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OVG Ovoca Gold

10.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ovoca Gold LSE:OVG London Ordinary Share IE00B4XVDC01 EUR0.125
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 10.25 9.50 11.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Ovoca Gold PLC Interim Results (3162H)

16/08/2016 12:00pm

UK Regulatory


Ovoca Gold (LSE:OVG)
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RNS Number : 3162H

Ovoca Gold PLC

16 August 2016

Ovoca Gold PLC

16 August 2016

Ovoca Gold plc ("Ovoca" or the "Company")

2016 Interim Results

Ovoca Gold is pleased to announce its interim financial statements and report covering the six-month period from 1 January 2016 to 30 June 2016.

Please click on the following link to view the full Half Year Report:

http://www.rns-pdf.londonstockexchange.com/rns/3162H_-2016-8-16.pdf

Highlights:

-- Cash and cash equivalents and available for sale financial assets of Euro 26.7 million as at 30 June 2016;

   --      Total comprehensive profit for the six-month period to 30 June 2016 of Euro 6.4 million; 

-- Dividend income received during the period of US$122,000 from our holding of Polymetal International Plc shares; and

-- Cash payment of Euro 0.7 million received during the period relating to the Taymura LLC debt, which we continue to pursue through bankruptcy proceedings.

CEO's Statement

Dear shareholders,

It is my pleasure to report to you our financials and the results of our work for the first half of 2016.

The global market recovery of the gold mining sector positively reflected on our investment portfolio and boosted our financial position. This sector recovery has also brought renewed attention to our Stakhanovsky project. Management is using this time to continue the search for an investor for the Stakhanovsky project.

In addition to our gold activities, we also remained very active with litigation regarding our outstanding loan to Taymura LLC, which was declared bankrupt in February 2016. During the six-month period to 30 June 2016, Ovoca recovered US$740,621 in respect of assigned receivables in relation to this loan. Despite the unconstructive legal tactics Taymura LLC beneficiaries have been using, management still believes there is a strong chance to achieve substantial repayment of the Company's loan. We will continue to vigorously defend our interests in the bankruptcy procedure of Taymura LLC and seek all legal options available to us for the benefit of the Company.

Ovoca has a strong balance sheet and is entering a market upturn in commodities. As such, management is positive for 2016 and looks forward the next half of the year.

Sincerely,

Kirill Golovanov

CEO

ENDS

Enquiries:

 
 Ovoca Gold plc 
 Kirill Golovanov, Chief         Tel: + 7 495 916 6029 
  Executive Officer 
 
 Davy - NOMAD, ESM Adviser      Tel: +353 (1) 679 6363 
  and Broker 
 John Frain / Daragh O'Reilly 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR EAEPKFLFKEFF

(END) Dow Jones Newswires

August 16, 2016 07:00 ET (11:00 GMT)

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