I present the audited Financial Statement of Agricola Resources PLC ("Agricola") for the twelve months to 31 December 2003.
In addition to the results set out in the this statement, I am pleased to report that Agricola has entered into an Option Agreement with Beowulf Gold PLC to acquire the exclusive exploration rights for platinum group metals in the Shetland Islands from Alexander Sandison & Sons Ltd.
Beowulf has an exclusive agreement with Alexander Sandison & Sons Limited to acquire the exploration rights for platinum group elements on an area known as the Sandison Property, which covers about 10 square miles on the island of Unst, the most northerly inhabited island in the British Isles.
If Agricola exercises the option to acquire the exploration rights, within the 12 month period of the option, it will issue Beowulf 7.5 million ordinary shares in Agricola and agree to pay Beowulf a royalty of US $1.00 per ounce on all future production of platinum.
In addition to the option being subject to due diligence and shareholder approval, Agricola will be required, under the OFEX rules, to make a new application to join OFEX, which Agricola intends to do.
As a result of this development, Agricola has been granted an immediate suspension of the trading in its shares on OFEX, pending shareholder approval, and the acceptance of its application by the OFEX panel.
The directors of Agricola accept responsibility for this announcement.
Contact :
Bob Young
Agricola Resources plc
Tel: 01353 648 931
Email
Note: Agricola Resources is a UK company whose shares are traded on the OFEX market. It is a cash "shell" with assets of more than GBP100,000 in cash. Agricola and Beowulf have common directors and shareholders. Dr. Robert Young is the Chairman of both companies and Mr Bruce Rowan holds more than 3% of the issued capital of both companies.
AGRICOLA RESOURCES PLC AND ITS SUBSIDIARIES CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DEC 2003
|
|
Year Ended
31 Dec 2003
GBP
|
Year Ended
31 Dec 2002
GBP
|
| TURNOVER |
44,790
|
54,559
|
| Cost of sales |
43,555
|
182,532
|
| . |
|
|
| GROSS PROFIT/LOSS |
1,235
|
(127,973)
|
| . |
|
|
Distribution & Marketing Costs
|
2,668
|
18,669
|
Administrative & establishment
expenses |
26,906
|
123,397
|
|
----------
|
----------
|
|
29,574
|
142,066
|
|
----------
|
----------
|
| OPERATING LOSS |
(28,339)
|
(270,039)
|
| . |
|
|
| Interest receivable |
--
|
459
|
|
----------
|
----------
|
|
(28,339)
|
(269,580)
|
| Impairment of fixed assets |
--
|
120,923
|
| Loss on disposal of listed investments |
--
|
6,719
|
| Interest payable |
--
|
1,500
|
|
----------
|
----------
|
|
--
|
129,142
|
|
----------
|
----------
|
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION |
(28,339)
|
(398,722)
|
| Taxation |
--
|
--
|
|
----------
|
----------
|
LOSS ON ORDINARY ACTIVITIES FOR
THE YEAR |
(28,339)
|
(398,722)
|
| Equity minority interests |
--
|
14,493
|
Provision against loss attributable to
minority interests |
--
|
(14,440)
|
|
----------
|
----------
|
|
--
|
53
|
|
----------
|
----------
|
| LOSS FOR THE FINANCIAL YEAR |
(28,339)
|
(398,669)
|
|
=======
|
=======
|
| Loss per share |
(0.05)p
|
(0.78)p
|
| Diluted loss per share |
(0.05)p
|
(0.78)p
|
|
The results reflect the discontinuing operations of the group
|
AGRICOLA RESOURCES PLC AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2003
|
31 Dec 2003
GBP
|
31 Dec 2002
GBP
|
| FIXED ASSETS |
|
|
| Intangible assets |
--
|
--
|
| Tangible assets |
--
|
--
|
| Investments |
--
|
10,000
|
|
----------
|
----------
|
|
--
|
10,000
|
| CURRENT ASSETS |
|
|
| Stock |
--
|
43,382
|
| Debtors |
5,260
|
2,094
|
| Cash at bank and in hand |
132,445
|
1,989
|
|
----------
|
----------
|
|
137,705
|
47,465
|
| CURRENT LIABILITIES |
|
|
Creditors: amounts falling due
within one year |
5,410
|
43,102
|
|
----------
|
----------
|
| NET CURRENT ASSETS |
132,295
|
4,363
|
|
----------
|
----------
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
132,295
|
14,363
|
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR |
--
|
6,579
|
|
----------
|
----------
|
|
132,295
|
7,784
|
|
======
|
======
|
| CAPITAL AND RESERVES |
|
|
| Called up share capital |
684,031
|
525,281
|
| Share premium account |
165,602
|
171,502
|
| Profit & Loss account |
(717,338)
|
(688,999)
|
|
----------
|
----------
|
| EQUITY SHAREHOLDERS' FUNDS |
132,295
|
7,784
|
|
======
|
======
|
APPROVED BY THE BOARD
DIRECTOR: RD YOUNG
DIRECTOR: RE NEWSTONE
DATE: 13TH FEBRUARY 2004
|
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