Interim Results
(Thomson Reuters ONE) - Glencar Mining plc Interim Results 15 September 2009IntroductionGlencar Mining plc ("Glencar" or the "Company"), an AIM and IEXquoted company, today announces its results for the six months ended30 June 2009.Recommended cash offer by Gold Fields Metals BV for GlencarOn 7 August 2009, Gold Fields Metals BV ("Gold Fields"), a whollyowned subsidiary of Gold Fields Limited, made a cash offer,recommended by the board of directors of Glencar, for the entireissued and to be issued share capital of Glencar (the "Offer"),subject to certain conditions, including valid acceptances beingreceived in respect of such number of Glencar shares which representin aggregate not less than 80 per cent. in nominal value of theGlencar Shares (or such lower percentage, being more than 50 percent. as Gold Fields may determine in its sole discretion).On 7 September 2009, Gold Fields announced that it had received validacceptances in respect of Glencar shares representing approximately83.16 per cent. in nominal value of the existing issued ordinaryshare capital of Glencar and that all the conditions of the Offer hadbeen satisfied or waived and, accordingly, the Offer was declaredunconditional in all respects. Gold Fields has stated that the Offerremains open for acceptance until further notice.Following the Offer being declared unconditional in all respects,Sean Finlay, Hugh McCullough, Kieran Harrington, Bill Cummins andPhilip O'Quigley resigned as directors of Glencar on 7 September 2009and Tommy McKeith, Johan Pauley and Stephen Ellis were appointed asdirectors of Glencar on that date.Glencar, at the request of Gold Fields, has applied for cancellationof the admission to trading of Glencar shares on AIM and IEX. It isexpected that this cancellation will take effect from 7.00 a.m. onMonday 5 October 2009.Gold Fields has stated that it intends to apply the provisions ofsection 204 of the Companies Act, 1963 to acquire compulsorily anyGlencar shares not acquired or agreed to be acquired pursuant to theOffer or otherwise on the same terms as the Offer.Further InformationFor further information, please contact:Brian CorrDavy Corporate Finance (Nomad and IEX Adviser)Tel: +353 (1) 679 6363GLENCAR MINING PLCCONSOLIDATED INCOME STATEMENT (UNAUDITED)FOR THE SIX MONTHS ENDED 30 JUNE 2009 Unaudited Unaudited 6 Months ended 6 Months ended 30 June 2009 30 June 2008 US$ US$ADMINISTRATIVE EXPENSES (410,688) (297,194)GAIN/(LOSS) ON EXCHANGE 46,383 (45,312)BANK INTEREST RECEIVABLE 4,446 45,265INTEREST PAYABLE AND SIMILARCHARGES 17,514 (13,000)LOSS ON ORDINARY ACTIVITIESBEFORE TAXATION (342,345) (310,240)TAXATION - -LOSS ON ORDINARY ACTIVITIESAFTER TAXATION (342,345) (310,240)MINORITY INTEREST - -LOSS FOR THE FINANCIAL PERIOD (342,345) (310,240)LOSS PER SHARE (CENTS) (.13) (.12)DILUTED LOSS PER SHARE (CENTS) (.13) (.12)CONSOLIDATED BALANCE STREET (UNAUDITED)AS AT 30 JUNE 2009 Unaudited Unaudited 30 June 30 June 2009 US$ 2008 US$ASSETSNoncurrent assetsIntangible assets 12,981,432 12,891,855Property plant andequipment 272,111 522,118Investment in Associate 351,145 - 13,604,688 13,413,973Current assetsDebtors 226,856 14,647Cash 1,633,514 495,885 1,860,370 510,532Total assets 15,465,058 13,924,505EQUITYCapital and reservesattributable to theGroup's equityshareholdersCalled up share capital 11,599,857 9,457,194Capital conversionreserve fund 82,092 82,092Share premium account 43,543,680 41,617,993Profit and loss account(deficit) (40,606,744) (41,846,667) 14,618,885 9,310,612Minority interest (112,661) 3,899,008Total equity 14,506,224 13,209,620LIABILITIESNoncurrent liabilitiesCreditors and accruedexpenses 245,168 327,895Current liabilitiesTrade and other payables 713,666 386,990Current corporation taxliabilities - - 713,665 386,990Total liabilities 958,834 714,885Total equity andliabilities 15,465,058 13,924,505GROUP CASH FLOW (UNAUDITED)FOR THE SIX MONTHS ENDED 30 JUNE 2009 Unaudited Unaudited 6 Months ended 6 Months ended 30 June 2009 30 June 2008Cash flows from operating activities US$ US$Cash used in operations (80,877) (320,319)Corporation tax paid - -Net cash generated from operatingactivities (80,877) (320,319)Cash flows from investing activitiesPurchases of property, plant andequipment - -Investment in Associate 2,013,911 -Purchase of intangible assets (2,628,384) (2,542,313)Interest received 4,446 45,265 (610,027) (2,497,048)Cash flows from financing activitiesProceeds from the issuance of ordinaryshares 1,852,797 -Net cash generated from financingactivities 1,852,797 -Net increase in cash 1,161,893 (2,817,366)Cash movement arising from eliminationof associate cash balance - -Cash at beginning of period 471,621 3,313,251Cash at end of period 1,633,514 495,885---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 15.09.2009 - 16:26 Uhr
Sprache: Deutsch
News-ID 5834
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