Business
Half Yearly Report
Half Yearly Report.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n \nRNS Number : 9271S Ovoca Gold PLC 30 September 2014 \n\nOvoca Gold plc (\"Ovoca\" or the \"Company\")\n \n2014 Interim Results\n \nOvoca is pleased to announce its interim financial statements and report covering the six month period from 1 January 2014 to 30 June 2014.\n \nPlease click on the following link to view thefull Half Year Report:\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/9271S_1-2014-9-29.pdf\n \n \nHighlights:\n· Cash and cash equivalents and available for sale financial assets of US$28.0 million as at 30 June 2014. \n· Total comprehensive profit for the six month period to 30 June 2014 of US$0.1 million. \n· Total finance income in the period amounted to approximately US$0.5 million, relating to our holding of Polymetal International plc shares and accrued interest.\n \n \nPost period events:\n· On 24 September 2014, the Board of Ovoca announced that it is seeking to put in place the necessary shareholder authorities to repurchase up to 20 per cent. of the Company's issued share capital by way of on-market share purchases. \n· On the same date, Ovoca also announced that it intends to seek approval from independent shareholders to satisfy Ovoca's obligations in relation to the payment of deferred consideration relating to the acquisition of the Stakhanovsky Licence, by way of a final payment by Ovoca of US$3 million. Ovoca now intends to seek a joint venture partner to develop the Stakhanovsky Licence or to potentially sell the Company's interest in the Licence.\n \n \nCEO's Letter\n \nDear shareholders,\n \nIt is my pleasure to report to you our financials and the results of our work for the first half of 2014. \n \nIn 2014 the Company decided to widen its focus in exploration projects and started to search for new projects in the oil and gas resource sector in Russia. Since that time we have reviewed a number different investment opportunities but, due to the unstable geopolitical and market situation, we decided to refrain from any further immediate investments in our existing portfolio of projects as well as investments in new projects. \n \nAlthough our financial po...