Microsoft Word - 141031 Quarterly Cash Flow
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Appendix 5B
Rule 5.5
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
Name of entity
Atlantic Ltd
ABN Quarter ended ("current quarter")
60 009 213 763 30 September 2014
Consolidated statement of cash flows
Cash flows related to operating activities
1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration & evaluation
(b) development
(c) production
(d) administration
1.3 Dividends received
1.4 Interest and other items of a similar nature received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other (Insurance proceeds)
Net Operating Cash Flows
+ See chapter 19 for defined terms.
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Mining exploration entity and oil and gas exploration entity quarterly report
|
1.13 Total operating and investing cash flows
(brought forward)
|
6,560
|
6,560
|
|
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other
Net financing cash flows
|
‐
‐
‐
‐
‐
‐
|
‐
‐
‐
‐
‐
‐
|
|
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other
Net financing cash flows
|
‐
|
‐
|
|
Net increase (decrease) in cash held
1.20 Cash at beginning of quarter/year to date
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter
|
6,560
6,034
15
|
6,560
6,034
15
|
|
Net increase (decrease) in cash held
1.20 Cash at beginning of quarter/year to date
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter
|
12,609
|
12,609
|
Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties included in item 1.2 104
1.24 Aggregate amount of loans to the parties included in item 1.10 ‐
1.25 Explanation necessary for an understanding of the transactions
Payments to directors include salary and related benefits.
Non‐cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
The Company's wholly owned subsidiary Midwest Vanadium Pty Ltd (MVPL) was required to deposit US$5 million into its interest reserve account (IRA) on 3 February 2014 and pay the US$19.3 million February 2014 and US$21.8 million August 2014 half yearly interest payment on its senior secured notes.
MVPL did not make the IRA deposit or the half yearly interest payments. The majority of the holders of its senior secured notes have agreed to forbear MVPL's default for failure to deposit US$5 million in the IRA and MVPL's failure to pay the half yearly interest payments until 14
November 2014.
+ See chapter 19 for defined terms.
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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
N/A
Financing facilities available
Add notes as necessary for an understanding of the position.
3.1 Loan facilities
3.2 Credit standby arrangements
Loan facilities as at 30 September 2014 include:
1. US$335M in Senior Secured Notes converted at 0.8752 (being the exchange rate at 30 September
2014), due in February 2018, with interest payable at 12.25% p.a. plus accrued interest of
US$41.0m due 14 November 2014
2. US$1.7M Additional Payment Amount due in Senior Secured Notes converted at 0.8752 (being
the exchange rate at 30 September 2014), due in February 2018, with interest payable at 12.25%
p.a. plus accrued interest of US$0.1m due 14 November 2014
3. A$41.8m in Class A Convertible Bonds, due March 2015, with interest payable at 17.5% p.a. plus
accrued interest of A$3.7m due 14 November 2014
4. A$67.7m in Class B Convertible Bonds, due March 2015, with interest payable at 22.5% p.a. plus
accrued interest of A$7.5m due 14 November 2014
5. A$56.9m in Class C Bonds, due March 2015, with interest payable at 22.5% p.a. plus accrued
interest of A$5.3m due 14 November 2014
6. A$29.9m in Class D Bonds, due March 2015, with interest payable at 22.5% p.a. plus accrued
interest of A$2.8m due 14 November 2014
7. A$27.0m in Promissory Notes, due March 2015, with interest payable at 22.5% p.a.
8. A$29.7m in Secured loan from Droxford International limited, due 14 November 2014, with interest payable at 17.0% p.a. plus accrued interest of A$1.7m
Estimated cash outflows for next quarter
4.1 Exploration and evaluation
4.2 Development
4.3 Production
4.4 Administration
The above analysis includes estimated operating and capital cash outflows for the next quarter.
+ See chapter 19 for defined terms.
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Mining exploration entity and oil and gas exploration entity quarterly report
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.
Changes in interests in mining tenements and petroleum tenements
6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed
6.2 Interests in mining tenements and petroleum tenements acquired or increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
7.1 Preference
+securities
(description)
+ See chapter 19 for defined terms.
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7.2 Changes during quarter
(a) Increases through issues (b) Decreases through returns of capital, buy‐ backs, redemptions
7.12 Unsecured notes (totals only)
*The convertible debt securities shown at 7.5 above relate to:
1. A$41.8m in Class A convertible bonds convertible at 26.25 cents each on or before 6 March 2015;
2. A$67.7m in Class B convertible bonds convertible at 26.25 cents each on or before 6 March 2015. These convertible debt securities are included in financing facilities in 3.1 above.
+ See chapter 19 for defined terms.
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Mining exploration entity and oil and gas exploration entity quarterly report
Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
2 This statement does give a true and fair view of the matters disclosed.
Sign here:
(Company Secretary)
Date: 31 October 2014
Print name: Tony Veitch
Notes
1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
== == == == ==
+ See chapter 19 for defined terms.
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