LONDON (Alliance News) - Berkeley Mineral Resources PLC on Monday said it expects to book writedowns of GBP10 million to GBP12 million for its year to June 30, 2014, following the investigation and classification of GBP4.3 million in assets.
On November 4, the company's shares were suspended from trading on AIM after Chairman Alex Borrelli, who took over the role only two weeks earlier, raised concerns over the classification and valuation of GBP4.3 million of prepayments for non-current assets during 2013.
Since then, the company instructed accountancy Crowe Clark Whitehill to lead the investigation. Though the probe is not completed yet, it expects to writedown GBP10 million to GBP12 million in assets for the year to the end of June.
The company's full-year report has been delayed multiple times due to the concerns raised over the asset valuations.
"I look forward to concluding this unfortunate chapter in the company's history with the completion of the investigation and publishing the results for the year ended June 30, 2014," said Borrelli.
Berkeley Mineral Resources also said Monday it has named Jeremy Hawke as a director with reponsibility for operations. Hawke previously held senior positions at Anglo American Corp and Rio Tinto PLC.
The company also said it is "reviewing prospects for realising value from the company's copper interests."
Shares in the company remain suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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