24th Oct 2008 08:40
RNS Number : 6106G
Norseman Gold PLC
24 October 2008
Norseman Gold plc (“Norseman” or the “Company”)
Preliminary results for the year ended 30 June 2008
Norseman Gold plc, the AIM listed Australian gold production company, is pleased to announce the unaudited results for the year ended 30 June 2008 relating to the Norseman Gold Project in Western Australia.
For further information visit www.norsemangoldplc.com or contact:
David Steinepreis Norseman Gold Plc Tel: 44 7913 402 727
Guy Wilkes Ocean Equities Ltd Tel: 020 7786 4370
Olly Cairns Blue Oar Securities Plc Tel: +61 (0) 8 6430 1631
Romil Patel Blue Oar Securities Plc Tel: 020 7448 4400
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Victoria Thomas St Brides Media & Finance Ltd Tel: 020 7236 1177
CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S STATEMENT
Dear Shareholders
The 2007/2008 year was the first full year of operations at the Norseman Gold mine since the Company acquired the asset in April 2007. We have made progress across the board, particularly with our focus on defining a third mine site to increase production and with our dual listing on the Australian Securities Exchange (‘ASX’) in late 2008.
On the operational side during the year, management completed the re-equipping of the mine, brought capital development back on stream and appointed the additional management required to optimise the return on the assets and to ensure the long term future of the mine. Unfortunately, all of these tasks took longer than anticipated due to a number of factors including regulatory bottlenecks and equipment delivery schedules arising from industry-wide pressures which are currently being witnessed.
As reported in the last annual report, there were several critical areas that needed to be addressed including equipment, regional drilling, plant upgrade, management recruitment and power economies. We are pleased to report we have addressed all of these issues with the exception of power, where due to matters beyond our control, potential savings on power costs may be some time away owing to the state of the Western Australian gas and power markets.
On the production front, the mine produced 77,229 ounces in the year which was within our restated guidelines of between 75,000 and 80,000 ounces. The Group is working towards a third source of ore to generate sufficient cash flow to enable the Company to accelerate programmes such as regional exploration and further development. As we near the end of 2008, the third mine sourced ore is now within reach. The results of the drilling programmes completed to date have identified resources that we hope to bring on line in early 2009, subject to regulatory approval being received on schedule. This third ore source is expected to add approximately 2,000 ounces per month with very little incremental cost, as the onsite mill is already equipped to accept these additional tonnages. Therefore, this stands to substantially lower our cost per ounce produced.
Additionally, on a project development front, the Group has begun to assess the potential of the iron ore deposits on the Group’s tenements. These deposits may have significant commercial value in the current market and we have the added advantage of being proximate to suitable infrastructure including rail and port facilities, which enhances our ability to deliver the iron ore to buyers.
In the period subsequent to the 30 June 2008 reporting year, the Norseman project has been affected by continuing high costs and, to ensure we maximise the value of the assets, the Board has recently commenced a strategic review of all facets of the Group’s operations, of which the results are already impacting performance on site. A number of restructuring initiatives are being implemented on site aimed at improving the project’s economics and maximising efficiency and cash flow. These initiatives include:
·; Managing the operation based on the revised target of 6,500 ounces per month based on operations of approximately 450,000 tonnes per annum
·; Further emphasis on mechanising the mine to reduce costs and improve productivity
·; Restructuring milling campaign and work rosters to match the ore production profile and to fully utilise available equipment
·; Reducing overheads by combining functions
·; Rationalise manpower to reflect the new structure
·; Disposal of under-utilised surplus equipment following the new fleet commissioning
Overall, it is important to note that despite these reductions to personnel and equipment, production is expected to be maintained at or above average historical levels. The review has already seen a reduction in total company manpower by circa 20 personnel, which has reduced labour costs as well as reducing the monthly power consumption and consequently, diesel fuel costs. These changes will deliver savings in excess of AUD$500,000 per month with the disposal of equipment to net circa AUD$400,000.
To further supplement the continuation of the Group’s capital programmes and ahead of the Company’s proposed ASX dual listing we have, through our principal operating subsidiary, Central Norseman Gold Corporation Limited (‘CNGC’), entered into loan facility agreements with two companies associated with three Norseman directors (Barry Cahill, David Steinepreis and Gary Steinepreis), whereby AUD$1,500,000 has been made available to CNGC. The loan facility agreement is repayable on the earlier of 10 April 2009, the ASX admission date or the date upon which the Company undertakes a separate fundraising. The Board is in the final stages of preparation of a prospectus suitable for the dual listing of the Company on the ASX later this year.
The Board believes we are making progress in a tight market and the proposed ASX dual listing combined with a small fundraising to ensure shareholder spread will give the Group a sounder footing in a time of unstable economical conditions when some of our peers have been curtailed.
Subject to a satisfactory, stable production level being achieved, the Board believes that the true value of the effort and capital committed will be realised in the coming year. On behalf of the Board and Shareholders we extend our thanks to our workforce for their continuing efforts in the face of adversity in one form or another and we look forward to the future.
Vincent Pendal Barry Cahill
Chairman Chief Executive Officer
UNAUDITED GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2008
Year ended Year ended
30 June 2008 30 June 2007
AUD$ AUD$
Continuing operations
Group revenue 71,177,004 11,599,020
Cost of sales (63,653,302) (10,299,371)
__________ __________
Gross profit 7,523,702 1,299,649
Administrative expenses before impairment
of goodwill, depreciation and amortisation
and charge for share-based payments (3,401,426) (1,783,801)
Impairment of Goodwill on acquisition - (37,638,755)
Depreciation and Amortisation (8,760,903) (1,527,732)
Share-based payments (1,537,318) (1,265,595)
Total administrative expenses (13,699,647) (42,215,883)
__________ __________
Group operating loss (6,175,945) (40,916,234)
Interest receivable 747,631 117,937
Interest payable (1,768,826) (355,905)
__________ __________
Loss before taxation (7,197,140) (41,154,202)
Taxation - -
__________ __________
Loss for the period (7,197,140) (41,154,202)
========= =========
Attributable to:
Equity holders of the Company (7,197,140) (41,154,202)
========= =========
Loss per share (cents) Note
Basic 2 (9.0) (158.9)
Diluted 2 (9.0) (158.9)
========= =========
The results shown above relate entirely to continuing operations.
UNAUDITED GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2008
Foreign
Share Share Currency Equity Retained Total
Capital Premium Reserve Reserve Losses Equity
AUD$ AUD$ AUD$ AUD$ AUD$ AUD$
Year ended 30 June 2007
Balance at 1 July 2006 2 - - - - 2
Share issues 2,416,882 67,108,275 - - - 69,525,157
Foreign currency - - 106,076 - - 106,076
Equity reserve - - - 1,815,149 - 1,815,149
Net loss for 2007 - - - - (41,154,202) (41,154,202)
__________ __________ __________ __________ __________ __________
Balance at 30 June 2007 2,416,884 67,108,275 106,076 1,815,149 (41,154,202) 30,292,182
========= ========= ========= ========= ========= =========
Year ended 30 June 2008
Balance at 1 July 2007 2,416,884 67,108,275 106,076 1,815,149 (41,154,202) 30,292,182
Foreign currency - - 347,943 - - 347,943
Share issues 20,271 413,443 - - - 433,714
Conversion of Management
equity in Capital 9,808 326,638 - (336,446) - -
Share based payments - - - 1,537,318 - 1,537,318
Unwinding equity component
of convertible notes - - - (174,625) 174,625 -
Net loss for 2008 - - - - (7,197,140) (7,197,140)
__________ __________ __________ __________ __________ __________
Balance at 30 June 2008 2,446,963 67,848,356 454,019 2,841,396 (48,176,717) 25,414,017
========= ========= ========= ========= ========= =========
UNAUDITED GROUP BALANCE SHEET
AS AT 30 JUNE 2008
As at As at
30 June 2008 30 June 2007
AUD$ AUD$
ASSETS
Non-Current Assets
Property, plant and equipment 15,890,300 8,420,000
Mine properties in production phase 12,564,952 11,922,743
Exploration and evaluation expenditure 5,202,541 1,011,975
Goodwill 15,000,000 15,000,000
__________ __________
48,657,793 36,354,718
__________ __________
Current Assets
Trade and other receivables 1,501,219 1,954,558
Inventories 8,787,545 6,819,376
Financial assets available for sale 32,000 -
Cash at bank and in hand 7,121,092 17,360,479
__________ __________
17,441,856 26,134,413
__________ __________
Total Assets 66,099,649 62,489,131
__________ __________
LIABILITIES
Current Liabilities
Trade and other payables 10,920,026 5,628,894
Provisions 2,722,543 2,553,514
Convertible Notes 4,620,000 4,620,000
Interest-bearing loans and borrowings 3,104,021 -
__________ __________
21,366,590 12,802,408
__________ __________
Non-Current Liabilities
Provisions 4,568,408 4,553,892
Convertible Notes 10,015,275 14,840,649
Interest-bearing loans and borrowings 4,735,359 -
__________ __________
19,319,042 19,394,541
__________ __________
Total Liabilities 40,685,632 32,196,949
__________ __________
Net Assets 25,414,017 30,292,182
========= =========
EQUITY
Capital and Reserves Notes
Share capital 5 2,446,963 2,416,884
Share premium account 5 67,848,356 67,108,275
Currency translation reserve 6 454,019 106,076
Equity reserve 6 2,841,396 1,815,149
Retained losses (48,176,717) (41,154,202)
__________ __________
Shareholders' Equity 25,414,017 30,292,182
========= =========
UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2008
Year ended Year ended
30 June 2008 30 June 2007
AUD$ AUD$
Net cash inflow / (outflow) from operating activities 6,173,488 (1,862,788)
__________ __________
Investing activities
Funds used in mine properties & production (5,671,879) (875,180)
Funds used in exploration (4,124,167) -
Payments to purchase plant and equipment (481,858) (49,999)
Costs of acquiring subsidiaries (288,400) (41,323,922)
Interest received 747,631 117,937
Interest payable (1,594,202) (355,905)
__________ __________
Net cash used in investing activities (11,412,875) (42,487,069)
__________ __________
Financing activities
Cash proceeds from issue of shares - 65,746,002
Share issue costs - (4,035,668)
Repayment of convertible note (5,000,000) -
__________ __________
Net cash from / (used in) financing activities (5,000,000) 61,710,334
__________ __________
Increase / (decrease) in cash and cash equivalents (10,239,387) 17,360,477
Cash and cash equivalents at beginning of year 17,360,479 2
__________ __________
Cash and cash equivalents at end of year 7,121,092 17,360,479
========= =========
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2008
1. Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated below.
1.1 Basis of preparation
The financial information in this announcement has been prepared on a going concern basis, under the historical cost convention and in accordance with International Financial Reporting Standards, as adopted by the European Union (“IFRS”), including IFRS6 ‘Exploration for and Evaluation of Mineral Resources’ and in accordance with the Companies Act 1985.
The financial information set out in this announcement does not constitute the Company’s statutory accounts for the year ended 30 June 2008. The statutory accounts for the year ended 30 June 2008 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company’s general meeting.
1.2 Going concern
The Group incurred a loss of AUD$7,197,140 for the year ended 30 June 2008 and incurred net decrease in cash of AUD$10,239,387 as a result of significant investment in exploration and mine development and the repayment of part of its convertible note facility. At balance sheet date the Group had current assets of AUD$17,441,856 and current liabilities of AUD$21,366,590.
Increasing costs for Central Norseman Gold Corporation Limited (“CNGC”) and lower than expected production in the months of August and September 2008 have affected operational profitability. Whilst there was a cashflow deficit from operations for August, this has not continued and positive operational cash flows have resumed. However the required capital and development programmes have continued which has affected available cash.
A review and restructure of the operation is currently being implemented and is anticipated to provide cost savings on the basis that gold production is maintained at or above average historical levels.
A Loan Facility of AUD$1,500,000 has been provided to CNGC by director related entities to supplement the Group’s funding and to allow it to continue on with its capital programs in advance of the Company’s proposed dual listing on the Australian Securities Exchange (“ASX”).
The directors are proceeding with the proposed dual listing on the ASX and further capital raising to support the operations. The Directors are confident that a raising of between AUD$5,000,000 and AUD$10,000,000 will be successful. However, should it be unsuccessful the directors will need to seek alternative sources of funding or amend the current business plan.
In the absence of acquiring financing through capital raising or alternative sources, there is some uncertainty about the ability of the Group to continue as a going concern. However, the directors believe the above measures will be sufficient to ensure going concern status of the Group, and have prepared the financial statements on a going concern basis.
1.3 Change of accounting policy and prior period adjustment
The prior year financial statements were presented in Pounds Sterling (“£”). The functional currency is AUD$ and was adopted as the Group’s presentational currency in the year. As a result of this change in accounting policy the foreign exchange reserve has been restated and the prior year’s comparatives have been restated from £ to AUD$.
2. Loss per share
The basic loss per ordinary share has been calculated using the loss for the financial year of AUD$7,197,140 (2007: Loss AUD$41,154,202) and the weighted average number of ordinary shares in issue of 79,844,044 (2007: 25,903,464, as restated for the share capital conversion).
The diluted loss per share has been calculated using a weighted average number of shares in issue and to be issued of 79,844,044 (2007: 25,903,464, as restated for the share capital conversion). The diluted loss per share has been kept the same as the basic loss per share as the conversion of share options decreases the basic loss per share, thus being anti-dilutive.
The 2007 weighted average number of ordinary shares has been restated in line with IAS 33 requirements. The previously disclosed 2007 weighted average number of ordinary shares was 129,517,317.
3. Goodwill
Group Goodwill
AUD$
Cost
At 1 July 2007 44,983,622
Arising on acquisition of subsidiaries -
__________
At 30 June 2008 44,983,622
__________
Amortisation and impairment
At 1 July 2007 (29,983,622)
Provision for amortisation and impairment -
__________
At 30 June 2008 (29,983,622)
__________
Net book value
At 30 June 2007 15,000,000
=========
Net book value
At 30 June 2008 15,000,000
=========
Goodwill arose on the acquisition of the Company’s subsidiary undertakings. The Group tests goodwill for impairment if there are indicators that goodwill might be impaired. The Board impaired the value of goodwill at 30 April 2007.
4. Investments in subsidiary undertakings
Loans to Shares in
Subsidiary Subsidiary
Undertakings undertakings Total
Company AUD$ AUD$ AUD$
Cost
At 1 July 2007 8,259,475 31,379,536 39,639,011
Additions - at cost - - -
Loans to subsidiaries in the year 2,772,328 - 2,772,328
Impairment - - -
__________ __________ __________
At 30 June 2008 11,031,803 31,379,536 42,411,339
========= ========= =========
The loans due from subsidiaries are repayable to the Company in more than one year with no fixed repayment terms.
Subsidiary undertakings:
Name of company Country Holding Proportion held Nature of business
Davos Resources Pty Ltd Australia Ordinary 100% Mineral exploration
Shares
Norseman Gold Pty Ltd Australia Ordinary 100% Intermediate
Shares holding company
Central Norseman Gold * Ordinary
Corporation Limited Australia Shares 100% Gold mining company
Central Norseman Gold Corporation Limited acquired the entire share capital of its subsidiary Pangolin Resources Pty Ltd on 19 May 2008.
Name of company Country Holding Proportion held Nature of business
Ordinary
Pangolin Resources Pty Ltd Australia Shares 100% Mineral exploration
\* The company’s interest in Central Norseman Gold Corporation Pty Limited is held through Norseman Gold Pty Ltd.
The acquisition of Pangolin Resources Pty Ltd has been accounted for using acquisition accounting (“the purchase method”). The aggregate assets and liabilities acquired were as follows:
Book and fair values
AUD$ AUD$
Non-Current Assets
Exploration and evaluation assets 683,715
Current Assets
Term deposit 38,400
__________
Net assets acquired 722,115
Goodwill arising on acquisition -
__________
Total cost of acquisition 722,115
=========
Satisfied by:
Cash 250,000
Replacement of tenement bond 38,400
Shares issued as Ordinary Shares 433,715
__________
722,115
=========
5. Share capital
Year ended Year ended
30 June 2008 30 June 2007
£ £
Authorised
800,000,000 Ordinary shares of 1.25p each
(2007: 4,000,000,000 Ordinary shares of 0.25p each) 10,000,000 10,000,000
========= =========
Allotted, called up and fully paid
Ordinary shares of 1.25p each (2007: 0.25p each) 1,008,625 994,500
========= =========
AUD$ AUD$
Allotted, called up and fully paid
Ordinary shares of 1.25p each (2007: 0.25p each) 2,446,963 2,416,884
========= =========
|
Movement in issued and fully paid capital and share premium reserve
|
Number
|
Issued and fully paid capital
£
|
Share premium reserve
£
|
Issued and fully paid capital
AUD$
|
Share premium reserve
AUD$
|
|
|
|
|
|
|
|
|
As at 1 July 2007
|
397,800,000
|
994,500
|
27,807,030
|
2,416,884
|
67,108,275
|
|
|
|
|
|
|
|
|
Issued on 12 September 2007 – Management Shares
|
1,150,000
|
2,875
|
112,125
|
7,046
|
274,816
|
|
Consolidation of capital on 17 January 2008
|
(319,160,000)
|
-
|
-
|
-
|
-
|
|
On issue after consolidation of capital
|
79,790,000
|
997,375
|
27,919,155
|
2,423,930
|
67,383,091
|
|
|
|
|
|
|
|
|
Issued on 19 May 2008 – acquisition of Pangolin Resources Pty Ltd
|
800,000
|
10,000
|
202,000
|
20,458
|
413,257
|
|
Issued on 29 May 2008 – Management Shares
|
100,000
|
1,250
|
25,250
|
2,575
|
52,008
|
|
|
|
|
|
|
|
|
Total as at 30 June 2008
|
80,690,000
|
1,008,625
|
28,146,405
|
2,446,963
|
67,848,356
|
On 12 September 2007, the number of Ordinary Shares issued and fully paid was increased from 397,800,000 Ordinary Shares of £0.0025 each to 398,950,000 Ordinary Shares of £0.0025.
Pursuant to Shareholders’ written resolutions effective 17 January 2008, each 5 issued Ordinary Shares of £0.0025 each in the capital of the Company were consolidated into 1 Ordinary Shares of £0.0125 each which reduced the Ordinary Shares on issue to 79,790,000 Ordinary Shares of £0.0125 each. The Management Shares were consolidated on the same basis.
On 19 May 2008, the number of Ordinary Shares issued and fully paid was increased from 79,790,000 Ordinary Shares of £0.0125 each to 80,590,000 Ordinary Shares of £0.0125.
On 29 May 2008, the number of Ordinary Shares issued and fully paid was increased from 80,590,000 Ordinary Shares of £0.0125 each to 80,690,000 Ordinary Shares of £0.0125.
The Ordinary Shares rank pari passu in all respects including the right to receive all dividends and other distributions declared, made or paid.
6. Reserves
|
Foreign Currency Reserve, movements
|
|
|
|
|
Group
AUD$
|
|
Company
AUD$
|
|
At 1 July 2007
|
|
|
|
|
106,076
|
|
(908,623)
|
|
Foreign currency transactions
|
|
|
|
|
347,943
|
|
347,942
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2008
|
|
|
|
|
454,019
|
|
(560,681)
|
Group and Company
|
Equity Reserve, movements:
|
Equity component of convertible note
AUD$
|
Share based payments reserve
AUD$
|
Total
AUD$
|
|
|
|
|
|
|
At 1 July 2007
|
539,351
|
1,275,798
|
1,815,149
|
|
Share based payments
|
-
|
1,537,318
|
1,537,318
|
|
Equity component of convertible note
|
(174,625)
|
-
|
(174,625)
|
|
Conversion of Management shares into Ordinary share capital
|
-
|
(336,446)
|
(336,446)
|
|
|
|
|
|
|
At 30 June 2008
|
364,726
|
2,476,670
|
2,841,396
|
|
|
|
|
|
7. Share-based payments
Year ended Year ended
30 June 2008 30 June 2007
AUD$ AUD$
The Group and Company recognised the following charge in
the income statement in respect of its share based payment plans:
Share option charge 266,020 585,801
Management share charge 1,271,298 679,794
__________ __________
1,537,318 1,265,595
========= =========
Share options
The details of share options outstanding at 30 June 2008 are as follows:
Number of
Share options
At 1 July 2007 19,300,000
Reduction as a result of consolidation (15,440,000)
__________
At 30 June 2008 3,860,000
=========
Share option charge
Valuation methodology:
In the prior year two classes of options were issued with an exercise price of 12.5p and 6.25p respectively. Following the one for five share capital consolidation the options were consolidated with an exercise price of 62.5p and 31.25p respectively.
The option values were initially calculated with reference to the Black-Scholes option pricing model taking into account the following assumptions:
Share price 50p (pre consolidation 10p) 25p (pre consolidation 5p)
Exercise price 62.5p (pre consolidation 12.5p) 31.25p (pre consolidation 6.25p)
Expected volatility 50% 50%
Option life 3 years 3 years
Expected dividends Nil Nil
Risk free interest rate 6.385% 6.385%
The volatility percentage was an estimation of the expected volatility in the share price for a production, exploration and development Company which is listed on AIM having regard to comparative companies, quantum of cash raised, targeted investment group and risk profile.
Options issued and vested:
660,000 share options exercisable at 31.25 pence were granted under option agreements dated 16 October 2006 to each of Ascent Capital Holdings Pty Ltd (330,000) and Blue Oar Securities plc (330,000) and are exercisable at any time up to 23 October 2009.
1,000,000 share options exercisable at 62.5 pence were granted under an option agreement dated 29 March 2007 to Ocean Equities Ltd and are exercisable at any time up to 24 March 2010.
1,450,000 share options exercisable at 62.5 pence were granted under an option agreement on 28 March 2007.
Options issued but not vested:
Number of
Exercise price Value Options granted and
Pence Pence held at 30 June 2008
62.50 - 750,000
750,000 share options exercisable at 62.5 pence were granted under an option agreement on 28 March 2007. This tranche will be exercisable from the second anniversary of the date of grant. The options are exercisable up to 28 March 2010 but have certain terms and conditions whereby they terminate upon cessation of employment or consulting arrangements.
The directors have determined the options to be of Nil value.
Management share charge
The Management Shares will be issued provided that the relevant director, employee or consultant remains a director, employee or consultant at that time. If he does not, the relevant Management Shares will not be issued unless the reason for cessation was ill health, disability, death or termination by the Company or by the relevant employee or consultant or his associated consultancy entity for breach by or insolvency of the Company, in which case the relevant Management Shares may be required to be issued at any time after the first anniversary of Re-Admission (or earlier in case of death). The Management Shares may also be required to be issued after such first anniversary in case of a change of board control (in the case only of Management Shares held by associates of the Directors) or at any time in case of a change of voting control of the Company.
During the period the Management Shares were consolidated on a 1 for 5 basis and a number were issued and converted to ordinary shares. At the end of the financial year there were 5,820,000 Management Shares on issue.
The value of the Management Shares was re-assessed upon consolidation and the amount of AUD$2,535,159 will be amortised over the vesting period to 30 April 2009.
8. Events after the balance sheet date
On 4 July 2008, the Company announced the issue of 100,000 options to subscribe for Ordinary Shares exercisable from the first anniversary of the date of grant at a price of 50 pence per Ordinary Share to an employee of Central Norseman Gold Corporation Ltd. This issue of options brings the total options issued to employees to 1,350,000 exercisable at various dates from 30 August 2008 at a price of 50 pence per Ordinary Share.
On 21 October 2008, the Company and CNGC entered into loan facility agreements with Wildpark Nominees Pty Ltd and Ascent Capital Holdings Pty Ltd, companies associated with three directors of the Company, being Barry Cahill, David Steinepreis and Gary Steinepreis, whereby these companies (the “Lenders’) will make available a $1,500,000 loan facility to CNGC (the “Loan Facility”). The Loan Facility has been entered into to provide CNGC with additional working capital to further supplement the continuation of the Group’s capital programmes and in advance of the Company’s dual listing on the Australian Securities Exchange (“ASX”), which is taking longer than anticipated pending completion of associated documentation.
9. Dividend
The Directors do not propose the payment of a dividend.
* * ENDS * *
This information is provided by RNS
The company news service from the London Stock Exchange
Related Shares:
Norseman Gold