Last checked at 17 Oct 2019 07:00
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining
17 October 2019
Harvest Minerals Limited ('Harvest' or the 'Company')
Change in Financial Year End
Harvest Minerals Limited, the AIM quoted remineraliser producer, announces that following publication of its audited financial statements for the year ended 30 June 2019, it will change its financial year end from 30 June to 31 December.
Rationale for Change
The Company's production and sales cycles work predominately on a calendar basis, consistent with the planting seasons in the Southern Hemisphere, however, its existing financial accounting period has a 30 June year end, which is typical of most Australian incorporated companies.
As these periods do not align, the Company is presented with unnecessary additional work to fully explain its financial performance in its full year and interim accounts, in order to ensure Shareholders have a meaningful insight into the Company's historical and current trading performance at the point at which its accounts are published.
In order to address this going forward, Harvest has applied to, and received approval from, inter alia, the Australian Securities and Investments Commission, to change its year end to 31 December, effective from 1 January 2020.
Next Steps
Harvest intends to release its full year audited financial statements and annual report for the year ended 30 June 2019 in late November 2019. The Company then intends to release audited financial statements for the year ended 31 December 2019 by the end of Q1 2020.
From then on, the Company's financial reporting period will coincide with the calendar year: the Company's unaudited interim results for the 6 months ended 30 June 2020 will be published by 30 September 2020, and the Company's audited annual results for the 12 months ended 31 December 2020 will be published by 30 June 2021.
Brian McMaster, Executive Chairman of Harvest stated, "Changing our year end to align with buying patterns is an important step in simplifying our financial reporting procedures and improving communication with our shareholders. Going forward, we hope this change will give shareholders a fuller understanding of how the business is operating."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
*ENDS*
For further information, please visit www.harvestminerals.net or contact:
Harvest Minerals Limited | Brian McMaster (Chairman) Dr Mark Heyhoe (COO) | Tel: +44 (0) 20 7317 6629 |
Strand Hanson Limited Nominated & Financial Adviser | James Spinney Ritchie Balmer Jack Botros | Tel: +44 (0) 20 7409 3494 |
Shard Capital Partners Broker | Damon Heath | Tel: +44 (0) 20 7186 9900 |
St Brides Partners Ltd Financial PR | Isabel de Salis
| Tel: +44 (0) 20 7236 1177 |
Notes
Harvest Minerals Limited (HMI.L) is an AIM-quoted low-cost and high margin Brazilian fertiliser producer, located in the heart of the largest and fastest growing fertilizer market in Brazil.
Its product, KPFértil, is a registered organic multi-nutrient direct application fertiliser. This contains many of the essential nutrients and minerals required by plants and, unlike most fertilisers, it does not require any complex processing or chemically alteration, instead it can be applied directly to crops.
KPFértil is produced at the Company's wholly owned Arapua project, that consists of a fully permitted mine, production and storage facilities able to produce and deliver KPFértil to customers. Known mineralisation at Arapua is expected to support 100+ years' production at 450Ktpa.
The Company's focus remains on growing its business. To this end, it has a dedicated in-country sales and marketing team with the skills, experience and contacts to sell KPFértil into the potential multi-Mtpa market on the doorstep of Arapua.