MetalNRG plc

August 15, 2016 02:00 ET

Preliminary Results for the Year Ended 28 February 2016

                                                MetalNRG plc

                                              (the "Company")

                          Preliminary Results for the Year Ended 28 February 2016

The Company today announces its preliminary financial results for the year ended 28 February 2016.

Business review

The principal activity of the company during the year was that of an investment holding company.

The results for the year are a reflection of the minimal cost of keeping the Company administered whilst 
continuing searching for suitable opportunities. The actual costs were GBP 36,862 (2015: GBP 41,073) adjusted for 
currency gains of GBP 13,277 (2015: GBP 12,485). The directors have maintained most funds in US dollars as that is 
the currency they anticipate any deal is likely to be conducted in.

The directors have continued to investigate potential investments. Of the various projects considered during the 
course of the financial year ended 28 February 2016 it was determined that none of the projects were suitable for 
the PLC to pursue. The directors remain committed to evaluating commercially viable projects and ultimately taking 
forward one or several projects that they believe will deliver value for shareholders.

The Directors will continue to waive their fees until a suitable investment opportunity is identified.

Post year end events

Since 28 February 2016, the following post year end events have taken place.

--  On 11 March 2016, following approval of various resolutions as set out
    in the circular and notice of general meeting, sent to shareholders on
    11 February 2016 (the "Circular"), the company subdivided its existing
    issued ordinary shares of 0.5p each in the capital of the company into
    one new ordinary share with a nominal value of 0.01p and one deferred
    share with a nominal value of 0.49p. Further details of this share
    capital reorganisation can be found in the Circular. 
--  The company adopted a new investing policy, with greater focus on
    projects within the natural resources and/or energy sector. The full
    investing policy can be found on pages 10 and 11 of the Circular and is
    also available on the company's website. 
--  Strategic investment made by Metal Tiger plc (LON:MTR) to subscribe for
    19,027,268 ordinary shares of 0.01p each in the company representing
    28.25% of the company's enlarged issued share capital. 
--  Appointment of Metal Tiger plc's CEO, Paul Johnson, to the Board as a
    Non-executive director and resignation of J.C.W. De Thierry as a
--  Rebranding and change of name from ZimNRG plc to MetalNRG plc. 

Principal risks and uncertainties

The principal risks and uncertainties facing the company are general and economic risks, specifically currency 
exchange and liquidity risk. Currency exchange risk is managed by holding funds in US dollars, and monitoring 
closely exchange fluctuations which could affect those funds. Liquidity risk is managed by the control of 
expenditure, but is ultimately dependent on the success of any future viable investment projects.

The annual report and accounts will shortly be sent to shareholders.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

The directors of the Company accept responsibility for the contents of this announcement.

For further information, please contact:

Christopher Latilla-Campbell          +44(0) 1604 845 551
Cairn Financial Advisers LLP                   
James Caithie / Liam Murray           +44(0) 20 7148 7900
Statement of Income and Retained Earnings                                                           
Year ended 28 February 2016                                                                         
                                                                               2016             2015
                                                               Note            GBP              GBP 
Administrative expenses                                                      23,585           28,588
                                                                    ---------------  ---------------
Operating loss                                                   2           23,585           28,588
                                                                    ---------------  ---------------
Loss on ordinary activities before taxation                                  23,585           28,588
Tax on loss on ordinary activities                                                -                 
                                                                    ---------------  ---------------
Loss for the financial year and total comprehensive income                   23,585           28,588
                                                                    ---------------  ---------------
                                                                    ---------------  ---------------
Retained losses at the start of the year                                  (753,957)        (725,369)
                                                                    ---------------  ---------------
Retained losses at the end of the year                                    (777,542)        (753,957)
                                                                    ---------------  ---------------
                                                                    ---------------  ---------------
Earnings per share                                                                                  
Basic earnings per share/(loss) (pence per share)                            (0.05)           (0.06)
Diluted earnings per share/(loss) (pence per share)                          (0.05)           (0.06)
                                                                    ---------------  ---------------
                                                                    ---------------  ---------------

All the activities of the company are from continuing operations.

Statement of Financial Position                                                                     
Year ended 28 February 2016                                                                         
                                                                      2016                      2015
                                                      Note          GBP          GBP            GBP 
Current assets                                                                                      
Debtors                                                 4         18,750                      17,043
Cash at bank and in hand                                         123,127                     147,128
                                                           -------------               -------------
                                                                 141,877                     164,171
Creditors: amounts falling due within one year          5         10,499                       9,208
                                                           -------------               -------------
Net current assets                                                            131,378        154,963
                                                                        -------------  -------------
Total assets less current liabilities                                         131,378        154,963
                                                                        -------------  -------------
Net assets                                                                    131,378        154,963
                                                                        -------------  -------------
                                                                        -------------  -------------
Capital and reserves                                                                                
Called up share capital                                 6                     241,660        241,660
Share premium account                                   7                     667,260        667,260
Profit and loss account                                 7                   (777,542)      (753,957)
                                                                        -------------  -------------
Shareholders funds                                                            131,378        154,963
                                                                        -------------  -------------
                                                                        -------------  -------------
Statement of Cash Flows                                                                             
Year ended 28 February 2016                                                                         
                                                                          2016                  2015
                                                                          GBP                   GBP 
Cash flows from operating activities                                                                
Loss for the financial year                                           (23,585)              (28,588)
Adjustments for:                                                                                    
Accrued (income)/expenses                                                (588)                   100
Changes in:                                                                                         
Trade and other debtors                                                (1,707)               (1,044)
Trade and other creditors                                                1,879                 (117)
                                                           -------------------   -------------------
Cash generated from operations                                        (24,001)              (29,649)
                                                           -------------------   -------------------
Net cash used in operating activities                                 (24,001)              (29,649)
                                                           -------------------   -------------------
                                                           -------------------   -------------------
Net decrease in cash and cash equivalents                             (24,001)              (29,649)
Cash and cash equivalents at beginning of year                         147,128               176,777
                                                           -------------------   -------------------
Cash and cash equivalents at end of year                               123,127               147,128
                                                           -------------------   -------------------
                                                           -------------------   -------------------

Notes to the Financial Statements 
Year ended 28 February 2016

1.  Statement of compliance
    MetalNRG plc is a public limited company incorporated in England. The
    registered office is 6 Middle Street, London EC1A 7JA.
    These financial statements have been prepared in compliance with FRS
    102, 'The Financial Reporting Standard applicable in the UK and the
    Republic of Ireland'. 

2.  Operating profit
    Operating profit or loss is stated after crediting: 

                                                                          2016                  2015
                                                                          GBP                   GBP 
Foreign exchange differences                                          (13,277)              (12,485)
                                                           -------------------   -------------------

3.  Auditor's remuneration 

                                                                          2016                  2015
                                                                          GBP                   GBP 
Fees payable for the audit of the financial statements                   5,400                 6,700
                                                           -------------------   -------------------

4.  Debtors 

                                                                          2016                  2015
                                                                          GBP                   GBP 
Prepayments and accrued income                                           1,230                 1,253
Other debtors                                                           17,520                15,790
                                                           -------------------   -------------------
                                                                        18,750                17,043
                                                           -------------------   -------------------

5.  Creditors: amounts falling due within one year 

                                                                          2016                  2015
                                                                          GBP                   GBP 
Trade creditors                                                          3,317                 1,438
Accruals and deferred income                                             7,182                 7,770
                                                           -------------------   -------------------
                                                                        10,499                 9,208
                                                           -------------------   -------------------

6.  Called up share capital 

Authorised share capital                                                                            
                                                   2016                            2015             
                                                 No.            GBP              No.            GBP 
Ordinary shares of GBP 0.005 each        150,000,000         750,000     150,000,000         750,000
                                     --------------- --------------- --------------- ---------------
Issued, called up and fully paid                                                                    
                                                   2016                            2015             
                                                 No.            GBP              No.            GBP 
Ordinary shares of GBP 0.005 each         48,332,003         241,660      48,332,003         241,660
                                     --------------- --------------- --------------- ---------------

At the year end there were 4,000,000 (2015: 4,000,000) exercisable share options held by directors at an exercise 
price of GBP 0.02.

Each ordinary share is entitled to one vote in any circumstances. Each ordinary share is entitled pari passu to 
dividend payments or any other distribution and to participate in a distribution arising from a winding up of the 

7.  Reserves 

Share premium account - This reserve records the amount above the nominal value received for shares sold, less 
transaction costs.

Profit and loss account - This reserve records retained earnings and accumulated losses.

8.  Events after the end of the reporting period 

On 11 March 2016 the company sub-divided its 48,332,003 ordinary 0.5 pence shares into 48,332,003 ordinary 0.01 
pence shares and 48,332,003 deferred 0.49 pence shares.

On the same date the company then issued 19,027,268 ordinary 0.01 pence shares for GBP 50,000.

9.  Related party transactions 

There is no individual with ultimate overall control of the company.

C.P. Latilla-Campbell is a director and shareholder of this company and also a director and sole shareholder of 
London Finance & Investment Corporation Limited (LFIC). Accountancy charges incurred by this company amounting to 
GBP 3,500 (2015: GBP 5,250) represent proportional recharges in respect of the time spent on company business by 
the LFIC company accountant. At the year end trade creditors included an amount of GBP nil (2015: GBP 250) 
outstanding to LFIC.

10. Transition to FRS102 

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 

No transitional adjustments were required in equity or profit or loss for the year.

Contact Information

  • MetalNRG plc