Business
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2011
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2011.
About this update from Emmerson Plc
[{"type":"text","content":"\n \nRNS Number : 5684M Emerging Metals Limited 18 August 2011 \n \n\nFor Immediate Release: 0700hrs Thursday 18 August 2011\n \nEmerging Metals Limited\n(\"EML\" or the \"Company\")\n \nAUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2011\n \nEmerging Metals Limited (AIM: EML) today announces its audited final results for the year ended 31 March 2011.\nOperational and Financial Highlights during the Year:\n· Holding in Kalahari Minerals Plc reduced to £nil (31 March 2010: £16,497,647) following sale of remaining 8,917,647 shares at £1.85 on 16 April 2010;\n· Special Dividend of 7.13 pence per share paid on 18 May 2010 (total cost of £25,352,097);\n· Holding in Extract Resources Limited reduced to £nil (31 March 2010: £1,740,508) following sale of 368,721 shares at AUD7.00 on 19 July 2010;\n· Equity shareholder funds at year-end of £9,963,996 (31 March 2010: £35,867,184); \n· Current assets valuation: £10,012,847 at year-end (31 March 2010: £35,920,430); \n· Healthy cash reserves of £10,000,643 at year-end (31 March 2010: £17,676,956);\n· Below budget operating expenses for period of £669,897 of which £329,953 related to a commission payment on the sale of Kalahari shares (Operating expenses 31 March 2010:£396,888);\n· Net loss for the year £1,006,037 (2010: profit £8,408,770);\n· Net asset value per share at 31 March 2011 is 2.80 pence (31 March 2010: 10.41 pence).\n \n \n Post Period Highlights\n· On 3rd June 2011, the Company announced that it had subscribed for 26,228,570 new ordinary shares in the capital of Ferrum Resources Limited (\"Ferrum\") representing 37.23% of Ferrum's enlarged share capital;\n· Option agreement entered into by the Company with the holders of all remaining issued Ferrum ordinary shares giving the Company the right, but not the obligation, to acquire all of the issued Ferrum ordinary shares through the issue of EML shares;\n· In July 2011, Ferrum secured a 63.53% interest in CMC Guernsey Limited which, through its 95% owned subsidiary, holds six iron ore licenses cover...