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24 Oct 2008 07:00
News Release
24th October 2008
Anglo Pacific Group PLC
Interim Management Statement
Anglo Pacific Group PLC ("Anglo Pacific Group", "the "Group"), the natural resources royalty company, today releases its interim management statement for the period from 1st July 2008 to 23rd October 2008.
Material Events and Transactions
During the period Anglo Pacific Group agreed a 2.5% escalating gold royalty with Mundo Minerals Ltd on its producing Engenho mine in Brazil for A$4.0 million. Following the acquisition of the Kinbauri gold royalty earlier in the year, this confirms the Group's policy of supporting companies which have good management and an increasing resource base.
The Group realised gains of over £4 million during the period. As at 23rd October 2008 the value of the Group's quoted strategic investments had fallen significantly in line with the rest of the mining sector.
Financial Performance
During this period coal royalty receipts increased sharply compared to the previous six months.
Financial Position and Interim Dividend
The Group's liquidity position remains strong with no borrowings.
An interim dividend of 3.45p net per ordinary share (2007 Interim: 3.00p net), representing an increase of 15.0%, will be paid to shareholders on the register at the close of business on 7th November 2008. The shares will be quoted ex dividend in London on 5th November 2008 and in Australia on 3rd November 2008 and the dividend will be paid on 7th January 2009. Shareholders will again be given the opportunity to elect to receive a scrip dividend instead of cash.
Outlook
Recent banking and market problems have made the raising of mining finance from conventional lenders increasingly difficult. In this environment, Anglo Pacific Group, with its healthy liquidity level and continuing strong cashflow, remains well positioned to secure new royalties.
For further information:
Anglo Pacific Group PLC +44 (0) 20 7318 6360
Peter Boycott, Chairman
Matthew Tack, Finance Director
Liberum Capital +44 (0) 20 3100 2000
Simon Atkinson
Simon Stilwell
Scott Harris +44 (0) 20 7653 0030
Stephen Scott
James O'Shaughnessy
Website: www.anglopacificgroup.com
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