TIDMAHG
RNS Number : 9971V
Athol Gold and Value Limited
21 January 2013
CORRECTION: NET ASSET VALUE UPDATE
The following amendment has been made to the 'Net Asset Value
Update' announcement released on 18/01/13 at 10:04am under RNS No
8782V.
The Net Asset Value date in the first paragraph should refer to
31 December 2012, not 30 September 2012.
All other details remain unchanged.
The full amended text is shown below.
ATHOL GOLD & VALUE LIMITED
("Athol" or the "Company")
NET ASSET VALUE UPDATE
The Board of Athol announces that Net Asset Value of the Company
as at 31 December 2012 was 0.14p per share.
The Company's portfolio of mining and resources investments has
performed reasonably well over the past three months, however one
significant legacy asset, Ascot Mining plc, has underperformed
significantly, and was responsible for the greater part of the
decline in NAV from 0.16p at the end of the last quarter.
Athol currently holds 2.6 million Ascot shares, a reduction of
just under 50 per cent of the peak holding of 5.1 million
shares.
The Board of Athol has managed to reduce the Company's
investment in Ascot at significantly higher prices than the current
price, thereby minimising further losses.
However, the total loss the Company suffered in the value of
Ascot shares across the whole of 2012 amounted to just over
GBP500,000. The Company's investment in Ascot warrants also caused
a loss of GBP157,000 to the portfolio.
At the time of reporting the company holds GBP633,000 in cash,
following the return of the final amounts owing from Rivington
Street Holdings plc. It is the intention of the Board to deploy
this money rapidly in the mining and oil and gas space to take
advantage of the wide discounting that is currently prevalent in
the sector. The Directors of Athol believe that it is a stock
pickers' market, but that there are also great bargains to be
had.
As at 31st December, the Company's major investments were as
follows:
-- 656,703 units in Sharefunds T1ps Growth Fund, representing 29% of the portfolio
-- 97,723 units in the Sharefunds T1ps Gold Fund, representing 4.8% of the portfolio
-- A loan note to Silvermere Energy, representing 20% of the portfolio
-- 584,800 shares in Jubilee Platinum, representing 3% of the portfolio
-- 14,000 Toro Gold, representing 3% of the portfolio
The Company also holds smaller investments in Mwana Africa,
Anglo Pacific, Northland Resources, Carpathian Gold, Aquarius
Platinum, Aureus Mining, ZincOx, EMED, Amara, and in the Ishares
Physical Gold ETF.
Your Board regards these companies as among the most promising
in the junior resources space, and may well seek to increase its
exposure to these companies if buying opportunities present
themselves. It is especially gratifying to note that after the
Company switched around 3.5% of the portfolio into platinum, the
platinum price has reached a three month high.
Your Board continues to believe that gold equities offer
significant value at current levels, having been severely
discounted in a market where the gold price remains strong and in
which ETFs continue to trade higher. It remains the view of Athol
Gold that the gap between equity valuations and the gold price will
close.
The current weighting of the portfolio by commodity is as
follows:
Oil & Gas: 16%
Gold: 12.5%
Platinum: 3.5%
Base metals: 2%
Coal and other commodities: 2%
Cash: 33%
Other: 31%
Athol also holds 4.3 million shares in Sutherland Health Group,
valued at GBP51,600 at the end of December, as well as a GBP100,000
eight per cent convertible loan note in Chapel Down plc, both of
which under the terms of the mandate are regarded as non-core.
It should also be noted that the Board regards the holding in
the Sharefunds T1ps Growth Fund as non-core, and that a phased
programme of redemption, conducted on an orderly market basis is
already underway.
Jennifer Allsop, chairperson of Athol, commented: "While we are
disappointed at this quarter's NAV, we are optimistic that the
Company has put the worst of its issues behind it and is now well
positioned to capitalise on the opportunities offered in the
current market".
For further information please call:
Athol Gold and Value Limited
Jennifer Allsop +44 7788 451 744
Libertas Capital Corporate Finance
Limited
Sandy Jamieson +44 207 569 9650
XCAP Securities plc
John Grant / Jon Belliss +44 207 101 7070
This information is provided by RNS
The company news service from the London Stock Exchange
END
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