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 |
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