Ovoca Gold PLC Interim Results (8064Q)
2017年9月15日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMOVG
RNS Number : 8064Q
Ovoca Gold PLC
15 September 2017
Ovoca Gold PLC
15 September 2017
Ovoca Gold plc ("Ovoca" or the "Company")
2017 Interim Results
Ovoca Gold is pleased to announce its interim financial
statements and report covering the six-month period from 1 January
2017 to 30 June 2017.
Please click on the following link to view the full Half Year
Report:
http://www.rns-pdf.londonstockexchange.com/rns/8064Q_-2017-9-14.pdf
Highlights:
-- Cash and cash equivalents and available for sale financial
assets of EUR21.4 million as
at 30 June 2017;
-- Total comprehensive loss for the six-month period to June 30 2017 of EUR1.2 million;
-- Dividend income received during the period of EUR0.3 million
from our holding of Polymetal International Plc shares; and
-- Cash payment of EUR0.5 million received during the period
relating to the sale of mining equipment.
CEO's statement
Dear shareholders,
It is my pleasure to report to you our financials and the
results of our work for the first half of 2017.
During the first half of the year, we completed the disposal of
mining equipment for consideration of approximately EUR0.5 million
and continued with our search for an investor for the Stakhanovsky
project.
During the period we also remained very active with litigation
regarding our outstanding loan to Taymura LLC, which was declared
bankrupt by a Russian court order in February 2016. In accordance
with Russian law, all assets of Taymura LLC were valued by an
independent auditor, and subsequently divided into two main
categories of assets, namely: 1) oil extraction and production
equipment, including the license (valued at approximately US$11
million); and 2) oil products (diesel, gasoline, etc.) stored in
stock reservoirs on site (valued at approximately US$1.3 million).
Taymura LLC also has receivables (of approximately US$2.5 million)
which are also the subject of litigation.
The first group of assets were placed in an auction process in
May 2017; as there were no participants in this first auction
process, it was lapsed. The second auction for the first group of
assets was originally scheduled to take place on 15(th) August 2017
at an initial price equal to US$10 million. However, this auction
is currently suspended pursuant to a court decision. Beneficiaries
of Taymura LLC have continued to use unconstructive tactics in the
courts in order to try and cancel the auction process and to seek
to remove Ovoca from the register of creditors and these activities
have led to a delay in the bankruptcy procedures. Separately,
Taymura LLC disposed of the second group of assets in August 2017
for US$1.3 million and the proceeds received from this disposal
were applied to cover the register of current debt, including
salaries of ex-employees of Taymura.
Ovoca continues to pursue its legal options in order to protect
its interests in the bankruptcy procedure and to enable the
disposal of Taymura assets through the proposed auction at the
market price.
Sincerely,
Kirill Golovanov
CEO
ENDS
Enquiries:
Ovoca Gold plc
Kirill Golovanov, Chief Tel: + 7 495 916 6029
Executive Officer
Davy - NOMAD, ESM Adviser Tel: +353 (1) 679 6363
and Broker
John Frain / Daragh O'Reilly
This information is provided by RNS
The company news service from the London Stock Exchange
END
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