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Interim / Quarterly Report • Jul 12, 2018

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Pelican House Mining Plc - Half-year Report and Interim Financial Statements

PR Newswire

London, July 11

Registered number 06474216

Pelican House Mining PLC

Interim Accounts

30th June 2018

Pelican House Mining PLC

(“Pelican House Mining” or the “Company”)

Interim Results and Directors' Statement

For the period from 1st January to 30th June 2018

I am pleased to announce the unaudited interim results of the for the first half of the current financial year. The financial statements which follow have not been reviewed by the Company’s auditors.

The Company made a pre-tax loss of £22,396 (period ended 30th June 2017 - £7,742) and cash at bank at the period’s end was £48,598 (period ended 30th June 2017 - £27,593). During the period gross proceeds of £179,000 were raised from an issue of shares. Additionally, a loan of £100,000 was taken out to provide capital for the Company's new investments.

On 13th June 2018 at the Company’s annual general meeting, shareholders approved a special resolution to change the Company’s name from Hellenic Capital plc to Pelican House Mining, better to reflect the present investment strategy. 

On 19th June 2018, the Company announced that it had acquired a 15 per cent. stake in Mighty Oak Explorations Ltd., a company possessed of licences to explore for lithium and cobalt in Uganda. The Company is presently reviewing a number of other potential investment opportunities and transactions. I look forward to informing shareholders of progress when necessary and appropriate.                             

Finally, I wish to thank Graham Jones, who stepped down at the last AGM, for his past work on behalf of the Company.

Simon Grant-Rennick,

Chief Executive Officer and Interim Chairman,

London, 12th July 2018

This announcement has been made after due and careful enquiry and the Directors of Pelican House Mining PLC accept responsibility for the content.

Enquiries:

Pelican House Mining plc:

Simon Grant-Rennick: +44 (0) 797 325 3124;

[email protected]  

Keith, Bayley, Rogers & Co. Limited:

Graham Atthill-Beck: +44 (0) 20 7464 4091;

+971 (0) 50 856 9408; +44 (0) 750 643 4107;

[email protected]

Brinsley Holman: +44 (0) 20 7464 4098;

[email protected]                                           

Pelican House Mining PLC                                                                              

Condensed Profit and Loss Account

for the period from 1 January 2018 to 30 June 2018                                        

								30-Jun
						2018		2017
						GBP		GBP
Revenue						4,106		-
Operating expenses						(25,981)		(7,742)
Operating loss						(21,875)		(7,742)
Interest payable						(521)		-
Loss on ordinary activities before taxation						(22,396)		(7,742)
Corporation tax						-		-
Total comprehensive loss for the period attributable to members						(22,396)		(7,742)

Pelican House Mining PLC                                                                                   

Condensed Balance Sheet

as at 30 June 2018                                                                                                    

							30-Jun
	Notes			2018			2017
				GBP			GBP
Fixed assets
Tangible assets	2			202,383			-
Investments	3			45,725			-
				248,108			-
Current assets
Debtors			524			37,451
Cash at bank and in hand			48,598			27,593
			49,122			65,044
Creditors: amounts falling due within one year			(106,627)			(6,515)
Net current (liabilities)/assets				(57,505)			58,529
Net assets				190,603			58,529
Capital and reserves
Called up share capital				97,990			61,890
Share premium				293,098			173,544
Profit and loss account				(200,485)			(176,905)
Shareholders' funds				190,603			58,529

Pelican House Mining PLC                                                                                 

Condensed Statement of Changes in Equity

for the period from 1 January 2018 to 30 June 2018                                            

		Share		Share			Profit		Total
		capital		premium			and loss
							account
		GBP		GBP			GBP		GBP
At 1 January 2017		61,890		173,544			(169,163)		66,271
Loss for the period		-		-			(7,742)		(7,742)
At 30 June 2017		61,890		173,544			(176,905)		58,529
At 1 January 2018		62,190		174,116			(178,089)		58,217
Loss for the period		-		-			(22,396)		(22,396)
Shares issued		35,800		118,982			-		154,782
At 30 June 2018		97,990		293,098			(200,485)		190,603

Pelican House Mining PLC                                                                                   

Condensed cash flow statement 

as at 30 June 2018                                                                                                    

								30-Jun
						2018		2017
						GBP		GBP
Cashflows from operating activities
Operating loss						(21,875)		(7,742)
Depreciation						2,053		-
Movement in working capital:
(Increase)/ decrease in trade and other receivables						19,560		(34,422)
(Decrease)/ increase in trade and other payables						(159,948)		(2,848)
Cash used in operations						(160,210)		(45,012)
Investing activities
Payments to acquire investments						45,725		-
Financing activities
Loan finance raised						100,000		-
Net share proceeds in period						154,261		-
						254,261		-
Increase/(Decrease) in cash and cash equivalents						48,326		(45,012)
Cash and cash equivalents at beginning of the period						272		72,605
Cash and cash equivalents at end of the period						48,598		27,593

Pelican House Mining PLC                                                                                

Notes to the Abridged Accounts

for the period from 1 January 2018 to 30 June 2018                                           

1	Financial information
	The financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the IFRS as adopted by the European Union.
	The accounting policies used in the preparation of this set of condensed interim financial are consistent with those set out in the Company's annual financial statements for the year ended 31 December 2017 and those that will be used in the preparation of the financial statements for the year ended 31 December 2018. Statutory accounts for the year ended 31 December 2017 were approved by the board of directors on 13 June 2018 and delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified.
	The financial information for the period ended 30 June 2018 has not been audited or reviewed. As permitted the Company has chosen not to adopt IAS34 'Interim Financial Statements' in preparing this financial information.
	Going concern
	The directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2018
2	Tangible fixed assets
								Freehold property
								GBP
	Cost
	At 1 January 2018							205,363
	At 30 June 2018							205,363
	Depreciation
	At 1 January 2018							927
	Charge for the period							2,053
	At 30 June 2018							2,980
	Net book value
	At 30 June 2018							202,383
	At 30 June 2017							204,436

Pelican House Mining PLC                                                                                

Notes to the Abridged Accounts

for the period from 1 January 2018 to 30 June 2018                                          

3	Investments
								Other
								investments
								GBP
	Cost
	Additions							45,725
	At 30 June 2018							45,725
	The investment consists of a 15% shareholding in Mighty Oak Exploration Limited, a company with exploration licences for cobalt and lithium projects in Uganda.
4	Earnings per share
	The calculation of basic earnings per share is based on the loss attributable to ordinary shareholders divided by the weighted average of ordinary shares in issue being 80,089,500 during the period. This results in a loss per share of nil (2017 - nil).
5	Directors remuneration
	The directors will not be remunerated until such time as the net assets of the Company exceed £500,000.