Copper Strike Limited |
ABN 16 108 398 983 |
Half-year Financial Report - 31 December 2015 |
Contents |
Corporate directory 2 Directors' report 3 Auditor's independence declaration 5 Statement of profit or loss and other comprehensive income 6 Statement of financial position 7 Statement of changes in equity 8 Statement of cash flows 9 Notes to the financial statements 10 Directors' declaration 14 Independent auditor's review report to the members of Copper Strike Limited 15 |
Directors | Tom Eadie |
(Non-Executive Chairman) | |
Brendan Jesser | |
(Non-Executive Director) | |
Mark Hanlon | |
(Non-Executive Director) |
Company secretary | Melanie Leydin |
Registered office | Level 4 |
100 Albert Road | |
South Melbourne Victoria 3205 | |
Telephone: +61 3 9692 7222 |
Principal place of business | Level 4 |
100 Albert Road | |
South Melbourne Victoria 3205 | |
Telephone: +61 3 9692 7222 |
Share register | Security Transfer Registrars Pty Ltd |
Alexandra House | |
Suite 1, 770 Canning Highway | |
Applecross WA 6153 |
Auditor | Grant Thornton Audit Pty Ltd |
The Rialto, Level 30 | |
525 Collins Street | |
Melbourne Victoria 3000 |
Solicitors | Baker & McKenzie |
Level 19 | |
181 William Street | |
Melbourne Victoria 3000 |
Stock exchange listing | Copper Strike Limited shares are listed on the Australian Securities Exchange (ASX code: CSE) |
Website | www.copperstrike.com.au |
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Copper Strike Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2015.
The following persons were directors of Copper Strike Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:
Mr Tom Eadie (Non-Executive Chairman) |
Mr Brendan Jesser (Non-Executive Director) |
Mr Mark Hanlon (Non-Executive Director) |
● | Exploration for base and precious metals, and investment activities. |
During the financial half-year the principal continuing activities of the consolidated entity consisted of:
The profit for the consolidated entity after providing for income tax amounted to $265,737 (31 December 2014: loss of
$17,774).
The net assets of the consolidated entity increased by $1,487,729 to $33,081,659 as at 31 December 2015 (30 June 2015: $31,593,930). The main reason for the increase this financial half-year is due to the revaluation increment of
$1,221,992 attributable to the value of financial assets held.
The consolidated entity's working capital, being current assets less current liabilities increased by $435,776 to $910,059 (30 June 2015: $474,283).
The Directors believe the consolidated entity is in a strong and stable position to expand and grow its current operations.
During the half-year, Copper Strike Limited renounced its entitlements in the Syrah Resources Institutional Entitlement Offer. The renounced entitlements were sold via the institutional bookbuild, with the proceeds from the sale in excess of the Offer Price returned to renouncing shareholders. Copper Strike received proceeds of approximately $578,948 on 13th August 2015 in relation to the renounced entitlements.
In October 2015, Keybridge Capital Limited (ASX: KBC) announced that it had become a substantial shareholder in Copper Strike. KBC has continued to increase their ownership of CSE shares. As of 18 December 2015, KBC and other wholly owned entities owned 9.93% of the Company's shares.
Also during the half-year, Copper Strike enunciated its strategy with respect to its shareholding in Syrah Resources Limited (ASX: SYR). The Company is pleased with progress being made at Syrah in relation to its Balama Graphite Project. Copper Strike owns 11 million shares in Syrah, which is a holding of just under 5%. The Company notes that Syrah raised
$211 million in equity capital during the half-year via an underwritten placement and rights issue. This raising allows Syrah to progress immediately into construction of its mine, processing plant and associated infrastructure to ensure production is targeted for early 2017. Copper Strike strongly supports the Syrah strategy in relation to the development of the Balama Project and furthering studies in relation to its proposed spherical graphite processing facilities in the United States and Mozambique and its proposed vanadium processing facility at Balama. Copper Strike believes that the share price of Syrah has considerable upside now that the equity capital raising has been completed, construction has commenced and Syrah continues to release further details in relation to its dealings with its offtake partners and other stakeholders. As such the directors are of the view that it is in shareholders' best interests for the Company to continue to hold this investment to ensure that the potential upside in relation to the development of the world class Balama Project is reflected within the Syrah share price.
There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 5.
Copper Strike Limited issued this content on 08 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 March 2016 07:06:22 UTC
Original Document: http://copperstrike.com.au/sites/copperstrike.com.au/files/31 December 2015 Half-year Financial Report (CSE) - ASX FINAL.pdf