Business
Half Yearly Report
Half Yearly Report.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8114O African Mining & Exploration PLC 25 September 2013 \n\n \n \n \n \n \n25 September 2013\n \nAfrican Mining and Exploration plc (\"AME\" or \"the Company\")\nInterim Results for the six months ended 30 June 2013\n \nAfrican Mining and Exploration plc (AIM: AME), announces its interim financial results for the six months ended 30 June 2013.\n \nCopies of the Company's interim Financial Statements will be made available to download from the Company's website www.ameplc.co.uk. To view the press release with maps and the full interim financial results please see the following link:\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/8114O_-2013-9-24.pdf\n \n \nFor further information please visit www.ameplc.co.uk or contact:\n\n\n\n\nDavid Archer\n\n\nAfrican Mining & Exploration plc\n\n\nTel: +44 (0) 774 7777911\n\n\n\n\nJames Maxwell / Jenny Wyllie\n\n\nN+1 Singer\n\n\nTel: +44 (0)20 7496 3000\n\n\n\n\n \nOPERATIONAL HIGHLIGHTS\nFOR THE SIX MONTHS ENDED 30 JUNE 2013\n \n \nOverview\n \nWe are pleased to report that since we released our 2012 Annual Report in May, we have made significant progress in transforming the Company from a single country, West African focussed gold explorer towards holding a portfolio of resource projects in different geographies. The transition is led by a globally experienced Board and management team with extensive experience in the resources industry, including David Archer who was appointed to the Board in May 2013, made a substantial cash investment in the Company in July and became CEO in August.\n \nThe significant developments in the Company's portfolio transformation are: \n \n· in August 2013 the Company announced the conditional agreement to divest its subsidiary, AME West Africa Ltd (\"AME West Africa\"), to Alecto Minerals Plc (\"Alecto\") (including the Kossanto Gold Project (\"Kossanto\")). The agreement allows AME to retain an indirect exposure to Kossanto via a substantial (24.9%) shareholding in Alecto and a convertible loan note potentially convertible into approximately 5.9% of Alecto's expanded issued share capital; and \n· in September 2013 the Company entered into an agreement to a...