Glencar Mining plc
Interim Results
15 September 2009
Introduction
Glencar Mining plc ("Glencar" or the "Company"), an AIM and IEX
quoted company, today announces its results for the six months ended
30 June 2009.
Recommended cash offer by Gold Fields Metals BV for Glencar
On 7 August 2009, Gold Fields Metals BV ("Gold Fields"), a wholly
owned subsidiary of Gold Fields Limited, made a cash offer,
recommended by the board of directors of Glencar, for the entire
issued and to be issued share capital of Glencar (the "Offer"),
subject to certain conditions, including valid acceptances being
received in respect of such number of Glencar shares which represent
in aggregate not less than 80 per cent. in nominal value of the
Glencar Shares (or such lower percentage, being more than 50 per
cent. as Gold Fields may determine in its sole discretion).
On 7 September 2009, Gold Fields announced that it had received valid
acceptances in respect of Glencar shares representing approximately
83.16 per cent. in nominal value of the existing issued ordinary
share capital of Glencar and that all the conditions of the Offer had
been satisfied or waived and, accordingly, the Offer was declared
unconditional in all respects. Gold Fields has stated that the Offer
remains open for acceptance until further notice.
Following the Offer being declared unconditional in all respects,
Sean Finlay, Hugh McCullough, Kieran Harrington, Bill Cummins and
Philip O'Quigley resigned as directors of Glencar on 7 September 2009
and Tommy McKeith, Johan Pauley and Stephen Ellis were appointed as
directors of Glencar on that date.
Glencar, at the request of Gold Fields, has applied for cancellation
of the admission to trading of Glencar shares on AIM and IEX. It is
expected that this cancellation will take effect from 7.00 a.m. on
Monday 5 October 2009.
Gold Fields has stated that it intends to apply the provisions of
section 204 of the Companies Act, 1963 to acquire compulsorily any
Glencar shares not acquired or agreed to be acquired pursuant to the
Offer or otherwise on the same terms as the Offer.
Further Information
For further information, please contact:
Brian Corr
Davy Corporate Finance (Nomad and IEX Adviser)
Tel: +353 (1) 679 6363
GLENCAR MINING PLC
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2009
Unaudited Unaudited
6 Months ended 6 Months ended
30 June 2009 30 June 2008
US$ US$
ADMINISTRATIVE EXPENSES (410,688) (297,194)
GAIN/(LOSS) ON EXCHANGE 46,383 (45,312)
BANK INTEREST RECEIVABLE 4,446 45,265
INTEREST PAYABLE AND SIMILAR
CHARGES 17,514 (13,000)
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (342,345) (310,240)
TAXATION - -
LOSS ON ORDINARY ACTIVITIES
AFTER TAXATION (342,345) (310,240)
MINORITY INTEREST - -
LOSS FOR THE FINANCIAL PERIOD (342,345) (310,240)
LOSS PER SHARE (CENTS) (.13) (.12)
DILUTED LOSS PER SHARE (CENTS) (.13) (.12)
CONSOLIDATED BALANCE STREET (UNAUDITED)
AS AT 30 JUNE 2009
Unaudited Unaudited
30 June 30 June
2009 US$ 2008 US$
ASSETS
Noncurrent assets
Intangible assets 12,981,432 12,891,855
Property plant and
equipment 272,111 522,118
Investment in Associate 351,145 -
13,604,688 13,413,973
Current assets
Debtors 226,856 14,647
Cash 1,633,514 495,885
1,860,370 510,532
Total assets 15,465,058 13,924,505
EQUITY
Capital and reserves
attributable to the
Group's equity
shareholders
Called up share capital 11,599,857 9,457,194
Capital conversion
reserve fund 82,092 82,092
Share premium account 43,543,680 41,617,993
Profit and loss account
(deficit) (40,606,744) (41,846,667)
14,618,885 9,310,612
Minority interest (112,661) 3,899,008
Total equity 14,506,224 13,209,620
LIABILITIES
Noncurrent liabilities
Creditors and accrued
expenses 245,168 327,895
Current liabilities
Trade and other payables 713,666 386,990
Current corporation tax
liabilities - -
713,665 386,990
Total liabilities 958,834 714,885
Total equity and
liabilities 15,465,058 13,924,505
GROUP CASH FLOW (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2009
Unaudited Unaudited
6 Months ended 6 Months ended
30 June 2009 30 June 2008
Cash flows from operating activities US$ US$
Cash used in operations (80,877) (320,319)
Corporation tax paid - -
Net cash generated from operating
activities (80,877) (320,319)
Cash flows from investing activities
Purchases of property, plant and
equipment - -
Investment in Associate 2,013,911 -
Purchase of intangible assets (2,628,384) (2,542,313)
Interest received 4,446 45,265
(610,027) (2,497,048)
Cash flows from financing activities
Proceeds from the issuance of ordinary
shares 1,852,797 -
Net cash generated from financing
activities 1,852,797 -
Net increase in cash 1,161,893 (2,817,366)
Cash movement arising from elimination
of associate cash balance - -
Cash at beginning of period 471,621 3,313,251
Cash at end of period 1,633,514 495,885
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