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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mincorp | LSE:MOP | London | Ordinary Share | GB00B05Q9X89 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0865Z Mincorp Plc 27 June 2007 MINCORP PLC ("the Company") ANNUAL GENERAL MEETING 27th JUNE 2007 CHAIRMAN'S ADDRESS Mincorp plc (AIM: MOP) announces that at the Company's AGM to be held at 10am this morning, the Company's chairman will make the following remarks with regard to current trading and prospects. "Ladies & Gentlemen, Welcome to the second Annual General Meeting of the company for the year ended 31st May 2006. Unfortunately, this meeting is being held more than 12 months after the end of financial year. We intend to rectify this situation in the coming year. DIRECTORS My name is Reginald Hare. I would like to introduce the Directors: Jocelyn Arreza, Michael Coleman, Noordin bin Abdullah and Jaafar bin Ahmad. ISSUE OF NEW SHARES At the beginning of 2007, the Company was facing a cash crisis with insufficient funds to operate for the coming year. In January, Coraledge Resources Limited announced that it had acquired from two major shareholders of Mincorp 29,750,000 shares representing 22.88% of the issued capital of the Company. The acquisition price was 0.74p. Following this substantial change in the shareholding of the Company, a group of approximately 24 interested potential shareholders, including a number of clients of Credit Suisse, agreed to subscribe for 236,000,000 shares at a price of 0.74p per share. This was regarded by directors as a fair market price considering that over 22% of the issued capital of the Company had changed hands at 0.74p per share. Subsequently, the 236,000,000 of the available shares were issued and raised #1,746,400. This issue was made directly to new shareholders and no underwriting fee or commission was paid. As a result, the Company received the whole of the proceeds of the issue. The Company has greatly improved its financial condition, which will enable it to become more active in the acquisition of mining properties and related investments. Prior to the private placement, three additional directors were appointed to the board. PT ATPK RESOURCES Tbk, INDONESIA Since funds became available, the Company has acquired a 5.5% interest in ATPK Resources, a company listed on the Jakarta Stock Exchange. Our interest in this company is related to the recent acquisition by ATPK Resources of five undeveloped coal deposits in Indonesia. This resource, when mining commences, should transform ATPK into a profitable mining company. ATPK has also recently acquired several lateritic nickel areas in Sulawesi, Indonesia. Our initial investment was purchased at an average price of approximately IDR 830 per share. There has recently been a sharp increase in the market price of ATPK Resources shares to around IDR 2500 per share. As of this date, we have an unrealised gross trading profit on this investment of approximately #2,000,000. In May 2007, ATPK Resources announced a one-for-one rights issue of 410,450,000 new shares at a subscription price of IDR 445 a share including one warrant for every three new shares at a subscription price of IDR 200 exercisable from 7 January 2008 until 5 July 2010. As Mincorp's current holding amounts to 22,750,000 shares, in order to maintain our present 5.5% interest we will need to subscribe for 22,750,000 new shares. This investment will cost approximately #562,000. When exercised, the conversion of warrants to shares will cost an additional #84,000. These figures are approximate and will vary with the exchange rate. MT CADIG NICKEL DEPOSIT, PHILIPPINES Mincorp Asia, Inc subsidiary Bonaventure Mining Corporation is the applicant for this area of approximately 9,400 hectares covering the whole of the Mt Cadig deposit. Mincorp Plc holds 40% of the shares in Mincorp Asia, Inc. The claim to the area is under dispute and the case has gone to the Philippines Supreme Court. A decision is anticipated before the end of 2007. Our legal advisers are confident the company will win the case in the higher court. Mt Cadig is a major nickel laterite deposit of approximately 120 million tons. Insufficient work has been completed to determine what percentage of the deposit consists of ore. NEW WAVERLEY GOLD MINE, WESTERN AUSTRALIA This gold property is wholly owned by Procnima Exploration Pty Ltd, a subsidiary of Mincorp Plc. It was acquired by an outright purchase for #86,000. The mine is located just north of Norseman, which is one of the oldest gold producing areas in Western Australian. The first gold was discovered in 1894. The field has been worked continuously since discovery. The area held by Procnima is structurally similar to the Princess Royal mine, several kilometres to the south west. In both cases the primary ore structure in a north westerly trending fault. The displacement on this fault at Princess Royal is approximately 800 metres while the estimated displacement at New Waverley is 600 metres. The main target is in the underwall of the fault. In 2006, Procnima drilled an inclined diamond drill hole to a depth of 500 metres with the objective of penetrating the fault and testing the underwall position. This hole did not reach its objective due to a steepening of the fault. A second drill hole will be commenced in July this year, located further west, and is expected to test the underwall position. There is also another possibility for discovery of shallow quartz veins similar to the ones mined in the open cut. These veins in the past yielded 4,500 ounces of gold from a shallow open cut. To test this prospect we intend to commence a percussion drilling programme later this year. The Princess Royal produced over 1,800,000 ounces of gold from quartz veins at an average grade of approximately 17 Grams/tonne. This is the possible prize at New Waverley. FUTURE ACTIVITIES The company expects to be more active in the mining scene in the coming year. This will involve raising equity and/or loan funds in the near future. Planning for this is already underway. SINGAPORE OFFICE The management of Mincorp Plc is located overseas. Our head office address is as follows: Mincorp Plc, 3 Temasec Avenue, #34-23 Centennial Tower, Singapore 039190. Tel: +65 6549 7898 Fax: +65 6549 7544 CONCLUSION In conclusion, I wish to thank the directors and staff of the company, as well as our consultants, advisors and also Nabarro Wells, our NOMAD, for their services in the past year. I also thank shareholders for their support. REGINALD HARE Chairman" Enquiries: Mincorp plc Reg Hare (Chairman) 00632 682 1063 Nabarro Wells Hugh Oram 0207 710 7400 This information is provided by RNS The company news service from the London Stock Exchange END AGMILFLARLIRFID
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