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| 04-11-09 | RNS |
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RNS Number : 9028B Pan Pacific Aggregates PLC 03 November 2009
PAN PACIFIC AGGREGATES PLC
VARIATION AND REDEMPTION OF OUTSTANDING LOAN NOTES
AND OPERATIONAL UPDATE The Board of Pan Pacific Aggregates plc (the "Company") announces that, following the announcement on 27 March 2009, the Company on 3 November 2009 entered into a deed of variation with RAB Special Situations (Master) Fund Limited ("RAB"), pursuant to which the terms of the secured convertible loan notes issued by the Company to RAB (the "Loan Notes") have been further amended (the "Variation"). The Variation allows the Company to redeem £1,890,019 of the outstanding principal loan note balance (including capitalised interest) of £5,131,234 by the payment of £890,019 (effective as at 4 November 2009) and a deferred cash payment representing the net proceeds from the sale of the Company's Wood Bay property. The remaining principal loan note balance of £3,241,215 will be converted into 53,718,795 new ordinary shares of £0.001 each ("New Ordinary Shares") at an effective price of 6.03 pence per share. RAB has agreed with the Company that the redemption and conversion will take place on 4 November 2009. The principal terms of the Variation are set out below under the heading "Variation of Loan Note Terms and Redemption". The closing mid-market price of the Company's shares on 2 November 2009, being the business day prior to the Variation, was 0.71 pence. The New Ordinary Shares will be allotted on conversion under existing authorities to issue and allot shares. Application has been made to the London Stock Exchange for the 53,718,795 New Ordinary Shares to be admitted to trading on AIM and it is expected that dealings will commence on or around 9 November 2009. Following such conversion, the enlarged issued share capital of the Company will be 1,403,981,242 ordinary shares of £0.001 each. William Voaden, Managing Director commented: "We are delighted to be able to redeem the outstanding RAB loan notes. Whilst there is much work still to be done, overall we have a much stronger Company following the recent restructuring. Our first blast was carried out on 21 October 2009 and we remain on schedule for the completion of our pioneering and development work at the quarry." 3 November 2009 For further information, please see the Company's website (www.panagg.com) or contact:
William Voaden
Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777
Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss
On 27 March 2009, the Company entered into a deed of variation with RAB, pursuant to which the terms of the Loan Notes issued by the Company to RAB were varied so that, subject to certain conditions including the Company completing a minimum equity fundraising of £2,500,000 following the variation becoming effective, the Company would be entitled at any time prior to 31 March 2010 to redeem the Loan Notes in full by paying to RAB the amount of £750,000 (in addition to the net proceeds from the sale of Wood Bay) and converting the remaining principal amount outstanding under the Loan Notes into such number of shares as will result in RAB having a fully diluted interest (including their then existing holding) in the amount of 10 per cent. of the Company's issued ordinary share capital, immediately following such conversion. Interest accrued up to the date of the variation becoming effective was to be capitalised, following which interest would accrue at 6 per cent per annum on the principal amount of the Loan Notes. The above variation became effective on 22 May 2009. As at 3 November 2009, the principal amount of the Loan Notes outstanding was £5,131,234 which includes accrued capitalised interest of £1,381,234.
On 3 November 2009, the Company entered into the Variation agreement with RAB whereby it was agreed that the Loan Notes will be redeemed in full on 4 November 2009, on the following principal terms:
The Variation agreement between the Company and RAB reflects minor amendments to the mechanics for redemption and conversion of the Loan Notes, although the substantial terms remain the same as agreed on 27 March 2009. Following the above conversion, RAB will hold 53,718,795 ordinary shares (representing approximately 3.83 per cent. of the enlarged issued share capital of the Company) and warrants to subscribe up to 16,121,497 ordinary shares. The Directors believe the Variation allows the Company to discharge the outstanding Loan Notes in an efficient manner and, in doing so, will release the Company from any security granted in favour of RAB other than over the Wood Bay property and strengthens its balance sheet position.
RAB, together with its respective underlying funds, has been deemed to be a substantial shareholder and a related party for the purposes of the Variation. The Variation is a Related Party Transaction for the purposes of the AIM Rules. The Directors consider, having consulted with Dowgate Capital Advisers Limited, the Company's Nominated Adviser, that the terms of the Variation, a Related Party Transaction with RAB, are fair and reasonable insofar as the Company's shareholders are concerned.
Considerable changes have been initiated in the last six months to restructure the Company and bring Pumptown into production. We have now moved equipment into the quarry and begun blasting and pioneering work to access the top of the quarry to create a cost efficient operation. The development work is on schedule for our programmed production. Our target remains to achieve initial sales from the quarry by year end.
The redemption of Loan Notes outstanding is expected to lower interest costs and add to earnings per share. The Directors remain committed to pursuing value for the benefit of all shareholders.
This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-10-09 | RNS |
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RNS Number : 5966B Pan Pacific Aggregates PLC 30 October 2009
PAN PACIFIC AGGREGATES
TOTAL VOTING RIGHTS AND CAPITAL In conformity with the Financial Services Authority's Disclosure and Transparency Rules, Pan Pacific Aggregates PLC ("PPA") gives notice that its voting capital consists of:
As PPA does not hold any ordinary shares in Treasury its total number of voting rights equals its capital. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, PPA under the FSA's Disclosure and Transparency Rules. For further information please see the Company's web site, www.panagg.com or contact:
William Voaden Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777 Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 26-10-09 | RNS |
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RNS Number : 3630B Pan Pacific Aggregates PLC 26 October 2009
PAN PACIFIC AGGREGATES PLC
RESULT OF GENERAL MEETING The Board of Pan Pacific Aggregates plc ("PPA" or the "Company"), is pleased to confirm that all the resolutions proposed at the General Meeting held earlier today were duly passed. For further information, please see the Company's web site, www.panagg.com or contact:
William Voaden
Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777
Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 21-10-09 | RNS |
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RNS Number : 1353B Pan Pacific Aggregates PLC 21 October 2009
PAN PACIFIC AGGREGATES PLC
HOLDING(S) IN COMPANY Pan Pacific Aggregates PLC (the "Company") received notification on 20 October 2009 that, following a purchase of ordinary shares in the Company on 12 October 2009, Barclays PLC held for the benefit of its clients, 164,366,562 voting shares in the Company representing approximately 12.17 per cent. of the Company's voting rights. Contact:
William Voaden Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777 Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 12-10-09 | RNS |
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RNS Number : 5798A Pan Pacific Aggregates PLC 12 October 2009
PAN PACIFIC AGGREGATES PLC
PROPOSED PLACING AND NOTICE OF GENERAL MEETING The Board of Pan Pacific Aggregates plc (the "Company") on 9 October 2009 posted a circular to shareholders convening a general meeting to be held at 10.00 a.m. on Monday, 26 October 2009 at the offices of Hammonds LLP, 7 Devonshire Square, Cutlers Gardens, London, EC2M 4YH (the "General Meeting"). The purpose of the General Meeting is for shareholders of the Company ("Shareholders") to consider and, if thought fit, pass resolutions (the "Resolutions") authorising the issue of additional ordinary shares of £0.001 each in the capital of the Company ("Ordinary Shares") and grant of warrants for the purposes of a private placing (the "Placing") and revoking any provision in the Company's articles of association limiting the maximum amount of shares that may be allotted by the Company.
On 14 September 2009, the Company was granted an operating permit by the City of Abbotsford Council. The conditions of the operating permit included the completion of an access by-pass road for truck traffic on City of Abbotsford owned property. On 7 October 2009, the Company announced the appointment of G. "Cooky" Singh as operations director of Pumptown Quarry Inc. (a wholly owned subsidiary of the Company). A part of his responsibility is to source quarry plant and equipment so that the Company can commence pioneering work at the Pumptown Quarry. As well as re-commencing operations at the Pumptown Quarry, the Board's strategy is to increase the size of the Company's operations organically, via joint ventures and acquisitions. To this end, a possible property acquisition has been identified which comprises agricultural land with subsurface sand and gravel, located in the Fraser Valley, British Columbia. Negotiations are at an advanced stage with a view to the land being purchased by the Company and it is intended that funding for this acquisition would be provided out of the proceeds of the Placing. The land, if purchased, would be the subject of a separate application to the City of Abbotsford Council to allow the Company to operate on the land. The net Placing proceeds will provide the Company with the additional working capital to carry out the work required to bring the Pumptown Quarry back into production and satisfy the cash element of the potential land acquisition. If the potential land purchase is not completed, the net Placing proceeds which would otherwise have been used to fund it, will be used for the Company's general working capital purposes. The Board is optimistic that the potential acquisition and the Placing negotiations will lead to a successful outcome. A further announcement will be made in due course.
Under the Placing, the Company is proposing to raise funds by the issue of new Ordinary Shares (the "Placing Shares"), at a price to be determined (the "Placing Price"), subject, inter alia, to the required Resolutions being passed by the Shareholders at the General Meeting. The Company is seeking authority under the Resolutions to allot, and grant warrants to subscribe for, up to an aggregate of 300,000,000 Ordinary Shares in connection with the Placing. The present intention is to raise approximately £1,000,000 before expenses under the Placing and to grant warrants to subscribe for Ordinary Shares on the basis described below. The Placing Shares, when fully paid up, will rank pari passu in all respects with the existing Ordinary Shares. Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. To enable the Company to issue new Ordinary Shares pursuant to the Placing, it is necessary for the Shareholders to approve the grant to the Directors of the authority to issue and allot the Placing Shares, together with a disapplication of the statutory pre-emption rights of Shareholders arising on the allotment of new Ordinary Shares for cash. The requisite Resolutions are set out in the Notice. VSA Capital Limited ("VSA"), a company in which William Voaden, the Executive Chairman of the Company, is a director and together with his wife holds 100 per cent. of the shares, has been appointed by the Company to use reasonable endeavours to procure subscribers for the Placing Shares. The Company has agreed to pay VSA a commission of 5 per cent. of the aggregate value of the Placing Shares issued and grant warrants ("Warrants") to subscribe for up to such number of new Ordinary Shares as represents 5 per cent. of the number of Placing Shares issued, exercisable at the Placing Price for a period of 3 years following admission of the Placing Shares ("Admission"). The Directors also require Shareholders to authorise the grant of the Warrants, which is provided for in the Resolutions. The Company, as soon as practicable, will announce the take up under the Placing, the Placing Price and the number of Warrants issued.
The grant of Warrants and payment of commission to VSA, a company in which William Voaden, the Executive Chairman of the Company, is a director and together with his wife holds 100 per cent. of the shares is a Related Party Transaction. Where a company whose shares are listed on AIM enters into a Related Party Transaction, AIM Rule 13 requires the directors of the Company to consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. The Directors (excluding William Voaden) consider, having consulted with Dowgate Capital Advisers Limited, the Company's nominated adviser, that the terms of the related party transactions with VSA are fair and reasonable insofar as the Company's shareholders are concerned.
At the General Meeting, the following Resolutions will be proposed: Resolution 1 - Revoking the limit on allotment With effect from 1 October 2009, the concept of authorised share capital for public companies was abolished, and the previous amount of the Company's authorised share capital is treated after 1 October 2009 as a provision of the Company's articles of association setting the maximum amount of shares that may be allotted by the Company. Resolution 1 will be proposed to revoke that limitation. Resolution 2 - Authority to allot shares and grant subscription rights An ordinary resolution will be proposed to give the directors of the Company authority pursuant to section 551 of the Companies Act 2006 to exercise all the powers of the Company to allot and grant rights to subscribe for shares up to an aggregate nominal amount of £300,000 (representing approximately 29.5 per cent. of the current issued ordinary share capital of the Company) to such persons at such times and upon such terms and conditions as the directors of the Company may determine. Such authority will (unless previously renewed, varied or revoked by the Company in general meeting) expire on the earlier of 15 months following the passing of this resolution and the conclusion of the next annual general meeting of the Company. This authority will be used solely to issue Ordinary Shares in connection with the Placing and to grant the Warrants. Resolution 3 - Power to disapply pre-emption rights A special resolution will be proposed to give the directors of the Company general power to allot equity securities (as defined by section 560 of the Companies Act 2006) for cash pursuant to the authority conferred by resolution 2 as if section 561(1) of that Act (which imposes statutory pre-emption rights in favour of existing shareholders) did not apply to any such allotment. The power granted by this resolution shall (unless previously renewed, varied or revoked by the Company in general meeting) expire on the earlier of 15 months following the passing of this resolution and the conclusion of the next annual general meeting of the Company. Again, this power will be used solely to issue Ordinary Shares in connection with the Placing and to grant the Warrants. The above authority and power are in addition to the Directors' current outstanding authorities and powers to allot and grant rights to subscribe Ordinary Shares granted at the previous Annual General Meeting which permit the allotment of Ordinary Shares pursuant to or in connection with the Secured Convertible Loan Notes of the Company and allow share options to be granted over 132,000,000 Ordinary Shares under the Company's Unapproved Share Option Scheme No.2. For further information, please see the Company's website (www.panagg.com) or contact:
William Voaden
Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777
Aaron Smyth / Avi Robinson
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-10-09 | AFX UK Focus |
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LONDON, Oct 9 (Reuters) - Pan Pacific Aggregates Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 09-10-09 | RNS |
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RNS Number : 5791A Pan Pacific Aggregates PLC 09 October 2009
PAN PACIFIC AGGREGATES PLC ISSUE OF EQUITY, DIRECTORS' DEALINGS
AND
ISSUE OF WARRANTS The Board of Pan Pacific Aggregates plc (the "Company"), the British Columbia based aggregates company, announces that, on 9 October 2009, it issued and allotted 332,000,000 new ordinary shares of 0.1p each ("New Ordinary Shares") (representing approximately 32.6 per cent. of the current issued share capital of the Company) at a price of 0.5p per share (the "Placing Price"), to directors and private investors raising £1.660,000 (before expenses) pursuant to a placing. The net placing proceeds will be used for additional working capital purposes. In addition, the Company has agreed to pay VSA a commission of 5 per cent. of £250,000 (being the aggregate placing price of the 89,285,714 Ordinary Shares issued on 28 August 2009) and a commission of 5 per cent. of £1,660,000 (being the aggregate Placing Price of the 332,000,000 New Ordinary Shares issued on 9 October 2009). The New Ordinary Shares are being placed under existing authorities to issue and allot shares. The issue of 332,000,000 New Ordinary Shares will fully utilise the current general authority to allot shares in the Company. Application has been made to the London Stock Exchange for the 332,000,000 New Ordinary Shares to be admitted to trading on AIM and it is expected that dealings will commence on or around 15 October 2009.
DIRECTORS' DEALINGS In the placing, Euan McAlpine, a director of the Company, has subscribed for 12,000,000 New Ordinary Shares at a price of 0.5p per share. Following this transaction, Mr McAlpine's beneficial interest in the Company is 31,180,555 ordinary shares, representing approximately 2.3 per cent. of the enlarged issued share capital of the Company. In the placing, William Voaden, a director of the Company, has subscribed for 2,000,000 New Ordinary Shares at a price of 0.5p per share. Following this transaction, Mr Voaden's beneficial interest in the Company is 2,300,000 ordinary shares, representing approximately 0.2 per cent. of the enlarged issued share capital of the Company.
ISSUE OF WARRANTS AND RELATED PARTY TRANSACTION Following the placing of 89,285,714 Ordinary Shares on 28 August 2009 and the above placing of 332,000,000 New Ordinary Shares, VSA Capital Limited ("VSA"), a company in which William Voaden, the Managing Director of the Company, is a director and, together with his wife, holds 100 per cent. of the issued share capital, has today been granted a warrant to subscribe for up to 20,114,285 New Ordinary Shares (representing approximately 1.5 per cent. of the enlarged issued share capital of the Company), conditional upon the above 332,000,000 New Ordinary Shares placed being admitted to trading on AIM. The warrants are exercisable at any time in any amounts, as follows:
There are no performance conditions attached to these warrants and the warrants are assignable. The grant of warrants and the payment of commission to VSA, a company in which William Voaden, the Managing Director of the Company, is a director and together with his wife holds 100 per cent. of the shares, is a Related Party Transaction. In addition, for the purpose of AIM Rule 13, the issue of 2,000,000 New Ordinary Shares to William Voaden (a director of the Company) must be aggregated for the purpose of AIM Rule 13. Where a company whose shares are listed on AIM enters into a Related Party Transaction, AIM Rule 13 requires the directors of the Company to consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. The Directors (excluding William Voaden) consider, having consulted with Dowgate Capital Advisers Limited, the Company's Nominated Adviser, that the terms of the related party transactions with each of VSA and William Voaden are fair and reasonable insofar as the Company's shareholders are concerned. Following this grant of new warrants, warrants over 39,315,941 ordinary shares (representing approximately 3.86 per cent. of the current issued share capital of the Company) and options over 3,000,000 ordinary shares (representing approximately 0.02 per cent. of the current issued share capital of the Company) will be in existence. Following the placing the enlarged issued share capital of the Company will be 1,350,262,447 ordinary shares. William Voaden, Managing Director, Pan Pacific Aggregates plc, commented: "These additional funds are sufficient to allow us to bring the Pumptown Quarry into production and to at last generate cash and, hopefully, to increase shareholder value. On 7 October 2009, we announced the appointment of a local, very experienced operations director at Pumptown Quarry Inc. and it will be his job to drive the quarry operations forward. It is our intention to build a substantial aggregates business in the Fraser Valley." For further information please see the Company's web site, www.panagg.com or contact:
William Voaden
Dowgate Capital Advisers Limited Tel: +44 (0) 20 7492 4777
Aaron Smyth / Avi Robinson
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 07-10-09 | RNS |
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RNS Number : 3559A Pan Pacific Aggregates PLC 07 October 2009
PAN PACIFIC AGGREGATES PLC SENIOR APPOINTMENT RE PUMPTOWN QUARRY INC. Pan Pacific Aggregates plc ("PPA" or the "Company"), the British Columbia based aggregates company, announces that G. "Cooky" Singh has been appointed as the operations director of Pumptown Quarry Inc. (a wholly owned subsidiary of the Company), with immediate effect. Cooky assumes operational responsibility for the Pumptown Quarry, which, following the grant of an operating permit, is expected to open in late October. This is not a PLC board appointment. Cooky joins from his family business and has extensive operational quarry experience having run quarries for major quarrying business's and has been successful in winning many contracts for the supply of aggregates into infrastructure projects in the Fraser Valley. He will be responsible for the sourcing of the quarry plant and equipment for Pumptown Quarry and the processing and marketing of all product from the quarry. He will also be a member of the development team responsible for identifying potential acquisition targets. He is based in Vancouver. G Singh, aged 56, is a director of HKS Management Inc. and 836202 BC Limited both British Columbia, Canada companies. He started in working in the existing family transport business which included then movement of aggregates after he joined the business. Thereafter, he built up an aggregates business to the extent that he managed quarries for an international aggregates and cement company as well as the management of other quarries producing material for the Winter Olympics games project. Recently, he produced aggregates for the Gateway project which is upgrading the Trans Canadian Highway, as well as winning contracts to supply aggregates to other infrastructure works. William Voaden, Managing Director commented: "We are delighted to have attracted such an experienced and successful individual as operations director for Pumptown Quarry. We feel his experience, track record and capabilities are ideally suited to PPA's future development." "Cooky brings a detailed understanding of the aggregates industry within the Fraser Valley, British Columbia and will be a driving force behind our quarry operations and expansion efforts." 7 October 2009
For further information, please see the Company's website (www.panagg.com) or contact:
William Voaden
Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777
Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss
This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-09-09 | RNS |
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RNS Number : 9123Z Pan Pacific Aggregates PLC 30 September 2009
PAN PACIFIC AGGREGATES PLC
HALF-YEARLY UNAUDITED CONSOLIDATED RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2009 Pan Pacific Aggregates plc ("PPA" or the "Group"), the British Columbia based aggregates company announces its half-yearly results for the six months ended 30 June 2009. Financial highlights
Operational highlights
William Voaden, Chairman, commented: "The first half of the year at PPA was one of enormous challenge which affected all levels of the organization. The restructuring has now been completed, we have secured the requisite permits to allow Pumptown quarry to re-open and we are operating in a positive environment. Once Pumptown is operational it should provide us with a positive cash contribution. The local market is buoyant and we believe that we can build upon this." Enquiries:
William Voaden Dowgate Capital Advisers Limited Tel: +44 (0) 20 7492 4777 Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss
MANAGING DIRECTOR'S STATEMENT
The first half of the year at PPA has been one of enormous challenge which affected all levels of the organisation. Since the restructuring was announced in June, it was imperative to ensure it worked and it is this transition which has been the focus of intense work since March this year. The Group has taken steps to divest its non-core assets with the marketing of the property at Wood Bay on the Sechelt Peninsular of British Columbia. The Board expects to complete this sale in 2010. The first half of the year was spent negotiating terms of settlement with HSBC and RAB Special Situations (Master) Fund Limited to strengthen the Group balance sheet position. We also settled other creditors and liabilities in our subsidiary Pumptown Quarry Inc to provide a firm base for the re-commencement of operations at the quarry. It is PPA's intention to have Pumptown Quarry in development and production by the end of October 2009. 2. Financial Performance The results for the period reflect the costs associated with maintaining quarry operations and associated finance costs, without corresponding revenue. In the period to 30 June 2009, we were able to significantly reduce our administrative expenses as compared to the same period in 2008. The increase in financial expense relates to the mortgage on the Pumptown Quarry which was acquired in June 2008 and a 0.5% increase in the RAB loan note for the period 1 January 2009 to 21 May 2009. From 22 May 2009 the RAB loan note rate of interest was reduced to 6% per annum. Revenue for the period was £nil (2008: £104,000) and the loss before tax was £1,076,000 (2008: £1,016,000). Loss per share, basic and diluted, was 0.3p (2008: 1.0p loss). Cash used in operations in the period was £354,000 (2008: £437,000). Total capital and reserves attributable to equity shareholders of PPA at the period end were £841,000 (2008: £2,555,000). During the period we raised £577,500 for working capital purposes during very difficult market conditions. Our interest costs are expected to reduce further over the next 12 months following the repayment of outstanding loan notes due to RAB Special Situations (Master) Fund Limited. We are pleased to report that significant progress has been made during the past nine months and the City of Abbotsford have now agreed to allow a by-pass road to be built over City of Abbotsford property.
The financial position of the Company has greatly improved over the last nine months. In July and August we raised, in aggregate, £785,000 (satisfied by the issue of 327,063,491 ordinary shares). The Board continues to focus on control over working capital and, going forward, closely monitoring restrictions on capital expenditure to ensure we place the Company in a sound position to allow for future acquisitive growth opportunities as they arise. As at the end of September 2009, there was approximately £550,000 of cash in the Company.
The more material changes and achievements, in addition to those noted above, are:
Following the recapitalisation of the Company, it is now moving into its second strategic phase in the upstream aggregates sector. In this regard, the Company is in the final stages of the design and planning for the build and re-commissioning of the Pumptown Quarry on the Sechelt Peninsula, British Columbia.
On 27 July 2009, William Voaden was appointed interim Executive Chairman and on 1 September 2009, the Board appointed Thomas Masney as Finance Director. The appointment of Thomas strengthens our board and delivers on a commitment to shareholders to strengthen the Group's financial and reporting functions.
The Company's operational focus is to start up the Pumptown Quarry and develop and consolidate aggregate businesses in the Fraser Valley, as well as utilising our existing small producer permit at Sechelt (Caren Ridge) to give additional cashflow. Once the Pumptown quarry is operational it should provide us with a healthy positive cash contribution. In addition, we also plan to undertake a further fundraising in the near term to provide us with additional working capital. We are in preliminary discussions to acquire a sand and gravel quarry in the Fraser Valley (which would be the subject of a separate operating permit application). A further announcement will be made in this regard in due course. William Voaden Managing Director 29 September 2009
Pan Pacific Aggregates Plc
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Six months ended 30 June 2009
Attributable to:
taxation
the period/year
Loss per ordinary share
UAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2009
2009 2008 2008
Assets:
Non-current assets
Current assets
Liabilities:
Current liabilities
Non-current liabilities
Capital and reserves
attributable
to equity holders of the
company
Pan Pacific Aggregates Plc
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT Six months ended 30 June 2009
Adjustments for
changes in working capital and provisions
receivables
126 3 36
Investing activities
1 (251) (273)
Cash flows from investing activities
Financing activities
NOTES TO THE FINANCIAL INFORMATION
Basis of preparation The condensed interim financial information for the period 1 January 2009 to 30 June 2009 is neither audited nor reviewed by the auditors of Pan Pacific Aggregates Plc. In the opinion of the Directors, the condensed interim financial information for the period presents fairly the financial position, and the results from operations and cash flows for the period are in conformity with generally accepted accounting principles consistently applied. The financial statements incorporate comparative figures for the interim period 1 January 2008 to 30 June 2008 and the audited financial year to 31 December 2008. The financial information contained in this interim report does not constitute statutory accounts as defined by section 435 of the Companies Act 2006. The comparatives for the full year ended 31 December 2008 are not the Group's full statutory accounts for that year. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified; however it did include references to matters to which the auditors drew attention by way of emphasis without qualifying their report. The auditors' report did not contain a statement under section 237(2)-(3) of the Companies Act 1985.
In accordance with AIM Rule 31 the Company is required to have in place sufficient procedures, resources and controls to enable its compliance with the AIM Rules; seek advice from its nominated adviser ("Nomad") regarding its compliance with the AIM Rules whenever appropriate and take that advice into account; provide the Company's Nomad with any information it requests in order for the Nomad to carry out its responsibilities under the AIM Rules for Companies and the AIM Rules for Nominated Advisers; ensure that each of the Company's directors accepts full responsibility, collectively and individually, for compliance with the AIM Rules; and ensure that each director discloses without delay all information which the Company needs in order to comply with AIM Rule 17 (Disclosure of Miscellaneous Information) insofar as that information is known to the director or could with reasonable diligence be ascertained by the director. In order to ensure that these obligations are being discharged, the Board has established a committee of the Board (the "AIM Committee"), chaired by William Voaden, an executive director of the Company. Having reviewed relevant Board papers and met with the Company's Executive Board and the Nomad to ensure that such is the case, the AIM Committee is satisfied that the Company's obligations under AIM Rule 31 have been satisfied during the period under review.
Increase in authorised shares
Increase in authorised shares
At a general meeting of shareholders held on 14 April 2009, a resolution proposing to increase the authorised number of ordinary shares from 800,000,000 to 1,200,000,000 of £0.001 each was approved. On 14 April 2009 the Company completed the issue of 15,000,000 ordinary shares for a consideration of £0.0025 per ordinary share. In total £37,500 was raised for working capital purposes. The Company agreed an arrangement fee of £1,875 satisfied by the issue of 750,000 new ordinary shares. The share issue has been fully subscribed and paid. In May and June 2009 the Company completed the issue of a further 359,999,999 ordinary shares for a consideration of £0.0015 per ordinary share. In total, £547,500 was raised for settlement of Pumptown Quarry debt and working capital purposes. The Company agreed an arrangement fee of £34,250 satisfied by the issue of 23,166,666 new ordinary shares. The share issue has been fully subscribed and paid.
Basic earnings per share is calculated on the loss after taxation for the period attributable to equity holders of the Company of £1,076,000 (2008: £1,016,000) and on 356,872,000 (2008: 100,945,000) ordinary shares, being the weighted number in issue during the period. Diluted earnings per share is calculated on the weighted number of ordinary shares in issue adjusted to reflect the potential effect of the exercise of share warrants. No adjustment is required in either period because the fair value of warrants was below the exercise price.
At an annual general meeting of shareholders, held on 27 July 2009, a resolution proposing to increase the authorized number of ordinary shares from 1,200,000,000 to 5,000,000,000 of £0.001 each was approved. On 31 July 2009, the Company completed the issue of 226,666,666 ordinary shares for a consideration of £0.00225 per ordinary share. In total £535,000 was raised for working capital purposes. The Company agreed an arrangement fee of £10,000 satisfied by the issue of 4,444,444 new ordinary shares. The share issue has been fully subscribed and paid. On 28 August 2009, the Company completed the issue of a further 89,285,714 ordinary shares for a consideration of £0.0028 per ordinary share. In total, £250,000 was raised for working capital purposes. The share issue has been fully subscribed and paid.
Copies of the Half-yearly Report will be available to the public from the Company website, www.panagg.com, and from the Company Secretary at the Company's registered address at 7 Devonshire Square, Cutlers Gardens, London, EC2M 4YH. This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-09-09 | RNS |
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RNS Number : 5427Z Pan Pacific Aggregates PLC 30 September 2009
PAN PACIFIC AGGREGATES
TOTAL VOTING RIGHTS AND CAPITAL In conformity with the Financial Services Authority's Disclosure and Transparency Rules, Pan Pacific Aggregates PLC ("PPA") gives notice that its voting capital consists of:
As PPA does not hold any ordinary shares in Treasury its total number of voting rights equals its capital. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, PPA under the FSA's Disclosure and Transparency Rules. For further information please see the Company's web site, www.panagg.com or contact:
William Voaden Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777 Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 23-09-09 | RNS |
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RNS Number : 5425Z Pan Pacific Aggregates PLC 23 September 2009
PAN PACIFIC AGGREGATES PLC
HOLDING(S) IN COMPANY Pan Pacific Aggregates PLC (the "Company") received notification on 17 September 2009 that, following a purchase of ordinary shares in the Company on 16 September 2009, Barclays PLC held for the benefit of its clients, 156,865,091 voting shares in the Company representing approximately 15.41 per cent. of the Company's voting rights. Contact:
William Voaden Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777 James Caithie / Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 22-09-09 | RNS |
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RNS Number : 4613Z Pan Pacific Aggregates PLC 22 September 2009
PAN PACIFIC AGGREGATES PLC
HOLDING(S) IN COMPANY Pan Pacific Aggregates PLC (the *Company*) received notification on 15 September 2009 that, following a purchase of ordinary shares in the Company on 14 September 2009, Barclays PLC held for the benefit of its clients, 145,053,606 voting shares in the Company representing approximately 14.25 per cent. of the Company*s voting rights.
Contact:
William Voaden Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777 James Caithie / Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 15-09-09 | AFX UK Focus |
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* Shares rise as much as 49 pct (Adds details)
(Reporting by Kumar Alagappan in Bangalore; Editing by Anne Pallivathuckal) Keywords: PANPACIFIC/ (kumar.alagappan@thomsonreuters.com; +44 20 75427717; Reuters Messaging: kumar.alagappan@thomsonreuters.com)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 15-09-09 | AFX UK Focus |
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LONDON, Sept 15 (Reuters) - Pan Pacific Aggregates Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 15-09-09 | RNS |
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RNS Number : 0551Z Pan Pacific Aggregates PLC 15 September 2009
PAN PACIFIC AGGREGATES PLC
PUMPTOWN OPERATING PERMIT APPROVED Pan Pacific Aggregates plc ("PPA" or the "Company"), the British Columbia based aggregates company, announces that the City of Abbotsford Council has approved the re-opening of the Pumptown Quarry. Final approval was given at the Council Meeting held on 14 September 2009. Operating conditions, based on staff recommendations provided on 4 September 2009, included the completion of an access by-pass road on City of Abbotsford owned property for truck traffic and the limitation of processing operating hours from 7.00am to 5.00pm. Following development work it is expected that the quarry will become operational in October. Managing Director, William Voaden, commented: "This is positive news. We can now get down to running the quarry and to increasing shareholder value. Whilst awaiting the approval we have done detailed planning and this will help us bring the quarry into full production. "The Board would like to thank shareholders for their support and we look forward to repaying them by building a successful aggregates business". For further information, please see the Company's website (www.panagg.com) or contact:
William Voaden Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777 James Caithie / Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 10-09-09 | RNS |
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RNS Number : 8442Y Pan Pacific Aggregates PLC 10 September 2009
PAN PACIFIC AGGREGATES PLC
HOLDING(S) IN COMPANY Pan Pacific Aggregates PLC (the "Company") received notification on 9 September 2009 that, following a purchase of ordinary shares in the Company on 7 September 2009, Barclays PLC held for the benefit of its clients, 137,435,361 voting shares in the Company representing approximately 13.5 per cent. of the Company's voting rights. Contact:
William Voaden Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777 James Caithie / Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-09-09 | RNS |
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RNS Number : 8021Y Pan Pacific Aggregates PLC 09 September 2009
PAN PACIFIC AGGREGATES PLC
HOLDING(S) IN COMPANY Pan Pacific Aggregates PLC (the "Company") received notification on 7 September 2009 that, following a disposal of ordinary shares in the Company on 4 September 2009, Barclays PLC held for the benefit of its clients, 128,845,631 voting shares in the Company representing approximately 12.65 per cent. of the Company's voting rights. Contact:
William Voaden Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777 James Caithie / Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-09-09 | RNS |
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RNS Number : 4022Y Pan Pacific Aggregates PLC 02 September 2009
PAN PACIFIC AGGREGATES PLC
HOLDING(S) IN COMPANY Pan Pacific Aggregates PLC (the "Company") received notification on 1 September 2009 that, following a purchase of ordinary shares in the Company on 27 August 2009, Barclays PLC held for the benefit of its clients, 122,040,913 voting shares in the Company representing approximately 13.14 per cent. of the Company's voting rights. Contact:
William Voaden Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777 James Caithie / Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 01-09-09 | RNS |
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RNS Number : 3336Y Pan Pacific Aggregates PLC 01 September 2009
PAN PACIFIC AGGREGATES PLC
ISSUE OF EQUITY The Board of Pan Pacific Aggregates plc (the "Company") announces that, on 28 August 2009 it issued and allotted 89,285,714 new ordinary shares of 0.1p each ("New Ordinary Shares") (representing approximately 9.6 per cent. of the current issued share capital of the Company) at a price of 0.28p per share (the "Placing Price"), to KC Investments Limited raising £250,000 (before expenses) pursuant to a placing. The net placing proceeds will be used for additional working capital purposes. The New Ordinary Shares are being placed under existing authorities to issue and allot shares. Application has been made to the London Stock Exchange for the 89,285,714 New Ordinary Shares to be admitted to trading on AIM and it is expected that dealings will commence on or around 4 September 2009. Following the placing the enlarged issued share capital of the Company will be 1,018,262,447 ordinary shares. For further information please see the Company's web site, www.panagg.com or contact:
William Voaden
Dowgate Capital Advisers Ltd Tel: +44 (0) 20 7492 4777
James Caithie / Aaron Smyth
Paul Backhouse
Michael Padley / Libby Moss This information is provided by RNS The company news service from the London Stock Exchange END
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| 01-09-09 | AFX UK Focus |
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LONDON, Sept 1 (Reuters) - Pan Pacific Aggregates Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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