OAKBAY RESOURCES AND ENERGY LIMITED - Trading Statement

Release Date: 01/06/2017 12:46
Code(s): ORL
 
Wrap Text
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 28 February 2017 of R936.549 million being a 
    deterioration of more than 100% in comparison to the previously reported loss for 
    the year ended 29 February 2016 of R16.913 million;

  - a loss attributable to the owners of the company for the year ended 28 February 
    2017 of R570.345 million being a deterioration of more than 100% in comparison to 
    the loss attributable to the owners of the company of R5.092 million as reported 
    for the year ended 29 February 2016; 

  - a headline loss attributable to the owners of the company for the year ended 28 
    February 2017 of R47.106 million being a deterioration of more than 100% in 
    comparison to the headline loss attributable to the owners of the company of 
    R5.450 million as reported for the year ended 29 February 2016; 

  - a basic loss per share for the year ended 28 February 2017 of 71.29 cents being a 
    deterioration of more than 100% in comparison to the basic loss per share as 
    reported of 0.64 cents as reported for the year ended 29 February 2016; and

  - a headline loss per share for the year ended 28 February 2017 of 5.89 cents being 
    a deterioration of more than 100% in comparison to the headline loss per share of 
    0.68 cents as reported for the year ended 29 February 2016.

The Company’s overall financial performance for the year deteriorated compared to the 
prior year, primarily due to the effect of an after tax impairment charge of R879.837m 
that was recognised during the financial year in relation to the Company’s uranium 
mineral resource asset, as well as due to weaker year-on-year gold production. The 
impairment charge resulted due to the continued decline in global uranium commodity 
prices. 

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

The Company expects to release its audited results for the year ended 28 February 2017 
on SENS on or about 02 June 2017.

Johannesburg
01 June 2017
Sponsor and Corporate Advisors
River Group





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