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HOT ROCKS INVESTMENTS PLC (FRA:GB00B1WV) Hot Rocks Investments plc: Final Results

Transparency directive : regulatory news

01/10/2024 08:00

Hot Rocks Investments plc (HRIP)
Hot Rocks Investments plc: Final Results

01-Oct-2024 / 07:00 GMT/BST


1 October 2024

HOT ROCKS INVESTMENTS PLC

(the "Company")

Audited Final Results to 31 March 2024

Managing Director’s Statement

 

I hereby present the financial results for the Company for the year ended 31 March 2024.  The Company has been an active investor primarily in junior natural resources companies. The Company also reviews opportunities to invest in other sectors, particularly technology, and generally seeks to invest in exciting companies where our valuation entry point reflects the early-stage nature of their business or sector which, although carrying higher risk, gives us exposure to considerable upside. 

 

We have continued to build and nurture our investment portfolio and we are generally pleased with performance, particularly in light of difficult market conditions in the space in which we operate. We also have a favourable cash position enabling us to take advantage of situations as they arise.

 

The Company made a profit for the year of £46,984, and a loss of £367,811 in the prior year. The Company will not be paying a dividend for the foreseeable future (2023: £Nil) as we seek to reinvest any profits in opportunities with the potential for significant capital growth.

 

Cash and cash equivalents as at the year end of 31 March 2024 were £5,386 (2023: £21,928).

 

In May 2024 we announced with sadness the passing of our Chairman, Brian Rowbotham. Brian qualified as a Chartered Accountant with Deloitte & Touche and had a long career in the City including at Save and Prosper and F&C Management Ltd. Brian joined Teather and Greenwood in 1997 and was involved as partner and then Finance Director in the Company’s flotation on AIM and subsequent move to the Official List. He ran his own consultancy specialising in turnarounds and start-ups until joining Hichens, Harrison & Co plc in 2005 – sold to Religare Enterprises in May 2008. Aside from being a colleague, Brian was a good friend and he is missed greatly.

 

Post the year end we sold approximately 94% of our holding in Phoenix Digital Assets plc in a tender offer for the sum of £235,125.

 

We also sold our holding in Impact Oil & Gas Limited, to Africa Oil Corp, receiving the sum of £142,250, a 5.6X return on the Company’s investment.

 

Elephant Oil Corp, where we hold 659,091 shares, has been seeking to list on an exchange at a price of $4-$5 per share. It has to date not achieved this flotation but we are pleased to note that the company has recently acquired 3 oil exploration blocks in Cote D’Ivoire to complement its portfolio in Benin and Namibia.

 

Mosi Copper Limited, an Africa-focused copper exploration company where we are a founder shareholder, continues to make good progress, has recently commissioned magnetics on its licence interests and plans to float on a stock exchange in the near term. 

 

Golden Shield Resources has announced a non-binding letter of intent with Tucano Gold Inc. (“Tucano Gold”) pursuant to which it will acquire all of the issued and outstanding securities of Tucano Gold in exchange for securities in Golden Shield.

 

We now hold cash of approximately £340,000 and ordinary shares and/or convertible loans and/or warrants in the following entities:

 

D3 Energy

Electrum Discovery Corp

Elephant Oil Corp

Laiva Gold Inc

Mafula Energy Limited

Minergy Limited

Mosi Copper Limited

New Horizon Oil & Gas Limited

Orcadian Energy plc

Phoenix Digital Assets plc

Pilar Gold Inc

Rift Resources Limited

Royal Road Minerals Limited

Supernova Digital Assets plc

Trigon Metals Inc

Tucano Gold Inc

Unicorn Mineral Resources plc

 

We look forward to updating the market on further new investments in the coming months.

 

Gavin Burnell

Managing Director

 

 

For further details please contact:

Hot Rocks Investments plc

Gavin Burnell Tel: 0207 2644 546

 

Optiva Securities Limited

Vishal Balasingham Tel: 0203 981 4174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED  31 MARCH 2024

 

 

 

2024

2023

 

£

£

Continuing Operations

 

 

 

 

 

Revenue

-

-

 

 

 

Operating expenses

(67,902)

(78,206)

Other profit/(loss) – sale of financial assets at fair value through profit and loss account

775

(62,462)

 

 

 

Foreign exchange loss on financial assets

-

(30,108)

Movement in fair value of financial assets through profit

and loss

113,928

(197,063)

 

 

──────────

──────────

OPERATING PROFIT/(LOSS)

 

46,801

(367,839)

 

 

 

Finance income

 

183

28

 

─────────

─────────

PROFIT/(LOSS) BEFORE INCOME TAX

46,984

(367,811)

 

 

 

Income tax                                                                                              

-

-

 

─────────

─────────

PROFIT/(LOSS) AFTER INCOME TAX

46,984

(367,811)

 

       ══════════

       ══════════

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

Items that may be reclassified subsequently to profit or loss

-

-

 

 

 

 

 

 

Fair value change in value on financial assets                          

-

-

 

 

 

 

─────────

─────────

 

─────────

 

Total Comprehensive income/(loss) for the year

46,984

(367,811)

 

══════════

══════════

 

 

 

Basic Earnings per share (pence)                                                         

0.03

(0.21)

 

 

 

Diluted Earnings per share (pence)                                                      

0.02

(0.19)

 

 

 

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED  31 MARCH 2024

 

 

 

 

 

 

Issued capital

Share premium

Other reserves

Retained earnings

Total equity

 

£

£

£

£

£

Balance at 1 April 2024

173,602

1,174,631

115,600

(989,460)

474,373

Profit for the year

-

-

-

46,984

46,984

 

──────────

─────────────

──────────

──────────

──────────

 

          173,602

       1,174,631   

          115,600

        (942,476)   

         521,357

 

 

 

 

 

 

 

══════════

═════════════

══════════

══════════

══════════

 

 

 

 

 

Issued capital

Share premium

Other reserves

Retained earnings

Total equity

 

£

£

£

£

£

Balance at 1 April 2023

173,602

1,174,631

115,600

(621,650)

842,183

Loss for the year

-

-

-

(367,811)

(367,811)

 

 

──────────

─────────────

──────────

──────────

──────────

 

         173,602    

       1,174,631 

          115,600

        (989,460)   

          474,373

 

 

 

 

 

 

 

══════════

═════════════

══════════

══════════

══════════

 

 

 

 

 

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC

STATEMENT OF FINANCIAL POSITION

AS AT  31 MARCH 2024

 

 

Notes

2024

2023

 

£

£

ASSETS

 

 

 

 

 

 

NON-CURRENT ASSETS

 

 

   

 

 

 

   

Financial assets designated as fair value through profit or loss    

408,583

385,171

 

 

 

 

 

CURRENT ASSETS

 

 

   

 

 

 

 

   

Financial assets designated as fair value through profit or loss

 

416,240

344,393

   

Trade and other receivables

 

117

606

   

Cash and cash equivalents

 

5,386

21,928

   

 

──────────

──────────

   

 

421,743

366,928

 

 

──────────

──────────

 

TOTAL ASSETS

830,326

752,098

 

 

══════════

══════════

 

 

 

 

EQUITY

 

 

 

 

 

 

 

ISSUED CAPITAL AND RESERVES

 

 

   

 

 

 

 

   

Issued share capital

 

173,602

173,602

   

Share premium

1,174,631

1,174,631

   

Reserves

 

115,600

115,600

   

Retained loss

(942,476)

(989,460)

   

 

─────────────

─────────────

   

TOTAL EQUITY

512,357

474,373

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Trade and other payables

 

308,969

277,725

 

──────────

──────────

 

 

 

TOTAL EQUITY AND LIABILITIES

830,326

752,098

 

══════════

══════════

           

 

 

 

 

 

 



Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


ISIN: GB00B1WV3198
Category Code: FR
TIDM: HRIP
LEI Code: 213800JNSRPMZVREEO51
Sequence No.: 350005
EQS News ID: 1999023

 
End of Announcement EQS News Service

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