20120216 FINAL Half Yearly Report2012/02/16  · FINANCIAL REPORT FOR THE HALF YEAR ENDED 31...

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HALF YEARLY REPORT 2011 This Interim Financial Report does not include all the notes of the type normally included in an Annual Financial

Transcript of 20120216 FINAL Half Yearly Report2012/02/16  · FINANCIAL REPORT FOR THE HALF YEAR ENDED 31...

Page 1: 20120216 FINAL Half Yearly Report2012/02/16  · FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2011 ST GEORGE MINING LIMITED Page 7 Loyalty Option Issue 2011.

HALF YEARLY REPORT 2011

This Interim Financial Report does not include all the notes of the type normally included in an Annual Financial

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Page 7: 20120216 FINAL Half Yearly Report2012/02/16  · FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2011 ST GEORGE MINING LIMITED Page 7 Loyalty Option Issue 2011.

FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2011

ST GEORGE MINING LIMITED Page 7

Loyalty Option Issue

On 19 October 2011, the Company launched a 1 for 2 non-renounceable entitlements issue of options at $0.01

per option (“Loyalty Option Issue”).

Shareholders on the registry at the record date on 10 November 2011, were offered the opportunity to purchase

one (1) new option for every two (2) shares held by them at a price of $0.01 per option. The options are part of

the SGQO series and have the same terms as the options mentioned above

A total of 31,509,000 options were offered under the Loyalty Option Issue. The Company received applications

under the entitlement offer for 24,057,099 options and these were allotted to shareholders on 8 December 2011.

The options are trading on the ASX under the code SGQO.

The Company has received applications and expressions of interest in respect of the shortfall of 7,451,901

options and the Board is currently reviewing the placement of the shortfall.

Pine Creek Options

As part consideration for the acquisition of an 80% interest in the Pine Creek Property, the Company had agreed

to issue 800,000 options to the vendors of the Pine Creek Property (the Pine Creek Options).

Further details of the consideration payable to the Pine Creek vendors can be found in the Solictor’s Report

included in the IPO Prospectus dated 18 August 2010.

On 8 September 2011, the Company issued 800,000 options to the Pine Creek vendors. The options are Part of

the SGQO series and have the same terms as mentioned above.

Incentive Options

At the Company’s Annual General Meeting on 30 November 2011, the shareholders approved the issue of certain

unlisted incentive options to Tim Hronsky and Andrew Hawker. These options were issued on 22 December

2011.

Details of the incentive options are contained in the Notice of Annual General Meeting dated 24 October 2011.

Capital Structure

As at 31 December 2011, the capital structure of the Company was:

Fully Paid Ordinary Shares (SGQ) 63,018,000

Listed Options (SGQO) 40,589,099

Unlisted Options

Class A Options 450,000

Class B Options 450,000

Class C Options 600,000

Performance Shares 100

COMPETENT PERSON STATEMENT:

The information in this announcement that relates to Exploration Results and Mineral Resources is based on

information compiled by Mr Tim Hronsky who is a member of the Australasian Institute of Mining and Metallurgy

has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration

and to the activity, which he is undertaking. This qualifies Mr Hronsky as a “Competent Person” as defined in the

2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Mr Hronsky consents to the inclusion of information in this announcement in the form and context in which it

appears.

Page 8: 20120216 FINAL Half Yearly Report2012/02/16  · FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2011 ST GEORGE MINING LIMITED Page 7 Loyalty Option Issue 2011.

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Page 9: 20120216 FINAL Half Yearly Report2012/02/16  · FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2011 ST GEORGE MINING LIMITED Page 7 Loyalty Option Issue 2011.

9!

PO Box 1908

West Perth WA 6872

Australia

Level 2, 1 Walker Avenue

West Perth WA 6005

Australia

Tel: +61 8 9481 3188

Fax: +61 8 9321 1204

ABN: 84 144 581 519

www.stantons.com.au

Liability limited by a scheme approved

under Professional Standards Legislation

Stantons International Audit and Consulting Pty Ltd

trading as

Chartered Accountants and Consultants

!

16!February!2012!

!

!

Board!of!Directors!

St!George!Mining!Limited!

Level!1!

115!Cambridge!Street!

WEST!LEEDERVILLE!!!WA!!!6007!

!

!

Dear!Sirs!

!

RE:! ST!GEORGE!MINING!LIMITED!

!

In!accordance!with!section!307C!of!the!Corporations!Act!2001,!I!am!pleased!to!provide!the!following!

declaration!of!independence!to!the!directors!of!St!George!Mining!Limited.!

!

As!Audit!Director!for!the!review!of!the!financial!statements!of!St!George!Mining!Limited!for!the!period!

ended!31!December!2011,!I!declare!that!to!the!best!of!my!knowledge!and!belief,!there!have!been!no!

contraventions!of:!

!

(i)! the!auditor!independence!requirements!of!the!Corporations!Act!2001!in!relation!to!the!review;!

and!

!

(ii)! any!applicable!code!of!professional!conduct!in!relation!to!the!review.!

!

!

Yours!sincerely!

!

STANTONS!INTERNATIONAL!AUDIT!AND!CONSULTING!PTY!LIMITED!

(Trading!as!Stantons!International)!

(An!Authorised!Audit!Company)!

!

!

JP!Van!Dieren!

Director!

!

Page 10: 20120216 FINAL Half Yearly Report2012/02/16  · FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2011 ST GEORGE MINING LIMITED Page 7 Loyalty Option Issue 2011.

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21

PO Box 1908

West Perth WA 6872

Australia

Level 2, 1 Walker Avenue

West Perth WA 6005

Australia

Tel: +61 8 9481 3188

Fax: +61 8 9321 1204

ABN: 84 144 581 519

www.stantons.com.au

Liability limited by a scheme approved

under Professional Standards Legislation

Stantons International Audit and Consulting Pty Ltd

trading as

Chartered Accountants and Consultants

INDEPENDENT AUDITOR’S REVIEW REPORT

TO THE MEMBERS OF

ST GEORGE MINING LIMITED

Report on the Half"Year Financial Report

We have reviewed the accompanying half"year financial report of St George Mining Limited, which

comprises the condensed statement of financial position as at 31 December 2011, the condensed statement

of comprehensive income, condensed statement of changes in equity, and condensed statement of cash

flows for the half"year ended on that date, notes comprising a summary of significant accounting policies

and other explanatory information, and the directors’ declaration for St George Mining Limited (“the

consolidated entity”). The consolidated entity comprises both St George Mining Limited (“the company”)

and the entities it controlled during the half year.

Directors’ Responsibility for the Half"Year Financial Report

The directors of St George Mining Limited are responsible for the preparation of the half"year financial

report that gives a true and fair view in accordance with Australian Accounting Standards (including the

Australian Accounting Interpretations) and the Corporations Act 2001 and for such internal control as the

directors determine is necessary to enable the preparation of the half"year financial report that is free from

material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half"year financial report based on our review. We

conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a

Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis

of the procedures described, we have become aware of any matter that makes us believe that the financial

report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the

consolidated entity’s financial position as at 31 December 2011 and its performance for the half"year ended

on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the

Corporations Regulations 2001. As the auditor of St George Mining Limited, ASRE 2410 requires that we

comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half"year financial report consists of making enquiries, primarily of persons responsible for

financial and accounting matters, and applying analytical and other review procedures. A review is

substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and

consequently does not enable us to obtain assurance that we would become aware of all significant matters

that might be identified in an audit. Accordingly, we do not express an audit opinion.

Whilst we considered the effectiveness of management’s internal controls over financial reporting when

determining the nature and extent of our procedures, our review was not designed to provide assurance on

internal controls.

Our review did not involve an analysis of the prudence of business decisions made by the directors or

management.

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22

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act

2001. We confirm that the independence declaration required by the Corporations Act 2001, has been

provided to the directors of St George Mining Limited on 16 February 2012.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe

that the half!year financial report of St George Mining Limited is not in accordance with the Corporations Act

2001 including:

(a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and

of its performance for the half!year ended on that date; and

(b) complying with Accounting Standards AASB 134 Interim Financial Reporting and Corporations

Regulations 2001.

STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LIMITED

(Trading as Stantons International)

(An Authorised Audit Company)

John P Van Dieren

Director

West Perth, Western Australia

16 February 2012

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Level 1, 115 Cambridge Street, PO Box 1305, West Leederville, WA 6901PHONE 618 9322 6600 | FACSIMILE 618 9322 6610WEB www.stgm.com.au