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.
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