Business
Audited Results For The Year Ended 31 March 2010
Audited Results For The Year Ended 31 March 2010.
About this update from Emmerson Plc
[{"type":"text","content":"\n \nFor Immediate Release: 7AM, 22 September 2010\n\n EMERGING METALS LIMITED \n (\"EML\" or the \"Company\") \n\n AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2010 \n\nEmerging Metals Limited (AIM: EML), the mining company focused on minor and\nemerging metals, today announces its final results for the year ended 31 March\n2010.\n\nFinancial and Operational Highlights at Year-End:\n\n * Equity shareholder funds increased to £35,867,184 (31 March 2009: £\n 26,652,271) - an increase of 34.6%;\n \n * current assets valuation increased to £35,920,430 (31 March 2009: £\n 21,392,111);\n \n * cash reserves have increased to £17,676,956 (31 March 2009: £3,757,960) -\n an increase of 370%, following the receipt of £16,472,899 relating to the\n sale of 8,917,647 Kalahari Minerals Plc shares on the 25 March 2010;\n \n * net profit for the year was £8,408,770 (2009: £10,005,933);\n \n * 4.53% of Kalahari Minerals Plc held at an average cost of 54.50 pence per\n share (31 March 2009: 8.04% held at an average cost of 45.04 pence per\n share) following sale of 8,917,647 shares at £1.85 on the 25 March 2010;\n \n * 0.17% of Extract Resources Limited held at an average cost of A$1.0707 per\n share (31 March 2009: 0.17% held at an average cost A$1.1945 per share);\n \n * holdings in Kalahari Minerals and Extract Resources are valued at £\n 18,238,155 against a purchase price of £5,101,008;\n \n * non-current assets valuation decreased to £nil (31 March 2009: £5,319,860)\n following the directors decision to write off this investment;\n \n * Tsumeb Option was written down to £nil at year end (31 March 2009: £\n 4,818,455) to anticipate the expiry at end July 2010;\n \n * Operating expenses are below budget at £396,888 (2009: £973,230); and\n \n * Net asset value per share at 31 March 2010 is 10.41 pence.\n \nPost-period Highlights:\n\n * A Special Dividend of 7.13 pence per share was paid on 18 May 2010 at a\n total cost of £25,352,097;\n \n * as of the 31 August 2010, the Company's cash balances were £10,050,679,\n representing 2.83 pence per share.\n \nStephen Dattels, Co-Chairman of Emerging Metals, commented:\n\n\"I am extremely pleased to report such an outstanding year with a significant\nreturn to shareholders. Your Board continues to look for similar investment\nopportunities to provide comparable returns in the future...