TIDMOVG
RNS Number : 9857Z
Ovoca Gold PLC
30 September 2009
30 September 2009
Interim Results
OVOCA GOLD plc (the "Company") (DUBLIN IEX - OVX.IR; LONDON AIM OVG.L; FRANKFURT
OVX.GR) is pleased to announce its interim financial statements covering the six
month period from 1 January 2009 to 30 June 2009.
Highlights
* Completion of disposal of CJSC Prospectors Artel Ayax
* Interim profit of US$8.2 million.
The Company realised a gain of approximately US$8.3 million on the sale of 5
million Polymetal shares that were received as part consideration for the sale
of the Goltsovoye silver property. The Company's remaining 2.01 million
Polymetal shares have a market value of approximately US$17m (as of close of
trading on 29 September 2009) which equates to an unrealised gain of
approximately US$8.0 million.
Ovoca Gold engaged an asset manager in June 2009 to help the company build a
portfolio of gold and gold related stocks with a portion of the cash received
from the sale of Ajax and the subsequent sale of Polymetal shares earlier this
year. Ovoca Gold is ultimately a company with exposure to the gold market and
management believe that it is prudent to maintain that exposure while reducing
the Company's risk of owning one stock. Therefore an independent professional
asset manager has been retained on industry standard terms to invest some of the
Company's cash balance into gold and the shares of liquid gold mining stocks.
The Company will retain full, direct title to the portfolio and US$10m will
initially be assigned to the manager.
Management continues to investigate the acquisition of exploration and
development assets in the gold sector, but until such time as an acquisition is
made, it is sensible to diversify away from cash and obtain exposure to gold
directly or indirectly via gold shares as a way to preserve the purchasing power
of the Company's cash and securities.
The Financial Statements for the Company for the six month period ended 30 June
2009 have been published today. Copies of these documents will be available on
the Company's website www.ovocagold.com and will also be available on request
for one month from 30 September 2009, free of charge, from the Company's
registered office at Connaught House, Burlington Road, Dublin 4, Ireland.
About Ovoca Gold plc:
Ovoca Gold plc is an international exploration company quoted in London, Dublin
and Frankfurt, exploring for precious and base metals in Russia.
For further information please visit www.ovocagold.com or contact:
Ovoca Gold plc
Timothy McCutcheon+7 495 916 6029 timothy.mccutcheon@ovocagold.com
Mr Danesh Varma, CFO +44 207 653 9881 danesh.varma@ovocagold.com
Davy Corporate Finance
John Frain +353 1 679 6363
+----------------------------------------------------------------------------+-------------+----+--------------+
| Group Income Statement | | | |
+----------------------------------------------------------------------------+-------------+----+--------------+
| for the six month period ended 30 June 2009 and 30 June 2008 | | | |
+----------------------------------------------------------------------------+-------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+-------------+----+--------------+
| Continuing Operations | 30/06/09 | | 30/06/08 |
+----------------------------------------------------------------------------+-------------+----+--------------+
| | US$ | | US$ |
+----------------------------------------------------------------------------+-------------+----+--------------+
| General & administrative expenses | (281,141) | | (972,271) |
+----------------------------------------------------------------------------+-------------+----+--------------+
| Operating profit/(loss) | (281,141) | | (972,271) |
+----------------------------------------------------------------------------+-------------+----+--------------+
| Interest receivable and similar income | 167,383 | | 7,231 |
+----------------------------------------------------------------------------+-------------+----+--------------+
| Investment income | 8,335,640 | | - |
+----------------------------------------------------------------------------+-------------+----+--------------+
| Profit/(loss) for the year before tax | 8,221,882 | | (965,040) |
+----------------------------------------------------------------------------+-------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+-------------+----+--------------+
| Taxation | (23,365) | | - |
+----------------------------------------------------------------------------+-------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+-------------+----+--------------+
| Profit/(loss) from continuing operations | 8,198,517 | | (965,040) |
+----------------------------------------------------------------------------+-------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+-------------+----+--------------+
| Earnings/(loss) per share | | | |
+----------------------------------------------------------------------------+-------------+----+--------------+
| Basic earnings/(loss) per share | 1.87 Cents | | (0.22 Cents) |
+----------------------------------------------------------------------------+-------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+-------------+----+--------------+
| Diluted gain/(loss) per share | 1.74 Cents | | (0.21 Cents) |
+----------------------------------------------------------------------------+-------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+-------------+----+--------------+
Group Statement of Changes in Equity
From 1 January 2007 to 30 June 2009
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| | Shared | Share | Share | Capital | Foreign | Retained | Total |
| | capital | premium | based | Conversion | currency | losses | |
| | | | payment | Reserve | translation | | |
| | | | reserve | | reserve | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| | US$ | US$ | US$ | US$ | US$ | US$ | US$ |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Balance at 1 January 2007 | 10,447,914 | 45,317,349 | 686,611 | 15,149 | - | (15,874,116) | 40,622,907 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Loss for the year | - | - | - | - | - | (1,248,665) | (1,248,665) |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Foreign currency translation | 1,111,088 | 4,805,501 | 72,809 | 1,606 | (376,293) | (1,305,288) | 4,309,423 |
| reserve | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Proceeds of share issue | 4,205,854 | 19,314,276 | - | - | - | - | 23,520,130 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Balance at 31 December 2007 | 15,794,856 | 69,437,126 | 759,420 | 16,755 | (376,293) | (18,428,069) | 67,203,795 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Balance at 1 January 2008 | 15,794,856 | 69,437,126 | 759,420 | 16,755 | (376,293) | (18,428,069) | 67,203,795 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Loss for the year | - | - | - | - | - | (12,206,314) | (12,206,314) |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Foreign currency translation | (537,644) | (2,363,584) | (25,850) | (570) | 1,632,762 | (920,990) | (2,215,876) |
| reserve | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Proceeds of share issue | 328,456 | 735,817 | - | - | - | - | 1,064,273 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Balance at 31 December 2008 | 15,585,668 | 67,809,359 | 733,570 | 16,185 | 1,256,469 | (31,555,373) | 53,845,878 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Balance at 1 January 2009 | 15,585,668 | 67,809,359 | 733,570 | 16,185 | 1,256,469 | (31,555,373) | 53,845,878 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Profit for the period | - | - | - | - | - | 8,198,517 | 8,198,517 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Foreign currency translation | - | - | - | - | (410,716) | - | (410,716) |
| reserve | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Unrealised gain | - | - | - | - | - | 8,828,701 | 8,828,701 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| Balance at 30 June 2009 | 15,585,668 | 67,809,359 | 733,570 | 16,185 | 845,753 | (14,528,155) | 70,462,380 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
| | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+--------------+
Company Statement of Changes in Equity
From 1 January 2007 to 30 June 2009
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| | Shared | Share | Share | Capital | Foreign | Retained | Total |
| | capital | premium | based | Conversion | currency | losses | |
| | | | payment | Reserve | translation | | |
| | | | reserve | | reserve | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| | US$ | US$ | US$ | US$ | US$ | US$ | US$ |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Balance at 1 January 2007 | 10,447,914 | 45,317,349 | 686,611 | 15,149 | - | (16,568,029) | 39,928,994 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Loss for the year | - | - | - | - | - | (1,217,042) | (1,217,042) |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Foreign currency translation | 1,111,088 | 4,805,501 | 72,809 | 1,606 | (391,551) | (1,390,192) | 4,209,261 |
| reserve | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Proceeds of share issue | 4,205,854 | 19,314,276 | - | - | - | - | 23,520,130 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Balance at 31 December 2007 | 15,794,856 | 69,437,126 | 759,420 | 16,755 | (391,551) | (19,175,263) | 66,441,343 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Balance at 1 January 2008 | 15,794,856 | 69,437,126 | 759,420 | 16,755 | (391,551) | (19,175,263) | 66,441,343 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Loss for the year | - | - | - | - | - | (1,484,707) | (1,484,707) |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Foreign currency translation | (537,644) | (2,363,584) | (25,850) | (570) | 391,551 | (622,558) | (3,158,655) |
| reserve | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Proceeds of share issue | 328,456 | 735,817 | - | - | - | - | 1,064,273 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Balance at 31 December 2008 | 15,585,668 | 67,809,359 | 733,570 | 16,185 | - | 2,730,870 | 86,875,652 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Balance at 1 January 2009 | 15,585,668 | 67,809,359 | 733,570 | 16,185 | - | 2,730,870 | 86,875,652 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Loss for the period | - | - | - | - | - | (6,762,164) | (6,762,164) |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Foreign currency translation | - | - | - | - | (410,716) | - | (410,716) |
| reserve | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| Balance at 30 June 2009 | 15,585,668 | 67,809,359 | 733,570 | 16,185 | (410,716) | (4,031,294) | 79,702,772 |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
| | | | | | | | |
+--------------------------------+------------+-------------+-----------+------------+-------------+--------------+-------------+
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Group Balance Sheet | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| as at 30 June 2009 | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | 30/06/09 | | 31/12/08 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Assets | US$ | | US$ |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Non-Current Assets | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Intangible assets | 11,251,169 | | 10,535,350 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Property, plant and equipment | 359,268 | | 1,538,184 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Other financial assets | 19,864,578 | | 33,750,000 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | 31,475,015 | | 45,823,534 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Current Assets | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Trade and other receivables | 5,913,469 | | 378,865 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Cash and cash equivalents | 34,704,573 | | 9,569,193 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | 40,618,042 | | 9,948,058 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Total Assets | 72,093,057 | | 55,771,592 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Equity and Liabilities | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Equity | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Called up share capital | 15,585,668 | | 15,585,668 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Share premium account | 67,809,359 | | 67,809,359 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Other reserves | 16,185 | | 16,185 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Share based payment reserve | 733,570 | | 733,570 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Foreign currency translation reserve | 845,753 | | 1,256,469 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Profit and loss account | (14,528,155) | | (31,555,373) |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Attributable to equity shareholders | 70,462,380 | | 53,845,878 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Minority Interest | 1 | | 1 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | 70,462,381 | | 53,845,879 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Current Liabilities | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Trade and other payables | 1,630,676 | | 1,925,714 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Total Liabilities | 1,628,386 | | 1,925,714 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Total Equity and Liabilities | 72,093,057 | | 55,771,592 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Company Balance Sheet | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| as at 30 June 2009 | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | 30/06/09 | | 31/12/08 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | US$ | | US$ |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Assets | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Non-Current Assets | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Intangible assets | 300,347 | | 38,391 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Financial assets | 8,745,236 | | 8,745,236 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | 9,045,583 | | 8,783,627 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Current Assets | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Trade and other receivables | 70,455,019 | | 82,013,534 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Cash and cash equivalents | 3,442,456 | | 28,598 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | 73,897,475 | | 82,042,122 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Total Assets | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | 82,943,058 | | 90,825,759 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Equity and Liabilities | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Equity | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Called up share capital | 15,585,668 | | 15,585,668 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Share premium account | 67,809,359 | | 67,809,359 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Capital conversion reserve fund | 16,185 | | 16,185 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Share based payment reserve | 733,570 | | 733,570 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Foreign currency translation reserve | (410,716) | | - |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Profit and loss account | (4,031,294) | | 2,730,870 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Attributable to equity shareholders | 79,702,772 | | 86,875,652 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Current Liabilities | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Trade and other payables | 3,240,286 | | 3,950,107 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Total Liabilities | 3,240,286 | | 3,950,107 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Total Equity and Liabilities | 82,943,058 | | 90,825,759 |
+----------------------------------------------------------------------------+--------------+----+--------------+
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Group Cash Flow Statement | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| for the six month period ended 30th June 2009 | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | 30/06/09 | | 31/12/08 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | US$ | | US$ |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Cash flows from operating activities | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Net profit/(loss) for the period before taxation | 8,221,882 | | (1,800,382) |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Adjustments for: | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Depreciation | 104,629 | | 24,317 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Realised gain on sale of investments | (8,335,640) | | - |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Interest receivable | (105,373) | | - |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Exploration costs written off | - | | 296,305 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Foreign currency translation differences | 845,753 | | (197,870) |
+----------------------------------------------------------------------------+--------------+----+--------------+
| (Increase)/Decrease in debtors | (5,534,604) | | 1,554,866 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Increase/(Decrease) in creditors | (295,038) | | 185,306 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Net cash from operating activities | (5,098,391) | | 62,542 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Cash flows from financing activities | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Proceeds of issue of share capital | - | | 1,064,273 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Net cash from financing activities | - | | 1,064,273 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Cash flows from investing activities | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Proceeds from sale of subsidiary | - | | 11,000,000 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Proceeds from sale of investments | 31,119,026 | | - |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Expenditure on exploration activities | (715,819) | | (8,797,128) |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Purchases of property, plant & equipment | (231,445) | | (1,112,063) |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Interest received | 62,009 | | 6,923 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Net cash flow from investing activities | 30,233,771 | | 1,097,732 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Net (Decrease)/ Increase in cash and cash equivalents | 25,135,380 | | 2,224,547 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Cash and Cash Equivalents at beginning of period | 9,569,193 | | 7,344,646 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Cash and cash equivalents at end of period | 34,704,573 | | 9,569,193 |
+----------------------------------------------------------------------------+--------------+----+--------------+
| | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Cash and cash equivalents are made up of | | | |
+----------------------------------------------------------------------------+--------------+----+--------------+
| Cash at bank | 34,704,573 | | 9,569,193 |
+----------------------------------------------------------------------------+--------------+----+--------------+
Notes
1. The Company changed its reporting currency from Euros to US Dollar effective 1
January 2009.
2. No dividend is proposed in respect of the period.
3. Investment income of US$8.3m relates to the realised gain from the sale of
5,047,583 of the total Polymetal shares that were received from the purchaser in
part consideration for the sale of CJSC Prospectors Artel Ayax.
4. Unrealised gain on the remaining 2,452,417 Polymetal shares was US$8.8m as at
30th June 2009, and is not included within the income statement.
5. The calculations of earnings/(loss) per share have been based on the retained
profit after taxation for the period and on a weighted average of 438,402,373
shares in issue during the period.
6. The unaudited results have been prepared on a going concern basis and on the
basis of the accounting policies adopted in the audited accounts for the year
ended 31 December 2008.
7. The interim report is unaudited and does not constitute Statutory Accounts as
defined in S.148 of the Companies Act 1963. A copy of the Group's Statutory
Accounts at 31 December 2008 has been filed with the Irish authorities. The
auditors' opinion on these Statutory Accounts was unqualified.
8. The interim report for the six months to 30 June 2009 was approved by the
Directors on 29 September 2009
9. Copies of the announcement will be available for inspection at the Company's
registered offices at Connaught House, Burlington Road, Dublin 4, Ireland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EALNEDDFNEFE
Ovoca Gold (LSE:OVG)
Historical Stock Chart
From Jul 2024 to Aug 2024
Ovoca Gold (LSE:OVG)
Historical Stock Chart
From Aug 2023 to Aug 2024
