Hot Rocks Investments plc
AUDITED FINAL RESULTS TO 31 MARCH 2018
Hot Rocks Investments plc (HRIP) HOT ROCKS INVESTMENTS PLC
(“HOT ROCKS” OR THE “COMPANY”)
AUDITED FINAL RESULTS TO 31 MARCH 2018
CHAIRMAN’S STATEMENT
I hereby present the financial results for the Company for the year ended 31 March 2018. The Company is an active investor primarily in junior natural resources companies. During the year and since the year end we have seen a recovery across much of our portfolio.
The Company made a pre-tax loss of £219,298 for the year, compared to a pre-tax loss of £16,191 in the prior year. The Company will not be paying a dividend at this stage (2017: £Nil).
Cash and cash equivalents as at the year end of 31 March 2018 were £16,710 (2017: £12,216).
We have seen a number of our investments appreciate in value and we are generally pleased with performance. Of note, on 27 April 2017 Minergy Limited listed on the Botswana Stock Exchange. This week Minergy has been granted a mining licence in Botswana marking a significant milestone for the company, which aims to produce coal for sale in Botswana and South Africa, as well as further overseas. Minergy is the sole owner of the 390 million tonne Masama Coal Project in the Mmambula Coalfield, in the south-west of the country where pre-construction work has already commenced on site, with the mine expected to start producing its first saleable coal in February next year.
Medgold, listed on the TSXV which traded as low at 4cents per share in 2014 has recovered and is presently 34cents. Diamond drilling at the Tlamino Gold Project has recommenced for a minimum Phase 2 programme of 2,400m. Also, preparation for 40 line-km of an IP-Resistivity program at the Karamanica Zone has commenced. The exploration and development of the Tlamino Gold Project is being conducted under programmes which are fully funded by Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna”).
Post year end our investee company Block Energy plc was admitted to trading on AIM. We hold 3,222,501 ordinary shares.
We participated in the IPO of Predator Oil & Gas Holdings plc and have added to our holding since its flotation on the Standard List. We have an interest in 2,052,000 ordinary shares.
We hold stakes in the following entities:
The Board of Directors will continue to introduce further equity positions to the Company to enable additional diversification of the portfolio. It is anticipated that these will continue to be primarily within the natural resources sector.
Brian Rowbotham Non-Executive Chairman 31 August 2018
The Directors of the issuer are responsible for the content of this announcement. For further information please contact: Hot Rocks Investments plc Gavin Burnell: 0207 264 4444 Peterhouse Capital Limited Guy Miller: 020 7220 9796 HOT ROCKS INVESTMENTS PLC STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 MARCH 2018
HOT ROCKS INVESTMENTS PLC STATEMENT OF FINANCIAL POSITION REGISTERED NUMBER 06163193 AT 31 MARCH 2018
HOT ROCKS INVESTMENTS PLC STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2018
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ISIN: | GB00B1WV3198 |
Category Code: | MSCU |
TIDM: | HRIP |
Sequence No.: | 5954 |
EQS News ID: | 719843 |
End of Announcement | EQS News Service |