Equity Resources plc
LSE : EQRP

February 08, 2012 08:00 ET

Half year report to end November 2011

                                                 


                                                                                        08/02/2012
                                                                         GB00B0GQJ825/GBP/PLUS-exn

                                       Equity Resources plc
                                          (the "Company")
                                                 
                       Half-year report - six months ended 30 November 2011

Chairman's statement

The  last  trade in your Company's shares took place on 21 April 2011, since when the share  price
has  not  moved. However, the Company's portfolio of investments has fallen in value significantly
since  December  2010 reflecting the challenging environment in the small cap mineral  exploration
market  during  that period in which the portfolio value has fallen from £1.8m to £373,000,  being
0.73 pence per share as of today.

However,  if we look at the underlying assets, we can see early signs that values may be about  to
strengthen.

Red  Rock Resources plc (www.rrrplc.com) is a mineral exploration company with direct and indirect
interests in Australia, Columbia, Greenland, Costa Rica, Kenya, Paraguay and Zambia as well as  an
interest  in  Regency Mines plc. For those keen to understand the story, the Mining Maven  website
(www.miningmaven.com)  contains reviews and a recent interview with  Andrew  Bell,  Chairman.   We
expect  further positive news during the coming months from the Kenya and Columbia  gold  projects
and the Jupiter Mines and Greenland iron ore projects.

Regency  Mines  plc (www.regency-mines.com) is a mineral exploration company/mining finance  house
with  direct and indirect interests in Australia, Pakistan and Papua New Guinea as well as  a  20%
interest  in Red Rock Resources plc.  Significant progress has been made during the past  year  in
Papua  New  Guinea where Regency is now in partnership with Direct Nickel, a developer  of  a  new
technology for the extraction of Nickel.  A significant re-rating is expected by the Directors  as
the news flow improves during 2012 and 2013.

During  the  period  under  review,  there have been no investment  transactions;  therefore,  the
expenses incurred for the period, which amounted to £17,305, results in a net loss.

Further information

Given  the  continued  high  world demand for commodities such as iron  ore,  manganese,  uranium,
nickel, coal and gold, your Board continues to look to the future with optimism; we are encouraged
by  the  recent  announcements made by our investee companies and look forward  to  announcing  an
improved net asset value.

John Watkins
Chairman
8 February 2012



Profit & loss account

                                                        6 months to    6 months to  Year to 31 May
                                                        30 November    30 November            2011
                                                               2011           2010
                                                          Unaudited      Unaudited         Audited
                                                                  £              £               £
Operating income                                                  -          8,240          83,240
Direct costs                                                      -          2,041           4,917
                                                                   
Gross profit                                                      -          6,199          78,323
Administrative expenses                                    (16,703)       (23,516)        (41,216)
                                                                                  
Operating (loss)/profit on ordinary activities             (16,703)       (17,317)          37,107

Interest receivable                                               -              -               -
Interest payable                                              (602)              -         (2,405)
(Loss)/profit on ordinary activities before taxation       (17,305)       (17,317)          34,702

Tax on profit on ordinary activities                              -              -               -

(Loss)/profit on ordinary activities after taxation        (17,305)       (17,317)          34,702

Retained (loss)/profit for the period                      (17,305)       (17,317)          34,702

                                                                                                  
(Loss)/profit per share                                                                           
Basic                                                  (0.03 pence)   (0.04 pence)      0.07 pence
                                                                                                  





Balance sheet

                                                           As at 30       As at 30           As at
                                                           November       November     31 May 2011
                                                               2011           2010
                                                          Unaudited      Unaudited         Audited
                                                                  £              £               £
Fixed assets                                                      -              -               -

Current assets                                                                                    
Debtors                                                       1,583          1,479           4,670
Investments                                                  96,500         99,000          96,500
Cash at bank                                                 32,645            341          16,322

                                                            130,728        100,820         117,492
Creditors - amounts due within one year                    (37,205)       (71,827)        (36,664)
Net current assets                                           93,523         28,993          80,828

Total assets less current liabilities                        93,523         28,993          80,828

                                                                                    
Share capital and reserves                                                                        
Called up share capital                                     482,750        479,750         479,750
Share premium account                                       498,250        471,250         471,250
Profit & loss account                                     (890,858)      (925,388)       (873,553)
Share based payment reserve                                   3,381          3,381           3,381
                                                                                                  
Equity shareholders' funds                                   93,523         28,993          80,828
                                                                                                  

Half-year report notes

1.  Interim report
    The information relating to the six month periods to 30 November 2011 and 30 November 2010  is
    unaudited.

    The information relating to the year ended 31 May 2011 is extracted from the audited financial
    statements  of the Company which have been filed at Companies House and on which the  auditors
    issued an unqualified audit report.

2.  Basis of accounting
    The  report has been prepared using accounting policies that are consistent with those adopted
    by  the  Company  in  the  statutory accounts for the year ended 31  May  2011,  although  the
    information does not constitute statutory accounts within the meaning of section  434  of  the
    Companies Act 2006.

    The Company will report again for the full year to 31 May 2012.

The Directors of Equity Resources plc accept responsibility for this announcement.

ENQUIRIES:

Equity Resources plc                   
John Watkins, Chairman                 Tel: 01483 771992
                                       Email:  john@jwca.co.uk

St Helens Capital Partners LLP         Tel:  020 7368 6959
Corporate Adviser                      Email: duncanvasey@sthcp.com
Duncan Vasey                           

Contact Information

  • Equity Resources plc