MMO23 Nov 2014 12:43
The Group had cash reserves of £1,417,000 at the year end, after corporate expenses of £480,000 had been incurred during the year.
On 7 May 2014 the Company's shareholders approved a resolution to amend the Company's investing policy. Subsequently, after undertaking due diligence, it was able to announce a range of investments on 29 May 2014, after the end of the accounting period, and as a result the Group now holds investments totalling £768,000 on its balance sheet. This consists of:
· £400,000 invested for a 30% interest in Lion Natural Resources PLC, which holds investments in two companies with projects in Sierra Leone and Kenya;
· £300,000 invested for a 35% interest in NWT Coal Limited, an unquoted company with two coal concessions in Vietnam; and
· £68,000 invested in 7% convertible debentures of Maverick Petroleum Limited an oil company with a focus in the Republic of Chad.
Investments and cash matching 2.1 million £ and a mcap of £0.73 million ...