Red Emperor Resources NL Quarterly Activities and Cashflow Report (6769C)
October 21 2020 - 2:00AM
UK Regulatory
TIDMRMP
RNS Number : 6769C
Red Emperor Resources NL
21 October 2020
21 October 2020
Red Emperor Resources NL
Quarterly Activities and Cashflow Report
For the Period ended 30 September 2020
The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP",
"Red Emperor" or the "Company") provides the following commentary
on its activities and an Appendix 5B for the quarter ended 30
September 2020.
Corporate
During the quarter, Red Emperor continued to evaluate potential
deal opportunities in the global oil and gas market. While mainly
focused on exploration projects, the Board have been very mindful
of protecting the Company's balance sheet and by extension,
shareholder value. A number of projects considered during the
quarter continue to remain of interest and the Company anticipates
being able to update the market and its shareholders further during
the current quarter to 31 December 2020. Over the past 6 months,
the oil price has somewhat stabilised after dipping sharply,
particularly towards the end of April 2020, however global
uncertainty due to COVID-19 continues to be the industry's biggest
challenge.
AIM Rule 15 cash shell status
On 7 August 2020, the Company announced that, pursuant to the
relinquishment of the Western Blocks on the North Slope, Alaska, as
announced on 24 July 2020, the Company had become an AIM Rule 15
cash shell.
As an AIM Rule 15 cash shell, the Company is required to make an
acquisition, or acquisitions, which constitute(s) a reverse
takeover under AIM Rule 14, or alternatively seek re-admission to
trading on AIM as an investing company pursuant to AIM Rule 8,
within six months from 21 July 2020, failing which the Company's
ordinary shares will be suspended from trading on AIM pursuant to
AIM Rule 40 and cancelled from admission to trading on AIM if such
a transaction has not been completed within a further six month
period thereafter.
Financial Commentary
The Quarterly Cashflow Report (Appendix 5B) for the period
ending 30 September 2020 provides an overview of the Company's
financial activities and can be viewed at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/6769C_1-2020-10-20.pdf
. The Company is in a strong financial position with A$4.4 million
in cash at the end of the quarter. This will be sufficient to fund
corporate costs well into 2021 and also facilitate the
identification, evaluation and potential acquisition of new
ventures and opportunities.
Payments for administration and corporate costs amounted to
A$195k and related to costs incurred in respect of and associated
with directors' fees, listing and compliance, insurance and legal
and consulting fees. The aggregate amount of payments to related
parties and their associates included in the quarter's cash flows
from operating activities was approximately A$72.5k (please refer
to Table 1).
For further information, please visit www.redemperorresources.com or contact :
Red Emperor Resources NL - Greg
Bandy +61 8 9212 0102
Strand Hanson Limited (Nominated +44 (0) 20 7409
Adviser) - James Harris 3494
+44 (0) 203 463
Brandon Hill Capital (UK Broker) 5010
708 Capital Pty Ltd (Australian +61 (0) 2 9112
Broker) 2500
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Table 1 : Payments to Related Parties of the Entity and their
Associates
Item Current Quarter Previous
(A$) Quarter (A$)
-----------------
Directors' Remuneration
Managing Director's Fees and Superannuation 49,275 49,275
Non-Executive Director Fees and Superannuation 8,213 8,213
Company Secretarial and CFO Fees 15,000 15,000
------------------------------------------------------ ----------------- ---------------
Total payments to related parties of the entity and
their associates 72,488 72,488
------------------------------------------------------ ----------------- ---------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCMMBTTMTITBPM
(END) Dow Jones Newswires
October 21, 2020 02:00 ET (06:00 GMT)
Red Emperor Resources Nl (LSE:RMP)
Historical Stock Chart
From Sep 2024 to Oct 2024
Red Emperor Resources Nl (LSE:RMP)
Historical Stock Chart
From Oct 2023 to Oct 2024