29 Jan 2021 07:00
29 January 2021
Red Emperor Resources NL
Quarterly Activities and Cashflow Report
For the Period ended 31 December 2020
The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP", "Red Emperor" or the "Company") provides the following commentary on its activities and an Appendix 5B for the quarter ended 31 December 2020.
Corporate
During the quarter, Red Emperor continued to evaluate potential deal opportunities, primarily in the global oil and gas sector. While mainly focused on exploration projects, the Board have continued to be very mindful of protecting the Company's balance sheet and by extension, shareholder value.
There were also a number of potential projects considered during the quarter in the wider natural resources sector outside of oil and gas cognisant that pursuant to AIM Rule 15, the Company is required to make an acquisition, or acquisitions, which constitute(s) a reverse takeover under AIM Rule 14, or alternatively seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being a "Re-admission Transaction"), either of which would require, inter alia, the preparation and publication of an AIM admission document and a full re-admission process. If a Re-admission Transaction is not completed by 20 July 2021 admission to trading on AIM of the Company's ordinary shares will be cancelled pursuant to AIM Rule 41.
The Company intends shortly to make an application to ASX in respect of a proposed transaction under ASX Listing Rule 11.1.
Financial Commentary
The Quarterly Cashflow Report (Appendix 5B) for the period ending 31 December 2020 provides an overview of the Company's financial activities and can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/3360N_1-2021-1-29.pdf. The Company is in a strong financial position with A$4.23 million in cash at the end of the quarter. This will be sufficient to fund corporate costs well into 2021 and also facilitate the identification, evaluation and potential acquisition of new ventures and opportunities.
Payments for administration and corporate costs amounted to A$169k and related to costs incurred in respect of and associated with directors' fees, listing and compliance and consulting fees. The aggregate amount of payments to related parties and their associates included in the quarter's cash flows from operating activities was approximately A$72.5k (please refer to Table 1 below).
For further information, please visit www.redemperorresources.com or contact:
Red Emperor Resources NL - Greg Bandy | +61 8 9212 0102 |
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Strand Hanson Limited (Nominated Adviser) - James Harris |
+44 (0) 20 7409 3494 |
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Brandon Hill Capital (UK Broker) | +44 (0) 203 463 5010 |
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708 Capital Pty Ltd (Australian Broker) | +61 (0) 2 9112 2500 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
Table 1: Payments to Related Parties of the Entity and their Associates
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Directors' Remuneration |
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Managing Director's Fees and Superannuation | 49,275 | 49,275 |
Non-Executive Director Fees and Superannuation | 8,213 | 8,213 |
Company Secretarial and CFO Fees | 15,000 | 15,000 |
Total payments to related parties of the entity and their associates | 72,488 | 72,488 |