RNS Number : 6763U
Ajax Resources PLC
27 November 2023
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

27 November 2023

AJAX RESOURCES PLC

 

("Ajax" or the "Company")

 

Half-Yearly Report for the 6 months to 31 August 2023

Proposed General Meeting

 

The Board of Directors of Ajax (the "Board"), the UK listed special purpose acquisition company with a focus on natural resources [LSE: AJAX], announces its half-yearly results for the 6 months to 31 August 2023 (the "Interim Results"), and, in addition, its intention to seek approval from shareholders for an extension of its investment policy (the "Policy").

 

Interim Results

 

The Board is pleased to announce the Company's unaudited financial results for the 6 months to 31 August 2023. A full copy of the Interim Results can be viewed at:

 

http://www.rns-pdf.londonstockexchange.com/rns/6763U_1-2023-11-27.pdf

 

A copy can also be viewed on the National Storage Mechanism and on the Company's website:

 

(https://www.ajaxresources.com/investors/key-documents/#tabs-financial-statements)

 

Key elements of the Interim Results can also be viewed below.

 

Proposed General Meeting

 

In the Company's prospectus published at the time of its admission to trading on the Main Market of the London Stock Exchange on 7 April 2022 (the "Prospectus"), the Board undertook that if a suitable acquisition target was not identified within 18 months, then it would either seek a one-year extension or a winding up of the Company. 

 

The Board unanimously proposes to shareholders that a one-year extension to the Policy is approved and intends to call a General Meeting during February 2024.

 

A copy of the Prospectus can be viewed on the Company's website at:

 

https://www.ajaxresources.com/investors/key-documents/#tabs-admission-documents

 

 

- ENDS -

 

 

 

For further information: 

 

Ajax Resources Plc

Ippolito Cattaneo, Chief Executive Officer

Tel: + 44 (0) 208 146 6345

info@ajaxresources.com

Allenby Capital Limited (Financial Adviser)

Nick Harriss / Daniel Dearden-Williams

Tel: + 44 (0) 203 328 5656

n.harriss@allenbycapital.com

d.dearden-williams@allenbycapital.com

 

 

Chairman's Statement

 

The Company has continued to make good progress towards successfully identifying an acquisition in the natural resources sector.

 

Ajax has been evaluating various advanced gold and copper exploration opportunities across several jurisdictions, as well as certain metal recovery projects located in Central Asia utilizing innovative, environmentally friendly technologies capable of generating significant profitability. 

 

We have continued, in view of our current development stage, to maximise cost control in keeping expenditure to a minimum.

 

It is our belief that we are now potentially not far from finding an opportunity that satisfies our development criteria, and we consider the gradual recovery in UK market sentiment to constitute an auspicious backdrop for our potential near-term progress.

 

We thank shareholders for their continued trust and support as we deliver on our mandate. 

 

Michael Hutchinson

Non-Executive Chairman

November 27, 2023

 

 

 

Principal Financial Statements

 

The notes to the financial statements form an integral part of these financial statements and can be viewed through the link above.

 

 

STATEMENT OF COMPREHENSIVE INCOME

 





 

Notes

31/08/2023

Unaudited 6 months     £

31/08/2022

Unaudited 6 months     £

 




Revenues

 

-

-

Cost of sales

 

 

-

Gross profit


-

-

 




Other interest receivable

 

28,120

-

Administrative expenses

 

(124,128)

(97,876)

Operating loss and loss before income tax

4

 

(96,008)

(97,876)

 




Taxation

5

-

-

Loss and total comprehensive loss for the period

 

 

(96,008)

(97,876)

 




Loss per share attributable to the equity holders (pence)

Basic

Diluted

6

 

 

(0.20)

(0.20)

 

 

(0.21)

(0.21)

 

STATEMENT OF FINANCIAL POSITION


 

 

 

 


Notes

31/08/2023

Unaudited 6 months

     £

31/08/2022

Unaudited 6 months

     £

 



 

 

Current assets




Other receivables

8

44,425

-

Negotiable Financial Instruments

8

170,413

-

VAT Credit

8

-

25,884

Cash and cash equivalents

9

818,124

1,249,546

 

 

1,032,962

1,275,430





Total assets


1,032,962

1,275,430





Equity








Ordinary shares

10

468,125

1,436,660

Share Premium Reserve

10

1,019,035


Options & Warrants

10

518,200


Retained earnings/(loss)


 

(1,035,350)

(177,501)

Total equity


970,010

1,259,159

 

 

 




Current Liabilities




Other payables

11

62,952

16,271





Total equity and liabilities


1,032,962

1,275,430

 

STATEMENT OF CASH FLOWS

 


31/08/2023

31/08/2022

Unaudited 6 months

Unaudited 6 months

£

  £

Cash flows from operating activities






Loss before tax

(96,008)

(97,876)

Increase in receivables

18,581

11,952

Increase in payables

                    46,681

                     (6,109)

Change in working capital

               (256,125)

                            -  

Net cash used in operating activities

(261,027)

              (92,033)




 



Negotiable Financial Instruments

(170,413)


Cash flows from investing activities

(170,413)

                            -  

Net cash used in investing activities

(170,413)

                            -  

 



Cash flows from financing activities

 


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

               -

                  1,341,579

Net cash from financing activities

                   -

                  1,341,579

Net increase / (decrease) in cash and cash equivalents

                 (431,422)

                1,249,546

Cash and cash equivalents at the start of the period

                  1,249,546

 -

Cash and cash equivalents at the end of the period

                   818,124

                1,249,546

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR NKOBDKBDKDDB