30th Sep 2021 12:10
Zoltav Resources Inc - Russia-focused oil and gas explorer and producer - Posts first-half pretax profit of RUB230.2 million, multiplied from RUB18.7 million last year. Generates revenue of RUB755.1 million, up from RUB552.3 million. Total cash at the end of the period was RUB90 million, three times higher than RUB31 million a year earlier. Declares no interim dividend.
Zoltav says it is unable to repay or refinance the shareholder loan announced on July 14 2020, convening a general meeting to agree on the issue of new ordinary shares at 27 pence each. In June, receives extension from ARA Capital Holdings to repay loan to September 30. At extension, both parties agreed that should the loan not be repaid by September 30 or be subject to a further extension by mutual agreement, ARA Capital will be entitled to request that the loan be converted into new ordinary shares.
Adds it is in advanced talks for project finance with two Russian banks, but could not maintain AIM listing under terms of loans.
Current stock price: 32.20 pence, down 23% on Thursday
Year-to-date change: down 10.6%
By Josie O'Brien; [email protected]
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