El Oro Share Discussion Threads

[washbrook] 30/1/2009 16:48

When they reorganised the two traded companies exploration co & El Ora about 6 years ago into one company see first post.
THE FAMILY stated that the share price bid offer price would shorten this did not happen.

I made a nice profit when I sold, but with the large spread I would not buy the stock.

Also my view is that the ordinary shareholder was short changed when the FAMILY got hold of the valuable property once owned by Clive of India in Salop which was owned by the company.
Difficult to communicate with head office.
With regards to post on 11.1.09 the volume on 9.1.09 was higher than usual
DRAW YOU OWN CONCLUSIONS

[glavey] 24/1/2009 00:35

Handicap,
So now you probably have the answer:-



My initial thoughts are that this proposed delisting from AIM and listing on CISX which appears highly prejudicial to general shareholders and largely beneficial only to the Parish family who it appears are forcing this through.

I believe it would be appropriate for the company to offer a share by-back by way of open tender at a price at or close to NAV for those who would like to surrender their holdings.

The stock was illiquid enough and the spread significant since it was shifted from a full listing to AIM only a few years back - it can only be worse when it's listed on the CISX and the cost to trade will be substantial.

To claim it will be beneficial to all shareholders is ridiculous IMHO. I cannot see this being easy or cheap to hold in an ISA nor do I know the mechanism by which that could be practically achieved for most average small shareholders. Anyone who does may like to comment.

Anyone holding who has a view should be expressing it to the company post haste, I would say!

G.

[handicap] 11/1/2009 21:27

I've held this stock for over 30 years now, so sudden movements stand out to me - anyone know why it rose 27% on Friday? Nothing on the LSE's regulatory stuff, and nothing in the papers over the weekend.

[bearfoot] 31/10/2008 17:20

Hi Washbrook....I bought a few of these a month or so ago for my 'speculative' but small portfolio without really doing any research. This morning I received the annual report and, without having previously read your excellent postings, read it. I've read many Chairmans' reports over time but this was someting else! How wonderfully refreshing and opinionated!

I also studied the past extemely impressive perforamnce of the company and the accounts....and found myself thinking that investing in this company in this climate is anything other than 'specualtion'! True, the spread is huge and the shares very lightly traded but this is becuase the company is in the hands of successful, long-term and clearly highly motivated owners and Directors...well worth tucking a few (more) away but obviously for the long-term IMHO! Whatever the case, the Chairman's report is always going to be worth it! :-)

[washbrook] 31/10/2008 15:30

It is a pity there is such a big spread on this stock.
Most of the shares are tightly held.
There are 12 holders and the total comes to more than 100%
Must be a few duplicate shareholdings.

The report in the Investors Chronicle today puts the shares on FAIRLY PRICED.at 330p
The net asset value per share is 693p a discount of 52%
a dividend yield of 4.2%.
In the portfolio last year they had some good investments.
On there web site does not show the Information for the current year.
I have held the stock on many occasions when they were split into two companies.
When they merged the official can't rember who it was stated the merger would narrow the spread.
Well it hasn't.

[sleepy] 11/8/2008 22:14

Washbrook - thank you for post 12 but I don't think it came out quite as you intended?

[washbrook] 06/8/2008 12:44

HOLDINGS AT 30.6.07
_______________________-
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[zeppo] 31/3/2008 13:08

' assets at fair value were £81,588,816 equal
to 757p per stock unit, (31 December 2006: £77,167,354 equal to 712p per stock
unit).

Only one divi paid each year in the autumn.

They should be able to raise it yet again?

Usually a modest divi increase.

z

[zeppo] 29/3/2008 21:38

Interims: Monday afternoon.

z

[badboy10] 17/3/2008 19:24

archipelago news ought to be positive.

[mw8156] 02/3/2008 15:01

mention in the IC

[mw8156] 05/1/2008 14:06

would have thought the exploration and gold side is doing ok but the brewery and property not so well so NAV may be around 760-780 now.

[mw8156] 08/11/2007 19:36

looks like the results are tomorrow judging by today's activities...

[mw8156] 11/10/2007 19:11

Due to announce results sometime this month but when precisely; would wxpect the NAV to be around 800 at end June... 850 now...

[washbrook] 24/9/2007 09:30

RNS Number:0821U
El Oro And Exploration Co Plc
30 March 2007

EL ORO AND EXPLORATION COMPANY plc

CHAIRMAN'S STATEMENT

Results for the period ended 31 December 2006

The Group profit before tax for the six months to 31 December 2006 was
#3,049,025 (six months to 31 December 2005: #7,180,828). Group net assets at 31
December 2006 under IFRS, taking all assets at fair value were #77,167,354 equal
to 712p per stock unit, (31 December 2005: #65,517,760 equal to 605p per stock
unit).

El Oro's team of heavy hitters, has been boosted by the bane of Mr. Flintoff,
and increased its score with the takeover of Hardys and Hanson by Greene King,
assisted by the ever-increasing value of other Brewery holdings, such as Adnams,
Fuller, Smith and Turner and Young's.

The middle-order batsmen have been piling on the runs in the Property sector,
with notable increases in the asset values of Daejan, Mountview and McKay
Securities. MP Evans have also thrived with their transition from Malaysia to
Indonesian Palm Oil production, whilst James Halstead continue to demonstrate
their flawless ability to produce non-slip results.

Hard on their heels and not to be outdone, Egdon have flourished with its
gas-storage project in the Isle of Wight. Amongst the precious metals, Troy's
reinforced team have expanded their reserves both in Brazil and Canada, and are
beginning to achieve belated recognition in the market. Hunting have soared
beyond the expectations of many, whilst the platinum producers and explorers
continue to flourish, upheld by a rising price due to catalytic converter and
fuel-cell demand.

The seemingly-insatiable demand from China and India for both metals and energy
has underpinned most metal prices, with stratospheric levels now reached in
nickel, and uranium, whilst copper continues to rise after a brief fall in
recent months. Within the last week, Lionore, in which in its earlier guise as
Francistown Mining and Exploration, El Oro was a founder shareholder, has agreed
a takeover by Xstrata. This has precipitated further advances in the nickel
sector, where the folly of Western Mining's dispersal of its nickel interests in
the Kambalda region has been the bounty of companies such as Mincor, Mirabella
and Minara. Adding Iron Ore, Molybdenum and Natural Gas, it is little wonder
that Perth property prices are now amongst the highest in Australia. Where
Australians are not discovering new riches beneath their bountiful land, they
are developing assets overseas. We were privileged to visit Albidon's nickel
mine in Zambia, and International Ferro Metals' Chrome project in South Africa.
We hold high expectations for both, despite South Africa's determination to
increase turnover of Porsche Cayenne Turbos amongst Black Empowerment partners.

In the longer term, and as already criticised by Mr. de Klerk, the selection of
personnel on racial, and in particular, black, criteria, can only damage a
sophisticated economy such as South Africa's. This is exacerbated by increasing
corruption, incompetence and anti-business sentiment, alongside the ever-present
violence, which makes us fearful for the future in that beautiful country,
particularly given its support for the wanton and tragic destruction of its
neighbour to the North. Sadly, however tempting the assets, we see little hope
of anything other than venality persisting in Zimbabwe. Ian Smith's hope,
expressed to us recently to 'see that brigand driven out' may be accomplished,
but the return of the halcyon days as the Jewel in the Crown of Africa are
perhaps gone for ever.

On the home front, the dismal days of this dreadful government draw slowly to a
close, with tax reimposed on the lowest level of earnings; newly-qualified
doctors denied jobs by a selection system of unbelievable stupidity totally
unsuited to the calibre and qualifications of the applicant; a dental system in
decay; an Hogarthian desire for Casinos bordering on depravity; the plaintiff
cries of cows culled by Death-dealing Defra for paper-work discrepancies
ringing in the ears of their uncompensated owners; the ongoing payments fiasco
at that same department preceding the promotion of its perpetrator onto the
world stage, where our sailors are seized and the means of redress has probably
been reduced beyond repair; an education system, where money has been poured
into the morass of the lowest 20%, whilst the leading academic institutions are
starved of resources, and the need for intellectual capital becomes, against
competition from China and India, ever more acute; the disgraceful and
disastrous starving of resources for the defence sector; the theft from the
Lottery of funds earmarked for Sport to finance the ever-escalating cost of the
Olympics; and the relentless extension of the State across ever greater areas of
society and employment, into every nook and cranny of human and spiritual
existence, typified, on the mundane level by the sprouting of congestion charge
cameras on their lofty poles, in the Brompton Road.

In the face of this accumulating crisis, the leaders of the opposition float
ever upwards in their beautiful balloon, on a diet of Juniper berries:" the
world's a nicer place in my beautiful balloon, it wears a nicer face in my
beautiful balloon, we'll search the clouds for a star to guide us": their
assault on the every-day expectations of ordinary citizens to fly to their own
holidays or homes, on deeply dubious environmental grounds, whilst continuing to
rule out tax or spending cuts, leaves little hope for any change of substance
from the tidal wave of expenditure, tax and regulation suffered for the past 10
years.

Outlook

The gloom outlined above is as nothing to the Sub-Prime crisis engulfing the
United States housing market, which has every possibility of spreading to the
Prime market itself. Indications that the French housing market is also
beginning to suffer, and that Spain is seriously over-valued, are matched by
remarks made by an increasing number that the UK Commercial property market is
now in 'a bubble' fuelled by vast inflows from the Pension and Hedge Fund
sectors. The trend of rising interest rates would not yet appear to have abated
in the United Kingdom, and supposedly not in the United States. There are also
indications that both the United States dollar as always, and the British pound
sterling are overvalued and destined for significant and disturbing corrections.

At the same time, inflation is on an upwards trajectory: these factors, when
taken together cause a degree of caution when looking beyond the immediate flood
of funds fuelling takeovers for such venerable institutions as Sainsbury's and
Alliance Boots, not to mention Altadis and numerous other approaches occurring
in world markets.

We will therefore continue to keep our gold exposure, which appears on a rising
trend. Our other metals, whilst subject to squalls from the Chinese/Indian
economies and their progress will in coming years boost our portfolio which
remains underpinned by those stalwarts mentioned earlier. Whilst realised
profit will be subject to the happenstance of corporate activity and takeover,
our goal remains raising the asset value per share.

After 6 months on the AIM market, we have now said farewell, to Chris Burman,
and welcome Steven McKeane from Scotland via Sydney, as his highly competent
successor. We also regrettably, have lost Rosanna to the hallowed environs of
Oxford, but greet Vicky Clutterbuck stepping nimbly into her shoes; all assisted
cheerfully and authoritatively by Abbie. I would like to thank them and my
fellow directors for their continued support and wise advice, along with that of
our advisers, brokers and colleagues.

Robin Woodbine Parish
30 March 2007

EL ORO AND EXPLORATION COMPANY plc

CONSOLIDATED INCOME STATEMENT

(Unaudited)
for the six months ended 31 December six months to six months to
31 December 2006 31 December 2005
# #
Revenue 6,978,291 9,249,151
Movement in fair value through the income statement investments (240,578) 173,611
Movement in fair value of investment properties 41,139 (8,313)
Impairment loss on available for sale investments (2,174,506) (1,019,105)
Expenses (909,295) (817,660)

Profit before finance costs and taxation 3,695,051 7,577,684

Finance costs:

Banks 646,026 397,297

Other - (441)
646,026 396,856
Profit before taxation 3,049,025 7,180,828
Taxation 870,816 2,132,403
Profit for the period 2,178,209 5,048,425

Earnings per stock unit (basic and diluted) 20.10p 42.35p

CONSOLIDATED STATEMENT OF CHANGES IN INCOME AND EXPENSE
(Unaudited)

for the six months ended 31 December six months to six months to
31 December 2006 31 December 2005
# #
Profit for the period 2,178,209 5,048,425
Revaluation of available for sale investments during the period 9,835,193 13,943,864
Deferred tax on revaluation of available for sale investments during (2,950,558) (4,183,159)
the period

Total recognised income and expense for the period 9,062,844 14,809,130

CONSOLIDATED BALANCE SHEET

(Unaudited)
As at 31 December
31 December 2006 31 December 2005
Assets # #
Non-current assets
Property, plant and equipment 734,895 758,338
Investment properties 444,933 496,688
1,179,828 1,255,026
Current assets
Trade and other receivables 191,408 327,007
Financial assets:

Available for sale investments 116,492,915 95,435,013
Financial assets - fair valued through the income statement:

Commodities 2,146,315 1,236,774
Cash and cash equivalents 236,565 202,043
119,067,203 97,200,837
Liabilities
Current liabilities
Financial liabilities:

Borrowings 23,564,269 15,971,052
Trade and other payables 422,470 896,144
Current tax liabilities 1,211,438 7,498,377
25,198,177 24,365,573
Net current assets 93,869,026 72,835,264
Non-current liabilities
Deferred taxation 17,881,500 8,572,530
Net assets 77,167,354 65,517,760
Stockholders' equity
Ordinary stock units 539,210 541,785
Share premium 6,017 6,017
Capital redemption reserve 347,018 344,442
Merger reserve 3,564 3,564
Other reserves 42,653,699 33,700,049
Retained earnings reserve 33,617,846 30,921,903
Total equity 77,167,354 65,517,760

CONSOLIDATED CASH FLOW STATEMENT
(Unaudited)
for the six months ended 31 December six months to six months to
31 December 2006 31 December 2005
# #

Cash flow from operating activities 569,923 (314,289)
Income taxes paid (503,787) (1,160,796)
66,136 (1,475,085)

Cash flow from investing activities (271,780) (300,092)
Cash flow from financing activities (1,922,508) (1,443,638)
Net decrease in cash and cash equivalents (2,128,152) (3,218,815)
Cash and cash equivalents at 30 June (20,648,219) (12,322,091)
Effect of foreign exchange rate changes (259,132) 98,789
Cash and cash equivalents at 31 December (23,035,503) (15,442,117)

EL ORO AND EXPLORATION COMPANY plc

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL INFORMATION

The Unaudited Consolidated Interim Financial Information ("Financial Information
") for the six months ended 31 December 2006 does not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985. The
Financial Information has been prepared using accounting policies and principles
consistent with those applied in the preparation of the audited accounts of El
Oro and Exploration Company plc for the 18 month period ended 30 June 2006. No
changes were made to those policies in the preparation of this Financial
Information. The Directors have elected not to adopt IFRS 7 "Financial
Instruments: Disclosure" or IFRS 8 "Operating Segments" early.

There was a first and final dividend of 12 pence paid on 26 October 2006 in
relation to the 18 month period ended 30 June 2006.

The Financial Information was approved by a Committee of the Board of Directors
on 30 March 2007. The Financial Information has not been subject to review or
audit by the Group's auditors.

REVENUE six months to six months to
(Unaudited) 31 December 2006 31 December 2005
for the six months ended 31 December # #

Dividends from listed available for sale investments 1,006,036 1,008,757
Dividends from unlisted available for sale investments 146,775 120,983
Net loss on fair value through the income statement investments (80,828) (307,437)
Net profit on available for sale investments realised 5,993,499 8,494,584
Currency translation losses (110,619) (109,352)
Other income 23,428 41,616

6,978,291 9,249,151

EL ORO AND EXPLORATION COMPANY plc

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL INFORMATION
RESERVES
Share premium Capital Merger Other Retained
redemption earnings

At 1 July 2006 6,017 344,442 3,564 38,069,136 33,005,519
Purchase and cancellation of own shares 2,576 (271,780)
Movement in period in values of AFS 9,835,193
assets
Tax provided on above (2,950,558)
Fair value of AFS investments recycled to (3,285,817)
income statement
Tax relief on above 985,745
Profit for the period 2,178,209
Dividends paid (1,294,102)

At 31 December 2006 6,017 347,018 3,564 42,653,699 33,617,846

RESERVES Share premium Capital Merger Other Retained
redemption earnings

At 1 July 2005 6,017 343,792 3,564 27,764,808 25,938,357
Purchase and cancellation of own shares 650 (64,879)
Movement in period in values of AFS 13,943,864
assets
Tax provided on above (4,183,159)
Fair value of AFS investments recycled to (5,464,948)
income statement
Tax relief on above 1,639,484
Profit for the period 5,048,425
Dividends paid -

At 31 December 2005 6,017 344,442 3,564 33,700,049 30,921,903

AIM NOMAD - Grant Thornton Corporate Finance
Philip Secrett
Partner
Telephone: [phone]
Email: [e-mail]

This information is provided by RNS
The company news service from the London Stock Exchange
END

IR ILFFLVTIIVID

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[washbrook] 23/9/2007 18:28

SHARES IN ISSUE 7.6.07....10,776,501.

[washbrook] 23/9/2007 18:21

EXTRACT FROM THE TRANSCRIPT ABOVE

In Greenwich, L.T.C.M faced bankruptcy, but if the company went down, it would also take with it the total value of the positions it held across the globe - BY
some accounts $1.25 trillion, the same amount as the annual budget of the US
government. The elite of Wall Street would suffer heavy losses. The Federal Reserve Bank called upon the world's top financial regulators to discuss the crisis.

[washbrook] 23/9/2007 16:13

You have the same thoughts as I.
I have been discussing with my wife this stock is a good parker for possibly trouble times ahead.
I have a feeling about a large fall on the $.
The US federal reserve cutting interest rates this week in my view wrong.
The new chairman is still following the same path as GREENSPAN.
ie- the big hedge fund (*) he propped up.Looked after the wealthy in US.

*:----




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