Oriole Resources PLC £0.5M VAT Repayment Received (3204X)
April 29 2019 - 2:01AM
UK Regulatory
TIDMORR
RNS Number : 3204X
Oriole Resources PLC
29 April 2019
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
GBP0.5M VAT Repayment Received
Oriole Resources, the AIM-quoted exploration company operating
in Africa and Europe, is delighted to announce that it has now
received a repayment of GBP522k from Her Majesty's Revenue and
Customs ('HMRC') following the positive resolution of its VAT
dispute last year (Announcements dated 13 November 2018 and 31
January 2019).
Bob Smeeton, Chief Financial Officer, said: "We are delighted to
be able to report the receipt of this money, and the end of this
long running dispute, which has been a costly distraction for over
two years. The end of the dispute allows us to reduce professional
advisor fees and provides funds for our continued exploration
operations."
Further Information
In 2017, HMRC ruled that the Group's activities of supporting
its overseas exploration operations could not be classed as an
economic activity for VAT purposes and subsequently demanded that
the Company pay-back the VAT reclaimed in the UK since 2011. This
led to a provision of GBP557k in the 2017 Financial Statements and
a payment to HMRC of GBP593k in June 2018. A successful resolution
to the dispute was reached by the Company during 2018, with HMRC
reversing their decision. The Company has now received GBP522k
reflecting the final agreement with HMRC in respect of recoverbale
VAT.
The funding will enable the Company to progress its new-frontier
gold exploration programme in Cameroon, as well as pursue other
opportunities it is reviewing in Africa and Europe.
** ENDS **
For further information please visit www.orioleresources.com,
@OrioleResources on Twitter, or contact:
Oriole Resources PLC Tel: +44 (0)20 830 9650
Bob Smeeton / Tim Livesey /Claire
Bay
Blytheweigh (IR/PR contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray / Rachael
Brooks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ben Roberts
/ Niall McDonald
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore / Andrew Chubb
Turner Pope Investments (TPI) Tel: +44 (0)2036214120
Ltd
Ben Turner / James Pope / Andy
Thacker
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company,
operating in Africa and Europe. It is focused on early-stage
exploration in Cameroon and the more advanced Dalafin gold project
in Senegal, where IAMGOLD has the option to spend US$8m to earn a
70% interest. The Company has a number of interests and royalties
in companies operating throughout Africa and Turkey and is
assessing new opportunities in both regions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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