Business
Statement re Preliminary Results
Statement re Preliminary Results.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8886R GCM Resources PLC 31 October 2013 \n\n31st October 2013\nGCM Resources plc\n(\"GCM\" or the \"Company\")\n(AIM:GCM) \n \nPreliminary Results for the year ended 30 June 2013\n \n \nGCM Resources plc (AIM:GCM), a resource exploration and development company, is pleased to report its preliminary results for the year ended 30 June 2013.\n \nHighlights:\n· Coal is now recognised as integral to Bangladesh's energy security and constructive steps are being made towards increasing power generation through coal-fired power plants within the country.\n \n· Throughout the year GCM continued its strategy of significantly increasing its involvement with the local community and directly engaging with the Bangladeshi Government. Support for the Phulbari Coal Project is increasing within the local communities.\n \n· GCM recorded a loss after tax of £3.2 million for the year ended 30 June 2013 (2012: loss of £3.3 million). The Company has since reduced overheads to a minimum level.\n \n· The Company raised £2.3 million on 29 August 2013 via a share placement.\n \nThe Annual Report and Accounts for the year ended 30 June 2013 will be posted on the Company's website today (www.gcmplc.com) and will shortly be mailed to shareholders. Copies will also be available on request from the Company.\nIn the 2013 Annual Report and Accounts Michael Tang, Executive Chairman, commented: \"Despite substantial changes to the management of the Company following the appointment of new directors and resignation of the previous Board, I can assure our shareholders that the objectives of GCM have not changed; to achieve approval of the Scheme of Development of the Phulbari Coal Project (the Project) and to ensure the Project is developed for the benefit of all stakeholders.\n\"The Board believes the best route to achieving approval is to present the Project in a way that is agreeable to the Government of Bangladesh. To this end our strategy is to continue Government advocacy, strengthen ties with the local community, and consider appropriate alliances and/or partners which may aid the approval process.\n\"The upcoming Bangladesh national election has been dominating the p...