Alpha Prospects Plc ("Alpha" or the "Company") Final Results CHAIRMAN'S STATEMENT The Chairman presents his statement for the period. I am pleased to present the financial results for Alpha Prospects Plc for the 12 month period ending 31 August 2012. The total comprehensive loss for the 12 month period is £505,694 (2011 - £ 472,637). Of this £215,747 (2011: £261,295), related to write downs in the value of the Company's investment share portfolio and £125,000 (2011: £125,000) related to write downs against loan receivables. Net assets during the year increased by over £1 million following the issue of shares in consideration for investments acquired. In last year's statement the Board announced that it was going to continue to look for investment opportunities and expected to announce further investments in 2012. I am delighted to report that this was the case. During the year, the Company made two significant investments, namely, Coleridge Resources Inc. in the US ("Coleridge"), and RAM Active Media plc ("RAM") in the UK. Alpha also acquired an investment in Alpha Prospects Australia Pty Ltd in Tasmania. Coleridge is a company with coal rights in Kentucky scanning a large acreage. Alpha acquired 25% of Coleridge for shares in Alpha in March of this year. In June, Alpha acquired an 11% stake in RAM for a 5% stake in Alpha. RAM is a digital media holding company quoted on AIM with a market cap of over £3 million. Alpha has also identified a number of exciting opportunities in the energy and resource sectors and the Board hopes that these opportunities will come to fruition during 2013. Following the Company's year-end, Alpha has agreed, subject to certain conditions being satisfied, to subscribe for a 2 million shares in Tasmania Oil and Gas Ltd, a new joint venture Company, for a consideration to be satisfied by the issue of 33,333,333 shares in Alpha. Finally, on behalf of the Board I would like to take this opportunity of thanking the Company's professional advisers for their support and assistance throughout the year. Steven Freudmann Chairman INCOME STATEMENT FOR THE YEAR ENDED 31 AUGUST 2012 2012 2011 £ £ Continuing operations Revenue - - Cost of sales - - Gross profit - - Administrative expenses (164,947) (71,449) Administrative expenses - exceptional item (125,000) (125,000) (289,947) (196,449) 4) Loss on disposal of assets - (14,897) Operating Loss (289,947) (211,346) Finance income - 4 Finance costs - - Finance income - net - 4 Loss before income tax (289,947) (211,342) Income tax expense - - Loss for the year from continuing operations (289,947) (211,342) Loss per share Basic loss per share - continuing and total (0.18)p (0.17)p operations Diluted loss per share - continuing and (0.18)p (0.17)p total operations STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 August 2012 2012 2011 £ £ Loss for the year (289,947) (211,342) Other comprehensive loss: Changes in fair value of available for sale (215,747) (261,295) financial assets Other comprehensive loss for the year, net of (215,747) (261,295) tax Total comprehensive loss for the year (505,694) (472,637) STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2012 2012 2011 £ £ Assets Non-current assets Property, plant & equipment - 694 Available-for-sale financial assets 1,648,857 339,604 1,648,857 340,298 Current assets Trade and other receivables 12,783 143,245 Cash and cash equivalents 9,068 6,580 21,851 149,825 Total assets 1,670,708 490,123 Equity Capital and reserves attributable to equity holders of the company Ordinary shares 1,038,911 673,800 Share premium account 2,134,397 974,509 Shares to be issued reserve 50,491 - Retained earnings (1,708,804) (1,203,110) Total equity 1,514,995 445,199 Liabilities Current liabilities Trade and other payables 155,713 44,924 155,713 44,924 Total liabilities 155,713 44,924 Total equity and liabilities 1,670,708 490,123 NOTES TO FINANCIAL STATEMENTS Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, International Financial Reporting Interpretations Committee ("IFRIC") interpretations and the Companies Act 2006 applicable to companies reporting under IFRS. The functional and presentational currency for the financial statements is sterling. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of available for sale financial assets at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4. First time adoption of IFRS The financial statements have been prepared in accordance with IFRS as adopted by the European Union for the first time for the year ended 31 August 2012. Details of the effects of the adoption of IFRS are given in note 21 to these financial statements. The results, assets and liabilities of the Company for the year ended 31 August 2011 together with the opening position of the Company at 1 September 2010, the date of transition to IFRS, have been restated in accordance with IFRS and details of the restatements are given in note 21 to the financial statements. The statutory financial statements for the year ended 31 August 2011 were prepared under United Kingdom Generally Accepted Accounting Practice and delivered to the Registrar of Companies. Changes in accounting policy and disclosures Standards in effect in 2011 adopted by the Company The following standards, interpretations, and amendments to standards have been adopted in the financial statements. * Revised IAS 24, `Related party disclosures', * Improvements to IFRS (issued May 2010), * Amendments to IFRS 7, `Financial instruments: Disclosures' on derecognition, * Amendment to IFRIC 14, `IAS 19 - The limit on a defined benefit asset, minimum funding requirements and their interaction' IFRS in issue but not applied in the current financial statements The following IFRS and IFRIC Interpretations have been issued but have not been applied by the Company in preparing these financial statements as they are not as yet effective. The Company intends to adopt these Standards and Interpretations when they become effective, rather than adopt them early. * Amendment to IAS 12, `Deferred tax: recovery of underlying assets', * Amendment to IAS 1, `Financial statement presentation' regarding other comprehensive income, * Amendment to IAS 32, `Offsetting financial assets and financial liabilities', * Amendment to IFRS 7, `Financial instruments: disclosures - offsetting financial assets and financial liabilities', * IFRS 9, `Financial instruments', * IFRS 10, `Consolidated financial statements', * IFRS 11, `Joint arrangements', * IFRS 12, `Disclosures of interests in other entities', * IFRS 13, `Fair value measurement', * IAS 19, `Employee benefits', * IAS 27 (revised 2011), `Separate financial statements' * IAS 28 (revised 2011), `Associates and joint ventures' A number of IFRS and IFRIC interpretations are also currently in issue which are not relevant for the Company's activities and which have not therefore been adopted in preparing these financial statements. The Directors do not recommend the payment of a dividend for the year. This financial information has been extracted from the audited full accounts of the Company for the year ended 31 August 2012. The Directors of the issuer accept responsibility for this announcement. --ENDS-- Enquiries: ALPHA PROSPECTS PLC Christopher Foster +44 20 7518 4300 Peterhouse Corporate Finance Eran Zucker /Fungai Ndoro +44 20 7469 0932 END -0- Jan/08/2013 07:00 GMT
ALPHA PROSPECTS PLC: Final Results
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