RNS Number : 0684I
Ajax Resources PLC
30 November 2022
 

November 30, 2022


AJAX RESOURCES PLC

("Ajax" or the "Company") 

Interim Results for the period ended August 31, 2022

Ajax [LSE: AJAX], the UK listed special purpose acquisition company with a focus on natural resources, is pleased to publish its unaudited interim financial statements for the six months ended August 31, 2022 (the "Interim Results"). A copy of the Interim Results will shortly be available for download on the Company's website, www.ajaxresources.com, and can also be viewed here:

http://www.rns-pdf.londonstockexchange.com/rns/0684I_1-2022-11-30.pdf

Key elements from the Interim Results have been extracted and can be viewed below.

  

-  ENDS -

Further Information:

Ajax Resources Plc

Ippolito Cattaneo, Chief Executive Officer

Tel: + 44 (0) 208 146 6345

info@ajaxresources.com

Clear Capital Markets (Corporate Broker)

Jonathan Critchley/ Keith Swann

Tel:  +44 (0)20 3869 6080 

keithswann@clear-cm.co.uk; jonathancritchley@clear-cm.co.uk

Allenby Capital Limited (Financial Adviser)

Nick Harriss

Tel:  + 44 (0) 203 328 5656

n.harriss@allenbycapital.com

 

 



 

Chairman's Statement

The energy transition from fossil fuels towards a low-carbon economy has created a growing number of attractive opportunities for junior independent energy companies, both in the renewable and non-renewable domains.

We have maintained an open approach in our assessment of various opportunities across the natural resource spectrum, ranging from battery metals such as Lithium and Cobalt, to Critical Metals, as well as Hydrocarbons. This is because our assessment strategy has been guided by an overreaching attention towards achieving the most commercially advantageous transaction to achieve Ajax's long-term growth in accordance with stringent due diligence criteria.

The Company's management is, as outlined in Ajax's IPO prospectus document, engaged in seeking to identify and acquire a target company or business that can return significant value to shareholders by enabling Ajax to become a revenue generating, fully-fledged natural resource production and exploration entity with significant potential.

I am pleased to report that during the period, in view of our current development stage, effective cost control has been rigorously enforced and will continue to be maintained until such time as an acquisition is identified and completed.

It is the Board's opinion, in consideration of the opportunities currently under review, that Ajax is well positioned to achieve transformational growth once it successfully completes an acquisition.

We thank shareholders for their continued support, evidenced by the Company's recent share price performance, and we look forward to building on this momentum as we move forward in taking Ajax to the next key milestone in its development.

Michael Hutchinson, Non-Executive Chairman

November 30, 2022

 

 

 

 


 

 

STATEMENT OF COMPREHENSIVE INCOME

 





 

Notes

31/08/2022

Unaudited 6 months     £

28/02/2022

Audited FY

£

 




Revenue

 

 

-

Cost of sales

 

 

-

Gross profit


-

-

 




Administrative expenses

 

(97,876)

 (79,625)

Operating loss and loss before income tax

4

(97,876)

(79,625)

 




Taxation

5


-

Loss and total comprehensive loss for the period

 

(97,876)

(79,625)

 




Loss per share (basic and diluted) attributable to the equity holders (pence)

6

 

(0.21)

(0.66)

 

            The notes to the financial statements form an integral part of these financial statements.

 

STATEMENT OF FINANCIAL POSITION

 


 

 

 


Notes

31/08/2022

Unaudited 6 months

     £

28 February 2022

Audited FY

£

 




Current assets




Receivables

8

-

663,585

VAT Credit

8

25,884

11,952

Cash and cash equivalents

9

1,249,546

-

 

 

1,275,430

675,537





Total assets


1,275,430

675,537





Equity








Ordinary shares

10

1,436,660

120,000

Retained earnings/(loss)


(177,501)

(79,625)

Total equity


1,259,159

40,375

 




Current Liability




Other payables


16,271

635,162





Total equity and liabilities


1,275,430

675,537

 

 

The notes to the financial statements form an integral part of these financial statements.

 

These financial statements were approved by the board of directors and recognized for issue on 30 November 2022, and are signed on its behalf by:

 

 

 

Michel Hutchinson

Chairman & Director

 

Company Registration No. 13467546

 

 

 


 

 

 

 

STATEMENT OF CHANGES IN EQUITY

 

 

 

 

 

 

 

 

Ordinary

 share capital

Retained

losses

Total


£

£

£

Balance at incorporation at 21 June 2021

12,500

-

12,500

 

 

 

 

Share issue

107,500

-

107,500

Loss and total comprehensive loss for the period

-

(79,625)

(79,625)

Balance at 28 February 2022

120,000

(79,625)

40,375





Share issue

1,342,000

-

1,342,000

Share issue costs

(25,340)


(25,340)

Loss and total comprehensive income for the period

-

(97,876)

(97,876)

Balance at 28 February 2022

1,436,660

(177,501)

1,259,159

 

 

Share capital is the amount subscribed for shares at nominal value.

 

The retained earnings represent the cumulative results of the company attributable to equity shareholders.



 

 

 

 

 

STATEMENT OF CASH FLOWS

 


 

31/08/2022

Unaudited 6 months

  £

28 February 2022

Audited FY

£

Cash flows from operating activities




 

 

Loss before tax


 

(97,876)

(79,625)

 

 




 

(Increase)/Decrease in receivables


11,952

(11,952)

 

Increase/(Decrease) in payables


(6,109)

10,162

 

Net cash used in operating activities

 

(92,033)

(81,415)

 

 




 

Cash flows from investing activities



-

 

Net cash used in investing activities


 

-

 

 




 

Cash flows from financing activities

 

 

 

 

Proceeds from the issue of ordinary shares (net of issue costs)


1,341,579

81,415

 

Net cash from financing activities


1,341,579

81,415

 

Net increase / (decrease) in cash and cash equivalents


1,249,546

-

 

Cash and cash equivalents at the start of the period


-

-

 

Cash and cash equivalents at the end of the period


1,249,546

-

 









 

 

Cautionary Statement

The Interim Results have been prepared solely to provide additional information to shareholders to assess the Company's strategy and performance. The Interim Results should not be relied on by any other party or for any other purpose.

The Interim Results are unaudited and do not constitute full accounts.

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