Ovoca Gold PLC Annual Report and Notice of AGM (5521C)
29 Junho 2016 - 3:00AM
UK Regulatory
TIDMOVG
RNS Number : 5521C
Ovoca Gold PLC
29 June 2016
29 June 2016
Ovoca Gold plc
("Ovoca" or the "Company")
Annual Report 2015 and Notice of AGM
Ovoca is pleased to announce the publication of its Annual
Report and Financial Statements for the year ended 31 December
2015. Please click on the following link to view the Annual Report
and Financial Statements:
http://www.rns-pdf.londonstockexchange.com/rns/5521C_-2016-6-28.pdf
Highlights 2015:
-- Ongoing search for new assets and business opportunities.
-- Ovoca Gold plc ("Ovoca") continues the litigation process
connected to LLC Taymura debt. Taymura has been declared bankrupt;
procedure of bankruptcy proceedings has been entered. Ovoca is the
main creditor of LLC Taymura.
-- In two transactions in October 2015, Ovoca's CEO Kirill
Golovanov acquired 16,256,203 ordinary shares of the Company, or
18.4% of Ovoca's issued share capital.
-- At 31 December 2015, Ovoca had net assets of US$23.1 million,
which includes cash and cash equivalents of US$7.3 million
-- Ovoca purchased 5,800,000 ordinary shares in the issued share
capital of the Company. To date since the beginning of the
Company's share buyback programme, Ovoca has acquired 8.45% of its
own share capital under the approved share buyback programme. The
Company now has a total of 81,563,806 Ordinary Shares in issue
excluding treasury shares and 6,895,000 Ordinary Shares.
Letter from the CEO:
In 2015 we continued our drive to settle the situation with LLC
Taymura, an oil and gas company with high prospects in Siberia. In
addition to that corporate issue, the recent improvement in market
sentiment for precious metals has meant our investments there have
increased in value, thus bolstering Ovoca's balance sheet.
Additionally, there are new opportunities for the company to
realize value for its Stakhanovsky license with gold prices up
significantly from the end of 2015. Throughout 2015 we ensured that
the Stakhanovsky license remained in good standing with the
relevant authorities, although no field work was conducted. We
continue to maintain the Stakhanovsky license and search for
project partners.
Ovoca purchased 5,800,000 ordinary shares in the issued share
capital of the Company last year. To date, Ovoca has acquired 8.45%
of its own share capital under the approved share buyback programme
which was approved by shareholders in October 2014. As our shares
are trading at a discount to the cash and cash equivalents on our
balance sheet, these buybacks are value accretive to shareholders.
I personally believe in the value of Ovoca and became a significant
shareholder in 2015.
The company's management and board of directors have examined
several projects over the course of the year, but we have yet to
close on any transaction. Assets prices in Russia remain high
despite the fall in the Russian Ruble, and there are few projects
outside the country where we can add value with minimal risk.
However, we continue to look at opportunities.
Briefly about LLC Taymura: in 2015 Ovoca became the initiator of
bankruptcy proceedings of LLC Taymura, an oil and gas production
company located in Eastern Siberia, Russia which was an acquisition
target of ours, together with another exploration project, ETEK,
for a potential joint venture. Ovoca is the main creditor of LLC
Taymura. The court's decision about the external monitoring
procedure for LLC Taymura was issued in September 2015, and while
the bankruptcy process is slow, Ovoca has a very good chance to
recover at least some of its lent funds. I would note here that
this receivable was impaired by Ovoca in 2014 and 2015, but we
continue to participate in litigation proceedings.
In summary, we have made progress on resolving our legal issues
and market conditions look favourable for existing assets. I would
emphasize that we have a strong financial position and optimistic
feelings. Please accept my deep appreciation for your decision to
be with us.
The Annual Report and Financial Statements has been posted to
shareholders today and is also available online at the Company's
website, www.ovocagold.com.
Annual General Meeting:
The Notice of Annual General Meeting ("AGM") has also been
posted to shareholders today. The AGM is convened to be held at
Buswells Hotel, 23-25 Molesworth Steet, Dublin 2, Ireland on 16(th)
August 2016 at 3.00 p.m. The Notice of AGM contains details of all
resolutions to be proposed at the AGM. Copies of the Notice of AGM
are also available on the Company's website, www.ovocagold.com.
ENDS
Ovoca Gold Plc
Kirill Golovanov, CEO
+7 495 916 6029
Davy - NOMAD, ESM Adviser and Broker
John Frain / Daragh O'Reilly +353 1 679 6363
This information is provided by RNS
The company news service from the London Stock Exchange
END
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