Business
Accounts Update
Accounts Update.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 1125T Premier African Minerals Limited 29 June 2018 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\nFor immediate release\n \n29 June 2018\n \nPremier African Minerals Limited\nAccounts Update\n \nPremier African Minerals Limited, the AIM-traded, multi-commodity mining and natural resource development company focused in Southern and Western Africa, announces that in the light of the ongoing delays in obtaining final sign-off from the Zimbabwean Government, the Board has decided to fully impair RHA Tungsten Mine (\"RHA\") at this time and these adjustments to the final draft accounts are subject now to final technical review and sign-off by the Company's auditors. This is expected early next week. \n \nPremier believes that it has substantially agreed the basis for the proposed RHA equity restructuring with the Zimbabwean Government and is waiting for sign-off, following which this impairment can be reviewed as and when RHA returns to production.\n \nThe Board currently expects to publish the annual report and accounts for the year ended 31 December 2017 (the \"Annual Accounts\") shortly.\n \nGeorge Roach, CEO, commented: \"The status of RHA raised a number of unforeseen technical issues related to valuation and the proposed impairment is the appropriate solution at this time. I expect finalisation and publication of our annual statements shortly and we intend to support our recent appointment of a leading auditor based in the SADC (South African Development Community) region, with additional resource in our finance team. I expect to update the market early next week.\"\n \nAs the Company will not publish its Accounts by 30 June 2018 as required by Rule 19 of the AIM Rules for Companies (the \"AIM Rules\"), the Company's shares will be suspended temporarily from trading on AIM, pending publication of the Annual Accounts, with effect from 7.30am on Monday 2 July 2018. \n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was Russel Swarts.\n \nEnquiries:\n\n\n\nFuad Sillem \n\n\nPremier African Minerals Limited\n\n\nTel: +44 (0)7734 922074\n\n\n\n\nMichael Cornish / Roland Cornish\n\n\nBeaumont ...