are initially measured at cost,
including transaction costs.
Investments are classified as held-for-trading and are measured at
subsequent reporting dates at fair value. Where securities are held
for trading purposes, gains and losses arising from changes in fair
value are included in net profit or loss for the period.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds
received except where those proceeds appear to be less than the fair
value of the equity instruments issued, in which case the equity
instruments are recorded at fair value. The difference between the
proceeds received and the fair value is reflected in the share based
payments reserve.
The costs of issuing new equity are charged against the share premium
account.
Operating Leases
Rental costs under operating leases are charged to the income
statement on a straight line basis over the term of the lease. Where
an incentive to sign the lease has been taken the incentive is spread
on a straight line basis over the lease term.
Pension costs
The Company makes defined contributions to the independent pension
scheme of its employees.
Share based payments
The Group has applied the requirements of IFRS 2 Share-based
Payments.
The Group issues equity-settled based payments to directors, staff
and certain professional advisors of the Group. Equity-settled
share-based payments are measured at fair value at the date of
grant. The fair value determined at the grant date of the
equity-settled share-based payment is expensed on a straight-line
basis over the vesting period, based on the Group's estimate of
shares that will eventually vest.
Fair value is measured using a Black-Scholes model. The expected
life used in the model has been adjusted, based on management's best
estimate, for the effects of non-transferability, exercise
restrictions, and behavioural considerations.
Critical Accounting Judgements and Key Sources of Estimation
Uncertainty
In the process of applying the Group's accounting policies above,
management necessarily make judgements and estimates that have a
significant effect on the amounts recognised in the financial
statements. Changes in the assumptions underlying the estimates could
result in a significant impact to the financial statements. The most
critical of these accounting judgement and estimation areas are as
follows:
Impairment of Assets
The Group reviews the carrying amounts of assets as at each balance
sheet date or if events or changes in circumstance indicate that the
carrying amount may not be recoverable to determine whether there is
any indication of impairment. If any such indication exists, the
assets' recoverable amount or value in use is estimated. Determining
the value in use requires the determination of future cash flows
expected to be generated from the continued use and ultimate disposal
of the asset. This requires the Company to make estimates and
assumptions that can materially affect the financial statements. Any
resulting impairment loss could have a material adverse impact on the
Group's financial position and results of operations.
3. Segmental analysis
The turnover and loss before tax are attributable to the principal
activities of the Group.
Segmental information on a geographical basis is set out below:
Year ended 31 March 2009
UK Philippines China Total
£ £ £ £
Revenue 32,126 - 1,157,995 1,190,121
Profit for the year 2,668,032 - 187,208 2,855,240
Share of associates
results - (1,133,453) - (1,133,453)
Depreciation /
Amortisation - 6,267 - 6,267
Total assets 2,832,448 25,031,323 1,068,936 28,932,707
Total liabilities 641,202 492,657 71,800 1,205,659
Loan investment additions - 2,433,719 - 2,433,719
Year ended 31 March 2008
UK Philippines China Total
£ £ £ £
Revenue 99,225 - 882,262 981,487
(Loss)/profit for the
year (1,906,614) - 463,686 (1,442,928)
Share of associates
results - 2,649,630 - 2,649,630
Depreciation /
Amortisation - 40,179 - 40,179
Impairment - investments - 583,433 - 583,433
Total assets 5,903,300 20,042,573 598,607 26,544,480
Total liabilities 399,490 351,050 43,813 794,353
Tangible assets additions - 3,871 - 3,871
Loan investment additions - 5,986,823 - 5,986,823
Details of associated company's results are shown in note 33.
4. Exceptional item
Year ended Year ended
31 March 2009 31 March 2008
£ £
Impairment write down - investment in - 583,433
associate
The directors, having carried out an impairment review have
considered that the investment in the Ulugan nickel project should be
subject to an impairment charge of £583,433 (100%) and accordingly
investments in associates have been written down by this amount.
5. Profit from operations
Profit from operations is stated after charging / (crediting):
Year ended Year ended
31 March 2009 31 March 2008
£ £
Auditors remuneration:
- as auditors 37,695 28,060
- as reporting accountants 17,365 16,740
- taxation compliance 4,984 2,000
Audit fees - other auditor 29,953 38,723
Operating lease - office rent 69,298 69,298
(Gains) / losses on current asset
investments (142,291) 221,298
Foreign exchange (gains) / losses (3,590,618) 98,722
Depreciation 4,897 28,839
Amortisation 1,370 11,340
6.Particulars of employees
The average number of staff employed by the Group during the
financial year amounted to:
Year ended Year ended
31 March 2009 31 March 2008
No. No.
Administrative staff 2 2
The aggregate costs of the above were:
£ £
Wages and salaries 54,584 108,647
Social security costs 6,001 17,631
Pension costs - defined contribution 2,084 5,142
______ ______
62,669 131,420
7. Directors' emoluments and fees
The Company also employed seven (2008: five) directors during the
year with aggregate emoluments in respect of qualifying services as
follows:
Year ended Year ended
31 March 2009 31 March 2008
£ £
Directors' emoluments 16,500 -
Social security costs 1,420 -
Directors' fees 30,150 15,000
Amounts paid to third parties for the
provision of
directors' services 188,750 104,250
Share based payments and related costs 10,385 127,296
______ ______
247,205 246,546
Year ended Year ended
31 March 2009 31 March 2008
£ £
Highest paid director 120,000 84,995
Share options exercised by highest paid - 100,000
director
Number of directors who exercised share
options
during the year - 3
During the year the Company paid £126,000 (2008: £nil) to directors
as compensation for loss of office. This amount is included in the
directors' fees total of £247,205 above.
Amounts paid in respect of professional consulting services not
included above are disclosed in the related party note (note 29).
8 Investment income
Year ended Year ended
31 March 2009 31 March 2008
Group Group
£ £
Interest on bank deposits 132,280 389,783
Interest on loan investments 393,801 299,452
Other interest - 18
Dividends - 2,525
______ ______
526,081 691,778
9 Income tax expense
Group Group
Year ended Year ended
31 March 2009 31 March 2008
£ £
Taxation charge 198,100 -
Current tax reconciliation
Profit for the year before
taxation 1,919,887 1,206,702
Profit for the year multiplied
by standard
rate of UK corporation tax 28%
(2008: 30%) 537,568 362,011
Effects of:
Expenses not deductible for tax
purposes 2,609 268,717
Non taxable income 11,474 (758)
Excess of capital allowance over
depreciation (4,091) -
Overseas profits (52,418) (139,106)
Share of associate results 317,367 (794,889)
Utilisation of losses (614,409) -
Increase in potential tax credits - 304,025
_______ _______
Tax charge 198,100 -
Potential UK tax credits
available multiplied by
standard rate of corporation tax
28% (2008: 30%) 122,031 789,044
From 1 April 2008 there was a change in the standard rate of UK
corporation tax from 30% to 28%.
No recognition has been made of the deferred tax asset in respect
of the losses shown above as the directors are of the opinion that
this may not be realisable in the foreseeable future.
10. Earnings per share - including share of associates results
Earnings per share has been calculated by dividing the profit for
the year after taxation including share of associates
(losses)/profits of (£1,133,453) (2008: profit £2,649,630)
attributable to the equity holders of the parent company of
£1,639,603 (2008: £1,003,144) by the weighted average number of
shares in issue at the year end of 29,538,333 (2008: 29,278,552).
Diluted earnings per share has been calculated using the weighted
average number of shares in issue at the year end, diluted for the
effect of share options in existence at the year end of 395,000
(2008: 545,000).
Earnings / (loss) per share - excluding share of associates results
Earnings / (loss) per share has been calculated by dividing the
profit / (loss) for the year after taxation excluding share of
associates (losses)/profits of (£1,133,453) (2008: profit £2,649,630)
attributable to the equity holders of the parent company of
£2,773,056 (2008: loss £1,646,486) by the weighted average number of
shares in issue at the year end of 29,538,333 (2008: 29,278,552).
Diluted earnings / (loss) per share has been calculated using the
weighted average number of shares in issue at the year end, diluted
for the effect of share options in existence at the year end of
395,000 (2008: 545,000).
11. Property, plant and equipment
Company and Group
Computer and Furniture, fixtures Total
office equipment and fittings
£ £ £
Cost
Balance at 1 April 2008 42,278 40,425 82,703
Disposals (2,292) (2,320) (4,612)
_____ _____ _____
Balance at 31 March 39,986 38,105 78,091
2009
Depreciation
Balance at 1 April 2008 38,080 36,194 74,274
Charge for the year 1,690 3,207 4,897
Disposals (668) (2,041) (2,709)
_____ _____ _____
Balance at 31 March 39,102 37,360 76,462
2009
Net book value
At 31 March 2009 884 745 1,629
At 31 March 2008 4,198 4,231 8,429
Computer and Furniture, fixtures Total
office equipment and fittings
£ £ £
Cost
Balance at 1 April 2007 46,838 40,425 87,263
Additions 3,871 - 3,871
Disposals (8,431) - (8,431)
_____ _____ _____
Balance at 31 March 42,278 40,425 82,703
2008
Depreciation
Balance at 1 April 2007 28,411 25,455 53,866
Charge for the year 18,100 10,739 28,839
Disposals (8,431) - (8,431)
_____ _____ _____
Balance at 31 March 38,080 36,194 74,274
2008
Net book value
At 31 March 2008 4,198 4,231 8,429
At 31 March 2007 18,427 14,970 33,397
12. Investment in subsidiary undertakings
Company
2009 2008
£ £
Cost
Balance brought forward 10,286 286
Additions - 10,000
_____ _____
Balance carried forward 10,286 10,286
Subsidiary Country of Holding Proportion of Nature of
Undertaking incorporation voting shares held Business
China Nickel British Virgin Ordinary Consultancy
Corporation Islands shares 56.1% Services
China Nickel & British Virgin
Steel Islands Ordinary Dormant
Corporation shares 100%
13. Investment in Associated Undertakings
Company
2009 2008
£ £
Cost
Balance brought forward 10,466,250 10,466,250
_________ ________
Balance carried forward 10,466,250 10,466,250
Amortisation / Impairment
Balance brought forward 594,773 -
Impairment charge - 583,433
Amortisation 1,370 11,340
______ ______
Balance carried forward 596,143 594,773
Net book value 9,870,107 9,871,477
Group
2009 2008
£ £
Cost
Balance brought forward 13,003,304 10,353,674
Share of associate undertakings results (1,133,453) 2,649,630
_________ _________
Balance carried forward 11,869,851 13,003,304
Amortisation / Impairment
Balance brought forward - -
Impairment charge 594,773 583,433
Amortisation 1,370 11,340
______ ______
Balance carried forward 596,143 594,773
Net book value 11,273,708 12,408,531
14. Loans and receivables
Company and Group
2009 2008
£ £
Balance brought forward 7,625,613 1,812,274
Additions 2,433,719 5,986,823
Translation exchange movement 3,696,654 (173,484)
Balance carried forward 13,755,986 7,625,613
In April 2006, the Company announced that it had negotiated to
subscribe for up to US$5 million in a three-year Loan Note in Atlas
Consolidated Mining and Development Corporation (ACMDC), secured over
ACMDC's share of the Berong nickel project. The Note bears interest
at the rate of 10% cumulative per annum and is repayable three years
from each drawdown. The loan is repayable out of ACMDC's share of the
Berong nickel project cash flow or is convertible into ACMDC shares
or repayable in US$ cash (at the election of the Company). The
principal amount advanced at 31 March 2009 was US$4,803,616 (2008:
US$4,564,817).
In 2007, the Company entered into an agreement to make a loan
facility available to Brooks Nickel Ventures Inc. (Brooks) of up to
US$2.5 million, secured over Brooks' share of the Ipilan nickel
project. This facility was subsequently increased to US$8 million in
2007. The loan bears interest at 10% cumulative per annum and is
repayable three years from each drawdown. The loan is repayable out
of Brooks' share of the Ipilan nickel project cash flow. The
principal amount advanced at 31 March 2009 was US$7,329,784 (2008:
US$4,999,972).
As repayments are linked to successful commercial exploitation of the
Berong and Ipilan nickel projects respectively, the directors are of
the opinion that it would be impractical to predict when these
repayments might occur. The receivables are therefore shown at
historical cost.
Under the Celestial joint venture agreement, the Company has the
option to take a 40% holding in Celestial Nickel Mining and
Exploration Corporation (CNMEC). In August 2007, the board agreed to
an advance of US$900,000 against the option exercise amount. If the
Company decides not to exercise the option to purchase, or is
prevented by any cause from exercising the option to purchase, then
the borrowers are required to reimburse the advance. The advance is
interest free and guaranteed by CNMEC but is otherwise unsecured.
Due to the uncertainty as to when, or if, the Company will exercise
this option, the receivable has been shown at historical cost.
Under the Berong venture agreement the Company has advanced funds to
Berong Nickel Corporation (BNC) to meet ongoing mine development
costs. The total amount advanced at 31 March 2009 was US$5,226,392
(2008: US$4,162,740). The loan amounts advanced are interest free,
unsecured and have no fixed terms of repayment. (See also note 18 for
previous loan advances to BNC). As repayments are linked to
successful commercial exploitation of the Berong nickel project, the
directors are of the opinion that it would be impractical to predict
when this receivable will be repaid and it is therefore shown at
historical cost.
15. Trade and other receivables - non-current
Company and Group
2009 2008
£ £
Rent deposit 38,450 38,450
16. Trade and other receivables - current
Group Company Group Company
2009 2009 2008 2008
£ £ £ £
Trade receivables 917,533 19,077 403,373 13,494
Prepayments and accrued income 33,626 33,626 164,278 164,278
951,159 52,703 567,651 177,772
17. Taxation
Group Company Group Company
2009 2009 2008 2008
£ £ £ £
VAT recoverable 29,001 29,001 23,928 23,928
18. Loans and receivables - current
Group Company Group Company
2009 2009 2008 2008
£ £ £ £
Balance - - 3,129,250 3,129,250
brought
forward
Loan amounts - - (3,129,250) (3,129,250)
repaid
________ ________ _________ ________
Balance
carried - - - -
forward
During the year ended 31 March 2007, the Company advanced £3,129,520
(US$6,129,258) to Berong Nickel Corporation to meet the Company's pro
rata share of expenditure on the Berong nickel project. This amount
was repaid to the Company in May and June 2007.
19. Current investments
Group Company Group Company
2009 2009 2008 2008
£ £ £ £
Listed investments - - 413,616 413,616
- market value
20. Cash and cash equivalents
Group Company Group Company
2009 2009 2008 2008
£ £ £ £
Cash held in trust bank 24,481 24,481 29,547 29,547
account
Cash at bank and in hand 2,858,293 2,687,814 5,428,715 5,219,987
2,882,774 2,712,295 5,458,262 5,249,534
21. Trade and other payables
Group Company Group Company
2009 2009 2008 2008
£ £ £ £
Trade payables 139,471 69,024 104,390 61,349
Accruals 363,981 362,630 167,330 166,559
Other payables 492,660 492,660 351,050 351,050
996,112 924,314 622,770 578,958
Other payables relate to the Company's remaining expenditure
commitments which have been capitalised as part of the cost of
acquiring the equity interests in the fixed asset investments as
follows:
Group Company Group Company
2009 2009 2008 2008
£ £ £ £
Ulugan nickel project 492,660 492,660 351,050 351,050
22. Taxation
Group Company Group Company
2009 2009 2008 2008
£ £ £ £
Payroll taxes 11,447 11,447 171,583 171,583
Corporation tax 198,100 198,100 - -
_______ _______ _______ _______
209,547 209,547 171,583 171,583
23. Called up share capital - Company and Group
Authorised Number £ Number £
2009 2009 2008 2008
Ordinary shares of 5p each 40,000,000 2,000,000 40,000,000 2,000,000
Allotted and fully paid 29,538,333 1,476,917 29,538,333 1,476,917
The Company has one class of ordinary shares which carry no
right to fixed income.
Share options and warrants in existence at 31 March 2009 are as
follows:
Number Description Exercise price Expiry date
150,000 Ordinary shares £1.50 27 June 2009
95,000 Ordinary shares £1.50 31 August 2009
150,000 Ordinary shares £1.50 30 November 2011*
* Or 90 days after the option holder ceases to be engaged by the
Company if earlier (can be amended at discretion of the Board).
24. Share premium account
Company and Group
2009 2008
£ £
Balance brought forward 24,508,568 23,062,908
Premium arising on issue of equity shares - 1,352,500
Transfer from share based payment reserve 62,107 93,160
_________ ________
Balance carried forward 24,570,675 24,508,568
25. Share based payments reserve
Company and Group
2009 2008
£ £
Balance brought forward 408,980 1,107,326
Transfer to retained loss (38,974) (605,186)
Transfer to share premium account (62,107) (93,160)
______ ______
Balance carried forward 307,899 408,980
The share based payments reserve relates to share options granted to
directors, staff and certain professional advisors.
The share options vested on grant and are capable of being exercised
at any time between the date of grant and the expiry date, subject to
that, unless exercised, these share options expire within 90 days of
the grantee ceasing to be an executive / consultant of the Company
(can be amended at discretion of the Board).
Movement on share options was as follows:
2009 2008
No of options No of options
Options at beginning of year 545,000 1,495,000
Options lapsed (150,000) -
Options exercised - (950,000)
________ ________
Options at end of year 395,000 545,000
Options exercisable at year end 395,000 545,000
Weighted average exercise prices were as follows:
2009 2008
Options at beginning of year £1.50 £1.48
Options lapsed £1.50 -
Options exercised - £1.47
Options at end of year £1.50 £1.50
Options exercisable at year end £1.50 £1.50
2009 2008
Weighted average share price at date of
exercise for
options exercised during the year - £3.41
2009 2008
Weighted average remaining contracted
life of options
outstanding at the year end 1.2 years 3.2 years
2009 2008
Exercise prices of options outstanding at
the year end
No of options No of options
Exercise price per share
£1.50 395,000 545,000
The option pricing model used in calculating the fair value of
options granted was the Black Scholes model.
26. Minority interest - Group
The minority interest is in relation to a 43.9% share in China Nickel
Corporation.
2009 2008
£ £
Share of current assets 464,872 258,397
Share of current liabilities (31,520) (19,233)
433,352 239,164
27. Cash flows from operating activities
Group 2009 2008
£ £
Net profit from operations 1,393,806 514,924
Adjustments for:
Impairment write down - 583,433
Share of associate undertakings losses / 1,133,453 (2,649,630)
(profits)
(Gains) / losses on current investments (142,291) 221,298
Foreign exchange movements (3,441,519) 172,172
Amortisation 1,370 11,340
Depreciation 4,897 28,839
Loss on disposal of fixed assets 1,903 -
_________ _________
Operating cash flows before movements in (1,048,381) (1,117,624)
working capital
Increase in trade and other receivables (476,841) (115,752)
Increase / (decrease) in trade and other 213,205 (865,368)
payables
_________ ________
Net cash outflow from operating activities (1,312,017) (2,098,744)
Company 2009 2008
£ £
Net profit / (loss) from operations 2,341,904 (2,594,741)
Adjustments for:
Impairment write down - 583,433
(Gains) / losses on current investments (142,291) 221,298
Foreign exchange movements (3,696,653) 173,482
Amortisation 1,370 11,340
Depreciation 4,897 28,839
Loss on disposal of fixed assets 1,903 -
_________ _________
(1,488,870) (1,576,349)
Decrease in trade and other receivables 31,737 191,578
Increase / (decrease) in trade and other 185,217 (908,527)
payables
_________ _________
Net cash outflow from operating activities (1,271,916) (2,293,298)
28. Controlling party
There is no ultimate controlling party of the Company.
29. Related party transactions
C Kyriakou and R Shakesby were directors of Tarquin Resources Plc
(liquidator appointed 28 May 2009).
The Company provided and recharged to Tarquin Resources Plc office,
support staff and expenses of £11,608 (2008: £45,625).
Tarquin Resources Plc provided support and consultancy services to
the Company for £2,500 (2008: £7,395).
At the year end Tarquin Resources Plc owed the Company £nil (2008:
£2,116).
C Kyriakou and R Cleary are directors of Natasa Mining Limited
(formerly Investika Limited), an Australian resources company.
Simon Purkiss is a director of European Nickel plc
The Company provided and recharged to Natasa Mining Limited office,
support staff and expenses of £4,750 (2008: £nil).
On 27 June 2008, Natasa Mining Limited sold the following investments
to European Nickel plc:
-its investment of 3,391,019 shares in Toledo Mining Corporation plc
(representing 11.5% of the issued share capital)
-its 18.7% equity and debt investment in Berong Nickel Corporation
-its 18.7% investment in China Nickel Corporation.
The total consideration was US$39,005,832.
Separately as part of the same transaction C Kyriakou sold 1,550,000
shares in Toledo Mining Corporation plc to European Nickel plc at £2
per share.
Capma Pty Ltd, a company in which C Kyriakou has an interest, paid
expenses on behalf of the Company of £54,695 (2008: £143,325) which
was re-charged to the Company.
At the year end the Company owed £nil (2008: £16,126) to Capma Pty
Ltd.
The Company was charged £120,000 (2008: £72,000) by Resource Capital
Partners Inc. for the provision of services of C Kyriakou as Director
of the Company. The £120,000 included a £96,000 termination payment.
The Company was charged £40,684 (2008: £51,124) by Accomplishments
Pty Ltd for the provision of services of R Cleary; £22,500 (2008:
£15,000) for services as Director of the Company and £18,184 (2008:
£36,124) for services as a consultant to the Company. The £22,500
charge for services as director included a £15,000 termination
payment.
The Company was charged £85,800 (2008: £36,500) by Metal Analysis
Limited for the provision of services of R Eccles, £30,200 (2008:
£17,250) for services as Director of the Company and £55,600 (2008:
£19,250) for services as a consultant to the Company. Metal Analysis
Limited also incurred expenses and recharged to the Company £16,100
(2008: £5,903).
At the year end the Company owed £2,300 (2008: £nil) to Metal
Analysis Limited.
The Company was charged £18,750 (2008: £20,545) by R Shakesby,
£18,750 (2008: £15,000) for services as Director of the Company and
£nil (2008: £5,545) for services as consultant to the Company. The
£18,750 charge for services as director included a £15,000
termination payment.
The Company was charged £320,475 (2008: £332,001) for the services of
G Bujtor as consultant by Global Resources & Marketing Services SA. G
Bujtor incurred and recharged expenses to the Company for £88,789
(2008: £66,954).
The subsidiary, China Nickel Corporation, was charged £250,429 (2008:
£nil) for the services of G Bujtor as consultant by Global Resources
& Marketing Services SA.
The Company was charged £nil (2008: £62,983) for the services of G
Bujtor as consultant by Resource & Project Commercialisation Pty Ltd.
The subsidiary, China Nickel Corporation, was charged £nil (2008:
£37,346) for the services of G Bujtor as consultant by Resource &
Project Commercialisation Pty Ltd.
C Kyriakou and R Shakesby are directors of UMC Energy Plc.
The Company provided and recharged to UMC Energy Plc office, support
staff and expenses of £37,716 (2008: £63,475).
UMC Energy Plc provided support staff to the Company for £3,500
(2008: £8,680).
At the year end the Company was owed £nil (2008: £6,173) by UMC
Energy Plc.
C Kyriakou was a director of Belitung Zinc Corporation Plc
(liquidator appointed 17 December 2008).
The Company provided and recharged to Belitung Zinc Corporation Plc
office, support staff and expenses of £7,205 (2008: £38,625).
Belitung Zinc Corporation Plc provided support staff to the Company
for £nil (2008: £7,395).
At the year end the Company was owed £nil (2008: £1,528) by Belitung
Zinc Corporation Plc.
During the year, share based payments and related costs for key
management totalled £nil (2008: £127,296).
The Company was charged £25,300 (2008: £nil) by BHM Limited for the
provision of services of S Purkiss, £19,800 (2008: £nil) for services
as Director of the Company and £5,500 (2008: £nil) for services as a
consultant to the Company.
The Company was charged £52,659 (2008: £nil) by F Pole, £16,500
(2008: £nil) for services as Director of the Company and £36,159
(2008: £nil) for services as a consultant to the Company.
The Company was charged £11,400 (2008: £nil) by C Thanasoulas for
services as Director of the Company.
Atlas Consolidated Mining and Development Corporation (ACMDC) and
European Nickel plc are, and Natasa Mining Limited was, joint venture
partners with the Company under the Berong Venture Agreement.
Brooks Nickel Ventures, Inc. (Brooks) and Celestial Nickel Mining and
Exploration Corporation (CNMEC) are joint venture partners with the
Company under the Celestial/Ipilan Venture Agreement.
Atlas Consolidated Mining and Development Corporation (ACMDC) is
joint venture partner with the Company under the Ulugan Venture
Agreement.
Under the Berong, Celestial and Ulugan Venture Agreements, the
Company has through the expenditure of qualifying costs of
£10,464,306 (2008: £10,464,306) acquired equity interests in the
following Philippines' registered companies.
Ulugan Nickeline Nickel
TMM Resources Ulugan Resources Laterite Berong Ipilan
Management Holdings Nickel Holdings Resources Nickel Nickel
Inc Inc Corp. Inc Inc Corp. Corp.
Direct 40% 30% 40% 40% 20% 21.3% 40%
Indirect - - 18% 18% - 34.8% 12%
Total 40% 30% 58% 58% 20% 56.1% 52%
In April 2006, the Company entered into an agreement to subscribe for
up to US$5 million, in a three-year Loan Note in ACMDC secured over
ACMDC's share of the Berong nickel project cash flows. The Note
bears interest at the rate of 10% cumulative per annum and is
repayable three years from each drawdown. The loan is repayable out
of ACMDC's share of the Berong nickel project cash flow or is
convertible into ACMDC shares or repayable in US$ cash (at the
election of the Company).
During the year, the Company advanced US$238,799 (2008: US$1,811,567)
to ACMDC under the Loan Note. This amount forms part of total
principal amount advanced as shown under non-current loan investments
(see note 14).
In May 2007, the Company entered into an agreement to make a loan
facility available to Brooks of up to US$2.5 million. Brooks
confirmed that the US$585,191 already advanced by the Company in
excess of its US$2 million funding commitment would be subject to the
terms of the agreement. This loan facility was subsequently
increased to US$8 million. During the year, the Company advanced a
further US$2,329,812 (2008: US$4,414,781) to Brooks. This amount
forms part of the total principal amount advanced as shown under
non-current loan investments (see note 14). The loan facility bears
interest at 10% cumulative per annum and is repayable three years
from each drawdown. The loan is secured over Brooks' share of
earnings from the Ipilan nickel project and is repayable out of
Brooks' share of the Ipilan nickel project cash flows.
Under the Celestial joint venture agreement, the Company has the
option to take a 40% holding in CNMEC. During the year ended 30
March 2007 the Company agreed to an advance of $900,000, as shown in
note 14, against the option exercise amount. If the Company decides
not to exercise the option to purchase, or is prevented by any cause
from exercising the option to purchase, then the borrowers are
required to reimburse the US$900,000. The advance is interest free
and guaranteed by CNMEC but is otherwise unsecured.
The Company's expenditure commitment under the Ulugan Venture
Agreement at the year end is US$700,000 (2008: $700,000).
Under the Berong Venture Agreement, the Company has advanced funds to
Berong Nickel Corporation (BNC) to meet ongoing mine development
costs. The total amount advanced at the 31 March 2007 was
US$6,129,258. This amount was repaid in May and June 2007. During
the year, the Company advanced US$1,063,652 (2008: US$4,162,740) to
BNC. This amount forms part of the total amount advanced as shown
under non-current loan investments (see note 14). The loan amounts
advanced are interest free, unsecured and have no fixed terms of
repayment.
CNMEC owns 40% of the issued share capital of Nickel Laterite
Resources Inc. There is a royalty agreement in place such that the
Company has a commitment to make certain payments to CNMEC as
described in note 30.
The Company has two subsidiaries, details of which are given in note
12.
During the year China Nickel Corporation charged Berong Nickel
Corporation US$1,637,396 (2008: US$1,642,405) in respect of
consulting fees. At the year end Berong Nickel Corporation owed China
Nickel Corporation US$672,188 (2008: US$1,075,361).
During the year China Nickel Corporation charged Ipilan Nickel
Corporation US$318,809 (2008: US$116,841) in respect of consulting
fees. At the year end Ipilan Nickel Corporation owed China Nickel
Corporation US$105,237 (2008: US$201,219).
30. Commitments and contingencies
Under a royalty agreement, the Company has made a commitment to make
certain payments to Celestial Nickel Mining Exploration Corporation
as follows:
Upon completion of a feasibility study US$200,000
Upon completion of positive bankable feasibility study US$500,000
Upon the commencement of construction of plant US$1,200,000
A potential claim for an unspecified sum for breach of contract has
been notified to the Company in respect of a dispute with Celestial
Nickel Mining Exploration Corporation. The directors are firmly of
the opinion that the claim is without foundation and no provision has
been made in these accounts in respect of this.
31. Post balance sheet events
Subsequent to 31 March 2009, the Group recommenced shipments to
Australia. Three shipments totalling 143,765 WMT with a provisional
value of US$3,257,000 have been shipped.
The Company has advanced a further:
* £218,694 (US$327,778) to Berong Nickel Corporation as an interest
free, unsecured advance under the Berong Venture Agreement;
* £96,581 (US$159,455) to Brooks Nickel Ventures Inc. to meet that
company's share of Ipilan project expenditure.
On 29 April 2009, the Company granted 200,000 share options to senior
management based in the Philippines at an exercise price of 40p per
share. The options expire on 29 April 2014.
On 31 July 2009 the authorised share capital of the Company was
increased by £793,975 to £2,793,975.
On 4 August 2009 the Company undertook a share placement of
12,000,000 ordinary shares at 28p per share. The share placement
generated proceeds after costs of £3,248,222.
32. Financial assets and liabilities
The Group's financial instruments comprise cash and cash equivalents,
loan investments and financial assets and various items such as trade
receivables, trade payables, accruals and prepayments that arise
directly from its operations.
The main purpose of these financial instruments is to finance the
Group's operations.
The Board regularly reviews and agrees policies for managing the
level of risk arising from the Group's financial instruments. These
are summarised below:
Credit risk
Credit risk refers to the risk that a counterparty will default on
its contractual obligations resulting in financial loss to the
Company and Group, and arises principally from the consolidated
entity's loan receivables which are considered by the directors to be
recoverable.
The carrying amounts of the financial assets recognised in the
balance sheet best represents the Company and Group's maximum
exposure to credit risk at the reporting date. In respect of certain
of the loans receivable the amounts are repayable from the borrower's
share of cash flows from the related mining projects (see note 14).
No other collateral or security is held by the Company or Group in
respect of these assets. The credit quality of all financial assets
that are neither past due nor impaired is appropriate and is
consistently monitored in order to identify any potential adverse
changes in credit quality. There are no financial assets that have
had renegotiated terms that would otherwise, without that
renegotiation, have been past due or impaired at the balance sheet
date.
Liquidity risk
Liquidity risk is the risk that the Company and Group will not be
able to meet its financial obligations as they fall due.
The Company and Group's policy throughout the year has been to ensure
that it has adequate liquidity to meet its liabilities when due by
careful management of its working capital.
The following are the contractual maturities of financial
liabilities:
Group
31 March 2009
Carrying 3 months Greater than
amount Cash flows or less one year
£ £ £ £
Trade and other payables 503,452 503,452 503,452 -
Project expenditure 492,660 492,660 - 492,660
commitment
Tax liabilities 209,547 209,547 209,547 -
________ ________ ______ ______
1,205,659 1,205,659 712,999 492,660
Contractual maturities of financial liabilities:
Group
31 March 2008
Carrying 3 months Greater than
amount Cash flows or less one year
£ £ £ £
Trade and other payables 271,720 271,720 271,720 -
Project expenditure 351,050 351,050 - 351,050
commitment
Tax liabilities 171,583 171,583 171,583 -
______ ______ ______ ______
794,353 794,353 443,303 351,050
Company
31 March 2009
Carrying 3 months Greater than
amount Cash flows or less one year
£ £ £ £
Trade and other payables 431,654 431,654 431,654 -
Project expenditure 492,660 492,660 - 492,660
commitment
Tax liabilities 209,547 209,547 209,547 -
________ ________ ______ ______
1,133,861 1,133,861 641,201 492,660
Company
31 March 2008
Carrying Cash flows 3 months Greater than
amount or less one year
£ £ £ £
Trade and other payables 227,908 227,908 227,908 -
Project expenditure 351,050 351,050 - 351,050
commitment
Tax liabilities 171,583 171,583 171,583 -
______ ______ ______ ______
750,541 750,541 399,491 351,050
Market risk
Market risk is the risk that changes in market prices, such as
commodity prices, foreign exchange rates, interest rates and
equity prices will affect the Company's and Group's income or value
of it's holdings in financial instruments.
Commodity price risk
The principal activity of the Company and the Group is the
development of nickel mining properties in the Philippines and the
principal market risk facing the Group is an adverse movement in the
commodity price of nickel.
Any long term adverse movement in this price would affect the
commercial viability of the mining properties and hence the value of
investments by the Company and the Group as a whole.
Foreign currency risk - The Group undertakes transactions principally
in Sterling and US Dollars. While the Group continually monitors its
exposure to movements in currency rates, it does not utilise hedging
instruments to protect against currency risks. The main currency
exposure risk to the Company is in relation to the US Dollar loan
investments which are repayable in US Dollars.
Interest rate risk - The Group utilises cash deposits at variable
rates of interest for a variety of short term periods, depending on
cash requirements. The rates are reviewed regularly and the best
rate obtained in the context of the Group's needs.
Extent and nature of financial instruments
The financial assets and liabilities held by the Company and Group at
the period end are shown below together with their fair values. Fair
values have been arrived at after due and careful consideration by
the Company's directors.
Group 31 March 31 March 31 March 31 March
2009 2009 2008 2008
£ £ £ £
Assets Carrying Net fair Carrying Net fair
amount value amount value
Loans and receivables 13,755,986 13,755,986 7,625,613 7,625,613
Trade and other 989,609 989,609 606,101 606,101
receivables
Taxation 29,001 29,001 23,928 23,928
Current investments - - 413,616 413,616
Short term deposits 2,426,330 2,426,330 4,965,103 4,965,103
Cash at bank and in hand 456,444 456,444 493,159 493,159
_________ ________ _________ ________
17,657,370 17,657,370 14,127,520 14,127,520
Group 31 March 31 March 31 March 31 March
2009 2009 2008 2008
£ £ £ £
Liabilities Carrying Net fair Carrying Net fair
amount value amount value
Trade and other payables 503,452 503,452 271,720 271,720
Project expenditure commitment 492,660 492,660 351,050 351,050
Taxation 209,547 209,547 171,583 171,583
________ ________ ______ ______
1,205,659 1,205,659 794,353 794,353
Company 31 March 31 March 31 March 31 March
2009 2009 2008 2008
£ £ £ £
Assets Carrying Net fair Carrying Net fair
amount value amount value
Loans and receivables 13,755,986 13,755,986 7,625,613 7,625,613
Trade and other 91,153 91,153 216,222 216,222
receivables
Taxation 29,001 29,001 23,928 23,928
Current investments - - 413,616 413,616
Short term deposits 2,426,330 2,426,330 4,965,103 4,965,103
Cash at bank and in hand 285,965 285,965 284,431 284,431
_________ _________ _________ _________
16,588,435 16,588,435 13,528,913 13,528,913
Company 31 March 31 March 31 March 31 March
2009 2009 2008 2008
£ £ £ £
Liabilities Carrying Net fair Carrying Net fair
Amount value amount value
Trade and other payables 431,654 431,654 227,908 227,908
Project expenditure commitment 492,660 492,660 351,050 351,050
Taxation 209,547 209,547 171,583 171,583
________ ________ ______ ______
1,133,861 1,133,861 750,541 750,541
Capital Management
The Company's capital consists wholly of ordinary shares. There are
no other categories of shares in issue and the Company does not use
any other financial instruments as capital substitutes or quasi
capital. The Company manages its issued capital by considering
future capital requirements of the Group which are largely dictated
by the exploration and development of the mining properties in the
Philippines and the head office overhead costs of the Company in
London. The Company's board of directors as a whole manages the
capital by considering the need to raise further capital to meet the
above costs on a rolling 12 month basis so as to enable the accounts
to be prepared on a going concern basis but without unnecessary
dilution of existing shareholder interests. The Board always place a
priority on maximising the return to existing shareholders before
raising further capital.
There are no externally imposed capital requirements on the Company.
Details of the ordinary share capital are set out in note 23.
33. Associate Undertakings
The Company has equity holdings in the following associate
undertakings:
Ulugan Nickeline Nickel
TMM Resources Ulugan Resources Laterite Berong Ipilan
Management Holdings Nickel Holdings Resources Nickel Nickel
Inc Inc Corp. Inc Inc Corp. Corp.
Direct 40% 30% 40% 40% 20% 21.3% 40%
Indirect - - 18% 18% - 34.8% 12%
Total 40% 30% 58% 58% 20% 56.1% 52%
The principal place of business and country of incorporation of the
associate undertakings is the Philippines.
Summarised results of the associate undertakings as translated in
sterling are as follows:
Berong Nickel Ipilan Nickel Remaining
Corporation Corporation Associates Total
Year ended 31
March 2009 £ £ £ £
Revenue 8,308,445 - 390,310 8,698,755
Profit / (loss)
for the year (1,822,674) (221,436) 12,362 (2,031,748)
Total assets 14,900,722 6,050,319 2,068,378 23,019,419
Total liabilities 7,753,137 176,206 1,639,612 9,568,955
Berong Nickel Ipilan Nickel Remaining
Corporation Corporation Associates Total
Year ended 31 March
2008 £ £ £ £
Revenue 12,156,404 - 55,375 12,211,779
Profit / (loss) for
the year 4,721,657 12,469 (13,360) 4,720,766
Total assets 12,932,631 4,172,280 1,694,733 18,799,644
Total liabilities 5,323,397 390,061 1,352,296 7,065,754
34. Operating lease commitments
The Company and Group had outstanding operating lease commitments
falling due as follows:
Land and buildings 2009 2008
£ £
Within one year 76,895 76,895
Within 2 - 5 years ( lease expires 17 May 2010) 9,612 86,507
Total 86,507 163,402
Directors Reg Eccles (Chairman)
Felix Pole (Non-Executive Director)
Simon Purkiss (Non-Executive Director)
Constantine Thanassoulas (Non-Executive Director)
Jason Cheng (Non-Executive Director)
Secretary Thring Townsend Lee & Pembertons
Registered Office Ground Floor, 11 Albemarle Street
London
W1S 4HH
Nominated Adviser Ambrian Partners Limited
Old Change House
128 Queen Victoria Street
London
EC4V 4BJ
Broker Ambrian Partners Limited
Old Change House
128 Queen Victoria Street
London
EC4V 4BJ
Solicitors Thring Townsend Lee & Pembertons
Kinnaird House
1 Pall Mall East
London
SW1Y 5AU
Auditors Sawin & Edwards
15 Southampton Place
London
WC1A 2AJ
Principal Bankers Coutts & Co
188 Fleet Street
London
EC4A 2HT
Registrars Capita IRG PLC
Bourne House
34 Beckenham Road
Beckenham
Kent
BR3 4TU
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