THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
30 May 2024
AJAX RESOURCES PLC
("Ajax" or the "Company")
Final results for the year to 29 February 2024
Notice of Annual General Meeting
Ajax [LSE: AJAX], the UK listed special purpose acquisition company with a focus on natural resources, is pleased to publish its audited financial statements and annual report for the year to 29 February 2023 (the "Annual Report"). A copy of the Annual Report 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/3569Q_1-2024-5-29.pdf
Key elements from the Annual Report have been extracted and can be viewed below.
The Company also announces that the Ajax annual general meeting ("AGM") for the year to 29 February 2024 will be held at 12:00 midday BST on 24 July 2024 at the offices of Allenby Capital Limited, the Company's Financial Adviser, at 5 St Helen's Place, London, EC3A 6AB. A copy of the Notice of AGM and Form of Proxy will be mailed to shareholders in due course and will, once published, be made available to view on the Company's website at:
https://www.ajaxresources.com/investors/key-documents/
In accordance with Listing Rules 14.3.6R and 14.3.7R, copies of each of the aforementioned documents will be submitted to the National Storage Mechanism and will be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
- 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 |
Notes to Editors:
Ajax Resources Plc is a Special Purpose Acquisition Company (SPAC) listed on the FCA Official List and admitted to trading on the Main Market for listed securities of the London Stock Exchange under the ticker "AJAX".
Chairman's Statement
I am pleased to report the audited financial statements to shareholders for the year ended 29 February 2024.
During the period, Ajax has continued to perform its identification exercise for production and development opportunities in the natural resources sector. The Company has made good progress in this process, having conducted due diligence on several potential acquisition opportunities located in Europe, South America, and Africa. It is expected that there will be material progress to report in due course.
Proactive steps have been taken during the financial year to minimize expenditure and maximize the Company's financial resources prior to a potential acquisition being completed.
Outlook
As we look to our future progress, we are encouraged by the current energy pricing climate and the many opportunities we believe this has created for experienced and well-connected management teams. Our efforts are fully centered on identifying and completing an acquisition with significant value creation potential for shareholders.
The demand for natural resources contributing towards the transition to a low-carbon economy, specifically metals of strategic importance including gold, tin, copper, and uranium, is expected to increase exponentially in the years ahead.
I would like to thank all shareholders for the support they have shown since the Company's IPO, and we look forward with enthusiasm to our near-term progress.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
| | Notes | Page | Year to 29 February 2024 | Year to 28 February 2023 |
|
| | | | RESTATED |
| |
|
| £ | £ |
|
| | | | |
| Revenues |
|
| - | - |
| Cost of sales |
|
|
| - |
| Gross profit |
|
| - | - |
|
| | | | |
| Other interest receivable |
|
| 138,295 | 16,305 |
| Administrative expenses | | | (316,523) | (655,462) |
| Operating loss and loss before income tax | 4 | 40 | (178,228) | (639,157) |
| Taxation | 5 | 41 | - | - |
| Loss and total comprehensive loss for the period |
|
| (178,228) | (639,157) |
| | | | | |
| Loss per share attributable to the equity holders (pence) | 6 | 41 | | |
| Basic |
|
| (0.38) | (1.48) |
| Diluted |
|
| (0.38) | (1.48) |
STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 29 FEBRUARY 2024
| | Notes | Page | Year to 29 February 2024 | Year to 28 February 2023 |
|
| | | | RESTATED |
| |
|
| £ | £ |
|
| | | | |
| Current assets |
|
| | |
| Other receivables | 8 | 42 | 8,200 | 16,305 |
| Promissory Notes granted | 8 | 42 | - | 337,508 |
| Cash and cash equivalents | 9 | 43 | 974,141 | 757,160 |
| |
|
| | |
| Total assets |
|
| 982,341 | 1,110,973 |
|
|
|
| | |
| Equity |
|
| | |
| |
|
| | |
| Ordinary shares | 10 | 43 | 468,125 | 468,125 |
| Share Premium Reserve | 10 | 43 | 1,019,035 | 1,019,035 |
| Options & Warrants | 10 | 43 | 297,639 | 297,639 |
| Retained earnings/(loss) |
|
| (897,010) | (718,782) |
| |
|
| | |
| Total equity |
|
| 887,789 | 1,066,017 |
|
|
|
| | |
| Current Liability |
|
| | |
| Other payables | 11 | 46 | 85,456 | 44,956 |
| Directors loan account | 15 | 48 | 9,096 | - |
|
|
|
|
|
|
| Total Liabilities |
|
| 94,552 | 44,956 |
|
| | | | |
| Total equity and liabilities | | | 982,341 | 1,110,973 |
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 29 FEBRUARY 2024
| | Year to 29 February 2024 | Year to 28 February 2023 |
| | £ | £ |
| Cash flows from operating activities |
| |
| Loss before tax | (178,228) | (639,157) |
| Interest received from Promissory Notes | (103,648) | - |
| Interest received from Money Market Bank Accounts | (34,647) | - |
| Decrease / (Increase) in receivables | (95) | (4,353) |
| Increase / (Decrease) in payables | 49,596 | 34,457 |
| Share Based Payments | - | 297,639 |
| Net cash used in operating activities | (267,022) | (311,414) |
|
| | |
| Cash flows from investing activities |
| |
| Promissory Notes | 337,508 | (337,508) |
| Interest received from Promissory Notes | 103,648 | - |
| Interest received from Money Market Bank Accounts | 34,647 | - |
| Decrease / (Increase) in receivables | 8,200 | - |
| Net cash used in investing activities | 484,003 | (337,508) |
|
| | |
| Cash flows from financing activities |
| |
| Proceeds from the issue of ordinary shares (net of issue costs) | - | 781,082 |
| Net cash from financing activities | - | 781,082 |
| Net increase / (decrease) in cash and cash equivalents | 216,981 | 132,160 |
| Cash and cash equivalents at the start of the period | 757,160 | 625,000 |
| Cash and cash equivalents at the end of the period | 974,141 | 757,160 |
All references to Notes and Pages in the financial statements above refer to the Annual Report which can be accessed via the link set out above.
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.