Business
Interim Results for 6 months to 30 June 2014
Interim Results for 6 months to 30 June 2014.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0729T Reabold Resources PLC 30 September 2014 \n \n\n30 September 2014\nREABOLD RESOURCES PLC\n (\"the Company\")\n \nUnaudited Interim Results for six months ended 30 June 2014\n \nReabold Resources plc (AIM: RBD) the AIM quoted resources investment company announces its unaudited interim results for the six months ended 30 June 2014 (\"the Period\").\n \nFor further information, contact:\n \n\n\n\n\nReabold Resources plc\nJeremy Edelman (Executive Chairman)\nAnthony Samaha (Executive Director)\n \n\n\n \n+44 (0) 20 7460 2353\n \n \n\n\n\n\nBeaumont Cornish Limited\nRoland Cornish\n\n\n+44 (0) 20 7628 3396\n\n\n\n\n\n \n \n \nCHAIRMAN'S STATEMENT\n\n \nAs announced on 20 December 2013, the Company identified a proposed acquisition which would constitute a reverse takeover, however, given that the proposed acquisition was not completed by 19 December 2013, trading in the Company's shares under AIM Rule 15 were suspended on 20 December 2013, pending the publication of an admission document. As set out in the Audited Accounts published on 13 June 2014, this transaction was terminated due to the target company pursuing a non-public strategy rather than proceeding with the AIM flotation process. \n \nSubsequently, the Board has decided to implement the Company's investing policy through a broader portfolio of investments, specifically focusing on the natural resources sector, which, in the opinion of the Directors, represents a positive cyclical recover opportunity.\n \nOn 23 June 2014, the Company announced:\n \n1. Subscription agreements totalling £325,000 for 65,000,000 new Ordinary Shares of 0.1p each in the Company at a price of 0.5p per share, to provide funds to make investments in accordance with the Company's investing policy and for working capital purposes. \nThe Company had entered into a stock margin service financing facility with Barclays Bank Plc to provide a facility with an initial drawdown of circa £400,000 to support the Company's listed investment programme. The initial term of the facility is 12 months, with interest payable quarterly at the TM (TomNext) rate applicable to low-volatility currency plus 1.35 per cent. The facility may be repaid in whole or part wit...