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(CGM.L) China Goldmines PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 19-03-10 | RNS |
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RNS Number : 8362I China Goldmines PLC 19 March 2010
CHINA GOLDMINES PLC ("China Goldmines", "CGM", the "Company", or the "Group") (AIM:CGM)
UNAUDITED INTERIM FINANCIAL RESULTS
FOR THE SIX MONTH PERIOD ENDED
31 DECEMBER 2009 China Goldmines announces its unaudited interim financial results for the six months period ended 31 December 2009. Highlights * USD$25.7m Gross consideration received by the Company. * Warranties, indemnities and CGM's parent guarantee in respect of the disposal were capped at USD$10m and expire on 29 September 2010. No claims to date have been raised or are expected. * The Company has no further interest in mining operations within China or elsewhere. * The Company is regarded as an investing company under the AIM Rules for Companies.
to be in excess of USD$15m) in order to develop the underground infrastructure. * Continued security breaches, theft and other local community issues impacted the decision to make further investment. * The Board of China Goldmines ultimately concluded that the disposal of the project represented the best method to preserve shareholder value.
borrowings. * USD$23.1m of net assets position as at 31 December 2009. * USD$3.1m of consolidated profit for the Group in the six month period ending 31 December 2009 (after crediting foreign exchange gains of USD$4.9m and profit on discontinued operations of USD$0.3m). * USD$2.2m of deferred consideration received in January 2010 against payments incurred by the Group in relation to the disposal. Cash balance as at 28 February 2010 of USD$23m.
For further information contact:
China Goldmines Plc:
Brewin Dolphin (Nomad):
Threadneedle Communications:
Chairman's Statement In December 2009, I was appointed to the Board of China Goldmines as a UK resident non-executive chairman with a principal objective of evaluating the best options to achieve maximum value for our existing shareholders. Having appraised the financial viability of the Guanzhuang Gold Project in the context of continued security breaches, theft and other local community issues and the requirement, in the Directors' opinion to invest at least a further USD$15 million in the project infrastructure, the previous Board took the decision in August 2009 to dispose of the project as the best strategy for preserving shareholder value. The Company successfully concluded the disposal of its mining operations in China on 29 September 2009 through the sale of Westralian Resources Pty Ltd (WES) to Cosmos Castle Management Limited for a gross consideration of USD$26.3m. As part of the disposal the Company and its subsidiary Global Resources Ventures Limited ("GRV") provided warranties, jointly and severally, to Cosmos Castle Management Limited and its successors. These warranties, which are set out in the circular dated 1 September 2009 expire on 28 September 2010, save for any antecedent breaches claimed by the acquirer which have not been resolved. They carry an aggregate liability for the Company and GRV limited to US$10m and relate principally to title, financial position and accuracy of accounts: the Company is currently not aware of anything which may lead to a claim. It is reassured that it successfully negotiated the release of $2.2m as announced on 22nd January 2010. As at 31 December 2009 the Company had net assets of USD$23m, all of a liquid cash nature with minimal liabilities. The Board is working closely with its Advisors and shareholders to identify opportunities to maximise shareholder value from CGM's strong cash position whilst simultaneously reviewing operational costs through restructuring and downsizing of overseas compliance and corporate costs. The Company has concluded a strategic review and has put in place a process for assessing new projects within a clearly defined rationale to potentially acquire and build value for shareholders utilising current funds of approximately USD$23m. Any decision regarding specific acquisitions will be subject to shareholder approval and if a suitable proposition is not found a return of capital will be proposed to shareholders. While CGM's existing expertise is in mining, the Company will also assess assets within the oil and gas sectors, and sectors outside of resources providing certain key parameters are met. Our framework for new projects is as follows:- * Resource propositions (oil and gas or mining):
* Non resource propositions:
We are examining a range of options and approaches through our own channels together with proposals from outside of the Company and through our Advisors we will evaluate each project on the above criteria. Viable propositions with incumbent management team are being sought with a view that a transaction might be completed by the end of September 2010. Our objective is to examine projects that could quickly derive benefit from deployment of the funds we have at our disposal. At a corporate level we have undergone significant changes. The Board would like to acknowledge its thanks and appreciation to the many staff who demonstrated high levels of commitment and professionalism to the Guanzhuang Gold Project and particularly to Mr Clive Donner the former chairman and Dr Evan Kirby, non executive director, for their contribution to the Company since incorporation. Robert Adair Non Executive Chairman Financial Review The Group recorded a consolidated profit for the six month period ending 31 December 2009 of USD$3.1m after crediting foreign exchange gains of USD$4.9m and profit on discontinued operations of USD$0.3m. In the corresponding period to 31 December 2008 the Group recorded a loss of USD$19.3m. Discontinued operations represents the Hunan Westralian Mining Company Ltd (HWM) and Westralian Resources Pty Ltd (WES) subsidiaries that were disposed of together with costs incurred post disposal that relate to the disposed mining activities, plus the impairments that were recognised in writing off capitalised mining expenditure. International Accounting Standards require the results of discontinued operations to be shown separately on the face of the consolidated statement of comprehensive income. Higher than expected operational expenses associated with office expenses and professional fees (USD$1.1m) include one non recurring fee directly relating to the disposal of the subsidiaries (USD$0.6m) Financial Results Consolidated Statement Of Comprehensive Income For The Half-Year Ended 31 December 2009
CONTINUING OPERATIONS
professional fees
expenses
gains/(losses)
FROM CONTINUING OPERATIONS
DISCONTINUED OPERATION
from discontinued operation
OTHER COMPREHENSIVE INCOME
translation of foreign
operations
disposal of foreign operations
THE PERIOD (NET OF TAX)
THE PERIOD
Profit/(loss) for the period
attributable to:
Total comprehensive income
attributable to:
From continuing and discontinued operations
earnings/(loss) per share
(cents)
From continuing operations
earnings/(loss) per share (cents) The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Balance at 1 July 2008
operation
Net income/(expense) recognised directly in equity
Loss for the half-year
Total comprehensive income for the period
Balance at 31 December 2008 Unaudited
Exchange differences on translation of foreign
operation
Net income/(expense) recognised directly in equity
Loss for the half-year
Total comprehensive income for the period
Balance at 30 June 2009 Audited
Exchange differences on translation of foreign
operation
Realisation of reserves on disposal of foreign
operations
Net income/(expense) recognised directly in equity
Profit for the half-year
Total comprehensive income for the period
Balance at 31 December 2009 Unaudited The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. Consolidated Statement of Financial Position As At 31 December 2009
NON-CURRENT ASSETS
CURRENT ASSETS
CURRENT LIABILITIES
EQUITY
HOLDERS OF THE PARENT COMPANY
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Operating loss from operations
Adjustments for:
equipment
capital, net of effects from sale of subsidiaries
INVESTING ACTIVITIES
disposed
expenditure
EQUIVALENTS AT THE
END OF THE PERIOD The above consolidated statement of cashflows should be read in conjunction with the accompanying notes. Notes to the Consolidated Financial Information NOTE 1(a): GENERAL INFORMATION The financial information set out in this report does not constitute full accounts for the purposes of Section 434 of the Companies Act 2006. The interim accounts for the six months ended 31 December 2009 and 31 December 2008 are unaudited. The comparative figures for the financial year ended 30 June 2009 are not the Company's statutory accounts for the financial year but are abridged from those accounts which have been reported on by the Company's auditors, whose report on the consolidated financial statements prepared under International Financial Reporting Standards, was unqualified. The interim accounts have been prepared on the basis of the accounting policies set out in the annual financial statements of the Group for the year ended 30 June 2009, except for the impact of the adoption of the Standards and Interpretations described below. IAS 1 (revised 2007) Presentation of Financial Statements (effective for annual periods beginning on or after 1 January 2009). The revised Standard has introduced a number of terminology changes (including revised titles for the interim financial results) and has resulted in a number of changes in presentation and disclosure. However, the revised Standard has had no impact on the reported results or financial position of the Group. NOTE 1(b): REVENUE Revenue for the period ended 31 December 2008 is stated before capitalisation of pre-production revenue. The balance as at 30 June 2009 represents all necessary adjustments to capitalise these amounts in accordance with International Accounting Standard 16. NOTE 2: TAXATION No liability to tax is expected to have arisen during this period. NOTE 3: EARNINGS PER SHARE The calculation of the earnings/(loss) per share is based on the following data:
Profit/(Loss)
From continuing and discontinued operations
calculating basic and diluted loss per share for the period attributable to the equity holders of the parent
From continuing operations
calculating basic and diluted loss per share for the period attributable to the equity holders of the parent
Number of shares
ordinary shares for the purpose of basic and diluted earnings/(loss) per share The above figures are not affected by any dilutive share options as no share options have been issued in the period. NOTE 4: DISCONTINUED OPERATION
On 26 August 2009 the Company's 100% owned subsidiary, Global Resources Ventures Limited ("GRV"), signed a Share Purchase Agreement with Cosmos Castle Management Limited, a company incorporated in the British Virgin Islands, to sell all of the issued securities of Westralian Resources Pty Ltd ("Westralian"). Settlement of the sale occurred on 30 September 2009, from which date Westralian and its 80% owned subsidiary Hunan Westralian Mining Co. Ltd ceased to be consolidated into the Group. Financial information relating to the discontinued operation for the period to the date of disposal is set out below. (b) Financial performance and cash flow information
The financial performance and cash flow information presented are for the three months ended 30 September 2009 and the half-year ended 31 December 2008.
(losses)/gains
tax
expense of discontinued operation
subsidiaries before income tax
subsidiaries after income tax
discontinued operation
activities
investing activities (2009
includes a net inflow of
$21,102,728 from the sale of
the subsidiaries)
activities
cash generated by the discontinued operation
Consideration received or
receivable:
disposal)
December 2009
sold
loans on deconsolidation
deconsolidation
deconsolidation before income
tax
deconsolidation after income tax In accordance with the terms of the sale agreement, $2.9 million was being held on trust for three months from the date of settlement which could be met against certain expenses of the business sold. Management estimated that expenses of $771,454 were satisfied by the amounts held on trust, resulting in the net funds being received during January 2010. At 30 June 2009 the carrying value of mining properties and other consolidated assets were impaired to reflect the disposal of the subsidiaries. A total write-down of $18,388,341 was recognised against the mining properties of the disposed subsidiaries, with the amount reported below being net of this impairment.
The carrying amounts of assets and liabilities at the date of sale/deconsolidation (30 September 2009) were:
NOTE 5: CONTINGENCIES There has been no change in contingent liabilities or contingent assets since the last annual reporting date. NOTE 6: SUBSEQUENT EVENTS No matter or circumstance has arisen since 31 December 2009, which has significantly affected, or may significantly affect the operations of the group, the result of those operations, or the state of affairs of the group in subsequent financial years. This information is provided by RNS The company news service from the London Stock Exchange END
IR KMGMFFRRGGZZ More |
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| 19-03-10 | RNS |
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RNS Number : 8362I China Goldmines PLC 19 March 2010
CHINA GOLDMINES PLC ("China Goldmines", "CGM", the "Company", or the "Group") (AIM:CGM)
UNAUDITED INTERIM FINANCIAL RESULTS
FOR THE SIX MONTH PERIOD ENDED
31 DECEMBER 2009 China Goldmines announces its unaudited interim financial results for the six months period ended 31 December 2009. Highlights * USD$25.7m Gross consideration received by the Company. * Warranties, indemnities and CGM's parent guarantee in respect of the disposal were capped at USD$10m and expire on 29 September 2010. No claims to date have been raised or are expected. * The Company has no further interest in mining operations within China or elsewhere. * The Company is regarded as an investing company under the AIM Rules for Companies.
to be in excess of USD$15m) in order to develop the underground infrastructure. * Continued security breaches, theft and other local community issues impacted the decision to make further investment. * The Board of China Goldmines ultimately concluded that the disposal of the project represented the best method to preserve shareholder value.
borrowings. * USD$23.1m of net assets position as at 31 December 2009. * USD$3.1m of consolidated profit for the Group in the six month period ending 31 December 2009 (after crediting foreign exchange gains of USD$4.9m and profit on discontinued operations of USD$0.3m). * USD$2.2m of deferred consideration received in January 2010 against payments incurred by the Group in relation to the disposal. Cash balance as at 28 February 2010 of USD$23m.
For further information contact:
China Goldmines Plc:
Brewin Dolphin (Nomad):
Threadneedle Communications:
Chairman's Statement In December 2009, I was appointed to the Board of China Goldmines as a UK resident non-executive chairman with a principal objective of evaluating the best options to achieve maximum value for our existing shareholders. Having appraised the financial viability of the Guanzhuang Gold Project in the context of continued security breaches, theft and other local community issues and the requirement, in the Directors' opinion to invest at least a further USD$15 million in the project infrastructure, the previous Board took the decision in August 2009 to dispose of the project as the best strategy for preserving shareholder value. The Company successfully concluded the disposal of its mining operations in China on 29 September 2009 through the sale of Westralian Resources Pty Ltd (WES) to Cosmos Castle Management Limited for a gross consideration of USD$26.3m. As part of the disposal the Company and its subsidiary Global Resources Ventures Limited ("GRV") provided warranties, jointly and severally, to Cosmos Castle Management Limited and its successors. These warranties, which are set out in the circular dated 1 September 2009 expire on 28 September 2010, save for any antecedent breaches claimed by the acquirer which have not been resolved. They carry an aggregate liability for the Company and GRV limited to US$10m and relate principally to title, financial position and accuracy of accounts: the Company is currently not aware of anything which may lead to a claim. It is reassured that it successfully negotiated the release of $2.2m as announced on 22nd January 2010. As at 31 December 2009 the Company had net assets of USD$23m, all of a liquid cash nature with minimal liabilities. The Board is working closely with its Advisors and shareholders to identify opportunities to maximise shareholder value from CGM's strong cash position whilst simultaneously reviewing operational costs through restructuring and downsizing of overseas compliance and corporate costs. The Company has concluded a strategic review and has put in place a process for assessing new projects within a clearly defined rationale to potentially acquire and build value for shareholders utilising current funds of approximately USD$23m. Any decision regarding specific acquisitions will be subject to shareholder approval and if a suitable proposition is not found a return of capital will be proposed to shareholders. While CGM's existing expertise is in mining, the Company will also assess assets within the oil and gas sectors, and sectors outside of resources providing certain key parameters are met. Our framework for new projects is as follows:- * Resource propositions (oil and gas or mining):
* Non resource propositions:
We are examining a range of options and approaches through our own channels together with proposals from outside of the Company and through our Advisors we will evaluate each project on the above criteria. Viable propositions with incumbent management team are being sought with a view that a transaction might be completed by the end of September 2010. Our objective is to examine projects that could quickly derive benefit from deployment of the funds we have at our disposal. At a corporate level we have undergone significant changes. The Board would like to acknowledge its thanks and appreciation to the many staff who demonstrated high levels of commitment and professionalism to the Guanzhuang Gold Project and particularly to Mr Clive Donner the former chairman and Dr Evan Kirby, non executive director, for their contribution to the Company since incorporation. Robert Adair Non Executive Chairman Financial Review The Group recorded a consolidated profit for the six month period ending 31 December 2009 of USD$3.1m after crediting foreign exchange gains of USD$4.9m and profit on discontinued operations of USD$0.3m. In the corresponding period to 31 December 2008 the Group recorded a loss of USD$19.3m. Discontinued operations represents the Hunan Westralian Mining Company Ltd (HWM) and Westralian Resources Pty Ltd (WES) subsidiaries that were disposed of together with costs incurred post disposal that relate to the disposed mining activities, plus the impairments that were recognised in writing off capitalised mining expenditure. International Accounting Standards require the results of discontinued operations to be shown separately on the face of the consolidated statement of comprehensive income. Higher than expected operational expenses associated with office expenses and professional fees (USD$1.1m) include one non recurring fee directly relating to the disposal of the subsidiaries (USD$0.6m). The Cash position at 31 December 2009 was USD$21m with no long term debts or borrowings and the Group had net assets of USD$23m. At 28 February 2010 the cash position was USD$23m. The majority of cash balances are currently held in USD$. Marinko Vidovich Chief Financial Officer Financial Results Consolidated Statement Of Comprehensive Income For The Half-Year Ended 31 December 2009
CONTINUING OPERATIONS
professional fees
expenses
gains/(losses)
FROM CONTINUING OPERATIONS
DISCONTINUED OPERATION
from discontinued operation
OTHER COMPREHENSIVE INCOME
translation of foreign
operations
disposal of foreign operations
THE PERIOD (NET OF TAX)
THE PERIOD
Profit/(loss) for the period
attributable to:
Total comprehensive income
attributable to:
From continuing and discontinued operations
earnings/(loss) per share
(cents)
From continuing operations
earnings/(loss) per share (cents) The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Balance at 1 July 2008
operation
Net income/(expense) recognised directly in equity
Loss for the half-year
Total comprehensive income for the period
Balance at 31 December 2008 Unaudited
Exchange differences on translation of foreign
operation
Net income/(expense) recognised directly in equity
Loss for the half-year
Total comprehensive income for the period
Balance at 30 June 2009 Audited
Exchange differences on translation of foreign
operation
Realisation of reserves on disposal of foreign
operations
Net income/(expense) recognised directly in equity
Profit for the half-year
Total comprehensive income for the period
Balance at 31 December 2009 Unaudited The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. Consolidated Statement of Financial Position As At 31 December 2009
NON-CURRENT ASSETS
CURRENT ASSETS
CURRENT LIABILITIES
EQUITY
HOLDERS OF THE PARENT COMPANY
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Operating loss from operations
Adjustments for:
equipment
capital, net of effects from sale of subsidiaries
INVESTING ACTIVITIES
disposed
expenditure
EQUIVALENTS AT THE
END OF THE PERIOD The above consolidated statement of cashflows should be read in conjunction with the accompanying notes. Notes to the Consolidated Financial Information NOTE 1(a): GENERAL INFORMATION The financial information set out in this report does not constitute full accounts for the purposes of Section 434 of the Companies Act 2006. The interim accounts for the six months ended 31 December 2009 and 31 December 2008 are unaudited. The comparative figures for the financial year ended 30 June 2009 are not the Company's statutory accounts for the financial year but are abridged from those accounts which have been reported on by the Company's auditors, whose report on the consolidated financial statements prepared under International Financial Reporting Standards, was unqualified. The interim accounts have been prepared on the basis of the accounting policies set out in the annual financial statements of the Group for the year ended 30 June 2009, except for the impact of the adoption of the Standards and Interpretations described below. IAS 1 (revised 2007) Presentation of Financial Statements (effective for annual periods beginning on or after 1 January 2009). The revised Standard has introduced a number of terminology changes (including revised titles for the interim financial results) and has resulted in a number of changes in presentation and disclosure. However, the revised Standard has had no impact on the reported results or financial position of the Group. NOTE 1(b): REVENUE Revenue for the period ended 31 December 2008 is stated before capitalisation of pre-production revenue. The balance as at 30 June 2009 represents all necessary adjustments to capitalise these amounts in accordance with International Accounting Standard 16. NOTE 2: TAXATION No liability to tax is expected to have arisen during this period. NOTE 3: EARNINGS PER SHARE The calculation of the earnings/(loss) per share is based on the following data:
Profit/(Loss)
From continuing and discontinued operations
calculating basic and diluted loss per share for the period attributable to the equity holders of the parent
From continuing operations
calculating basic and diluted loss per share for the period attributable to the equity holders of the parent
Number of shares
ordinary shares for the purpose of basic and diluted earnings/(loss) per share The above figures are not affected by any dilutive share options as no share options have been issued in the period. NOTE 4: DISCONTINUED OPERATION
On 26 August 2009 the Company's 100% owned subsidiary, Global Resources Ventures Limited ("GRV"), signed a Share Purchase Agreement with Cosmos Castle Management Limited, a company incorporated in the British Virgin Islands, to sell all of the issued securities of Westralian Resources Pty Ltd ("Westralian"). Settlement of the sale occurred on 30 September 2009, from which date Westralian and its 80% owned subsidiary Hunan Westralian Mining Co. Ltd ceased to be consolidated into the Group. Financial information relating to the discontinued operation for the period to the date of disposal is set out below. (b) Financial performance and cash flow information
The financial performance and cash flow information presented are for the three months ended 30 September 2009 and the half-year ended 31 December 2008.
(losses)/gains
tax
expense of discontinued operation
subsidiaries before income tax
subsidiaries after income tax
discontinued operation
activities
investing activities (2009
includes a net inflow of
$21,102,728 from the sale of
the subsidiaries)
activities
cash generated by the discontinued operation
Consideration received or
receivable:
disposal)
December 2009
sold
loans on deconsolidation
deconsolidation
deconsolidation before income
tax
deconsolidation after income tax In accordance with the terms of the sale agreement, $2.9 million was being held on trust for three months from the date of settlement which could be met against certain expenses of the business sold. Management estimated that expenses of $771,454 were satisfied by the amounts held on trust, resulting in the net funds being received during January 2010. At 30 June 2009 the carrying value of mining properties and other consolidated assets were impaired to reflect the disposal of the subsidiaries. A total write-down of $18,388,341 was recognised against the mining properties of the disposed subsidiaries, with the amount reported below being net of this impairment.
The carrying amounts of assets and liabilities at the date of sale/deconsolidation (30 September 2009) were:
NOTE 5: CONTINGENCIES There has been no change in contingent liabilities or contingent assets since the last annual reporting date. NOTE 6: SUBSEQUENT EVENTS No matter or circumstance has arisen since 31 December 2009, which has significantly affected, or may significantly affect the operations of the group, the result of those operations, or the state of affairs of the group in subsequent financial years. This information is provided by RNS The company news service from the London Stock Exchange END
IR KMGMFFRRGGZZ More |
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| 08-03-10 | RNS |
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RNS Number : 1990I China Goldmines PLC 08 March 2010 Result of Strategic Review China Goldmines today announces the result of its strategic review led by Robert Adair, Non-executive Chairman, which has been conducted following his appointment in December 2009. It has been decided that the Company will assess new projects within a clearly defined rationale to potentially acquire and build value for shareholders utilising current funds of approximately $23 million. Any decision regarding specific acquisitions will be subject to shareholder approval and if a suitable proposition is not found a return of capital will be proposed to shareholders. Acquisition Strategy The core principal of CGM's acquisition strategy is to examine projects where we believe shareholder value can be created using the Company's existing funds of $23m. While CGM's existing expertise is in mining the Company will also assess assets within the oil and gas sector, given Robert Adair's significant track record in the industry, and sectors outside of resources providing certain key parameters are met. Based on the conclusions of the strategic review the assessment framework for new projects is as follows: Resource propositions (oil and gas or mining): Producing or near production assets Third party resource validation Medium to low political risk Non resource propositions: Revenue generating Profitable or near to profit Market leader or recognised as one of the market leaders High barriers to entry Strong UK / European market position While CGM is currently examining a range of options and approaches through its own channels, proposals from outside the Company and its Advisors will be considered providing the above criteria are met. Viable propositions with incumbent management team are being sought with a view that a transaction might be completed by the end of September 2010. CGM post disposal of its gold mining subsidiary Following the disposal of its gold mining subsidiary on 29 September 2009, CGM is now classified under the AIM Rules as an investing company. Accordingly, the Company is required to complete an acquisition or acquisitions (or otherwise implement an investing strategy, (which will be subject to the approval of shareholders) no later than 28 September 2010. The Company is not subject to the Takeover Code as its securities are Admitted to AIM and its place of central management and control is outside the United Kingdom. As at 28 February 2010, the Company's assets were represented by a cash balance of c. US $23m.. CGM is guarantor to warranties made to the acquirer of the mining subsidiary with a maximum liability of $10m. These warranties expire at the end of September 2010. All material obligations, liabilities or responsibilities of the Company and its subsidiary GRV expire on 28 September 2010, save for any antecedent breaches claimed by the acquirer which have not been resolved. The aggregate liability of the Company and GRV under the Share Purchase Agreement is limited to US$10m. These warranties as set out in the circular dated 1 September 2009 and relate principally to title, financial position and accuracy of accounts: the Company is currently not aware of anything which may lead to a claim. It is reassured that it successfully negotiated the release of $2.2m as announced on 22nd January 2010. Commenting today Robert Adair, Chairman, of China Goldmines said: "Our clear focus at CGM is to do the best thing for shareholders over the next twelve months who we will look to keep fully informed. We shall work towards using the funds returned to us, from the recent sale of our gold mining subsidiary, to invest in a suitable project that could potentially derive higher value for our investors than a return of cash. Our objective is to examine projects that could quickly derive benefit from deployment of the funds we have at our disposal. We are currently undergoing a process of review of assets with our Advisors but look forward to receiving any proposal that meet our core criteria as outlined above." For indications of interest from parties: Propositions should detail the nature of the business, the management credentials, the existing shareholder structure and a 3 year financial performance. Resource propositions should also detail the reserve / resource base. The directors will consider propositions in the context of execution risk. All indications of initial interest should be made available by email to the contacts detailed below at Brewin Dolphin Investment Banking with copies sent to the Company at the following two email addresses robert.adair@chinagoldmines.com and tanya@chinagoldmines.com. Enquiries:
ChinaGoldmines
Brewin Dolphin (Nomad)
Threadneedle Communications
This information is provided by RNS The company news service from the London Stock Exchange END
MSCVELFBBXFBBBX More |
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| 25-01-10 | AFX UK Focus |
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LONDON, Jan 25 (Reuters) - China Goldmines Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 10-03-10 |
BUY
29p
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looks like its on its way cash value!
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| 09-03-10 | ||||
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I sold out today - the investment strategy could have come straight from a text book - no creative spark IMO.
Glad to have got my capital back having been invested here a while. Gone looking for Gold elsewhere. Good luck to all holding. |
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| 09-03-10 | ||||
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they should put all their money into VOG
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| 08-03-10 | ||||
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CGM have today announced a deadline of September 2010 to complete investment of the cash raised by disposal of its gold mining business (see RNS). The option remains of returning cash to shareholders if no suitable opportunities emerge.
Personally I was hoping for a quicker return, but on balance, this is a sensible strategy. There is no way the cash can be returned to shareholders immediately, because of ongoing potential liabilities. Most of these expire by September. In the meantime, if they can identify investment opportunities which will enhance the value of the Company, that will be a positive outcome. If they put all the money into a company that bombs big time, ........ |
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