Home Investors Latest Results Latest Results Half Yearly Results Financials In the six months to 30 June 2017 the Company reported turnover of £NIL (2016: £NIL), and a loss before tax of £733K (2016: loss of £171K). Strategy Statement of profit or loss Statement of Financial Position Download The full results are available to download in PDF format Strategy On 21 March 2017, Orogen announced details of a proposed new strategy and consequent restructuring of its operations. The Board has completed a review of its operations and has concluded that it is no longer in shareholders' interests for the Company to continue to provide financial support for its mineral exploration activities. It is therefore seeking to dispose of its interests in its mineral exploration projects, and to conclude an acquisition which would constitute a reverse takeover under the AIM Rules. The Company has decided to cap further expenditure on its existing mineral exploration projects at £75,000 and to put them on care and maintenance programmes whilst buyers are sought for the Company's interests in these assets. As an initial step in the above restructuring, the Company proposed to undertake a share consolidation and sub-division in order to increase the price at which the Company's shares trade on AIM and to enable the Company to raise funds through the issue of new shares. As part of the proposals that were put to a shareholder vote on 7 April 2017, up to £3.47m of new funds were to be introduced to the Company to implement the new strategy and the Company's name was to be changed to Orogen plc. All resolutions put to shareholders were approved at a general meeting on 7 April 2017. Accordingly, the capital reorganisation and change of the Company name to Orogen plc were completed. The decision to cease the Company's mineral exploration activities represents a fundamental change of business under Rule 15 of the AIM Rules, a consequence of which is that the Company was deemed to be a Rule 15 Cash Shell which means that the Company must make an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules within six months of the general meeting, otherwise the trading of the Company's shares on AIM will be suspended. If the Company has not made an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules within six months of such suspension, the admission of the Company's shares to trading on AIM will be cancelled. On 26 May 2017 the Company's shares were suspended following an announcement advising that Orogen had entered into heads of agreement to acquire the entire issued share capital of Thread 35 Limited ("Thread"), a company that operates an e-commerce womenswear brand under the name "Sosandar". Furthermore, on that date the Company announced that it had made a secured loan of £250,000 to Thread. The Company has subsequently notified that it has loaned a further £500,000 to Thread. The Company is pleased to announce that it continues to undertake due diligence on Thread and is hopeful that it will shortly undertake a reverse transaction with Thread. A further announcement will be made in due course. ADAM REYNOLDS Non-Executive Chairman 22 September 2017 back to top Consolidated statement of profit or loss and other comprehensive income For the six months ended 30 June 2017 Unaudited 6 months to 30 June 2017 Unaudited 6 months to 30 June 2016 Audited 12 months to 31 December 2016 Notes £'000 £'000 £'000 General and administrative (637) (154) (334) Impairment of exploration and evaluation assets 4 (22) (9) (2,683) Share based payments - (10) (20) From discontinued operations (74) - (49) Group operating loss (733) (173) (3,086) Interest received - 2 3 Loss on ordinary activities before taxation (733) (171) (3,083) Tax on loss on ordinary activities - - - Loss for the year from continuing operations (733) (171) (3,083) Attributable to: Equity holders of the parent (733) (171) (2,609) Non-controlling interests 0 - (474) Group loss for the period (733) (171) (3,083) Exchange translation differences (1) - 66 Total comprehensive loss for the period (734) (171) (3,017) Attributable to: Owners of the parent (732) (171) (2,543) Non-controlling interests (2) - (474) (734) (171) (3,017) Loss per share: Loss per share - basic and diluted, attributable to ordinary equity holders of the parent (pence) 3 (0.544) (0.776) (10.3) back to top Consolidated statement of financial position As at 30 June 2017 Unaudited 30 June 2017 Unaudited 30 June 2016 Audited 31 December 2016 Notes £'000 £'000 £'000 Assets Non-current assets Exploration and evaluation assets 4 - 1,670 - Property, plant and equipment - 2 - Total non-current assets - 1,672 - Current assets Trade and other receivables 423 27 46 Cash and cash equivalents 5 2,703 652 342 Total current assets 3,126 679 388 Total assets 3,126 2,351 388 Equity and liabilities Equity Share capital 6 4,884 4,418 4,651 Share premium 15,535 12,181 12,268 Other reserves 678 635 676 Retained earnings (18,103) (14,936) (17,367) Equity attributable to owners of the parent 2,994 2,298 228 Non-controlling interests 3 - 3 Total equity 2,997 2,298 231 Current liabilities Trade and other payables 129 53 157 Total current liabilities 129 53 157 Total liabilities 129 53 157 Total equity and liabilities 3,126 2,351 388 Unaudited 6 months to 30 June 2016 Unaudited 6 months to 30 June 2015 Audited 12 months to 31 December 2016 Notes £'000 £'000 £'000 Cash flows from operating activities Group operating loss (733) (173) (3,086) Share based payments - 10 20 (Increase)/decrease in trade and other receivables (323) (5) 91 Decrease in trade and other payables (83) (10) (32) Impairment of exploration and evaluation assets 4 96 9 2,691 Profit on disposal of subsidiary - - (25) Net cash flow from operating activities (1,043) (169) (341) Cash flow from investing activities Expenditure on exploration and evaluation assets and project earn-ins 4 (96) (102) (568) Outflow on disposal of subsidiary - - (4) Inflow on acquisition of subsidiary - - 11 Interest received - 2 3 Net cash flow from investing activities (96) (100) (558) Cash flow from financing activities Net proceeds from issue of equity instruments 6 3,500 - 320 Net cash flow from financing activities 3,500 - 320 Net change in cash and cash equivalents 2,361 (269) (579) Net foreign exchange difference - - - Cash and cash equivalents at beginning of period 5 342 921 921 Cash and cash equivalents at end of period 5 2,703 652 342 Share capital Share premium Share based payment reserve Retained earnings Foreign currency translation reserve Total Non- controlling interests Total equity £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2016 4,418 12,181 597 (14,765) 28 2,459 - 2,459 Loss for the period - - - (171) - (171) - (171) Share based payments - - 10 - - 10 - 10 Balance at 30 June 2016 4,418 12,181 607 (14,936) 28 2,298 - 2,298 Balance at 1 July 2016 4,418 12,181 607 (14,936) 28 2,298 - 2,298 Loss for the period - - - (2,431) - (2,431) 3 (2,428) Issue of share capital 233 87 - - - 320 - 320 Foreign exchange translation reserve - - - - 38 38 - 38 Share based payments - - 3 - - 3 - 3 Balance at 31 December 2016 4,651 12,268 610 (17,367) 66 228 3 231 Balance at 1 January 2017 4,651 12,268 610 (17,367) 66 228 3 231 Loss for the period - - - (733) - (733) - (733) Issue of share capital 233 3,267 - - - 3,500 - 3,500 Foreign exchange translation reserve - (1) (1) - (1) Balance at 30 June 2017 4,884 15,535 610 (18,100) 65 2,994 3 2,997 back to top Page last updated: 2 November 2017 15 December 2017 Holding(s) in Company Popular Links Business & Strategy Corporate Governance Board of Directors AIM Rule 26 Financial Statements Share Price updated every 15 minutes About Us Regulatory News Financial Calendar 22 Sep Half-Year Report 28 Jul AGM Sign up for Investor Email Alerts Subscribe Unsubscribe SUBMIT Investors Business & Strategy Email Alerts Sitemap Disclaimer Privacy