Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Ocean Res Cap Hldgs (OCE)

  Print      Mail a friend

Wednesday 21 January, 2004

Ocean Res Cap Hldgs

Net Asset Value(s)

Ocean Resources Capital HoldingsPLC
21 January 2004

Year end net asset value and portfolio information

The Board of Ocean Resources Capital Holdings plc ('Ocean') is pleased to
announce that the company's unaudited net asset value at 31 December 2003 was
£34.7 million equivalent to a net asset value per share of £0.407p.

Ocean's portfolio as at 31 December 2003 comprised:

Nominal                   Security                          Sector                                   Value (£)
GBP Sterling denominated
18,200,000                Archipelago Resources Plc        Gold                                      5,915,000
                          ordinary shares
£845,000                  Cambrian Forestry Products Plc   Other (timber)                              845,000
                          10% CULN 2006
£3,600,000                Orevest Plc 12% CULN 2005        Industrial Minerals                       3,600,000
£5,000,000                Alliance Mining Limited 10% CULN Diamonds                                  2,000,000
£960,000                  Gold City Industries Ltd 12%     Gold                                        960,000
                          Secured Gold Loan
30,000,000                Rheochem Limited ordinary shares Oil Services                              6,150,000
£400,000                  Scorpio Mining Corp 12% CULN2005 Base Metals                                 400,000
£12,870                   Ocean Equities                   Other (financial)                            48,918
USA $ denominated
$5,538,461                BPK Resources 10% Preferred      Gold                                        711,606
                          Stock 2006
$2,500,000                BM Diamondcorp project loan PT   Gold                                      1,050,000
                          Galuk Cempaka

Canadian $ denominated
1,875,000                 Strata Gold Corporation ordinary Gold                                        405,265
937,500                   Strata Gold Warrants             Gold                                              0
4,279,488                 Gold City Industries common      Gold                                        573,484
10,825,966                Terra Nova Gold Corp common      Gold                                      1,123,171
2,000,000                 Terra Nova Gold Warrants (Cnv    Gold                                              0
                          45c C$)
8,000,000                 BM Diamond Corp common           Diamonds                                  1,210,392

800,000                   Scorpio Mining Corp Warrants     Base Metals                                       0

                          (Cnv 60c C$)
15,018,694                Bralorne-Pioneer Common Shares   Gold                                      5,453,553
7,509,347                 Bralorne-Pioneers Warrants (Cnv  Gold                                              0
                          50c C$  Year 1)

Australian $ denominated
A$700,000                 Burdekin Pacific Limited 10%     Gold                                        294,613
                          CULN 2005
A$2,800,000               Burdekin Pacific Limited 10%     Gold                                      1,178,451

                          CUPN 2005
A$4,400,000               St Barbara Mines Limited 12%     Gold                                      1,851,852
                          Convertible Notes
A$35,000,000              St. Barbara Mines Limited Common Gold                                      1,075,336
2,350,000                 Intierra Limited ordinary shares Other (services)                            294,613

Euro denominated
30% Equity Stake          Picobello Andalucita SL          Industrial Minerals                       1,655,000

Total                                                                                               36,796,254


Ocean regards itself as a mining finance house in the resource sector taking
significant interests in companies with proven reserves and is also looking to
take direct interests in early stage development exploration ventures which
could have a dramatic impact on shareholder value.

The Board expects to gradually focus its interests by selling certain holdings
and reinvesting the proceeds into:

a)      maintaining and, where appropriate, increasing its stake in companies
where such an increased stake will be sufficiently large to allow it to account
for its share of the earnings of that company.

b)      investing directly in exploration and development companies.

c)      funding selected early stage exploration projects.

d)      or, where appropriate, buying back its own shares.

When appropriate Ocean will look to change from a pure investment company to
taking into its own profit and loss account its share of associate company
earnings in order to be rated as an operating company.

The Board is committed to an increase in shareholder value and to that extent
has undertaken to limit any new issue of shares to 10% of the present capital
for the next two years and, where appropriate, in the event of a discount
arising to the perceived net assets, then to use surplus funds to buy in its own
stock, to ensure a stock price appreciation and to increase the net asset value
per share of the company.


Approximately 54% of Ocean's portfolio is made up of investments in gold
companies that have proven reserves from which the Directors' estimate that
Ocean has a share of ounces attributable to it, approaching 1,500,000 ounces.
Using an average global valuation of $40 per ounce in the ground gives a value
of Ocean's portfolio of $60 million (£32 million at $1.85 = £1).  This puts a
value of approximately 38 pence per share on Ocean's gold interests excluding
its other interests.

Attributable Gold Resources

                                                            Resource           Ocean Stake     Ocean Attrib. oz

St Barbara Mines Limited                                   1,900,000                 15.6%              296,400
Archipelago Resources plc                                  1,742,500                 38.4%              669,120
Gold City Industries Limited                                 979,247                 14.4%              141,011
Burdekin Pacific Limited                                     485,800                 18.1%               87,930
Bralorne-Pioneer Gold Mines Limited                          416,425                 30.6%              127,426
Terra Nova Gold Corporation                                  157,410                 54.0%               85,001
StrataGold Corporation                                       113,183                  6.9%                7,809
Source: Prospectus and public announcements

by quoted companies


Ocean is a significant shareholder in all of the companies in its portfolio upon
conversion of the loan notes.  This effectively gives Ocean a significant stake
in a series of projects and developments.

AS AT 31st DECEMBER 2003                                           Ocean Interest* Ocean Interest post-warrants
Alliance Mining**                                                            12.0%                        12.0%
Archipelago Resources plc                                                    38.4%                        38.4%
BM Diamond Corporation                                                       19.5%                        19.5%
BPK Resources Inc.                                                           27.3%                        27.3%
Bralorne-Pioneer Gold Mines Limited                                          30.6%                        39.8%
Burdekin Pacific Limited                                                     18.1%                        18.1%
Cambrian Forestry Products plc**                                             19.5%                        19.5%
Gold City Industries Limited                                                 14.4%                        14.4%
Intierra Limited**                                                           16.6%                        16.6%
Orevest plc                                                                  22.1%                        22.1%
Picobello Analucita SL                                                       30.0%                        30.0%
Rheochem Limited                                                             49.4%                        49.4%
Scorpio Mining Corporation                                                    6.3%                         9.3%
St. Barbara Mines Limited                                                    15.6%                        15.6%
StrataGold Corporation                                                        6.9%                         9.6%
Terra Nova Gold Corporation                                                  54.0%                        58.2%

*assuming no further issue of equity

** unquoted companies


Consolidated balance sheet as at 31st December 2003

Fixed asset investments

Group undertakings                                                                                        36,796
Current Assets

Debtors                                                                                                    4,183
Cash at bank and in hand                                                                                     209
Creditors: amounts falling due within one year                                                           (5,515)
Net current liabilities                                                                                  (1,123)
Total assets less current liabilities                                                                     35,673
Creditors: amounts falling due after more than one year
8% Convertible Unsecured Loan Stock 2006                                                                   (991)
Net assets                                                                                                34,682

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                

a d v e r t i s e m e n t