CRHL17 Oct 2012 16:25
Good to see The Creat Group still supporting us, but hey they hve to lol
The Group's accounts for the year ended 30 June 2012 are being audited and will be published soon, however, the negative equity position of the Group has further deteriorated since the last reporting period. Therefore, part of the proceeds of the Sale will be applied to the payment of debts as they fall due and to working capital. In parallel with the above, in order to maximise returns to Shareholders and in compliance with the AIM Rules, the Company will look into new investment opportunities. Therefore, it is intended that part of the proceeds of the Sale will be applied to new investment opportunities. The Board has been informed by Creat Group, as the major creditor and major shareholder of the Company, that, subject to relevant regulatory approval, Creat Group will continue to support the Company in further investments which are considered to have good potential.
Investing Policy
Global demand for lower end resources is expected to remain sluggish due to the global economic environment and in combination with tighter environmental regulations, this has resulted in increased mining costs. Accordingly, the Directors consider that only resources or commodities with higher commercial value are likely to result in commercially viable investment opportunities. As such, the Directors' main investment criteria are as follows:
· Companies or assets focused on commodities with high commercial value and / or other resources with special characteristics rather than traditional resources;
· Investment opportunities where the Company does not only contribute financially but can also utilise its management experience and the substantial connections of its holding company, Creat Group;
The Directors will consider investment opportunities in both high risk early stage assets and companies as well as lower risk investments in more mature assets and companies, seeking a higher expected rate of return where the risk is expected to be higher.
The Directors will consider investments that will result in either minority or majority holdings in private or publically listed companies.
These criteria are not intended to be exhaustive. However the Company may make an investment which does not fulfil all the investment criteria if the Directors believe that it is in the interests of Shareholders as a whole to proceed with such an investment. An investment constituting a reverse takeover under the AIM Rules will be conditional on the approval of Shareholders in a general meeting and will require the publication of an admission document
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