ALPHA PROSPECTS PLC (`Alpha' or the `Company') Interim Results Investment in Tasmania Concluded Alpha Prospects Plc is an investment holding company listed on the ICAP Securities & Derivatives Exchange Limited growth market, focused on the small and micro-cap sectors. The Company's strategy is to make investments in companies with fast growth and/or recovery prospects. The Company is pleased to announce its unaudited financial results for the six month period ended 28 February 2013. The results are in line with expectations: the loss for the period was £70,853 (2012: loss of £18,960). The Company currently holds five investments, the latest of which was acquired after the end of the period. The five investments are Activity Energy Group plc, Coleridge Resources Inc., Hill Street Investments Plc, Ram Active Media plc and Tasmania Oil and Gas Limited. Chairman's Statement In the past year the Board has acquired a range of assets across a variety of sectors and we are optimistic that in the current reporting period shareholders will see some positive developments from these investments. The value of assets held by Alpha show a small decline on the end year figure, this was due to the sale of part of a holding to help cover operating costs. However, since the period end this decline has reversed. New Investment In September 2012, the Company announced that, subject to certain conditions being satisfied by 15 May 2013, Alpha would subscribe for a 20% interest, in Tasmania Oil and Gas Limited (`TOG'), which the Directors believe is an exciting oil and gas opportunity in Tasmania. TOG is a joint venture company, established to fund exploration and development of oil and gas in Tasmania, Australia, through the initial acquisition of Empire Energy Corporation Inc's subsidiary, GSLM, which holds an onshore licence EL14/2009. TOG's other main shareholders are, subject to completion, TXO Plc (25%), Hill Street Investments Plc (10%) and Empire Energy (45%). I am pleased to announce that Alpha has acquired a 20% interest in TOG for a consideration of approximately £1 million. The consideration has been satisfied by the issue to TOG of 33,333,333 ordinary shares in Alpha at a price of 3p per share. As part of the joint venture agreement Empire Energy, whose subsidiary holds the EL 14/2009 licence, will receive shares in TOG in exchange for the debenture over the licence EL 14/2009 held by its subsidiary Great South Land Minerals ("GSLM") (currently in administration). It is planned that GSLM becomes a wholly owned subsidiary of TOG. Although the licence EL 14/2009 is under appeal by Mineral Resources Tasmania, the State Ministry, we are confident, having taken legal advice, that the appeal will be dismissed and that we have secured a very valuable interest. The Competent Persons Report (`CPR') dated January 2013, which was commissioned by TOG and undertaken by Senergy (GB) Limited, showed that the licence area controlled by TOG has an Estimated Total Mean Recoverable Prospective (ETMRP) Resource of the Bellevue and Thunderbolt structures totalling 2.7 Trillion Cubic Feet (TCF) of gas or in terms of oil, 508 Million Barrels (0.5 Billion Barrels) of Oil Equivalent. TOG subsequently engaged Senergy (GB) to work on an Economic Evaluation of the Bellevue and Thunderbolt ETMRP Resources, based upon the CPR results, to calculate the Net Present Value and Monetary Value figures. Outlook We are continually looking to expand the portfolio and to this end we are looking at various funding opportunities. The Board is in discussion with a number of overseas parties that we hope will invest in Alpha. Overall the period under review has been positive, a large amount of work has been carried out by the investee companies and we are optimistic that this will translate into an uplift in their value in the coming months. Steven Freudmann Chairman Unaudited Financial Statements for the six months period ended 29 February 2013 INCOME STATEMENT FOR THE PERIOD ENDED 29 FEBRUARY 2013 6 Months to 6 Months to Year to 29 Feb 2013 28 Feb 2012 31 Aug 2012 (Unaudited) (Unaudited) (Audited) £ £ £ Continuing operations Revenue 2,500 - - Cost of sales - - - 2,500 - - Administrative expenses (27,535) (18,266) (164,947) Administrative expenses - - - (125,000) exceptional item (25,035) (18,266) (289,947) Loss on disposal of assets (45,818) (694) - Operating Loss (70,853) (18,960) (289,947) Finance income - - - Finance expense - - - Net finance expense - - - Loss before income tax (70,853) (18,960) (289,947) Income tax expense - - - Loss for the period from continuing (70,853) (18,960) (289,947) operations Earnings per share Basic earnings per share - (0.03)p (0.01)p (0.18)p continuing and total operations Diluted earnings per share - (0.03)p (0.01)p (0.18)p continuing and total operations STATEMENT COMPREHENSIVE INCOME FOR THE PERIOD ENDED 29 FEBRUARY 2013 6 Months to 6 Months to Year to 29 Feb 2013 28 Feb 2012 31 Aug 2012 (Unaudited) (Unaudited) (Audited) £ £ £ Loss for the period (70,853) (18,960) (289,947) Other comprehensive income: Changes in fair value of - - (215,747) available-for-sale financial assets Other comprehensive income, net of (70,853) - (215,747) tax Total comprehensive income (70,853) (18,960) (505,694) STATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2013 6 Months to 6 Months to Year to 29 Feb 2013 28 Feb 2012 31 Aug 2012 (Unaudited) (Unaudited) (Audited) £ £ £ Assets Non-current assets Property, plant & equipment - - - Available-for-sale financial assets 1,597,039 384,603 1,648,857 1,597,039 308,603 1,648,857 Current assets Trade and other receivables 5,340 142,863 12,783 Cash and cash equivalents 9,652 33,432 9,068 14,992 176,295 21,851 Total assets 1,609,031 560,898 1,670,708 Equity Capital and reserves attributable to equity holders of the Company Ordinary shares 1,038,911 673,800 1,038,911 Share premium account 2,134,397 974,509 2,134,397 50,491 - 50,491 Retained earnings (1,779,657) (1,222,070) (1,708,804) Total equity 1,444,142 426,239 1,514,995 Liabilities Current liabilities Trade and other payables 167,889 134,659 155,713 167,889 134,659 155,713 Total liabilities 167,889 134,659 155,713 Total equity and liabilities 1,612,031 560,898 1,670,708 BASIS OF PREPARATION The financial statements of the company have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, IFRIC interpretations and the Companies Act 2006 as applicable to companies reporting under IFRS. These accounts have been prepared under the historical cost convention, as modified by the revaluation of land and buildings and certain financial instruments. The interim results do not constitute the statutory accounts within the meaning of s435 of the Companies Act 2006. The financial information in this report has not been audited or reviewed by the Company's auditor. The Directors do not recommend the payment of dividends. --ENDS-- Enquiries: ALPHA PROSPECTS PLC Christopher Foster +44 20 7518 4300 Peterhouse Corporate Finance Limited Fungai Ndoro and Eran Zucker +44 20 7469 0930 END -0- Apr/24/2013 06:00 GMT
ALPHA PROSPECTS PLC: Interim Results
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