TIDMAJAX
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.
-S -
Further Information:
Ajax Resources Plc Tel: + 44 (0) 208 146 6345
Ippolito Cattaneo, Chief info@ajaxresources.com
Executive Officer
Clear Capital Markets (Corporate Tel: +44 (0)20 3869 6080
Broker) keithswann@clear-cm.co.uk;
Jonathan Critchley/ Keith jonathancritchley@clear-cm.co.uk
Swann
----------------------------------
Allenby Capital Limited Tel: + 44 (0) 203 328 5656
(Financial Adviser) n.harriss@allenbycapital.com
Nick Harriss
----------------------------------
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 28/02/2022
Unaudited Audited
6 months GBP FY
GBP
------------------------------------- ------ -------------- -----------
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 28 February 2022
Unaudited 6 months Audited FY
GBP GBP
----------------------------- ----- ------------------- ----------------
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 Retained
share capital losses Total
GBP GBP GBP
---------------------------------------------------- --------------- ---------- ----------
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 28 February 2022
Unaudited 6 months Audited FY
GBP GBP
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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END
IR FIFVTLRLIVIF
(END) Dow Jones Newswires
November 30, 2022 13:30 ET (18:30 GMT)
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