MANDARIN MINING PLC
LSE : MANP

November 30, 2011 07:18 ET

Interim results to 31 August 2011

MANDARIN MINING PLC (The "Company")
INTERIM ACCOUNTS FOR THE SIX MONTHS ENDED 31 AUGUST 2011

CHAIRMAN'S STATEMENT

OVERVIEW

The  Company  remains a cash shell at present, although continuing actively to seek new  opportunities  to
enhance shareholder value.

We  are  maintaining  a tight control of the Company's resources, which we consider  adequate  to  support
current levels of expenditure.

FINANCIAL OVERVIEW

The  Directors who have experience in the natural resources sector believe there are a number of  exciting
opportunities  in the mining sector. The current investment criteria is to find mineral mining  assets  in
Asia  with  significant capital growth potential, however at a General Meeting, convened for  30  November
2011,  we  intend  to  seek  shareholders' approval to extend the investment  strategy.  If  approved  the
investment  strategy will be extended to include companies and businesses that are engaged in  trading  of
natural  resource  products and commodities, including but not limited to coal, owning natural  resources,
mines  and  tenements and exploration and extraction rights for natural resources of any kind,  developing
and  construction of infrastructure for transportation, including building roads and building  and  owning
plants  for  the conversion and processing of coal to useable fuel in each case in any part of the  world,
and developing and owning, directly or indirectly, technologies related to the aforesaid businesses
The Directors intend that opportunities will be carefully selected, taking account of available resources.
If required to carry out an acquisition, the Directors will seek external finance.

The  Directors  believe they have the relevant experience and access to experts, to deliver  opportunities
and  intend  to utilise this experience in making investments and acquisitions in the chosen sector.  They
will  use  their  collective  experience to identify appropriate investment opportunities,  undertake  due
diligence  and  negotiate  agreements. However, in the event that the Company  has  not  made  a  material
investment  within one year following admission it will either seek shareholders' approval in  respect  of
each  subsequent year for the further pursuit of its investment strategy or return its remaining  cash  to
shareholders.

CASH FLOW AND FUNDING

On  28  February 2011, the Company issued GBP150,000 5% convertible unsecured loan notes repayable  on  31
October  2012.  As  announced on 22 September 2011, these loan notes were to be repaid  by  the  issue  of
GBP150,000  convertible loan notes 2013 which do not carry any interest but are convertible into  ordinary
shares at a rate of 1 pence per share.

The  Company  has  GBP  adequate funding to finance routine administration  costs,  which  will  not  vary
materially in the near future.

On  16  May  2011  the  Company made a loan of GBP180,000 to Jersey Hills Holdings  Limited,  which  bears
interest at a rate of 5% and is repayable by 31 December 2012.

OUTLOOK

The  Board  continues  to  seek ways, by acquisition, to enhance shareholder  value.  In  October  2011  we
announced the grant, for consideration of USD 1, of an option to acquire 66.66% of the entire share capital
of  Cairo  Investments Limited ("Cairo"), a BVI company. Cairo had entered into a conditional  subscription
agreement  to  subscribe  for  30%  of  the enlarged capital of Rusinko  Pte  Ltd  ("Rusinko"),  a  company
incorporated  in  Singapore,  which  has filed a patent for a technology  which,  through   thermal   pulse
treatment  may  increase  the  productivity of low producing oil wells by, according  to  claims  made   by
Rusinko's  management,  up to two times.

We  are continuing our due diligence on the Cairo and Rusinko in order to determine whether to exercise the
option to acquire 66.66% of Cairo for GBP 180,000, and continue to evaluate other opportunities.


Fook Meng Chan
Chairman


30 November 2011


The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Fook Meng Chan
Mandarin Mining PLC


Nick Michaels
Alfred Henry Corporate Finance Limited
Tel:  +44 (0) 20 7251 3762


PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 31 AUGUST 2011
                                                                         Unaudited             Audited
                                                                        Six Months           Period of
                                                                                to       incorporation
                                                                         31 Aug 11      from 21 Feb 11
                                                                                          to 28 Feb 11
                                                         Note              GBP'000             GBP'000
                                                                                            
Administrative expenses                                                       (23)                   -
Admission expenses                                                            (48)                   -
                                                                                            
                                                                            -----                -----
Operating loss                                                                (71)                   -
                                                                                            
Interest receivable                                                             3                    -
Interest payable                                                               (4)                   -
                                                                            -----                -----
Loss on ordinary activities before taxation                                   (72)                   -
                                                                                            
Tax on loss on ordinary activities                                              -                    -
                                                                            -----                -----
Retained loss for the financial period                                        (72)                   -
                                                                            =====                =====
                                                                                            
                                                                            Pence                Pence
                                                                                           
Loss per share                                            2                 (0.48)                   -
                                                                            =====                =====
                                                                                            

BALANCE SHEET
AS AT 31 AUGUST 2011
                                                                         Unaudited             Audited
                                                                             As at               As at
                                                                         31 August         28 February
                                                                              2011                2011
                                                                           GBP'000             GBP'000
Fixed Assets                                                                                 
Loans receivable                                                               180                   -
                                                                                             
Current Assets                                                                               
Debtors                                                                          7                   -
Cash at bank and in hand                                                        60                 150
                                                                             -----               -----
                                                                                67                 150
Creditors                                                                                    
Amounts falling due within one year                                            (19)                  -
                                                                             -----               -----
                                                                                             
Net current assets                                                              48                 150
                                                                             -----               -----
                                                                                             
Total assets less creditors falling due within                                 228                 150
one year
                                                                                             
Creditors                                                                                    
Amounts falling due after more                                                              
than one year                                                                 (150)                  -
                                                                             -----               -----
                                                                                             
Net assets                                                                   GBP78              GBP150
                                                                             =====               =====


Capital and reserves                                                                         
Called up share capital                                                        150                 150
Profit and loss account                                                        (72)                  -
                                                                             -----               -----
Equity shareholders' funds                                                   GBP78              GBP150
                                                                             =====               =====


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                                                                         Unaudited             Audited
                                                                     Six Months to           Period of
                                                                         31 August       incorporation
                                                                              2011    from 21 February
                                                                                               2011 to
                                                                                      28 February 2011
                                                                           GBP'000             GBP'000
                                                                                            
Loss for the period                                                           (72)                   -
Proceeds from issue of shares                                                   -                  150
                                                                            -----                -----
Net decrease in shareholders' funds                                           (72)                 150
Equity shareholders' funds brought forward                                    150                    -
                                                                            -----                -----
Equity shareholders' funds carried forward                                  GBP78               GBP150
                                                                            =====                =====


CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 AUGUST 2011
                                                                        Unaudited              Audited
                                                                    Six months to            Period of
                                                                        31 August        incorporation
                                                                             2011     from 21 February
                                                                                            2011 to 28
                                                                                         February 2011
                                                         Note             GBP'000              GBP'000
                                                                                          
Cash inflow/(outflow) from operating                                                      
activities                                                3                  (60)                    -
                                                                                          
Investing activities                                                                      
Loans granted                                                               (180)                    -
                                                                                          
Financing activities                                                                      
Issue of shares                                                                -                   150
Issue of loan notes                                                          150                     -
                                                                           -----                 -----
                                                                                          
Cash (decrease)/increase in the period                                       (90)                  150
                                                                           =====                 =====


RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
                                                                        Unaudited              Audited
                                                                    Six months to            Period of
                                                                        31 August        incorporation
                                                                             2011     from 21 February
                                                                                               2011 to
                                                                                      28 February 2011
                                                                          GBP'000              GBP'000
                                                                                          
Increase/(decrease) in cash in the period                                    (90)                  150
Cash inflow from increase in debt                                           (150)                    -
Net funds/(debt) brought forward                                             150                     -
                                                                           -----                 -----
Net funds/(debt) carried forward                                             (90)                  150
                                                                           =====                 =====
                                                                                          
                                                                                          
NOTES TO THE INTERIM ACCOUNTS

1.    ACCOUNTING POLICIES

(a)   Basis of preparation

      The  interim report has been prepared using accounting policies consistent with those  set
      out  in  the  Company's Admission document and Accounts for the period to 28 February 2011. Those
      financial statements were prepared on a going concern basis.

      The interim report for the six months to 31 August 2011 was approved by the Board on 30 November 2011.

            
2.    LOSS PER SHARE
                                                                        Unaudited              Audited
                                                                    Six months to            Period of
                                                                        31 August        incorporation
                                                                             2011     from 21 February
                                                                                               2011 to
                                                                                      28 February 2011
                                                                            Pence                Pence
                                                                                            
       Loss per ordinary share                                                              
       - basic                                                             (0.48)                    -
                                                                                            
                                                                          GBP'000              GBP'000
                                                                                            
       Loss for period                                                       (72)                    -
                                                                                            
                                                                                            
       Weighted number of shares in issue:                                                                    
                                                                           Number    
       - basic                                                         15,000,000           
                                                                                            
                                                                                            
3.    RECONCILIATION OF OPERATING LOSS TO NET OUTFLOW FROM OPERATING ACTIVITIES


                                                                        Unaudited              Audited
                                                                    Six months to            Period of
                                                                        31 August   incorporation from
                                                                             2011     21 February 2011
                                                                                        to 28 February
                                                                                                  2011
                                                                          GBP'000              GBP'000
                                                                                          
       Operating loss                                                        (71)                    -
       Net increase in debtors                                                (4)                    -
       Net increase in creditors                                              15                     -
                                                                           -----                 -----
       Net cash outflow from operating activities                            (60)                    -
                                                                           =====                 =====

4.    The  information for the period ended 28 February 2011 was extracted from the audited accounts,  which
      received  an  unqualified audit opinion.  The unaudited results for the six months  period  have  been
      prepared  on  basis  consistent  with the accounting policies disclosed  in  the  Company's  Admission
      document  and accounts and do not constitute statutory accounts within the meaning of Section  435  of
      the Companies Act 2006.

5.    Copies  of  this  interim  statement  are available from the Company  at  its  registered  office  at
      Finsgate, 5-7 Cranwood Street, London EC1V 9EE.
    

Contact Information

  • MANDARIN MINING PLC