TIDMRMP

RNS Number : 3094R

Red Emperor Resources NL

05 March 2021

5 March 2021

Red Emperor Resources NL

Half Year Report for the Six Months Ended 31 December 2020

The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP", "Red Emperor" or the "Company") is pleased to announce the Company's unaudited consolidated interim results for the 6 months to 31 December 2020 .

Please see below extracts from the Company's Half Year Report for the period ended 31 December 2020, being the:

   -       Directors' Report 
   -       Consolidated Statement of Profit or Loss and Other Comprehensive Income 
   -       Consolidated Statement of Financial Position 
   -       Consolidated Statement of Changes in Equity 
   -       Consolidated Statement of Cash Flows 

A copy of the full Half Year Report is available on the Company's website - www.redemperorresources.com

   For further information, please visit www.redemperorresources.com   or contact : 
 
  Red Emperor Resources NL                      +61 8 9212 0102 
  Greg Bandy 
 
  Strand Hanson Limited (Nominated Adviser)     +44 (0) 20 7409 3494 
  James Harris 
 
  Brandon Hill Capital (UK Broker)              +44 (0) 203 463 5010 
 
  708 Capital Pty Ltd (Australian Broker)       +61 (0) 2 9112 2500 
 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

Directors' Report

The Directors are pleased to present their report for Red Emperor Resources NL ("Red Emperor" or the "Company") and its subsidiaries (the "Group") for the half-year ended 31 December 2020 (the "Period").

DIRECTORS

The persons who were directors of Red Emperor during the half-year and up to the date of this report are:

   --      Greg Bandy (Managing Director) 
   --      Aaron Bertolatti (Director & Company Secretary) 
   --      Jason Bontempo (Non-Executive Director) 

REVIEW OF OPERATIONS

Corporate

During the reporting period, Red Emperor continued to evaluate potential deal opportunities, primarily in the global oil and gas sector. While mainly focused on exploration projects, the Board has continued to be very mindful of protecting the Company's balance sheet and by extension, shareholder value.

There were also a number of potential projects considered during the period in the wider natural resources sector outside of oil and gas cognisant that pursuant to AIM Rule 15, the Company is required to make an acquisition, or acquisitions, which constitute(s) a reverse takeover under AIM Rule 14, or alternatively seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being a "Re-admission Transaction"), either of which would require, inter alia, the preparation and publication of an AIM admission document and a full re-admission process. If a Re-admission Transaction is not completed by 20 July 2021 admission to trading on AIM of the Company's ordinary shares will be cancelled pursuant to AIM Rule 41.

The Company has recently made an application to ASX in respect of a proposed transaction under ASX Listing Rule 11.1, which is under consideration, and the Company's ordinary shares remain suspended from trading on both ASX and AIM.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

There have been no significant events subsequent to the end of the reporting period to the date of this report which significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future reporting periods.

AUDITOR'S INDEPENCE DECLARATION

Section 307C of the Corporations Act 2001 requires the Company's auditors to provide the Directors of the Company with an Independence Declaration in relation to their review of the interim financial report. This Independence Declaration is set out on page 3 of the full Half Year Report and forms part of this Directors' report for the half-year ended 31 December 2020.

This report is signed in accordance with a resolution of the Board of Directors made pursuant to section 306(3) of the Corporations Act 2001.

Signed on behalf of the board in accordance with a resolution of the Directors.

Greg Bandy

Managing Director

Perth, Western Australia

5 March 2021

Consolidated Statement of Profit or Loss and Other Comprehensive Income

for the half-year ended 31 December 2020

 
                                                 31-Dec-20    31-Dec-19 
--------------------------------------------- 
                                                     $            $ 
--------------------------------------------- 
 Continuing Operations 
 Interest received                                   12,520       13,412 
 Other income                                        40,009            - 
 
 Employee and director benefits expense           (124,645)    (136,706) 
 Professional and consultants                     (112,376)    (114,124) 
 ASX and AIM and share registry fees               (68,115)     (86,550) 
 Travel expenditure                                 (4,801)      (7,493) 
 Exploration expenditure written off               (12,588)     (93,999) 
 Amortisation/depreciation expense                 (23,744)            - 
 Unrealised foreign exchange (loss)/gain            (9,859)        1,154 
 Other expenses                                    (62,280)     (73,710) 
                                                -----------  ----------- 
 Loss before income tax                           (365,879)    (498,016) 
 
 Income tax expense                                       -            - 
                                                -----------  ----------- 
 Loss after Income Tax                            (365,879)    (498,016) 
 
 Other comprehensive income/(loss) 
 Items that may be reclassified to profit or 
  loss 
 Other comprehensive income                               -           54 
                                                -----------  ----------- 
 Other comprehensive income/(loss) for the 
  period net of tax                                       -           54 
                                                -----------  ----------- 
 Total comprehensive loss for the period          (365,879)    (497,962) 
                                                -----------  ----------- 
 
 Loss per share for the period attributable 
  to the members of Red Emperor Resources NL 
 Basic and diluted loss per share (cents)            (0.07)       (0.09) 
 

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes in the full Half Year Report.

Consolidated Statement of Financial Position

as at 31 December 2020

 
                                        Note    31-Dec-20      30-Jun-20 
------------------------------------- 
                                                    $              $ 
-------------------------------------  ----- 
 Current Assets 
 Cash and cash equivalents                        4,225,863      4,603,010 
 Trade and other receivables                         26,626         28,562 
                                              -------------  ------------- 
 Total Current Assets                             4,252,489      4,631,572 
                                              -------------  ------------- 
 
 Non-Current Assets 
 Right of use assets                    3(a)        118,718              - 
 Deferred exploration and evaluation 
  expenditure                                             -              - 
                                              -------------  ------------- 
 Total Non-Current Assets                           118,718              - 
                                              -------------  ------------- 
 Total Assets                                     4,371,207      4,631,572 
                                              -------------  ------------- 
 
 Current Liabilities 
 Trade and other payables                            39,601         53,782 
 Lease liabilities                      3(b)         70,620              - 
                                              -------------  ------------- 
 Total Current Liabilities                          110,221         53,782 
                                              -------------  ------------- 
 
 Non-Current Liabilities 
 Lease liabilities                      3(b)         49,075              - 
                                              -------------  ------------- 
 Total Non-Current Liabilities                       49,075              - 
                                              -------------  ------------- 
 Total Liabilities                                  159,296         53,782 
                                              -------------  ------------- 
 
 Net Assets                                       4,211,911      4,577,790 
                                              -------------  ------------- 
 
 Equity 
 Issued capital                         4(a)     61,811,451     61,811,451 
 Reserves                                5        5,270,653      5,270,653 
 Accumulated losses                      6     (62,870,193)   (62,504,314) 
                                              -------------  ------------- 
 Total Equity                                     4,211,911      4,577,790 
                                              -------------  ------------- 
 

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes in the full Half Year Report.

Consolidated Statement of Changes in Equity

for the half-year ended 31 December 2020

 
                                Issued       Accumulated      Foreign           Share          Total 
                                capital         losses        exchange      based payments 
                                                             translation       reserve 
                                                               reserve 
--------------------------- 
                                   $              $              $                $              $ 
---------------------------  ------------  --------------  -------------  ----------------  ----------- 
 
 Balance at 1 July 
  2019                         61,811,451    (61,467,301)        255,417         5,014,971    5,614,538 
                             ------------  --------------  -------------  ----------------  ----------- 
 Total comprehensive 
  loss for the period 
 Loss for the period                    -       (498,016)              -                 -    (498,016) 
 Other Comprehensive 
  income                                -               -             54                 -           54 
                             ------------  --------------  -------------  ----------------  ----------- 
 Total comprehensive 
  loss for the period                   -       (498,016)             54                 -    (497,962) 
                             ------------  --------------  -------------  ----------------  ----------- 
 Transactions with 
  owners in their capacity 
  as owners                             -               -              -                 -            - 
                             ------------  --------------  -------------  ----------------  ----------- 
 Balance at 31 December 
  2019                         61,811,451    (61,965,317)        255,471         5,014,971    5,116,576 
                             ------------  --------------  -------------  ----------------  ----------- 
 
 Balance at 1 July 
  2020                         61,811,451    (62,504,314)        255,682         5,014,971    4,577,790 
                             ------------  --------------  -------------  ----------------  ----------- 
 Total comprehensive 
  loss for the period 
 Loss for the period                    -       (365,879)              -                 -    (365,879) 
 Other Comprehensive 
  loss                                  -               -              -                 -            - 
                             ------------  --------------  -------------  ----------------  ----------- 
 Total comprehensive 
  loss for the period                   -       (365,879)              -                 -    (365,879) 
                             ------------  --------------  -------------  ----------------  ----------- 
 Transactions with 
  owners in their capacity 
  as owners                             -               -              -                 -            - 
                             ------------  --------------  -------------  ----------------  ----------- 
 Balance at 31 December 
  2020                         61,811,451    (62,870,193)        255,682         5,014,971    4,211,911 
                             ------------  --------------  -------------  ----------------  ----------- 
 

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes in the full Half Year Report.

Consolidated Statement of Cash Flows for the half-year ended 31 December 2020

 
                                               31-Dec-20   31-Dec-19 
------------------------------------------- 
                                                   $           $ 
------------------------------------------- 
 Cash flows from operating activities 
 Payments to suppliers and employees           (417,088)   (457,045) 
 Interest received                                12,520      13,412 
 Other receipts                                   40,009           - 
                                              ----------  ---------- 
 Net cash used in operating activities         (364,559)   (443,633) 
                                              ----------  ---------- 
 
 Cash flows from investing activities 
 Payments for exploration and evaluation        (12,588)    (93,999) 
                                              ----------  ---------- 
 Net cash used in investing activities          (12,588)    (93,999) 
                                              ----------  ---------- 
 
 Net decrease in cash and cash equivalents     (377,147)   (537,632) 
 Cash and cash equivalents at beginning 
  of the period                                4,603,010   5,642,936 
 Effects of exchange rate changes on cash 
  and cash equivalents                                 -          53 
                                              ----------  ---------- 
 Cash and cash equivalents at the end of 
  the period                                   4,225,863   5,105,357 
                                              ----------  ---------- 
 

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes in the full Half Year Report.

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END

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March 05, 2021 02:00 ET (07:00 GMT)

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