I wonder what people on these BB’s where saying about REM when from late 2010 until Mid 2013 all it did was sink like a stone and issue shares up to over 5 Billion shares in issue, I believe REM went from 1.50p down to 0.04 or something close to that. My point is that you have to give time to AIM Explorers / Resource Stocks, if you believe they have a winning formula, it isn’t going to be quick and they have to issue shares to do it.
EDL, is a different case, ill grant you as there doesn’t seem to be a rise imminent IMHO. But my point extends to lots of quality AIM Stocks that are in the doldrums currently after years of poor performance which given the right news could take off any day.
LONDON (Alliance News) - Edenville Energy PLC Tuesday said its pretax loss widened significantly in 2013 as the company was hit by a GBP1.7 million impairment charge on the write-off of exploration expenditure.
The African coal exploration and development company, which is yet to produce any revenues, said its pretax loss widened to GBP2.4 million from GBP643,842 the previous year.
The company said its administrative expenses increased slightly to GBP638,868 from GBP598,415 but the majority of the company's losses came from an impairment charge of GBP1.7 million, as the company proposed to relinquish four licences which failed to show coal-bearing sediments, leading to the write-off of exploration expenditure at the sites.
In 2013, the company progressed from an exploration to an early stage development company, with its prime focus being the Rukwa coal deposit in Tanzania, which achieved an upgraded Measured and Indicated resource of 171 million tonnes of raw coal, with an additional 2 million tonnes in the Inferred category, as part of a resource report announced in September 2013.
In late 2013, Edenville entered into early stage discussions with potential Asian partners to develop the Rukwa site, and it has submitted an environmental impact assessment for the project in order to start a small-scale pit operation at the site. The company reiterated Tuesday it expects permissions to be in place in mid-2014.
Edenville Energy shares were down 11% to 0.0490 pence, putting it amongst the biggest AIM ALL-Share fallers on Tuesday.
By Tom McIvor; email@example.com; @TomMcIvor1
So glad I cashed in half my holding last month even then it was at a slight loss. Stuffed it all into my Fastnet holding which is going to more than make up for this pile of $hite. Just wish I'd cashed it all in back then. Still, I'll let the other half ride on the off chance the bod will want their options cashed in before the train derails. Still think an RNS is coming with a much lower figure and change of date for their options as this is never getting near 0.25 in my lifetime.
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