Business
Year End Results and Disposal of Next Oasis
Year End Results and Disposal of Next Oasis.
About this update from Panther Metals Plc
[{"type":"text","content":"\n \nLONDON NUSANTARA PLANTATIONS PLC\n\n(\"London Nusantara\", the “Group†or the \"Company\")\n\nAudited Results for the Year Ended 31 December 2016 and Disposal of 11 per cent. Interest in Next Oasis\n\nCHAIRMAN’S STATEMENT\n\nI am pleased to present the Group’s audited financial results for the year ended 31 December 2016. With no operating business as yet, the Group made a consolidated pre-tax loss for the year of £113,438 (2015: £165,706). The parent company loss for the year amounted to £112,944 (2015: £165,706). Cash at bank at the end of December 2016 was £82,633 (2015: £191,097). During the financial year 2016, a new subsidiary entity – Lonnus (M) Sdn Bhd – was incorporated in Malaysia. Our net assets stood at £178,629 (2015: 292,067) as at 31 December 2016.\n\nThe Company remains quoted on the NEX Exchange Growth Market (formerly ISDX Growth Market), as an investment vehicle seeking to identify and secure potential acquisition opportunities within the agriculture sector, primarily in oil palm plantations (upstream and downstream) and also vacant land suitable for oil palm cultivation.\n\nPrincipal Activities and Review of the Business\n\nThe principal activity of the Company is to invest in companies, or assets, in the agriculture sector primarily in oil palm plantations and/or vacant land suitable for oil palm cultivation. The Company has continued in this activity since listing on the NEX Exchange Growth Market in June 2014.\n\nSubsequent to the financial year end, the Company has entered into a Share Sale Agreement (“SSAâ€) dated 29 May 2017 to dispose of its investment in Next Oasis Sdn Bhd for RM683,000 (£124,181). The sale averaged a return of 8.1% which is above average return on capital asset disposals.\n\nDuring the year we expanded our investment horizon to include Indonesia as the rebound in palm oil prices resulted in an increase in capital values of estates in Malaysia. Negotiations with estate owners have been difficult in 2016, on the back of a challenging 2015. Capital raising from conventional bank borrowings and equity placements have also proved difficult. We have now embarked on looking at further downstream opportunities in varying our investment strategy for 2017. These include the possibility of investing in the palm oil mill sector, which includes production of crude palm...