Unaudited Interim report – Half year ended 31 March 2012

The Company is pleased to announce the results for the half year period to 31 March 2012.

 

Managing director’s statement

The six months to 31 March have been a challenging economic environment for most companies, particularly junior companies.  Rare Earths and Metals has strictly controlled expenditure during this period with the intention of raising additional funds only when the project portfolio has been strengthened.  In this regard I would like to express my gratitude to Shareholders for their continued patience.

Discussions are continuing on a number of projects and although progress is not fully under our control, we are optimistic that we will be able to conclude an agreement.  The Board will notify Shareholders as and when any of these discussions progress.  While project evaluation has been on-going, we have also considered additions to the Board to strengthen the management of the Company.   

We are pleased to note the recent developments with regards to ICAP’s purchase of the PLUS Stock Exchange and the conclusion of a period of uncertainty that had been hovering over the market.  ICAP have stated their intention to recapitalise and develop the exchange and we look forward to the positive impact their involvement will bring to the market.

 

Frederick Bell

Managing Director

27 June 2012

 

Statement of comprehensive income

 

 

 

6 months to 31 March 2012

12 months to 31 March

 2011

18 month period ended 30 September 2011

 

 

Unaudited

£,000

Unaudited

£,000

Audited

£,000

 

 

 

 

 

Continuing operations

 

 

-

-

-

Exploration costs

 

 

-

(105)

(7)

Administrative expenses

 

Finance costs

 

(23)

 

-

(42)

 

-

(55)

 

(3)

 

 

 

 

 

Loss from continuing operations

 

 

(23)

(147)

(65)

Loss for the period from discontinued operations

 

 

-

 

-

 

(27)

Total comprehensive (expense) for the period

 

 

(23)

(147)

(92)

 

 

Loss per share:

 

 

0.006 p

 

 

0.036 p

 

0.026 p

 

Statement of financial position

 

 

 

At 31 March 2012

At 31 March 2011

At 30 September 2011

 

 

Unaudited

£,000

Unaudited

£,000

Audited

£,000

 

 

 

 

 

Assets

Non-current assets

 

 

 

-

 

9

 

-

 

 

-

9

-

 

Current assets

Cash and cash equivalents

Trade and other receivables

 

 

 

 

 

30

4

 

 

 

45

42

 

 

53

3

Total current assets

 

 

34

87

56

Total assets

 

 

34

96

56

 

Equity and liabilities

 

 

 

 

 

Capital and reserves

Called up share capital

Share premium account

Profit and loss account

Share option reserve

Option premium on convertible notes                                      

 

 

 

203

1,588

(1,911)

81

3

-

-

 

 

 

201

1,581

(2,449)

81

-

713

(193)

 

 

202

1,586

(1,889)

81

3

-

-

Merger reserve

Currency translation reserve

 

Total Equity

 

 

(36)

(66)

(17)

 

 

 

 

 

Current liabilities

Trade and other payables

Borrowings

 

 

 

20

50

 

 

112

50

 

23

50

Total current liabilities

 

 

70

162

73

 

Total equity and liabilities

 

 

34

 

 

96

 

56

 

 

 

 

 

 

 

 

 

 

 

 

 Interim report notes

 1.     Interim report

The information relates to the 6 month period from 1 October 2011 to 31 March 2012. 

The interim report was approved by the Directors on 27 June 2012.

The information contained in this statement has not been audited.

 2.     Basis of accounting

  1. The report has been prepared using accounting policies that the Company has adopted and were used for the accounting period to 30 September 2011.  The information does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006.
  2. The financial statements are prepared under the historical cost convention.The Company and
  3. Group will report again for the full year to 30 September 2012.

 

3.     Other matters

Copies of this interim report are available free of charge by application in writing to the Company Secretary at Ronaldsons LLP, 55 Gower Street, London, WC1E 6HQ, by email to This email address is being protected from spambots. You need JavaScript enabled to view it.

The Directors of the Issuer accept responsibility for this announcement.

 

--ENDS—

ENQUIRIES:

Rare Earths and Metals plc

Frederick Bell,
Managing Director
Tel: 0755 4872 794
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John Watkins,
Chairman
Tel: 01483 771992
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Peterhouse Corporate Finance Limited Fungai Ndoro and Eran Zucker
Tel: 020 7469 0934