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(PGL.L) Peninsular Gold Ltd Buy/Sell
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Summary
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| Date/Time | Headline | Source |
|---|---|---|
| 17-03-10 | RNS |
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RNS Number : 7543I Peninsular Gold Limited 17 March 2010 17th March 2010 Peninsular Gold Limited ("the Company")
FIRST PREFERENCE SHARE CONVERSION The Company announces it has received notice from a holder of Preference Shares in the Company's capital of their intention to convert 560,000 Preference Shares into Ordinary Shares of the Company. In accordance with the provisions of the Company's Articles of Association ("Articles") these Preference Shares have automatically converted into 560,000 Ordinary Shares and an additional 140,000 new Ordinary Shares have also been allotted and issued to the holder in accordance with the Articles. The 700,000 new Ordinary Shares ("New Ordinary Shares") arising from the conversion will rank pari passu in all respects with the existing Ordinary Shares in issue. Following conversion of the above Preference Shares, the Company's issued share capital is as follows:
Application will be made for the New Ordinary Shares to be admitted to trading on AIM, with admission expected to take place on or around 24th March 2010.
Further information:- Dato' Sri Andrew Kam Chairman and Chief Executive Peninsular Gold Limited Tel: +603 2698 8381 Patrick Watson Finance Director Peninsular Gold Ltd. Tel: +44 7799 885653 Richard Greenfield Ambrian Partners Limited Tel: +44 (0) 20 7634 4700 Jerry Keen Astaire Securities plc Tel: +44 207 448 4492 This information is provided by RNS The company news service from the London Stock Exchange END
IOELLFVRVRIDLII More |
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| 17-03-10 | RNS |
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RNS Number : 7133I Peninsular Gold Limited 17 March 2010 17th March 2010 Peninsular Gold Limited ("the Company") Conversion of Convertible Loan Agreements On 23rd December 2009, the Company announced it had entered into Convertible Loan Agreements in respect of US$1.5 million ("Loans"), which have since been fully drawn down by the Company. Pursuant to the terms of the Loans, the Company has now received notices from the lenders that the Loans plus accrued interest of 10% be converted into Ordinary Shares of the Company at the conversion price of 50p per new Ordinary Share. The number of new ordinary shares to be allotted and issued in satisfaction of the Loans and accrued interest will be calculated by reference to the prevailing US$/Sterling exchange rate as at the conversion date which is 7 days before the maturity of each Loan. The new shares are expected to be admitted to trading on AIM on or before 30th April 2010. A further announcement will be made in due course.
Further information:- Dato' Sri Andrew Kam Chairman and Chief Executive Peninsular Gold Limited Tel: +603 2698 8381 Patrick Watson Finance Director Peninsular Gold Ltd. Tel: +44 7799 885653 Richard Greenfield Ambrian Partners Limited Tel: +44 (0) 20 7634 4700 Jerry Keen Astaire Securities plc Tel: +44 207 448 4492 This information is provided by RNS The company news service from the London Stock Exchange END
CONJRMPTMBABMTM More |
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| 01-03-10 | RNS |
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RNS Number : 8090H Peninsular Gold Limited 01 March 2010 Peninsular Gold Limited ('Peninsular Gold' or the 'Company' or the 'Group') (AIM: PGL) Interim results (unaudited) for the six month period to 31st December 2009 Overview · Peninsular Gold announces maiden profit following first gold pour at Raub in February 2009;
· Peninsular Gold remains unhedged thus maintaining robust margins with cash operating costs of approximately $400 per ounce;
CHAIRMAN'S STATEMENT Dear Shareholders, The last six months have seen steady development and have brought an improvement to our financial results. I am therefore pleased to report to you that for the six months from 1 July to 31 December 2009 the Group's financial results have improved, recording a net profit of £229,254 compared to a loss of £671,699 for the period 1 July 2008 to 31 December 2008. Gold production at the Raub project in the 11 months to 31 January 2010, since the first gold pour in February 2009, was 14,459 ounces and for the six months to 31 December 2009 was 8,060 ounces. The Raub carbon-in-leach plant ('Plant') is performing well and has achieved gold recovery levels from the tailings of over 83%. This period since the first pour has been one of further commissioning and operational tuning of the Plant. We still remain a relatively low cost producer with a cash operating cost of approximately US$400 per ounce. Strategy and Outlook The initial plan with the 1.1 million tonnes per annum ('mtpa') plant was to produce an average of 25,000 ounces of gold per annum from tailings over the life of the tailings resources. We have revised our strategy with the aim of significantly increasing gold production by the upgrading of the Raub plant and have secured financing facilities to fund the necessary work. The upgraded plant will have a crushing and milling circuit to enable the processing of up to 2mtpa, including higher grade material as well as tailings, and will be capable of producing up to 100,000 ounces of gold per annum. With the plant upgrade, we should see improved production levels during 2011. The Company intends to identify further resources of at least 1 million to 2 million ounces of gold at Raub, both from the envelope of the previous underground workings and from the vertical extension of the high grade zones recently identified in the shallow oxide ore. The first phase of the exploration program shall include reverse circulation and diamond drilling with a focus on the vertical extension, to a depth of 150m, of the veins that form the current JORC compliant oxide resource of 218,000 ounces Au. Further exploration work will also target the deeper main lode, which has been known historically to produce over 10g/t of gold. Our team is being strengthened overall as we move to bring in-house more of the operational management of the plant and to fulfill the commitment to transfer new skills and know-how to the local workforce, managers and engineers. Over the coming months our main focus will be on developing the Raub project on both the plant and exploration fronts and I look forward to updating the market as we progress. Dato' Sri Andrew Tai Yeow Kam Chairman and Chief Executive Condensed Consolidated Statement of Financial Position (Unaudited) at 31st December 2009 (Expressed in United Kingdom Sterling)
2009
Non-Current Assets
Current Assets
Current Liabilities
Liabilities
Non-Current Liabilities
portion
Shareholders' Equity
Condensed Consolidated Statement of Comprehensive Income (Unaudited) for the Period From 1st July 2009 to 31st December 2009 (Expressed in United Kingdom Sterling)
2009
Discount on repurchase of
Deferred financing costs
taxation
Other Comprehensive Income:
translation of foreign
operations
Other Comprehensive Income for
Total Comprehensive Income for
Profit/(Loss) attributable to
:
parent
Total Comprehensive Income
attributable to :
parent
share Condensed Consolidated Statement of Changes in Equity (Unaudited) For the Period From 1st July 2009 to 31st December 2009 (Expressed in United Kingdom Sterling)
reported
relating to preference
dividends (Note 10)
cash
differences
notes - Equity portion
differences
differences
Condensed Consolidated Statement of Cash Flows (Unaudited) For the Period From 1st July 2009 to 31st December 2009 (Expressed in United Kingdom Sterling)
2009
Operating Activities
plant and equipment
exchange
convertible loan notes
development expenditure
intangible assets
notes
costs for bank loan
working capital changes
Changes in working capital:
trade and other receivables
payables
operating activities
Investing Activities
and equipment
activities Condensed Consolidated Statement of Cash Flows (Unaudited) (continued) For the Period From 1st July 2009 to 31st December 2009 (Expressed in United Kingdom Sterling)
2009
Financing Activities
7)
obligations
ordinary shares
convertible loans
notes
activities
Equivalent
Period (Note 5) Notes to the Financial Statements (Unaudited) For the Period From 1st July 2009 to 31st December 2009 1. Accounting Policies These financial statements for the period from 1st July 2009 to 31st December 2009 have been prepared in accordance with International Accounting Standard 34 which applies to interim financial statements. The same accounting policies and methods of computation are followed in these interim financial statements as were used in the preparation of the financial statements for the year ended 30th June 2009. A copy of those accounts is available on www.peninsulargold.com. The information provided as comparatives herein for the year ended 30th June 2009 does not constitute the full statutory accounts as per Jersey law by itself. This information was derived from the statutory accounts for the year ended 30th June 2009, a copy of which has been delivered to the Registrar of Companies. The auditors' report on the said accounts was not qualified.
The new and revised Standards and Interpretations
have been adopted in the current period, to the
extent that they influenced the accounting treatment
of the Group's transactions, and have affected the
layout and the amounts reported in these financial
statements in the following manner.
Standard affecting presentation and disclosure
2007)Presentation of Financial has introduced a
2. Property, Plant and Equipment
Cost
difference
Accumulated depreciation
difference
Net Book Value
Assets under construction refer to the construction works in progress for the Carbon-In-Leach Plant. In September 2009, RAGM commenced its project to upgrade the Carbon-In-Leach Plant at its Raub gold project in Pahang, Malaysia. Leasehold land refers to a piece of land, owned by SEREM, to which mining certificate MC511 relates. 3. Mining development expenditure
2009
Cost
Amortisation
The directors are of the view that there will be sufficient future revenues from the extraction of gold to offset the mining development expenditure capitalised in the financial statements.
2009
and prepayments
2009
bank
A fixed deposit with a licensed bank has not been included in Cash and Cash Equivalents, within the Consolidated Statement of Cash Flows, as it has a maturity exceeding three months.
2009
(Note 10)
7. Borrowings
2009
Current Portion
Non-current Portion
portion
The Bank Loan provided to RAGM has increased from £11.1 million (Malaysian Ringgit 65.1 million), as reported in the audited accounts on 30th June 2009 to £14.9 million (Malaysian Ringgit 81.7 million) as of 31st December 2009, with the additional financing provided for the expansion of the Carbon In Leach plant and other infrastructure works in relation to the gold mining business in Raub, Pahang. The loans are secured by way of a debenture over all the assets and undertakings of Raub Australian Gold Mining Sdn. Bhd., a third party charge over a property owned by a company under common control and a corporate guarantee provided by the Parent Company.
The existing loans of £11.1 million (Malaysian Ringgit 65.1 million) are repayable in 60 installments commencing from 28th February 2009 whereas the new loans are repayable in 48 installments commencing only upon completion of the entire loan drawdown, as drawdown progresses in line with the plant expansion work over years 2009 and 2010 and beyond. The Group's bank loans are subject to interest rates of 2 % to 4% per annum above the base lender's base lending rate, currently 5.95%. In December 2009, the Company entered into convertible loan agreements of US$1.5 million for purposes of working capital and repayment of existing debts. Interest for the loans is at 10% per annum. The said loans are repayable in full 3 months from the date of drawdown and are convertible in whole or in part into new ordinary shares of no par value in the capital of the Company at a price of 50p per share. The said loans are secured on a corporate guarantee from S.E.R.E.M Malaysia Sdn Bhd., a wholly owned subsidiary of Peninsular Gold Ltd.
Company
Authorised
£Nil par value each
Allotted, called up and fully
paid
£Nil par value each
£Nil par value each - - - 9. Translation reserve Assets and liabilities of foreign consolidated subsidiaries are translated into United Kingdom Sterling at the rate of exchange ruling at the balance sheet date. Revenue and expenses are translated at the average exchange rates for the period. All resulting translation differences are included in a translation reserve in equity. The closing rates used in the translation of foreign currency monetary assets and liabilities are as follows:
10. Dividends Included in the Financing Costs is an amount of £38,400 in respect of 2,560,000 redeemable, convertible 6% preference shares' dividends. In accordance with the share subscription agreement, preference dividends should be accrued from the date of issuance to the conversion date or the redemption date. The accumulated amount of preference dividends has now amounted to £345,600 since the issue of the said shares at £0.50 per share on 27th May 2005, as indicated in the trade and other payables. A prior period adjustment has arisen for inclusion of the said accrued preference dividends at 30th June, 2008, amounting to £230,400. The accumulated dividends are from date of issue up to 30th June 2008, to be adjusted into the losses for year ended 30th June 2008 and trade and other payables. 11. Earnings per share The calculation of earnings / (loss) per share is based on the earnings / (loss) for the period after taxation and on the weighted average number of shares in issue during the period as below:-
attributable to equity
shareholders of the Parent
shares
The redeemable preference shares are non-dilutive. 12. Segmental information Currently all revenues, profits and losses before tax and the carrying value of assets and liabilities arise from the production and sale of gold dor?ars and activities related to the upgrade of the carbon-in-leach plant and gold mining and exploration activity within Malaysia. IFRS 8 has replaced IAS 14 'Segmental Reporting.' It requires a 'management approach' under which segment information is presented on the same basis as that used for internal reporting purposes. This has not resulted in a change to our reportable segments as these are consistent with internal reporting provided to the chief operating decision-maker.
For further information:
Peninsular Gold Limited
Chairman and Chief Executive
Finance Director
Ambrian Partners Limited
Conduit PR Limited
Astaire Securities Plc
This information is provided by RNS The company news service from the London Stock Exchange END
IR GMGZZLRNGGZM More |
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| 01-03-10 | RNS |
|
|
RNS Number : 8090H Peninsular Gold Limited 01 March 2010 Peninsular Gold Limited ('Peninsular Gold' or the 'Company' or the 'Group') (AIM: PGL) Interim results (unaudited) for the six month period to 31st December 2009 Overview · Peninsular Gold announces maiden profit following first gold pour at Raub in February 2009;
· Peninsular Gold remains unhedged thus maintaining robust margins with cash operating costs of approximately $400 per ounce;
CHAIRMAN'S STATEMENT Dear Shareholders, The last six months have seen steady development and have brought an improvement to our financial results. I am therefore pleased to report to you that for the six months from 1 July to 31 December 2009 the Group's financial results have improved, recording a net profit of £229,254 compared to a loss of £671,699 for the period 1 July 2008 to 31 December 2008. Gold production at the Raub project in the 11 months to 31 January 2010, since the first gold pour in February 2009, was 14,459 ounces and for the six months to 31 December 2009 was 8,060 ounces. The Raub carbon-in-leach plant ('Plant') is performing well and has achieved gold recovery levels from the tailings of over 83%. This period since the first pour has been one of further commissioning and operational tuning of the Plant. We still remain a relatively low cost producer with a cash operating cost of approximately US$400 per ounce. Strategy and Outlook The initial plan with the 1.1 million tonnes per annum ('mtpa') plant was to produce an average of 25,000 ounces of gold per annum from tailings over the life of the tailings resources. We have revised our strategy with the aim of significantly increasing gold production by the upgrading of the Raub plant and have secured financing facilities to fund the necessary work. The upgraded plant will have a crushing and milling circuit to enable the processing of up to 2mtpa, including higher grade material as well as tailings, and will be capable of producing up to 100,000 ounces of gold per annum. With the plant upgrade, we should see improved production levels during 2011. The Company intends to identify further resources of at least 1 million to 2 million ounces of gold at Raub, both from the envelope of the previous underground workings and from the vertical extension of the high grade zones recently identified in the shallow oxide ore. The first phase of the exploration program shall include reverse circulation and diamond drilling with a focus on the vertical extension, to a depth of 150m, of the veins that form the current JORC compliant oxide resource of 218,000 ounces Au. Further exploration work will also target the deeper main lode, which has been known historically to produce over 10g/t of gold. Our team is being strengthened overall as we move to bring in-house more of the operational management of the plant and to fulfill the commitment to transfer new skills and know-how to the local workforce, managers and engineers. Over the coming months our main focus will be on developing the Raub project on both the plant and exploration fronts and I look forward to updating the market as we progress. Dato' Sri Andrew Tai Yeow Kam Chairman and Chief Executive Condensed Consolidated Statement of Financial Position (Unaudited) at 31st December 2009 (Expressed in United Kingdom Sterling)
2009
Non-Current Assets
Current Assets
Current Liabilities
Liabilities
Non-Current Liabilities
portion
Shareholders' Equity
Condensed Consolidated Statement of Comprehensive Income (Unaudited) for the Period From 1st July 2009 to 31st December 2009 (Expressed in United Kingdom Sterling)
2009
Discount on repurchase of
Deferred financing costs
taxation
Other Comprehensive Income:
translation of foreign
operations
Other Comprehensive Income for
Total Comprehensive Income for
Profit/(Loss) attributable to
:
parent
Total Comprehensive Income
attributable to :
parent
share Condensed Consolidated Statement of Changes in Equity (Unaudited) For the Period From 1st July 2009 to 31st December 2009 (Expressed in United Kingdom Sterling)
reported
relating to preference
dividends (Note 10)
cash
differences
notes - Equity portion
differences
differences
Condensed Consolidated Statement of Cash Flows (Unaudited) For the Period From 1st July 2009 to 31st December 2009 (Expressed in United Kingdom Sterling)
2009
Operating Activities
plant and equipment
exchange
convertible loan notes
development expenditure
intangible assets
notes
costs for bank loan
working capital changes
Changes in working capital:
trade and other receivables
payables
operating activities
Investing Activities
and equipment
activities Condensed Consolidated Statement of Cash Flows (Unaudited) (continued) For the Period From 1st July 2009 to 31st December 2009 (Expressed in United Kingdom Sterling)
2009
Financing Activities
7)
obligations
ordinary shares
convertible loans
notes
activities
Equivalent
Period (Note 5) Notes to the Financial Statements (Unaudited) For the Period From 1st July 2009 to 31st December 2009 1. Accounting Policies These financial statements for the period from 1st July 2009 to 31st December 2009 have been prepared in accordance with International Accounting Standard 34 which applies to interim financial statements. The same accounting policies and methods of computation are followed in these interim financial statements as were used in the preparation of the financial statements for the year ended 30th June 2009. A copy of those accounts is available on www.peninsulargold.com. The information provided as comparatives herein for the year ended 30th June 2009 does not constitute the full statutory accounts as per Jersey law by itself. This information was derived from the statutory accounts for the year ended 30th June 2009, a copy of which has been delivered to the Registrar of Companies. The auditors' report on the said accounts was not qualified.
The new and revised Standards and Interpretations
have been adopted in the current period, to the
extent that they influenced the accounting treatment
of the Group's transactions, and have affected the
layout and the amounts reported in these financial
statements in the following manner.
Standard affecting presentation and disclosure
2007)Presentation of Financial has introduced a
2. Property, Plant and Equipment
Cost
difference
Accumulated depreciation
difference
Net Book Value
Assets under construction refer to the construction works in progress for the Carbon-In-Leach Plant. In September 2009, RAGM commenced its project to upgrade the Carbon-In-Leach Plant at its Raub gold project in Pahang, Malaysia. Leasehold land refers to a piece of land, owned by SEREM, to which mining certificate MC511 relates. 3. Mining development expenditure
2009
Cost
Amortisation
The directors are of the view that there will be sufficient future revenues from the extraction of gold to offset the mining development expenditure capitalised in the financial statements.
2009
and prepayments
2009
bank
A fixed deposit with a licensed bank has not been included in Cash and Cash Equivalents, within the Consolidated Statement of Cash Flows, as it has a maturity exceeding three months.
2009
(Note 10)
7. Borrowings
2009
Current Portion
Non-current Portion
portion
The Bank Loan provided to RAGM has increased from £11.1 million (Malaysian Ringgit 65.1 million), as reported in the audited accounts on 30th June 2009 to £14.9 million (Malaysian Ringgit 81.7 million) as of 31st December 2009, with the additional financing provided for the expansion of the Carbon In Leach plant and other infrastructure works in relation to the gold mining business in Raub, Pahang. The loans are secured by way of a debenture over all the assets and undertakings of Raub Australian Gold Mining Sdn. Bhd., a third party charge over a property owned by a company under common control and a corporate guarantee provided by the Parent Company.
The existing loans of £11.1 million (Malaysian Ringgit 65.1 million) are repayable in 60 installments commencing from 28th February 2009 whereas the new loans are repayable in 48 installments commencing only upon completion of the entire loan drawdown, as drawdown progresses in line with the plant expansion work over years 2009 and 2010 and beyond. The Group's bank loans are subject to interest rates of 2 % to 4% per annum above the base lender's base lending rate, currently 5.95%. In December 2009, the Company entered into convertible loan agreements of US$1.5 million for purposes of working capital and repayment of existing debts. Interest for the loans is at 10% per annum. The said loans are repayable in full 3 months from the date of drawdown and are convertible in whole or in part into new ordinary shares of no par value in the capital of the Company at a price of 50p per share. The said loans are secured on a corporate guarantee from S.E.R.E.M Malaysia Sdn Bhd., a wholly owned subsidiary of Peninsular Gold Ltd.
Company
Authorised
£Nil par value each
Allotted, called up and fully
paid
£Nil par value each
£Nil par value each - - - 9. Translation reserve Assets and liabilities of foreign consolidated subsidiaries are translated into United Kingdom Sterling at the rate of exchange ruling at the balance sheet date. Revenue and expenses are translated at the average exchange rates for the period. All resulting translation differences are included in a translation reserve in equity. The closing rates used in the translation of foreign currency monetary assets and liabilities are as follows:
10. Dividends Included in the Financing Costs is an amount of £38,400 in respect of 2,560,000 redeemable, convertible 6% preference shares' dividends. In accordance with the share subscription agreement, preference dividends should be accrued from the date of issuance to the conversion date or the redemption date. The accumulated amount of preference dividends has now amounted to £345,600 since the issue of the said shares at £0.50 per share on 27th May 2005, as indicated in the trade and other payables. A prior period adjustment has arisen for inclusion of the said accrued preference dividends at 30th June, 2008, amounting to £230,400. The accumulated dividends are from date of issue up to 30th June 2008, to be adjusted into the losses for year ended 30th June 2008 and trade and other payables. 11. Earnings per share The calculation of earnings / (loss) per share is based on the earnings / (loss) for the period after taxation and on the weighted average number of shares in issue during the period as below:-
attributable to equity
shareholders of the Parent
shares
The redeemable preference shares are non-dilutive. 12. Segmental information Currently all revenues, profits and losses before tax and the carrying value of assets and liabilities arise from the production and sale of gold dor?ars and activities related to the upgrade of the carbon-in-leach plant and gold mining and exploration activity within Malaysia. IFRS 8 has replaced IAS 14 'Segmental Reporting.' It requires a 'management approach' under which segment information is presented on the same basis as that used for internal reporting purposes. This has not resulted in a change to our reportable segments as these are consistent with internal reporting provided to the chief operating decision-maker.
For further information:
Peninsular Gold Limited
Chairman and Chief Executive
Finance Director
Ambrian Partners Limited
Conduit PR Limited
Astaire Securities Plc
This information is provided by RNS The company news service from the London Stock Exchange END
IR GMGZZLRNGGZM More |
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| Date/Time | Subject | Author | ||
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| 02-03-10 | ||||
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Hold recommendation from Growth Company Investor
http://www.growthcompany.co.uk/recommendations/1202423/peninsular-gold.thtml |
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| 01-02-10 | ||||
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Yep, nice legs imo. Really looking forward to the next pour figures out soon I should think. But back to your chart, I'm no ta'er but it looks fairly strong to me.
Thanks |
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| 29-01-10 | ||||
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I do like the sp gentle rises each week, no fireworks but reassuring.
The 12 month chart says it all. laird
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| 25-01-10 |
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Temu
You man of little faith. Luckily I have a skin like a rhinocerous, but note the fuller wording of my post on 13 Jan: " My trades should be announced on a very broad basis - when I sell a stock always rises. Thankfully, the opposite action buying a stock doesn't normally apply." Rest assured, in the spirit of full cooperation, I will let the B know if I do decide to get back in. That said, whilst impressed by PGL performance of late, the case for gold is a little less compelling of late. |
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