Final Results to 28 February 2022
Updated : 18:06
9 August 2022
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AJAX RESOURCES PLC
("Ajax" or the "Company")
Final Results for the period from incorporation to 28 February 2022
Ajax [LSE: AJAX], the UK listed special purpose acquisition company with a focus on natural resources, is pleased to announce its final results and the publication of its audited annual report for the period from incorporation to 28 February 2022 (the "Annual Report"). A copy of the Annual Report will shortly be posted on the Company's website, https://www.ajaxresources.com, and can also be viewed here:
http://www.rns-pdf.londonstockexchange.com/rns/4710V_1-2022-8-9.pdf
The Company's annual general meeting ("AGM") for the period from incorporation to 28 February 2022 will be held at 11:00 AM BST on 31 August 2022 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 will be posted on the Company's website shortly in accordance with the Company's Articles of Association.
Key elements from the Annual Report have been extracted and can be viewed below.
- ENDS -
Further Information:
Ajax Resources Plc Ippolito Cattaneo, Chief Executive Officer | Tel: + 44 (0) 208 146 6345 info@ajaxresources.com |
Clear Capital Markets (Corporate Broker) Jonathan Critchley/ Keith Swann | Tel: +44 (0)20 3869 6080 keithswann@clear-cm.co.uk; jonathancritchley@clear-cm.co.uk |
Allenby Capital Limited (Financial Adviser) Nick Harriss | Tel: + 44 (0) 203 328 5656 n.harriss@allenbycapital.com |
Camarco (Financial PR) Georgia Edmonds / Emily Hall | Tel: +44(0) 20 3757 4996 emily.hall@camarco.co.uk |
Market Abuse Regulation ("MAR") Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
Chairman's Statement
I am pleased to report the audited financial statements to shareholders for the period ended 28 February 2022.
During the period, Ajax listed on the Main Market of the London Stock Exchange on April 7, 2022, having raised a total of £1,342,000 (before expenses) following Ajax's successful initial public offering ("IPO").
Since this time, the Company has been active in reviewing several opportunities in the natural resources sector focusing on production and development assets in low-risk jurisdictions, as outlined in the Company's IPO Prospectus.
The Directors, who founded the business, have a significant interest in the share capital of the Company and look forward to delivering on the commitment made by shareholders.
Outlook
As we look to our future near-term progress, we are greatly encouraged by the current energy pricing climate and the many opportunities we believe this has created for experienced and well-connected management teams. To this end, our efforts are proactively now centred on identifying and completing an acquisition with transformational value creation potential for shareholders.
The demand for energy, specifically that to be provided through the use of battery metals including Lithium, Nickel, and Cobalt, is set to increase exponentially in the years ahead, and the Company is looking to target these resources to astutely position itself at the forefront of the ongoing energy transition away from fossil fuels to a low-carbon economy.
I would like to thank all shareholders for the support they have shown for the Company's IPO, and we look forward with enthusiasm to our progress in the near future.
Michael Hutchinson
Non-Executive Chairman
9 August 2022
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM 21 JUNE 2021 to 28 FEBRUARY 2022
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| Notes | 21 June 2021 to 28 February 2022 £ |
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Revenue |
| - |
Cost of sales |
| - |
Gross profit | - | |
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Administrative expenses |
| (79,625) |
Operating loss and loss before income tax | 4 | (79,625) |
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Taxation | 5 | - |
Loss and total comprehensive loss for the period |
| (79,625) |
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Loss per share (basic and diluted) attributable to the equity holders (pence) | 6 | (0.96) |
STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD FROM 21 JUNE 2021 to 28 FEBRUARY 2022
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Notes | 28 February 2022 £ | |||||
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Current assets | ||||||
Receivable from shareholders | 8 | 663,585 | ||||
VAT Credit | 8 | 11,952 | ||||
Cash and cash equivalents | 9 | - | ||||
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| 675,537 | ||||
Total assets | 675,537 | |||||
Equity | ||||||
Ordinary shares | 10 | 120,000 | ||||
Retained earnings/(loss) | (79,625) | |||||
Total equity | 40,375 | |||||
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Current Liability | ||||||
Other payables | 11 | 635,162 | ||||
Total equity and liabilities | 675,537 | |||||
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 FEBRUARY 2022
£ |
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| Cash flows from operating activities |
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Loss before tax | (79,625) |
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| Increase in receivables | (11,952) |
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| Increase in payables | 10,162 |
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| Net cash used in operating activities |
| (81,415) |
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| Cash flows from investing activities | - |
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| Net cash used in investing activities | - |
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| Cash flows from financing activities |
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| Proceeds from the issue of ordinary shares (net of issue costs) | 81,415 |
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| Net cash from financing activities | 81,415 |
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| Net increase / (decrease) in cash and cash equivalents | - |
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| Cash and cash equivalents at the start of the period | - |
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| Cash and cash equivalents at the end of the period | - |
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