Delay of Results and Trading Update

RNS Number : 1298L

Kazera Global PLC

29 December 2022

 

29 December 2022

Kazera Global Plc

Delay of Results and Trading Update

Kazera Global plc ("Kazera" or the "Company") announces that, due to delays in the provision of information from its wholly owned subsidiary African Tantalum (Proprietary) Limited ("Aftan"), the Company will not be able to publish its annual report and accounts for the year ended 30 June 2022 (the "Period") by 31 December 2022 in accordance with Rule 19 of the AIM Rules for Companies. Accordingly, trading in the Company's shares will be suspended on AIM from 7.30 a.m. on 3 January 2023. 

The Company expects to release its full year results for the Period during February 2023 and provides the following trading update below.

Unaudited Key Financials for the Period

· Income of £107k

· Loss of £1,125k

· At 30 June 2022, cash at bank amounted to £637k

· Group Total Current Assets at 30 June 2022 £945k

· Group Overall Net Assets at 30 June 2022 £3,087k

Year End Summary

The Company has mined diamond gravel throughout the year, but despite achieving over 1,000 carats in one cycle, the Company has, like all other contractors in the region, been hampered by limited operational availability of the processing facility at Muisvlak run by Alexkor. Without being able to process gravels the Company was unable to sell diamonds during the Period. At Alexkor's request, the Company took over and successfully ran the facility for some time but was forced to withdraw its assistance due to political and economic factors. Post-Period end the Company acquired a pan plant and a jig to enable it to bypass Muisvlak entirely and submit highly concentrated gravel for final sorting thereby increasing cash inflows from operations.

Following the receipt of proceeds from Hebei Xinjian Construction ("Xinjian"), pursuant to agreements for Xinjian's investment in and subsequent proposed acquisition of Aftan, the Company's cash position currently stands at £0.6 million

Further proceeds are to be received by the Company in the near term under the Aftan disposal agreement announced on 20 December 2022.In view of this the Directors consider that Company continues to trade as a going concern and therefore anticipate that the accounts for the Period will be prepared on that basis.

For further information on the Company, visit:  www. kazeraglobal .com

Kazera Global plc (c/o Camarco) Dennis Edmonds (CEO)	Tel: [phone]
finnCap (Nominated Adviser and Joint Broker) Christopher Raggett / Fergus Sullivan (Corporate Finance)	Tel: [phone]
Camarco (PR) Gordon Poole / Elfie Kent / Hugo Liddy	Tel: [phone]

**ENDS**

About Kazera Global

Kazera Global is an investment company focused on opportunities principally, but not exclusively in the resources and energy sectors. The Company's first investment was in African Tantalum, a Namibian based operation of which it now owns 100%, followed in June 2020 by the acquisition of its South African diamond and mineral sands assets.

 

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