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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oriole Resources Plc | LSE:ORR | London | Ordinary Share | GB00B0T29327 | 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% | 0.365 | 0.35 | 0.38 | 0.36 | 0.36 | 0.36 | 10,242,977 | 16:35:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 115k | -1.62M | -0.0008 | -4.50 | 7.18M |
TIDMORR
RNS Number : 3204X
Oriole Resources PLC
29 April 2019
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
GBP0.5M VAT Repayment Received
Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is delighted to announce that it has now received a repayment of GBP522k from Her Majesty's Revenue and Customs ('HMRC') following the positive resolution of its VAT dispute last year (Announcements dated 13 November 2018 and 31 January 2019).
Bob Smeeton, Chief Financial Officer, said: "We are delighted to be able to report the receipt of this money, and the end of this long running dispute, which has been a costly distraction for over two years. The end of the dispute allows us to reduce professional advisor fees and provides funds for our continued exploration operations."
Further Information
In 2017, HMRC ruled that the Group's activities of supporting its overseas exploration operations could not be classed as an economic activity for VAT purposes and subsequently demanded that the Company pay-back the VAT reclaimed in the UK since 2011. This led to a provision of GBP557k in the 2017 Financial Statements and a payment to HMRC of GBP593k in June 2018. A successful resolution to the dispute was reached by the Company during 2018, with HMRC reversing their decision. The Company has now received GBP522k reflecting the final agreement with HMRC in respect of recoverbale VAT.
The funding will enable the Company to progress its new-frontier gold exploration programme in Cameroon, as well as pursue other opportunities it is reviewing in Africa and Europe.
** ENDS **
For further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:
Oriole Resources PLC Tel: +44 (0)20 830 9650 Bob Smeeton / Tim Livesey /Claire Bay Blytheweigh (IR/PR contact) Tel: +44 (0)20 7138 3204 Tim Blythe / Megan Ray / Rachael Brooks Grant Thornton UK LLP Tel: +44 (0)20 7383 5100 Samantha Harrison / Ben Roberts / Niall McDonald Hannam & Partners Tel: +44 (0)20 7907 8500 Neil Passmore / Andrew Chubb Turner Pope Investments (TPI) Tel: +44 (0)2036214120 Ltd Ben Turner / James Pope / Andy Thacker
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company, operating in Africa and Europe. It is focused on early-stage exploration in Cameroon and the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. The Company has a number of interests and royalties in companies operating throughout Africa and Turkey and is assessing new opportunities in both regions.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
April 29, 2019 02:01 ET (06:01 GMT)
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