Firestone Energy posts earnings, operational loss
JOHANNESBURG (miningweekly.com) – JSE- and ASX-listed Firestone Energy, which again on Friday reiterated to its shareholders that they should take no action on ASX-listed Range River Gold’s off-market takeover offer, posted a loss a share of $0.09 for the six months to December 31, 2012, which remained relatively flat from the $0.08 loss reported for the comparative 2011 period.
In addition, the group incurred an after-tax loss of $2.88-million for the half-year, from $2.23-million in 2011 and experienced net cash outflows from operating activities of $843 552.
Firestone further reported a working capital deficit of $29.4-million as at December 31, 2012.
Independent auditing firm BDO asserted that the half-year results may indicate the company’s inability to continue as a going concern.
“The group may be unable to realise its assets and discharge its liabilities in the normal course of business at the values stated in the financial report,” it said.
Range River on Thursday extended the deadline of its off-market takeover offer by two weeks, which was now expected to close on April 12, instead of March 28.
In December, ASX-listed Range River Gold offered Firestone shareholders one of its own shares for every two Firestone shares held in an unsolicited, conditional, off-market takeover.
It said the offer represented a 25% premium on each share as at closing on December 31, 2012.
Firestone had repeatedly advised its shareholders to hold off on taking action regarding the takeover offer.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...
VISIT SHOWROOM
ROSOND provides fast, efficient, safe, and cost-effective drilling and grouting services to mining and exploration industries throughout Africa.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
