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Final Results for the Twelve Months Ended 28 February 2009

Click here to view Final Results for the Twelve Months Ended 28 February 2009 in pdf format

Statement re suspension

Angel Mining plc *the Company*

The Company announces that it will not be in a position to publish its accounts for the year ended 28 February 2009 by 31 August 2009 as required under the AIM Rules for Companies. Accordingly, trading in the Company's shares has been suspended pending such publication.

The Company is targeting the release of its audited financial statements on or before 14 September, 2009.

The financial administration team has been strengthened recently with the appointment of a finance manager for the two Greenlandic operating companies but, despite these efforts, the Company will not achieve the reporting deadline on time. 

A summarised trading update based on unaudited financial results for the year ended 28 February 2009 is as follows:

The anticipated loss for the year will amount to approximately £1.4 million (2008: loss £4.3 million) following the reversal of an impairment provision of £3.2 million relating to exploration costs at the Black Angel mine.  In previous years a full provision has been made against the costs but this provision has been reversed as the group obtained its mining licence in May 2008 and can demonstrate that the investment will be recovered over the life of the mine.  This gain was offset by an exchange loss of £2.1 million on the $12.5 million loan from Cyrus Capital Partners, LP, due to fluctuations in the US$ GBP exchange rate in the year.  Post the reporting period end the Company successfully restructured its debt with Cyrus Capital Partners, LP.

The net assets at 28 February 2009 were £2.9 million (2008: £945,261).

Going concern of the group and the Company is dependent upon the continuing support from current lenders and the ability to raise future funding for project development.

Chief Executive Officer, Nicholas Hall, comments:

“I can only apologise to shareholders for this failure to achieve the deadline for the finalisation of the audited Annual Report and Accounts.  I appreciate the very considerable efforts that have been made by all who have been working on the task but I fear that our cost cutting for survival made us vulnerable to this shortcoming. We are now re-building the team and establishing new administrative procedures, which I am confident, will ensure that this failure to report our results on time will not happen again.”

For further information please contact:

Total Voting Rights

Angel Mining plc (the "Company")
AIM: ANGM

For the purposes of the Financial Services Authority’s Disclosure and Transparency Rules, the total number of ordinary shares of 1p each in the capital of the Company in issue as at the date of this notice is 247,302,761 with each share carrying the right to one vote.

In addition, following the general meeting of the Company on 21 August, 2009, the Company also has one B Share of £1 in issue which carries 577,275,625 voting rights in the Company.

There are no shares held in treasury.

Therefore, the total number of voting rights in the Company is 824,578,386.

The above figure may be used by shareholders in the Company 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, the share capital of the Company under the Disclosure and Transparency Rules.

Board appointments

Angus & Ross plc (the “Company”)

Following the approval of certain resolutions at today’s general meeting the Company can announce the appointments of Frank Chapman as Non-executive Chairman and Daniel Bordessa as Non-executive Director to the board of directors of the Company, effective immediately.

Francis (Frank) David Sherston Chapman, aged 59. Frank is currently chief executive officer of London Capital Group plc, the AIM-quoted trading services company, having joined the board of that company in October 2003 and was appointed managing director in May 2004. He has over 30 years' experience in the London derivative and FX markets, having previously been a director or managing director of a number of companies including London Investment Trust, Baring Securities, Deutsche Morgan Grenfell and Amerex Petroleum.

Frank is currently a director of the following companies:

• Capital Enquiries Ltd
• Capital Forex Ltd
• Capital Global Derivatives Ltd
• Capital Investment Management Ltd
• Capital Spreads Limited
• London Capital Group Holdings plc
• London Capital Group Limited
• Tradex Enterprises Limited

He was previously a non-executive director of the Company having stepped down on 4 June, 2008.

Frank currently holds 1,000,000 ordinary shares of 1 penny each in the Company, representing 0.40 per cent. of the current issued ordinary share capital of the Company and 0.12 per cent. of the enlarged voting rights of the Company following the issue of the B Share to FBC Holdings S.à.r.l., details of which are set out in the circular to shareholders dated 5 August, 2009.

Once the Nalunaq Gold Mine project is generating cash for the Company, Frank will be entitled to a fee of £1,000 per month.

Daniel John Bordessa BCom, MBA, aged 36. Daniel is a Managing Director at Cyrus Capital Partners Europe LLP ("CCPE") where he is responsible for identifying and managing European and North American investments. Prior to joining CCPE, he was an Executive Director at the international investment bank Lazard where he was responsible for advising companies in relation to financial restructurings and mergers & acquisitions. In addition, Daniel has experience in Canada in investment banking and advisory services.

Daniel is currently a director or partner of the following companies:

• Cyrus Capital Partners Limited
• Ingenious Film Partners LLP
• Ingenious Film Partners 2 LLP
• Melford International Terminals, Inc.
• TAD Holdings AS

Cyrus Capital Partners, LP is considered a related party pursuant to the AIM Rules for Companies. In accordance with Schedule Four, the Company can announce that Daniel has been appointed as a non-executive Director pursuant to the terms of a letter of appointment dated 5 August 2009. His appointment with the Company follows the general meeting held earlier today and will be terminable by Daniel giving notice in writing with immediate effect and by the Company on three months’ written notice. Once the Nalunaq Gold Mine project is generating cash for the Company, Daniel will be entitled to a fee of £1,000 per month.

There is no further information required to be disclosed pursuant to the AIM Rules for Companies.

Chief Executive Officer, Nicholas Hall, comments: “I am delighted that we are able to announce the appointment of both Frank and Dan as I know that they will make a significant contribution to the future development of the Company. Thanks to this step forward we now have the elements of a highly professional and well balanced board that will guide and direct the executive management and strengthen the Company’s levels of corporate governance.”

For further information please contact:

Result of general meeting

Angus & Ross plc (the “Company”)

The Company announces that all resolutions put to shareholders at today’s general meeting have been duly approved.

Accordingly, the Company has issued $12.5 million convertible loan notes to FBC Holdings S.à.r.l. together with the new B Share, details of which are set out in the circular to shareholders dated 5 August, 2009. Following the issue of the B Share, FBC Holdings S.à.r.l. is interested in 577,275,625 voting rights of the Company representing 70.01 per cent. of the current enlarged voting rights of the Company.

Following shareholder approval to change the Company’s name to Angel Mining plc, it is anticipated that trading under the new name will become effective from 24 August, 2009 and the dealing code will be 'ANGM'.

Chief Executive Officer, Nicholas Hall, commented:

“We have been working hard to transform the fortunes of the Company and to take full advantage of our most valuable asset, being the Black Angel zinc/lead mine, together with the recently acquired Nalunaq gold mine. The support of Cyrus Capital Partners, LP and the passing of the various resolutions at the general meeting will enable us to progress our mining operations that are focused on opportunities in Greenland.“

For further information please contact:

Change of website address

Angel Mining plc - The Company announces that its website address has changed to www.angelmining.com with immediate effect. For further information please contact:

Angel Mining plc
Nicholas Hall, Chief Executive - 07931 709 053

WH Ireland Limited (Nominated Adviser)
Adrian Kirk - 0161 832 2174

Fox-Davies Capital (Broker)
Jason Bahnsen - 0207 936 5200

Bishopsgate Communications Limited
Nick Rome - 0207 562 3366