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RNS Number : 3569Q Ajax Resources PLC 30 May 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
30 May 2024
AJAX RESOURCES PLC
("Ajax" or the "Company")
Final results for the year to 29 February 2024
Notice of Annual General Meeting
Ajax [LSE: AJAX], the UK listed special purpose acquisition company with a
focus on natural resources, is pleased to publish its audited financial
statements and annual report for the year to 29 February 2023 (the "Annual
Report"). A copy of the Annual Report will shortly be available for download
on the Company's website, www.ajaxresources.com (http://www.ajaxresources.com)
, and can also be viewed here:
http://www.rns-pdf.londonstockexchange.com/rns/3569Q_1-2024-5-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3569Q_1-2024-5-29.pdf)
Key elements from the Annual Report have been extracted and can be viewed
below.
The Company also announces that the Ajax annual general meeting ("AGM") for
the year to 29 February 2024 will be held at 12:00 midday BST on 24 July 2024
at the offices of Allenby Capital Limited, the Company's Financial Adviser, at
5 St Helen's Place, London, EC3A 6AB. A copy of the Notice of AGM and Form
of Proxy will be mailed to shareholders in due course and will, once
published, be made available to view on the Company's website at:
https://www.ajaxresources.com/investors/key-documents/
(https://www.ajaxresources.com/investors/key-documents/)
In accordance with Listing Rules 14.3.6R and 14.3.7R, copies of each of the
aforementioned documents will be submitted to the National Storage Mechanism
and will be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
- ENDS -
For further information:
Ajax Resources Plc Tel: + 44 (0) 208 146 6345
Ippolito Cattaneo, Chief Executive Officer info@ajaxresources.com
Allenby Capital Limited (Financial Adviser) Tel: + 44 (0) 203 328 5656
Nick Harriss / Daniel Dearden-Williams n.harriss@allenbycapital.com
d.dearden-williams@allenbycapital.com
Notes to Editors:
Ajax Resources Plc is a Special Purpose Acquisition Company (SPAC) listed
on the FCA Official List and admitted to trading on the Main Market for listed
securities of the London Stock Exchange under the ticker "AJAX".
Chairman's Statement
I am pleased to report the audited financial statements to shareholders for
the year ended 29 February 2024.
During the period, Ajax has continued to perform its identification exercise
for production and development opportunities in the natural resources sector.
The Company has made good progress in this process, having conducted due
diligence on several potential acquisition opportunities located in Europe,
South America, and Africa. It is expected that there will be material progress
to report in due course.
Proactive steps have been taken during the financial year to minimize
expenditure and maximize the Company's financial resources prior to a
potential acquisition being completed.
Outlook
As we look to our future progress, we are encouraged by the current energy
pricing climate and the many opportunities we believe this has created for
experienced and well-connected management teams. Our efforts are fully
centered on identifying and completing an acquisition with significant value
creation potential for shareholders.
The demand for natural resources contributing towards the transition to a
low-carbon economy, specifically metals of strategic importance including
gold, tin, copper, and uranium, is expected to increase exponentially in the
years ahead.
I would like to thank all shareholders for the support they have shown since
the Company's IPO, and we look forward with enthusiasm to our near-term
progress.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
Notes Page Year to 29 February 2024 Year to 28 February 2023
RESTATED
£ £
Revenues - -
Cost of sales -
Gross profit - -
Other interest receivable 138,295 16,305
Administrative expenses (316,523) (655,462)
Operating loss and loss before income tax 4 40 (178,228) (639,157)
Taxation 5 41 - -
Loss and total comprehensive loss for the period (178,228) (639,157)
Loss per share attributable to the equity holders (pence) 6 41
Basic (0.38) (1.48)
Diluted (0.38) (1.48)
STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 29 FEBRUARY 2024
Notes Page Year to 29 February 2024 Year to 28 February 2023
RESTATED
£ £
Current assets
Other receivables 8 42 8,200 16,305
Promissory Notes granted 8 42 - 337,508
Cash and cash equivalents 9 43 974,141 757,160
Total assets 982,341 1,110,973
Equity
Ordinary shares 10 43 468,125 468,125
Share Premium Reserve 10 43 1,019,035 1,019,035
Options & Warrants 10 43 297,639 297,639
Retained earnings/(loss) (897,010) (718,782)
Total equity 887,789 1,066,017
Current Liability
Other payables 11 46 85,456 44,956
Directors loan account 15 48 9,096 -
Total Liabilities 94,552 44,956
Total equity and liabilities 982,341 1,110,973
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 29 FEBRUARY 2024
Year to 29 February 2024 Year to 28 February 2023
£ £
Cash flows from operating activities
Loss before tax (178,228) (639,157)
Interest received from Promissory Notes (103,648) -
Interest received from Money Market Bank Accounts (34,647) -
Decrease / (Increase) in receivables (95) (4,353)
Increase / (Decrease) in payables 49,596 34,457
Share Based Payments - 297,639
Net cash used in operating activities (267,022) (311,414)
Cash flows from investing activities
Promissory Notes 337,508 (337,508)
Interest received from Promissory Notes 103,648 -
Interest received from Money Market Bank Accounts 34,647 -
Decrease / (Increase) in receivables 8,200 -
Net cash used in investing activities 484,003 (337,508)
Cash flows from financing activities
Proceeds from the issue of ordinary shares (net of issue costs) - 781,082
Net cash from financing activities - 781,082
Net increase / (decrease) in cash and cash equivalents 216,981 132,160
Cash and cash equivalents at the start of the period 757,160 625,000
Cash and cash equivalents at the end of the period 974,141 757,160
All references to Notes and Pages in the financial statements above refer to
the Annual Report which can be accessed via the link set out above.
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