Business
Interim results for six month
Interim results for six month.
About this update from Uru Metals Limited
[{"type":"text","content":"\n RNS Number : 8626E Niger Uranium Limited 31 December 2009 \n \nFor immediate release\n31 December 2009\n\nNiger Uranium Limited\n(\"Niger Uranium\" or the \"Company\")\n\nUn-audited interim results for the six months ended 30 September 2009\n\nChairman's Statement\n\nI am delighted to present to our shareholders and stakeholders the interim report and accounts of the Company for the six months ended 30 September 2009 (the \"Period\"). \n\nOver the past six months there has been a substantial recovery in share prices globally and in particular commodity companies and I am pleased to report that your Company has participated in this improvement. \n\nThe Company continues to hold a 13.24 per cent. shareholding in Kalahari Minerals plc (\"Kalahari\"), which is the largest shareholder in ASX-listed Extract Resources Limited. As at 23 December 2009, the Company's interest in Kalahari was valued at approximately £48 million. I continue to believe that, given the scale of our current operations, the shares in Kalahari should be distributed by way of a special dividend to our shareholders. The Company held a special general meeting to consider the proposed special dividend in November at which the enabling resolution was not approved at that time by shareholders. However, I subsequently became aware that a number of our shareholders did not consider it necessary to vote at the general meeting, as they had noted that the Board of the Company, including the representatives of our major shareholder, were in agreement that this was the correct action to take. Those shareholders therefore assumed that the resolution would automatically be passed. As it turned out on the day, a few large interests voted against the special dividend. I continue to strongly believe that the special dividend is in the best interest of all our shareholders and the Board continues to review the options for the Company's shareholding in Kalahari.\n\nDuring the Period the Board also decided that it was in the best interests of the Company to terminate the proposed purchase of the Henkries Project as the necessary South African Governmental approval had not been forthcoming in respect of the application to transfer the exploration licence from Aardvark Uranium to the Company. This decision was t...