Hot Rocks Investments plc (HRIP)
03-Sep-2018 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
HOT ROCKS INVESTMENTS PLC
("HOT ROCKS" OR THE "COMPANY")
AUDITED FINAL RESULTS TO 31 MARCH 2018
CHAIRMAN'S STATEMENT
I hereby present the financial results for the Company for the year ended 31 March 2018. The Company is an active investor primarily in junior natural resources companies. During the year and since the year end we have seen a recovery across much of our portfolio.
The Company made a pre-tax loss of £219,298 for the year, compared to a pre-tax loss of £16,191 in the prior year. The Company will not be paying a dividend at this stage (2017: £Nil).
Cash and cash equivalents as at the year end of 31 March 2018 were £16,710 (2017: £12,216).
We have seen a number of our investments appreciate in value and we are generally pleased with performance.
Of note, on 27 April 2017 Minergy Limited listed on the Botswana Stock Exchange. This week Minergy has been granted a mining licence in Botswana marking a significant milestone for the company, which aims to produce coal for sale in Botswana and South Africa, as well as further overseas. Minergy is the sole owner of the 390 million tonne Masama Coal Project in the Mmambula Coalfield, in the south-west of the country where pre-construction work has already commenced on site, with the mine expected to start producing its first saleable coal in February next year.
Medgold, listed on the TSXV which traded as low at 4cents per share in 2014 has recovered and is presently 34cents. Diamond drilling at the Tlamino Gold Project has recommenced for a minimum Phase 2 programme of 2,400m. Also, preparation for 40 line-km of an IP-Resistivity program at the Karamanica Zone has commenced. The exploration and development of the Tlamino Gold Project is being conducted under programmes which are fully funded by Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) ("Fortuna").
Post year end our investee company Block Energy plc was admitted to trading on AIM. We hold 3,222,501 ordinary shares.
We participated in the IPO of Predator Oil & Gas Holdings plc and have added to our holding since its flotation on the Standard List. We have an interest in 2,052,000 ordinary shares.
We hold stakes in the following entities:
- Block Energy plc (AIM: BLOE)
- Brazil Tungsten Holdings Limited
- Copper Bay plc
- Elephant Oil Limited
- Impact Oil & Gas Limited
- Mafula Energy Limited
- MedGold Resources Corp (TSXV:MED)
- Minergy Limited
- New Horizon Oil & Gas Limited
- N4 Pharma plc (AIM:N4P)
- Predator Oil & Gas Holdings plc (LSE:PRD)
- Rift Resources Limited
- Royal Road Minerals (previous Tigris Resources) (TSXV:RYR)
The Board of Directors will continue to introduce further equity positions to the Company to enable additional diversification of the portfolio. It is anticipated that these will continue to be primarily within the natural resources sector.
Brian Rowbotham
Non-Executive Chairman
31 August 2018
The Directors of the issuer are responsible for the content of this announcement.
For further information please contact:
Hot Rocks Investments plc
Gavin Burnell: 0207 264 4444
Peterhouse Capital Limited
Guy Miller: 020 7220 9796
HOT ROCKS INVESTMENTS PLC STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MARCH 2018
|
|
2018
|
2017
|
Continuing Operations
|
|
£
|
£
|
|
|
|
|
Revenue
|
|
-
|
-
|
|
|
|
|
Foreign exchange gain/(loss) on available-for-sale financial assets
|
|
(20,656)
|
22,062
|
Operating expenses
|
|
(48,369)
|
(33,217)
|
Share based payments expense
|
|
(115,600)
|
-
|
Impairment of available-for-sale financial assets
|
|
(52,604)
|
(15,962)
|
Other gains/ - sale of available-for-sale financial assets
|
|
17,922
|
8,689
|
|
|
_______
|
_______
|
|
|
|
|
Operating (Loss)
|
|
(219,307)
|
(18,428)
|
Finance income
|
|
9
|
2,237
|
|
|
_______
|
_______
|
|
|
|
|
(Loss) before Income Tax
|
|
(219,298)
|
(16,191)
|
|
|
|
|
Income tax expense
|
|
-
|
-
|
|
|
_______
|
_______
|
|
|
|
|
(Loss) for the Year attributable to equity holders
|
|
(219,298)
|
(16,191)
|
|
|
_______
|
_______
|
|
|
|
|
Other Comprehensive Income
|
|
|
|
|
|
|
|
Items that may be Reclassified Subsequently to
Profit or Loss
|
|
|
|
Reclassification of cumulative gains on available-for-sale
financial asset due to disposal
|
|
-
|
(6,055)
|
Fair value change in value on available-for-sale financial assets
|
|
78,469
|
180,078
|
|
|
_______
|
_______
|
|
|
|
|
Total Comprehensive (loss)/Income for the Year attributable to equity holders
|
|
(140,829)
|
174,023
|
|
|
_______
|
_______
|
|
|
|
|
Earnings Per Share - Basic and Diluted (expressed in pence per share)
|
|
(0.1)
|
(0.0)
|
|
|
_______
|
_______
|
HOT ROCKS INVESTMENTS PLC STATEMENT OF FINANCIAL POSITION
REGISTERED NUMBER 06163193 AT 31 MARCH 2018
|
|
As at
31 March
2018
|
As at
31 March
2017
|
|
|
£
|
£
|
Assets
|
|
|
|
|
|
|
|
Non-Current Assets
|
|
|
|
|
|
|
|
Available-for-sale financial assets
|
|
811,206
|
836,126
|
|
|
_______
|
_______
|
|
|
|
|
|
|
811,206
|
836,126
|
|
|
_______
|
_______
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
Other receivables
|
|
-
|
721
|
Cash and cash equivalents
|
|
16,710
|
12,216
|
|
|
_______
|
_______
|
|
|
|
|
|
|
16,710
|
12,937
|
|
|
_______
|
_______
|
|
|
|
|
Total Assets
|
|
827,916
|
849,063
|
|
|
_______
|
_______
|
|
|
|
|
Equity and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Equity Attributable to Shareholders
|
|
|
|
|
|
|
|
Ordinary shares
|
|
173,602
|
173,602
|
Share premium account
|
|
1,174,631
|
1,174,631
|
Share options and warrants reserve
|
|
115,600
|
-
|
Other reserves
|
|
144,678
|
66,209
|
Retained loss
|
|
(886,173)
|
(666,875)
|
|
|
_______
|
________
|
|
|
|
|
|
|
722,338
|
747,567
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
Trade and other payables
|
|
105,578
|
101,496
|
|
|
_______
|
_______
|
|
|
|
|
Total Equity and Liabilities
|
|
827,916
|
849,063
|
|
|
_______
|
_______
|
HOT ROCKS INVESTMENTS PLC STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2018
|
|
2018
|
2017
|
|
|
£
|
£
|
|
|
|
|
Cash Flows from Operating Activities
|
|
|
|
(Loss) before income tax
|
|
(219,298)
|
(16,191)
|
Finance income
|
|
(9)
|
(2,237)
|
Unrealised foreign exchange loss/(gain)
|
|
20,656
|
(22,062)
|
Share based payments
|
|
115,600
|
-
|
Bad debts
|
|
-
|
2,997
|
Gain on disposal of available-for-sale financial assets
|
|
(17,922)
|
(8,689)
|
Impairment of available-for-sale financial asset
|
|
52,604
|
15,962
|
Decrease in other receivables
|
|
720
|
2,130
|
Increase in trade and other payables
|
|
4,082
|
10,425
|
|
|
_______
|
_______
|
|
|
|
|
Cash Used in Operations
|
|
(43,567)
|
(17,665)
|
Interest paid
|
|
-
|
-
|
Income tax paid
|
|
-
|
(82)
|
|
|
_______
|
_______
|
|
|
|
|
Net Cash Used in Operations
|
|
(43,567)
|
(17,747)
|
|
|
_______
|
_______
|
|
|
|
|
Cash Flows from Investing Activities
|
|
|
|
Purchases of available-for-sale financial assets
|
|
(5,869)
|
(33,984)
|
Proceeds from disposal of available-for-sale financial
assets
|
|
53,930
|
50,242
|
|
|
_______
|
_______
|
|
|
|
|
Net Cash Generated from Investing Activities
|
|
48,061
_______
|
16,258
_______
|
|
|
|
|
|
|
|
|
Increase/(decrease) in Cash and Cash Equivalents
|
|
4,494
|
(1,489)
|
|
|
|
|
Cash and cash equivalents at the beginning of the year
|
|
12,216
|
13,705
|
|
|
_______
|
_______
|
|
|
|
|
Cash and Cash Equivalents at the End of the Year
|
|
16,710
|
12,216
|
|
|
_______
|
_______
|
|