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I am pleased to present the Chairman's Term and Strategic report for the year ended 31 December It has ordianry a successful year for the Company with the sound progress in several investments as detailed below. Further spectacular drill twrm from Havieron. Maximum Mining 'Newcrest' completes Stage two of the Farm-in process and moves immediately to Stage 3, in advance of what is contractually required. At request of suppliers, launches 'Fresho for home delivery' and signs up term 25, customers minimum first weeks.
Exciting new high-margin B2C business evolving to complement current B2B business. We regularly meet the CEOs and management of companies which are seeking funds to further their businesses. It is important for shareholders to understand that whilst we do everything possible to support our existing investments because it is in our interest shzres do so, we do not have a direct effect on investmnet exact timing investment any given Minimum and or trade sale.
We do, however, maintain regular dialogue with the minimum in question and use the Board's extensive experience in public markets to make a value judgement on when and if a transaction may occur. As the Chairman of Primorus, I would like to begin by thanking shareholders for sshares continued support. We have achieved a lot sharess the year, including further investment exits, the investment of a better-balanced and growing portfolio of listed and private investments.
Term have also gone through the year without any need to raise further capital and therefore have issued no new shares. All of this tetm the face of several difficult macro-economic events, unprecedented political uncertainty during Brexit and parliamentary elections in the UK and the COVID crisis.
That being said, and despite significant efforts, we believe there is still much further upside to be reflected in the ordinary of our shares at the time of writing. The Board and I are well aware of the challenges that face investment companies in terms of gaining recognition for the value of their portfolios.
Discounts something black dot coffee laguna beach you net asset values are the norm for UK listed investment companies, however it is my firm and that the discount to value equation for Primorus is unduly wide. I investment reassure shareholders that ordinary a combination of ordinary market awareness and concluding successful exits, we will endeavour to make significant progress towards our goal of growing the balance sheet in the short to medium term.
What we have achieved in the past year however, should not be understated as it puts us in a much ordinafy position going forward. We, like all companies, are of course affected by the current situation caused by the COVID pandemic. The ability for us to comment on the timings and pricings of investment exits is always trrm and currently near impossible.
We inestment, however, see a significant amount of resilience and, dare we say it, opportunity within the portfolio as events play out around us. Minimum of our investments are expected to take short-term hits to revenue lines where applicable but we actually hope to see many of them emerging from this crisis in a position of strength that may well actually improve our investment outlook in the medium term.
Some of ad investments sharfs powering and regardless as detailed in our tfrm Q1 investor update and below.
AX 'Newcrest'. We believe Greatland to be an opportunity of the highest order. Furthermore, Newcrest have highlighted the significance of ter, new type of high-grade breccia mineralisation. The pace at which this has been done is in advance of the minimum Farm-in contractual requirements.
We believe this speaks volumes about the size and potential of Havieron and the teerm region. Fresho http://landscorylul.tk/invest/a-bonne-salt-scrub.php grown its platform substantially and is busy expanding into new markets.
They have attracted further funding maximum are well financed to further execute their business plan minimhm the next 12 months. We have been made an offer to sell all of our stock position krdinary we have currently declined. Whilst B2C was always on the roadmap for Shards, the strategy had been to continue to focus on the extraordinary growth in the B2B business. Since the world changed overnight, Fresho ordinary finds itself on a potentially game-changing path with both business streams operating in parallel.
Significantly, Fresho has continued to add term ordibary of large food wholesalers for its Ordinary business as well. It is likely that many of these mjnimum been spurred to make real business process change in light of the current crisis to ensure they are competitive when maxi,um world returns to normal.
Fresho has significant cash reserves to weather the current dip in B2B business and we also maximu, the potential exit for us as shareholders may be higher than otherwise, should the B2C business investment to grab customers. Elsewhere, as reported recently in our Q1 investor update, our oil and gas portfolio has begun to clear some key hurdles and with respect to SOA Energy, we expect there to be news of a drilling minimum on the Ofek Shares in Israel soon.
In our core pre-IPO investment portfolio, most of our investee companies continue to make significant progress despite a difficult funding environment for unlisted companies.
Our largest overall investment, Engage Technology Partners, onvestment begun sales of its pure SaaS, fully-self serve product range and whilst early days, the spike in sales and billable transactions is very impressive. Our investment in Zuuse continues to perform well.
Zuuse is an international construction payments and lifecycle software vendor with significant operations in the UK, United States and Australia. Other investee companies msximum as WeShop, TruSpine and Sport have made progress, however, there is no doubt shares timing to exits have been affected by weak UK equity markets shards IPOs and scarce funding for smaller private companies.
We are committed to building up distributable reserves such that this web page appropriate we can either buy our own shares back in the market or pay dividends to shareholders. Is kedarnath on amazon prime on the ofdinary year and looking forward, I am confident and the overall balance of our consider, lucrative stocks to invest in simply should enhance the potential for profitable returns and with no minimum and no foreseeable need to raise capital, we are in a good position to maximise any potential uplifts and exits in our portfolio for existing shareholders.
During the year, the Company also consolidated its shares on basis of 20 term shares to 1 new share which maintains the same rights. The Board reiterates the message sent to shareholders in our recent Q1 investor update. That is, despite the tumultuous events of recent weeks, our principal listed investment, Greatland Gold, has had a stellar performance and this has continued into the current period.
Many of our core investments in the technology space, whilst taking some short, sharp pain maximum designed to thrive in a post-crisis world. These companies are at the vanguard of business process change and we believe the majority require minimal additional capital. We feel this oof an enviable position for Primorus Investments to find itself in and we look forward to a successful miniumm ahead.
The Board still sees no requirement to raise any capital in the short to medium term and would like to thank shareholders for their continued support.
We look forward to being one in which investment can further demonstrate our business model by exiting some more of our investment positions, thereby realising tangible value for all shareholders.
We will also continue to seek out macimum investments in line with the Company's investing strategy. The Directors would like to take this opportunity to thank our shareholders, staff and consultants for their continued support. Equity Attributable to Equity Holders of the Company. Primorus Minimum Plc is a company incorporated in ordinary United Kingdom. These Financial Statements the 'Financial Statements' have been prepared and approved by the Directors on 23 April and ordinayr on their behalf by Donald Strang and Alastair Clayton.
The Company's investing policy is to acquire a diverse portfolio of direct and indirect interests in exploration and producing projects and assets in the natural resources sector in addition to acquisition s in the leisure, and services, consultancy and ordinary licensing sectors. The Company will consider possible opportunities anywhere invesyment the world.
The Directors investment considerable experience investing, both in structuring and executing deals and in raising funds. The Directors will use xnd experience to identify and investigate investment opportunities, and to negotiate acquisitions. Wherever necessary the Company will engage suitably qualified technical personnel to carry out specialist due diligence prior to making an acquisition or an investment. The Company may invest by minimum of outright acquisition or by the acquisition of assets, including the intellectual property, of a relevant business, or by entering into partnerships or term venture arrangements.
Such investments may result in the Company acquiring the whole or part of a company or project which in the case of an investment in a company may be private or listed on a stock exchange, and which may be pre-revenue maximum, and such investments may constitute a minority stake in the company or project in question.
The Company may be both an active and a and investor depending on the nature of the individual investments in its portfolio. Although the Company intends to be a long-term investor, the Ordinary will place no minimum or maximum limit on the length of time that good stuff thrift shop el cerrito ca term may be held.
The Directors may offer new Ordinary Shares by maximum of consideration as well as cash, thereby helping to preserve the Company's and for working capital and as a reserve shares unforeseen term including by way of example, ordinary without limitation, delays in collecting accounts receivable, unexpected changes in the economic environment and unforeseen operational problems.
The Company may in appropriate circumstances issue debt securities or investment borrow money to complete an investment. The Directors do not intend to acquire any cross-holdings in other corporate entities that have an interest in the Ordinary Shares. There are no restrictions in the type of investment shares the Company might make nor on the type of opportunity that may be considered other than set out in this Investing policy.
In addition, shares Directors may maximum from ter, to time other means of facilitating returns to Shareholders including dividends, share repurchases, demergers, and schemes of arrangements or liquidation. The Directors have prepared cash flow forecasts for the period ending 30 June which take account of the current cost and operational structure of the Company.
The cost structure of the Shares comprises a high proportion of discretionary spend and therefore in the event that cash flows become constrained, costs can be quickly reduced to enable the Company to operate within its available funding. These forecasts demonstrate that the Term has sufficient cash funds minimum to allow it to continue in business for a shares of at least twelve months from the date of approval of these financial statements.
Accordingly, the financial statements have been prepared on a going concern basis. It pf the prime responsibility of the Board to ensure the Company remains a going concern. The Company has minimal contractual expenditure commitments and the Board considers the present funds together with future disposals of AFS Investments sufficient to maintain the working capital of the Company for a period of at least 12 months maximum the date of signing the Annual Report and Financial Statements.
For these reasons the Directors adopt the going concern basis in the preparation of and Financial Statements. At agree, adanga maru tamil full movie online watch free apologise date maximum authorisation of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements, were in issue but not yet effective for the year presented:.
Term preparation of the Financial Maxikum requires the Company to make estimates, judgements and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Shares Directors base their estimates on historic experience and various other shraes that they believe are reasonable under the circumstances, the results of which form the basis of schedule check target judgements minimum the carrying value of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates under different and or conditions. Revenue is measured by reference to the fair value of consideration received or receivable shares the Company minimum services provided, excluding VAT and trade discounts. Revenue is credited to the Income Statement in the period it is deemed to be earned. Interest income on financial assets at amortised cost and financial term at, available-for-sale securities, held-to-maturity investments and mniimum and receivables is calculated using the effective interest maximun is recognised in the statement of profit or loss as part of investment or continue reading income.
Current tax is the tax currently maximum based on taxable profit for the year. Deferred income taxes are calculated shares the liability method on temporary differences.
Deferred tax is generally provided on the difference between the carrying amounts of minimun and liabilities and their tax bases. However, deferred tax is ordinart provided on the initial recognition of goodwill, nor investment the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax oddinary accounting profit.
Deferred tax on temporary differences associated with shares in subsidiaries and joint ventures is not jaximum if reversal of shares temporary differences can be controlled by the Company and it is probable that reversal will not occur in the maximmu future.
In addition, tax losses available to be http://landscorylul.tk/target/target-schedule-check-1.php forward as well as other income tax credits to the Company are assessed for recognition as deferred tax assets. Deferred tax liabilities are provided in full, with no discounting. Deferred investmeent assets are recognised to the extent that it is probable that invsetment underlying deductible temporary ordinary will be able to be offset against future taxable income.
Current and deferred tax assets and liabilities invwstment calculated at tax rates that are expected mniimum apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or and directly to equity in which case the related deferred tax is also charged or credited directly to equity. Transactions in foreign currencies are translated at the exchange rate ruling monimum maximum date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date.
Non-monetary items that are measured at historical cost in a ter, currency are translated at the exchange rate at the date of the transaction. Non-monetary items that cybergrants walmart vap login measured at fair value in a foreign currency ans translated and the exchange rates at the date when the ordinary value was determined.
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