Perth, Feb 26, 2010 (ABN Newswire) - The directors of Pan Asia Corporation Limited (
ASX:PZC) submit the financial statements of the consolidated entity of which the Company is the ultimate parent for the half-year ended 31 December 2009 (the period).
In order to comply with the provisions of the Corporations Act 2001, the Directors Report as follows:
Directors
The names of directors who held office during or since the end of the period and until the date of this report are noted below. Directors were in office for this entire period unless otherwise stated.
Company Secretary
The following company secretary was in office for this entire period.
Operating Results
During the period, Pan Asia Corporation Limited made a loss of A$2,154,804.
Review of Operations
During the period, the Company entered into a Heads of Agreement to acquire a 100% interest in Innovation West Pty Ltd subject to the completion of the legal due diligence process. Innovation West is a party to agreements involving significant coal and manganese assets spanning Kalimantan, Sumatra, West Timor and Flores Island. As part of the Innovation West transaction, the Company has executed an option to acquire a 75% interest in the TCM Coal Project in Mantewe District, South Kalimantan. The Company is currently continuing with the thorough legal due diligence process with regard to the numerous coal and manganese assets involved.
In the period, the Company also undertook drilling activities which have continued past the end of the period. Between the end of the period and the date of this report, drilling updates have been released showing significant coal intersections at the Roda Niaga and TCM sites.
In November 2009, the Company changed its name from Sam's Seafood Holdings Limited to Pan Asia Corporation Limited. The Company's new name reflects its focus on becoming a major supplier of key resources into expanding Asian markets.
As previously advised, the Company completed the placement of a rights issue in the period, raising A$1.86 million. The Company also placed an additional A$1.9 million to sophisticated and institutional investors in a separate transaction. These proceeds provide the Company with initial working capital to evaluate and progress the acquisition of potential new projects. Another significant milestone for the Company was its secondary listing on the Frankfurt Stock Exchange. This provides the Company with additional support for its growth plans via the European capital markets.
The board and executive team look forward to the challenges of the coming year as we strive to take the Company to a new level and thank all supporters who have enabled the strong initial steps to be made. The Company is now on the way in its transition to becoming an active supplier of key resources to the expanding Asian markets.
Dividends Paid or Recommended
No dividends were paid or proposed during the half-year ended 31 December 2009.
Subsequent Events
At the date of this report, the Company was still in the process of conducting due diligence on the acquisition of a 100% interest in Innovation West Pty Ltd. Innovation West Pty Ltd has entered into agreements to acquire interests in various coal and manganese projects throughout Indonesia.
Consideration for the interest in Innovation West Pty Ltd is 630 million ordinary shares and 25 million performance shares plus US$300,000. For the performance milestones to be met, the vendors must enter into an off take agreement for the sale of at least 50,000 tonnes of coal to a reputable international customer at any time up to 6 months from the allotment of the performance shares.
If the acquisition is completed, the effect of this transaction will be taken into account in the 30 June 2010 Annual Report.
Apart from the above, there are no events that occurred subsequent to reporting date.
Auditor's Independence Declaration
Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the directors of the Company with an Independence Declaration in relation to the review of the half-year financial statements. This Independence Declaration is set out on page 3 and forms part of this directors' report for the half-year ended 31 December 2009.
This report is signed in accordance with a resolution of the Board of Directors made pursuant to s.306(3) of the Corporations Act 2001.
Michael Pixley
Non-Executive Director
For the complete Pan Asia Corporation Half Yearly Accounts, please click the link below:
http://www.abnnewswire.net/media/en/docs/62360-ASX-PZC-481899.pdf
ASX:PZC) submit the financial statements of the consolidated entity of which the Company is the ultimate parent for the half-year ended 31 December 2009 (the period).In order to comply with the provisions of the Corporations Act 2001, the Directors Report as follows:
Directors
The names of directors who held office during or since the end of the period and until the date of this report are noted below. Directors were in office for this entire period unless otherwise stated.
--------------------------------------------------- Michael Pixley Non-Executive Director --------------------------------------------------- Ian Sandover Non-Executive Director --------------------------------------------------- Athanasios (Athan) Lekkas Non-Executive Director --------------------------------------------------- Faldi Ismail* Alternate Director (Resigned 10 August 2009) ---------------------------------------------------* On 9 December 2008, Mr Ismail resigned as a director of the board and joined the board as an alternate director for Mr Lekkas. Mr Ismail has since resigned as an alternate director of the Company.
Company Secretary
The following company secretary was in office for this entire period.
---------------------------------------------- Luke Martino Company Secretary ----------------------------------------------
Operating Results
During the period, Pan Asia Corporation Limited made a loss of A$2,154,804.
Review of Operations
During the period, the Company entered into a Heads of Agreement to acquire a 100% interest in Innovation West Pty Ltd subject to the completion of the legal due diligence process. Innovation West is a party to agreements involving significant coal and manganese assets spanning Kalimantan, Sumatra, West Timor and Flores Island. As part of the Innovation West transaction, the Company has executed an option to acquire a 75% interest in the TCM Coal Project in Mantewe District, South Kalimantan. The Company is currently continuing with the thorough legal due diligence process with regard to the numerous coal and manganese assets involved.
In the period, the Company also undertook drilling activities which have continued past the end of the period. Between the end of the period and the date of this report, drilling updates have been released showing significant coal intersections at the Roda Niaga and TCM sites.
In November 2009, the Company changed its name from Sam's Seafood Holdings Limited to Pan Asia Corporation Limited. The Company's new name reflects its focus on becoming a major supplier of key resources into expanding Asian markets.
As previously advised, the Company completed the placement of a rights issue in the period, raising A$1.86 million. The Company also placed an additional A$1.9 million to sophisticated and institutional investors in a separate transaction. These proceeds provide the Company with initial working capital to evaluate and progress the acquisition of potential new projects. Another significant milestone for the Company was its secondary listing on the Frankfurt Stock Exchange. This provides the Company with additional support for its growth plans via the European capital markets.
The board and executive team look forward to the challenges of the coming year as we strive to take the Company to a new level and thank all supporters who have enabled the strong initial steps to be made. The Company is now on the way in its transition to becoming an active supplier of key resources to the expanding Asian markets.
Dividends Paid or Recommended
No dividends were paid or proposed during the half-year ended 31 December 2009.
Subsequent Events
At the date of this report, the Company was still in the process of conducting due diligence on the acquisition of a 100% interest in Innovation West Pty Ltd. Innovation West Pty Ltd has entered into agreements to acquire interests in various coal and manganese projects throughout Indonesia.
Consideration for the interest in Innovation West Pty Ltd is 630 million ordinary shares and 25 million performance shares plus US$300,000. For the performance milestones to be met, the vendors must enter into an off take agreement for the sale of at least 50,000 tonnes of coal to a reputable international customer at any time up to 6 months from the allotment of the performance shares.
If the acquisition is completed, the effect of this transaction will be taken into account in the 30 June 2010 Annual Report.
Apart from the above, there are no events that occurred subsequent to reporting date.
Auditor's Independence Declaration
Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the directors of the Company with an Independence Declaration in relation to the review of the half-year financial statements. This Independence Declaration is set out on page 3 and forms part of this directors' report for the half-year ended 31 December 2009.
This report is signed in accordance with a resolution of the Board of Directors made pursuant to s.306(3) of the Corporations Act 2001.
Michael Pixley
Non-Executive Director
For the complete Pan Asia Corporation Half Yearly Accounts, please click the link below:
http://www.abnnewswire.net/media/en/docs/62360-ASX-PZC-481899.pdf
About Pan Asia Corporation Limited
Pan Asia Corporation Limited (ASX:PZC) is a rapidly growing diversified resources company primary listed on the Australian Securities Exchange and secondary listed on the Frankfurt Stock Exchange and with offices in Perth and Sydney, Australia and Jakarta, Indonesia.
The Company aims to be a major supplier of key resources into the expanding Asian markets and via the acquisition of Innovation West which has a number of significant coal assets in Indonesia. These assets provide a balanced mix of thermal coal assets in Indonesia and include:
1) Projects that generate cashflow (eg via repayment of loan, royalty and off-take from Ranrich Projects).
2) A Flagship Pre Development project that has a JORC resource in South Kalimantan (TCM).
3) A Flagship Exploration project that has large tonnage potential (BCKP).
4) A Pipeline of other project opportunities covering each of the above categories.
The evaluation and development of the current suite of assets in addition to new opportunities that arise from a strong local partner network will be the foundation for the Company's aim to become a significant resource company in Asia over the coming years. An extensive international financial network provides support for the Company's rapid growth plans.
Pan Asia brings together an experienced Board and management team with a proven track record in the identification, funding and development of resources projects.
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