Half Yearly Report December 2021 | County International Limited | |
COUNTY INTERNATIONAL LIMITED
For personal use only
ABN 40 149 136 783
AND CONTROLLED ENTITIES
Appendix 4D and Half-Year Financial Report
31 December 2021
This half-year report is for the six months ended 31 December 2021. The previous corresponding period is the half-year ended 31 December 2020.
The information in this report should be read in conjunction with the most recent annual financial report.
Results for announcement to the market
$ | $ | |||||||||
Revenues from ordinary activities | Decreased | 105,387 | to | 56 | ||||||
99.95% | ||||||||||
Loss from ordinary activities after tax attributable | Increased | 253,575 | to | (210,825) | ||||||
to members | ||||||||||
Loss for the period attributable to members | Increased | 253,575 | to | (210,825) | ||||||
Dividends | Amount per | Franked amount | ||||||||
security | per security | |||||||||
Final dividend | - | ¢ | - | ¢ | ||||||
- | ¢ | - | ¢ | |||||||
Interim dividend | ||||||||||
Record date for determining entitlements to the | ||||||||||
Not applicable | ||||||||||
dividend | ||||||||||
Brief explanation of any of the figures reported above:
Refer to comments in the attached Directors' Report.
NTA Backing | 31 December 2021 | 30 June 2021 |
Net tangible asset backing per share | 5.69 cents | 6.63 cents |
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Half Yearly Report December 2021 | County International Limited | |
For personal use only
County International Limited
(ABN 40 149 136 783)
Half Year Report
31 December 2021
Half Yearly Report December 2021 | County International Limited | |
For personal use only
Company Directory
Directors
Robert Cameron AO
Rodney Ruston
Nicholas Revell
Company Secretary
Terry Flitcroft
Principal and Registered Office
Suite 10.04, Level 10
56 Pitt Street
Sydney NSW 2000
Telephone: (02) 9251 3311
Facsimile: (02) 9521 6550
Auditors
Stirling International
Share Registrar
Boardroom Pty Limited
Sydney NSW 2000
(GPO Box 3993, Sydney NSW 2001)
Telephone: (02) 9290 9600
Facsimile: (02) 9279 0664
Stock Exchange Listing
Ordinary Shares: CCJ
Bankers
Westpac Banking Corporation
Website
www.countyinternational.com
Half Yearly Report December 2021
Contents | |
only | Directors' Report |
Consolidated Income Statement | |
Consolidated Statement of Comprehensive Income | |
Consolidated Statement of Financial Position | |
use | Consolidated Statement of Changes in Equity |
Consolidated Statement of Cash Flows | |
personalFor | Notes to the Financial Statements |
Director's Declaration | |
Independent Auditor's Review Report | |
Auditor's Independence Declaration |
County International Limited
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Half Yearly Report December 2021 | County International Limited | |
DIRECTORS' REPORT
Your directors submit the financial report of the consolidated entity for the half-year ended 31 December
2021. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:
For personal use only
Directors
The names of directors, who held office during or since the end of the half year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.
Robert Cameron AO - Non-Executive Chairman
Rodney Ruston - Chief Executive Officer and Managing Director
Nicholas Revell - Non-Executive Director (appointed 5th August 2021)
David Miller - Non-Executive Director (resigned 5th August 2021)
REPORT ON OPERATIONS
In Wyoming County owns the Miller coal leases and the BAT/Piney Creek coal rights of the Shell Creek area. There is renewed interest for coal conversion projects in the Wyoming area and the Company, together with adjoining owners of the BAT/Piney property, are actively seeking a partner to commercialise our interests. There is interest from the Green Energy sector for projects that convert coal and coal fines to synthetic fuels and alternative products. County, together with neighbouring owners of its Wyoming coal assets, have continued discussions with a potential partner to commercialise the collective coal assets by converting the coal and coal fines to synthetic fuels or alternatively gasification.
Given the Company has achieved JORC status on its coal assets, the Company is continuing its efforts on securing commercialization partners.
No further work is planned on County International's coal projects in the PRB in the immediate future. County International has previously announced some 381 million tonnes of JORC coal resource in its exploration areas in Wyoming's PRB.
County's shares were suspended from trading at the end of January 2020 as the ASX took the view that the level of existing operations was not sufficient. County has continued to work on expanding its activities, actively undertaking due diligence on a number of projects during 2021.
As detailed in the Outlook section of this Directors' Report below, County announced in December 2021 that it has reached agreements to acquire two NSW based copper/gold exploration operations with key tenements in the Lachlan Fold Belt, a geologically significant minimised zone up to 700km wide that stretches from Cobar in the north into Victoria in the south. The acquisitions will be subject to meeting ASX and other regulatory requirements and both agreements will require shareholder approval at a meeting to be held in early 2022.
SUBSEQUENT EVENTS
The directors are not aware of any matter or circumstance that has arisen since the end of the half-year to the date of this report, other than outlined below, that has significantly affected or may affect:
- The operations of the company and the entities it controls
- The results of those operations
- The state of affairs of the company in subsequent years
The agreement to acquire the Copper/Gold Group was amended in February 2022. Completion of this agreement and the agreement to acquire Polymet Resources Pty Limited remains subject to the Company complying with Listing Rules 11.1.2 and 11.1.3 and meeting the requirements of chapters 1 and 2 of the Listing Rules and shareholders' approving the transactions, which are also subject to meeting ASX requirements and other regulatory requirements at the date of these accounts.
An unsecured convertible note of $100,000 was issued to County International Limited by Far Northern Resources Limited on 17th February 2021. This convertible note bears interest at 6% pa. This convertible note was converted into fully paid ordinary shares in Far Northern Resources Limited at a conversion price of $0.20 per share in February 2022 and has been fully provided for in these accounts.
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County International Ltd. published this content on 04 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2022 00:15:09 UTC.