Anglo Pacific Group PLC Announces Q1 2016 Trading Update
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LONDON, UNITED KINGDOM -- (Marketwired) -- 05/25/16 -- Anglo Pacific Group PLC (TSX: APY) (LSE: APF)
(LSE: APF; TSX: APY)
News Release May 25, 2016
Anglo Pacific Group PLC Q1 2016 Trading Update
Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF; TSX: APY), the London and Toronto listed royalty company, issues the following trading update for the period January 1, 2016 to May 23, 2016. Unless otherwise stated, all unaudited financial information is for the quarter ended March 31, 2016.
Highlights
- Royalty income of �1.9m in Q1 2016 (Q1 2015: £2.3m, Q4 2015: £3.0m) in line with the Group's expectations that the majority of royalty income, similar to 2015, will be received in H2 2016
- Guidance from Kestrel remains unchanged with 30-35% of production expected within the Group's land in H1 2016 and 85-90% in H2 2016
- Recovery in both the outlook and price of coking coal and vanadium pentoxide
- First receipts from the Four Mile royalty of £0.2m
- Cash and cash equivalents of £3.7m as at March 31, 2016 (December 31, 2015: £5.7m)
- Borrowings of £9.3m as at March 31, 2016 (December 31, 2015: £7.3m)
- Following positive developments at Berkeley Energia Limited ("Berkeley"), the Group's equity stake is valued at £10.3m (as of May 23, 2016) and the implied value of the Group's royalty, based on Berkeley's recently announced deal, is approximately $10m higher than the value carried on our balance sheet
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/1818Z_1-2016-5-24.pdf
For further information:
Anglo Pacific Group PLC +44 (0) 20 3435 7400 Julian Treger - Chief Executive Officer Kevin Flynn - Chief Financial Officer and Company Secretary Website: http://www.anglopacificgroup.com/ BMO Capital Markets Limited +44 (0) 20 7664 8020 Jeffrey Couch / Neil Haycock / Tom Rider Macquarie Capital (Europe) Limited +44 (0) 20 3037 2000 Raj Khatri / Nicholas Harland / Ariel Tepperman Peel Hunt LLP +44 (0) 20 7418 8900 Matthew Armitt / Ross Allister Bell Pottinger +44 (0) 20 3772 2500 Nick Lambert / David Bass / Richard Crowley
This information is provided by RNS The company news service from the London Stock Exchange
Contacts: RNS Customer Services 0044-207797-4400 [email protected] http://www.rns.com
Source: Anglo Pacific Group PLC
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