Year End Results - Very Positive 22 Sep 2010 14:04
Very Positive Financial Year Results:
Our results for the second year of operations are extremely pleasing, with a
positive comprehensive income for the year of £8,408,770 (2009: £10,005,933).
This figure includes an investment gain of £14,427,398 (2009: £10,259,493), an
exchange loss of £61,521 (2009: Profit £798,146) and impairment losses on the
write off of the Tsumeb land options and related capitalised intangible fixed
asset costs of £5,319,860 (2009: £nil). Following the implementation of
operating efficiencies, the expenses are below budget at £396,888 (2009: £
973,230).
As a result, equity shareholder funds have increased to £35,867,184 (2009: £
26,652,271), a rise of 34.6%. Investments stand at £18,238,155 (2009: £
22,947,634), which relates to our remaining holdings in Kalahari Minerals and
Extract Resources. The entire value of the Tsumeb Option was written off during
the period under review (2009: £5,319,860) due to the imminent expiry at end
July 2010.
Our cash reserves have increased to £17,676,956 (2009: £3,757,960) - a growth
of 370%, following the receipt of £16,472,899 relating to the sale of 8,917,647
Kalahari Minerals Plc shares on the 25 March 2010.
Our share premium has increased to £15,245,789 (2009: £14,560,530), which includes the exercise of share options by Ambrian Investments for 13,705,179 shares at 5 pence per share on the 31 March 2010.