Last checked at 28 Apr 2011 14:01
28 April 2011
ATHOL GOLD LIMITED
(AIM: AHG)
("AHG" or the "Company")
Athol Gold NAV Announcement
The board of Athol Gold today announces that the company's fully diluted NAV has increased from 0.576p on 26th January 2011 (after the issue of shares for performance fees for that quarter) to 0.578p as at 26th April 2011 - an increase of 0.35%.
Athol Gold 's investment strategy is to invest in gold and precious metal companies quoted on stock exchanges in the UK, Canada and Australia. Its investments and assets as at 26th April 2011 are split as follows:
Cash | £34,728 |
Value of investments quoted on UK exchanges | £3,128,325 |
Value of investments quoted on Canadian exchanges | £239,426 |
Total Value of Assets | £3,402,479 |
In calculating the NAV the fully diluted number of shares in issue of 589,339,680 has been used. This is opposed to the 464,284,866 shares used in the NAV calculation as at 26th January 2011 (prior to the issue of the last performance fee).
According to the management agreement, t1ps Investment Management IOM (TIM) is entitled to a fee payable quarterly in shares of 25% of the uplift in NAV per share in each quarter with no fee payable on the percentage of fully diluted equity owned by funds managed by TIM. However, with a watermark set at 0.617p (the NAV for the prior quarter before the issue of performance fee shares), no management fee is due as of this quarter.
Athol will next announce the NAV as at 26th July 2011.
Commenting on the NAV announcement, Tom Winnifrith, Chief Investment Officer of Athol, said:
"Since we took over the management of this company six months ago we have grown total NAV from approximately £259,000 to £3,402,479 and NAV per share from 0.22p to 0.578p. The past three months have seen the gold price increase as we expected but gold equities perform poorly. Against such a backdrop grinding out a 0.35% increase in NAV per share is a testimony to the strength of our portfolio.
"We remain optimistic about the outlook for gold prices, gold equities and our portfolio in particular, noting that a move to AIM by Ascot Mining - our largest holding - is on the cards by the end of June and as such we view the future with extreme confidence. Every 1p on the Ascot share price adds circa 0.06p to our NAV and with other large holdings entering an exciting phase in their development too, notably Ariana Resources, we greatly look forward to the next NAV update in three months time."
Enquiries:
Athol Gold Limited
Jennifer Allsop
Tel: +44 7788 541744
T1ps Investment Management (IoM) Ltd
Tom Winnifrith
Tel: +44 1624 676848
Libertas Capital
Sandy Jamieson
Tel: 0207 569 9650
Bishopsgate Communications
Laura Stevens/ Giang Nguyen
Tel: 020 7562 3350