Equity Resources plc

February 08, 2013 06:33 ET

Interim Results for the six months ended 30 November 2012

                                                                                  8 February 2013
                                       Equity Resources plc
                                          (the "Company")
                       Half-year report - six months ended 30 November 2012
Chairman's Statement

The  underlying  portfolio  has continued to fall in value during the half  year,  reflecting  the
continuing decline in the values of AIM mineral exploration traded companies.  The net asset value
has  continued  to  decline since the results for the year ended 31 May  2012  were  announced  in
September 2012 and is currently GBP136,000 or little more than 0.25 pence per ordinary share.

The  guarded  optimism  expressed  a year ago, has not proved to  be  accurate;  the  tough  times

Red  Rock  Resources  plc (www.rrrplc.com) is a mineral exploration  company  with  direct  and
indirect interests in Australia, Colombia, Greenland, and Kenya as well as an interest in  Regency
Mines plc.  Significant progress has been made during the past year in Greenland and in Kenya with
the establishment of JORC resources.

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  an
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 Limited, a developer of  a
new  technology for the extraction of Nickel. The significant re-rating expected a year  ago  has
yet to materialise.

During  the  period  under  review,  there have been no investment  transactions;  therefore,  the
expenses incurred for the period which amounted to GBP17,966, 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 some expectation  and  are
encouraged  by  the  recent announcements made by our investee companies; we  hope  to  report  an
improved net asset value as at 31 May 2013.

As  we await a recovery, your Directors continue to search for a way by which the fortunes of your
Company may be enhanced.

During  the period, each of the Directors accepted an issue of new ordinary shares in the  Company
in payment of Directors' fees at a price of 0.5 pence per ordinary share.

John Watkins
8 February 2013

Profit & loss account

                                                        6 months to    6 months to  Year to 31 May
                                                        30 November    30 November            2012
                                                               2012           2011
                                                          Unaudited      Unaudited         Audited
                                                                GBP            GBP             GBP
Operating income                                                  -              -               -
Direct costs                                                      -              -               -
Gross profit                                                      -              -               -
Administrative expenses                                    (17,366)       (16,703)        (35,750)
Operating (loss)/profit on ordinary activities             (17,366)       (16,703)        (35,750)

Interest receivable                                               -              -               -
Interest payable                                              (600)          (602)         (1,200)
(Loss)/profit on ordinary activities before taxation       (17,966)       (17,305)        (36,950)

Tax on profit on ordinary activities                              -              -               -

(Loss)/profit on ordinary activities after taxation        (17,966)       (17,305)        (36,950)

Retained (loss)/profit for the period                      (17,966)       (17,305)        (36,950)

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

Balance sheet

                                                           As at 30       As at 30           As at
                                                           November       November     31 May 2012
                                                               2012           2011
                                                          Unaudited      Unaudited         Audited
                                                                GBP            GBP             GBP
Fixed assets                                                      -              -               -

Current assets                                                                                    
Debtors                                                       1,536          1,583           4,749
Investments                                                  96,500         96,500          96,500
Cash at bank                                                  6,260         32,645          18,165

                                                            104,296        130,728         119,414
Creditors - amounts due within one year                    (29,884)       (37,205)        (35,536)
Net current assets                                           74,412         93,523          83,878

Total assets less current liabilities                        74,412         93,523          83,878

Share capital and reserves                                                                        
Called up share capital                                     485,450        482,750         483,750
Share premium account                                       514,050        498,250         507,250
Profit & loss account                                     (928,469)      (890,858)       (910,503)
Share based payment reserve                                   3,381          3,381           3,381
Equity shareholders' funds                                   74,412         93,523          83,878

Half-year report notes

1.      Interim report
    The information relating to the six month periods to 30 November 2012 and 30 November 2011  is
    The information relating to the year ended 31 May 2012 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  2012,  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 2013.
The Directors of Equity Resources plc accept responsibility for this announcement.

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

Peterhouse Corporate Finance Limited   Tel:  020 7220 9797
Corporate Adviser                      Email: duncan@pcorpfin.com
Duncan Vasey and Mark Anwyl

Contact Information

  • Equity Resources plc