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OAKBAY RESOURCES AND ENERGY LIMITED - Trading Statement

Release Date: 09/06/2016 13:37
Code(s): ORL     PDF:  
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Trading Statement

Oakbay Resources and Energy Limited
(Incorporated in the Republic of South Africa)
Registration number: 2009/021537/06
Share code: ORL
ISIN: ZAE000196085
(“the Company”)


TRADING STATEMENT


In accordance with paragraph 3.4(b) of the JSE Limited (“JSE”) Listings Requirements, companies are required to inform shareholders as soon as there is a reasonable degree of certainty that the results to be reported on next, are likely to vary by at least 20% in comparison to those of the previous corresponding period.

Further to the above, it is expected that the Company will report:

* A loss for the year ended 29 February 2016 of R16.913 million being an improvement of 56.57% in comparison to the previously reported loss for the year ended 28 February 2015 of R38.940 million;
* a loss attributable to the owners of the company for the year ended 29 February 2016 of R5.092 million being an improvement of 86.44% in comparison to the loss attributable to the owners of the company of R37.565 million as reported for the year ended 28 February 2015; 
* a headline loss attributable to the owners of the company for the year ended 29 February 2016 of R5.450 million being an improvement of 85.49% in comparison to the headline loss attributable to the owners of the company of R37.565 million as reported for the year ended 28 February 2015; 
* a basic loss per share for the year ended 29 February 2016 of 0.64 cents being an improvement of 96.59% in comparison to the basic loss per share as reported of 18.78 cents as reported for the year ended 28 February 2015; and
* a headline loss per share for the year ended 29 February 2016 of 0.68 cents being an improvement of 96.38% in comparison to the headline loss per share of 18.78 cents as reported for the year ended 28 February 2015.

The Company’s overall financial performance for the year improved compared to the prior year, primarily as a result of margins realised from contract mining activities and a higher ZAR gold price; which had a positive effect on operating profits. The unwinding of deferred tax assets relating to the utilisation of accumulated tax credits, as well as the effect of a higher weighted average number of shares in issue over the reporting period contributed to the year-on-year variance in reported loss and headline loss per share. The accounting effect of the recognition of deferred tax assets and the subsequent utilisation thereof has resulted in the restatement of the previously reported financial performance of the Company; which will be disclosed in the Company’s results for the year ended 29 February 2016; which are expected to be published on SENS on or about 10 June 2016.   

The above information has not been reviewed or reported on by the Company’s auditors.


Johannesburg
9 June 2016


Date: 09/06/2016 01:37:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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