Red Rock Resources PLC - Africa, South America and Australia-focused natural resource exploration and development - Pretax loss widens to GBP3.0 million in the financial year that ended June 30 from GBP2.8 million the year before. Red Rock generates no revenue. Administrative expenses increase to GBP1.4 million from GBP1.2 million. Finance costs more than double to GBP613,000 from GBP285,000.
Looking ahead, Red Rock looks forward to listing of investee Elephant Oil on Nasdaq exchange in New York, saying: "We still expect Elephant Oil to be listed after updating its quarterly results with the [US Securities & Exchange Commission] early in 2024 at a listing price of between USD4.15 and USD5.15 per share, indicating our holding of 397,874 shares may be valued at USD1.9 million, although subject to a six-month hold period post IPO after which we would be in a position to realise all or part of this holding." Red Rock has a market capitalisation in London of GBP1.9 million.
Current stock price: 0.075 pence, down 3.2% on Wednesday afternoon
12-month change: down 76%
By Tom Budszus, Alliance News slot editor
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Red Rock Resources (RRR)