Philip Secrett/Jen Clarke/Jamie Barklem +44 20 7383 5100
The Directors present their report for Red Emperor Resources NL (“Red Emperor”, or “the Company”) and its subsidiaries (“the Group”) for the year ended 30 June 2015.
The persons who were directors of Red Emperor during the year are:
Mr Greg Bandy (Managing Director) Mr Jason Bontempo (Non-Executive Director) Mr Nathan Rayner (Non-Executive Director) – appointed 23 October 2014 Mr Stephen Brockhurst (Non-Executive Director) – resigned 23 October 2014
RESULTS OF OPERATIONS
The Company’s net loss after taxation attributable to the members of Red Emperor for the year to 30 June 2015 was $19,723,800 (2014: $10,231,803).
No dividend was paid or declared by the Company during the year and up to the date of this report.
Red Emperor Resources NL is a company limited by shares, which is incorporated and domiciled in Australia.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The principal activity of the Company during the financial year was oil and gas exploration.
The Company's auditors, BDO Audit (WA) Ltd, have issued their opinion on the Group's financial statements for the year ended 30 June 2015. The audit was conducted in accordance with Australian Auditing Standards.
At 30 June 2014, the auditors were unable to obtain sufficient appropriate audit evidence to support the carrying value of the Company's Investment in Associate of $6,298,175 because management were unable to obtain access to the financial information of the Associate. The audit opinion on the financial report for the year ended 30 June 2014 was modified accordingly. Consequently, as a result of the possible effect of the auditors modified opinion in the prior year, the auditors were unable to determine whether any adjustments to the amount of the impairment resulting from the reclassification of the Investment in Associate to a Non-current Asset Held for Sale were necessary and therefore the auditors have issued a qualified opinion for the year ended 30
i wont be selling now as i don't want to take the hit it's trying to hit when to average down as like you said he will do a placing again just when or will he just sit there for another couple of years taking his salary now he has everything in place?
My guess is nothing will be done. he will have a reason that funds will be needed for a Cinco drill next year but Rmp don't have enough cash for a further drill without a placing. I don't see Georgia as having any value and it's disappointing that he has let the jv off. It's a cash now of average down and hold or sell out
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