El Oro Ltd

Announcements 2007

Interim Results - 31 December 2006  |  Announced - 30 March 2007

El Oro Ltd announces its interim results for the six months ended 31 December 2006.

Extracts from the interim results are set out below.

For further information, please contact:
C Robin Woodbine Parish: Chairman
Steven McKeane
El Oro Ltd
Tel: 020 7581 2782

Click here to download the document

Directors PDMR Shareholding  |  Announced - 5 April 2007

El Oro and Exploration Company p.l.c. was informed on 3 April 2007 of the following purchases of stock units by directors of the Company on 3 April 2007 as follows:

The Hon. Mrs. E.C. Parish, an executive director of the Company, purchased 4,233 ordinary 5p stock units in the Company at £6.50 per stock unit. This purchase comprises:

  • 550 stock units purchased on behalf of the account of her grandchild who is not a minor and that Mr. C.R.W. Parish is a trustee
  • 1,000 stock units purchased on behalf of the account of her grandchild who is minor and that Mr. C.R.W. Parish is a trustee; and
  • 2,683 stock units purchased on behalf of accounts of her grandchildren who are all minors and that Mr. C.R.W. Parish and Mrs. E.W. Houston are trustees.

Mr. C.R.W. Parish, an executive director of the Company, purchased 450 ordinary 5p stock units in the Company at £6.50 per stock unit. The 450 stock units that Mr. C.R.W. Parish purchased were made on behalf of his child who is a minor.

Mrs. E.W. Houston, a non-executive director of the Company sold 15,000 ordinary 5p stock units in the Company at £6.50 per stock unit. This sale comprises:

  • 5,385 of the stock units were sold to Mr C Houston, the husband of Mrs. E.W. Houston;
  • 6,932 of the stock units were sold to trusts of her children who are all minors and that Mr. C.R.W. Parish and Mrs. E.W. Houston are trustees; and
  • 2,683 of the stock units were sold to the Hon. Mrs. E.C. Parish on behalf of trusts of her grandchildren who are all minors, as indicated above.

Following these dealings:

Mr. C.R.W. Parish has a beneficial holding in the Company, following the notification of this purchase, of 907,244 stock units representing 8.4% of the Company together with a non-beneficial holding of 1,579,048 stock units, representing 14.6% of the Company. This represents an interest of 23.0% in the total voting rights of the Company.

Mrs. E.W. Houston has a beneficial holding in the Company, following the notification of this sale, of 1,102,237 representing 10.2% of the Company together with a non-beneficial holding of 553,089 stock units, representing 5.1% of the Company. This represents an interest of 15.3% in the total voting rights of the Company.

For further information, please contact:

C Robin Woodbine Parish: Chairman
Steven McKeane: Company Secretary
El Oro and Exploration Company plc
Tel: 020 7581 2782

Philip Secrett: Nominated Adviser
Grant Thornton Corporate Finance
Tel: 020 7383 5100

Directors PDMR Shareholding  |  Announced - 18 May 2007

El Oro and Exploration Company p.l.c. was informed on 17 May 2007 of the following purchase of 1,000 stock units at 680.0 pence per share by Robert E. Wade, a non-executive director of the Company on 17 May 2007. Following the notification of this purchase Mr Wade holds 64,712 stock units, representing 0.6% of the Company, which represents an interest of 0.6% in the total voting rights of the Company.

For further information, please contact:

C Robin Woodbine Parish: Chairman
Steven McKeane: Company Secretary
El Oro and Exploration Company plc
Tel: 020 7581 2782

Philip Secrett: Nominated Adviser
Grant Thornton Corporate Finance
Tel: 020 7383 5100

Final Results - 30 June 2007  |  Announced - 9 November 2007

El Oro Ltd announces its final results for the year ended 30 June 2007.

Extracts from the final results are set out below.

For further information, please contact:
C Robin Woodbine Parish: Chairman
Steven McKeane
El Oro Ltd
Tel: 020 7581 2782

Click here to download the document

Directors PDMR Shareholding  |  Announced - 22 November 2007

El Oro and Exploration Company plc was informed on 20 November 2007 of the following purchases of stock units by directors of the Company on 20 November 2007 as follows:

The Hon. Mrs EC Parish, an executive director of the Company, purchased 945 ordinary 5 pence stock units in the Company at £7.05 per stock unit. This purchase comprises:

  • 465 stock units purchased on behalf of the account of her grandchild who is a minor and that Mr CRW Parish is a trustee;
  • 135 stock units purchased on behalf of the account of her grandchild who is a minor and that Mr CRW Parish is a trustee;
  • 200 stock units purchased on behalf of the account of her grandchild who is a minor and that Mr CRW Parish is a trustee; and
  • 145 stock units purchased on behalf of the account of her grandchild who is a minors and that Mr CRW Parish is a trustee.

Mr CRW Parish, an executive director of the Company, purchased 555 ordinary 5 pence stock units in the Company at £7.05 per stock unit. This purchase comprises:

  • 555 stock units purchased on behalf of family trusts that Mr CRW Parish is a trustee of.

Following these dealings:

Mr CRW Parish has a beneficial holding in the Company, following the notification of this purchase, of 909,995 stock units representing 8.44% of the Company together with a non-beneficial holding of 1,583,954 stock units, representing 14.70% of the Company. This represents an interest of 23.14% in the total voting rights of the Company.

The Hon. Mrs EC Parish has a beneficial holding in the Company, following the notification of this purchase, of 332,408 stock units representing 3.08% of the Company. This represents an interest of 3.08% in the total voting rights of the Company.

For further information, please contact:

C Robin Woodbine Parish: Chairman
Steven McKeane: Company Secretary
El Oro and Exploration Company plc
Tel: 020 7581 2782

Philip Secrett: Nominated Adviser
Grant Thornton Corporate Finance
Tel: 020 7383 5100

Directors PDMR Shareholding  |  Announced - 23 November 2007

El Oro and Exploration Company plc was informed on 22 November 2007 of the following purchases of stock units by Directors of the Company on 20 November 2007 as follows:

The Hon. Mrs EC Parish, an executive director of the Company, purchased 4,326 ordinary 5 pence stock units in the Company at £6.65 per stock unit. This purchase comprises:

  • 1,442 stock units purchased on behalf of the account of her grandchildren who are not minors and that Mr CRW Parish is a trustee; and
  • 2,884 stock units purchased on behalf of the account of her grandchild who is a minor and that Mr CRW Parish is a trustee.

Mr CRW Parish, an executive director of the Company, purchased 674 ordinary 5 pence stock units in the Company at £6.65 per stock unit. The purchase of 674 stock units that Mr CRW Parish were made on behalf of himself

Following these dealings:

Mr CRW Parish has a beneficial holding in the Company, following the notification of this purchase, of 910,669 stock units representing 8.45% of the Company together with a non-beneficial holding of 1,583,954 stock units, representing 14.70% of the Company. This represents an interest of 23.15% in the total voting rights of the Company.

The Hon. Mrs EC Parish has a beneficial holding in the Company, following the notification of this purchase, of 336,734 stock units representing 3.12% of the Company. This represents an interest of 3.12% in the total voting rights of the Company.

For further information, please contact:

C Robin Woodbine Parish: Chairman
Steven McKeane: Company Secretary
El Oro and Exploration Company plc
Tel: 020 7581 2782

Philip Secrett: Nominated Adviser
Grant Thornton Corporate Finance
Tel: 020 7383 5100

Directors PDMR Shareholding  |  Announced - 27 November 2007

El Oro and Exploration Company plc was informed on 23 November 2007 of the following purchase of 1,000 stock units at 665.0 pence per share by Robert E Wade, a non-executive Director of the Company on 23 November 2007. Following the notification of this purchase Mr Wade holds 65,712 stock units, representing 0.61% of the Company, which represents an interest of 0.61% in the total voting rights of the Company.

For further information, please contact:

C Robin Woodbine Parish: Chairman
Steven McKeane: Company Secretary
El Oro and Exploration Company plc
Tel: 020 7581 2782

Philip Secrett: Nominated Adviser
Grant Thornton Corporate Finance
Tel: 020 7383 5100

AGM Resolution Results  |  Announced - 12 December 2007

El Oro and Exploration Company plc (the "Company") announces that at the Company's Annual General Meeting held today, all of the resolutions were duly passed.

For further information, please contact:

C Robin Woodbine Parish: Chairman
Steven McKeane: Company Secretary
El Oro and Exploration Company plc
Tel: 020 7581 2782

Philip Secrett: Nominated Adviser
Grant Thornton Corporate Finance
Tel: 020 7383 5100

Chairman's Statement  |  Announced - 31 December 2007

The Group profit before tax for the six months to 31 December 2007 was £4,810,071 (six months to 31 December 2006: £3,049,025). Group net assets at 31 December 2007 under IFRS, taking all assets at fair value were £81,588,816 equal to 757p per stock unit, (31 December 2006: £77,167,354 equal to 712p per stock unit).

‘When them as wallers in sin thinks they’s getting by with it, she said, that’s when He strikes em in His holy wrath. He jest bides His time’. "Cormac McCarthy - The Orchard Keeper”.

The results for the half-year have since been overshadowed, by continuing turmoil in the financial markets; the collapse of funds such as Peloton, Focus and Carlyle Capital amongst others, and more significantly the rescue of Bear Stearns, underline the gravity of storms swirling through Western economies. An analysis of the indebtedness of some Baltic and East European nations, along with Iceland and Turkey, can only exacerbate this sense of foreboding.

Sadly, by no means is this the story of events unforetold: the consistent condemnation of derivatives from the hallowed halls of Omaha and Pasadena, warnings from the Governor of the Bank of England and the unremitting Cassandra-like criticism of the US credit boom by the late Dr. Richebacher amongst others, were all happily ignored in the Gadarene rush to amass ever more Gargantuan empires based, as it now appears, on foundations of sand.

The monstrous maelstrom mowing down the mighty and the minnows has made the proud and powerful into mendicant monks seeking salvage from the Federal Reserve or the Bank of England; meanwhile their erstwhile leaders set off into the sun clutching their Brobdingnagian booty, regardless of seeming success or apparent failure.

We have not been immune to declines in the price of property assets as the market anticipates a falling residential and commercial property market. With a wearyingly familiar sense of inevitability, where market conditions of themselves are challenging, Government action has or will exacerbate the situation: in the case of property by imposing rates on vacant property, along with the ridiculous HIPS on residential property; in the case of our Brewery Estate investments, by the malicious assault on smoking within the confines of the pubs, followed hard on its heels by the determination to banish the sale of cigarette vending machines; the decline in profits is beginning to become apparent, albeit in the dim light of dawn. This attack on the pub sector has been compounded by raising the tax on alcohol over and above inflation. Historically, well managed and monitored pubs have presented a secure and agreeable venue for moderate drinking and convivial encounter; wholly at variance with the effects of the Government’s 24-hour drinking and changes to the licensing laws; to which a Parliamentary committee has attributed the spread of lager louts in city centres, and other unattractive phenomena.

As if this madness was not enough, the eponymous Harman now proposes to ban repartee and terms of endearment from bars and stores, to give those litigious members of society another chance to sue for supposed or imagined slights. What a desperate state of affairs, to see our vocabulary monitored by the legal profession, under the guise of preventing ‘sex discrimination’ and our hostelries emasculated and age-old beverages consigned to history by ministers and civil-servants in their plush glass palaces drinking Lattes and Frappes, whilst imposing ever-more onerous taxes and restrictions on the traditional tipples and tittle-tattle of the British people.

This urge to interfere and ‘act’, rather than ‘sitting pretty, doing nothing’ is only too apparent, now that the Government has seen the light and embraced the birth of a new Nuclear Age: sadly, it sold Westinghouse, the leader in that field, to Toshiba, in the same futile fashion it flicked away Qinetiq to Carlyle, and our historic Gold reserves: all first-class National assets.

The British Government has paid obscene obeisance to the European Union, ignoring every promise and poll to align us with that unholy herd, and now assaults the Old Commonwealth and its rights of entry, despite the longevious and formidable ties of blood, trade, tradition and civilisation shared over so many years, with its huge contribution to trade and economy for all parties. Such a perverse policy reaches its nadir in the refusal of residence rights to the Gurkha soldiers who have fought so valiantly to defend us; whilst Post Offices and Village Schools fall to the same Statist or Stalinist philosophy; hill farms and the landscape are discarded, and non-doms are sacrificed for a mess of pottage; playing-fields, including those of Jersey, are pillaged, and even mince-meat, a staple of the beef industry, is confronted with a mad new EU directive; it is remarkable indeed, given the vast reduction in public swimming pools, despite an obligation for their provision, and almost complete destruction of diving-boards, that England can suddenly discover a European Diving Champion.

The attack on ‘Risk’ is now a central plank of national 'elf and safety policy, producing generations less and less able to cope with the every day and more substantial crises of life. It also engenders a vast infrastructure which, as the FSA has proved, is horrendously expensive and ultimately incapable of dealing with situations once resolved discreetly, or managed with a raised eyebrow in the confines of the old establishment, but mostly driven by common sense and discernment.

The necessity and obligation facing our economy to cut both taxes and spending significantly has been denied by all parties, particularly the Conservatives in their Cyclops-post-Odysseus blindness driven by the inchoate urging of their spineless strategists. The symbolism of Banana Republic’s arrival in Britain is perhaps apposite.

The deflation of domestic residences whose rise had created the credit boom both in Britain and the United States is now making its sombre black marks in the history books: quite possibly further wreckage may yet descend from the ether as the deflated balloon subsides across the Western world and beyond. This has profound and negative consequences for consumer spending which is no longer underpinned by an annual increase in the value of an underlying asset. For the first time since 1945 the share of equity held by the individual in homes in the United States has fallen below 50%.

Proverbs 11 v 13 state; ‘Happy is the man that findeth wisdom and the man that getteth understanding. For the merchandise of it is better than the merchandise of silver and the gain thereof than fine gold.’

Wisdom and vision have been sadly lacking amongst our political and business leaders and the day of Reckoning is upon them. Given this absence, our vision is for the continued accumulation of the alternative, both Silver and Gold and the shares thereof. We congratulate Colin Loosemore of Archipelago who has received one of the required permits to develop the exciting mine at Toka Tindung. We have visited other promising projects in Chile and Argentina whilst remaining wary of political interference in various parts of the world. The inability of South Africa to provide adequate power for its burgeoning population and industry has enhanced metal prices for both Gold and Platinum. We are also increasing our exposure to the production of food, fertilizer and agricultural products and are heartened by the continued rise in MP Evans, an outstanding performer in the portfolio.

In conclusion the outlook for retail and housing remains distinctly gloomy, whilst the continuing rise in inter-bank rates bodes ill for the entire financial sector. We would be surprised albeit happy at any pick up in property prices.

We are however well placed in our traditional areas of strength particularly Basic Resources, Energy and Precious Metals. We would expect the latter especially to thrive in the current climate, and will attempt to restrain our excitement.

My thanks are due to my peripatetic Directors, our numerous advisers around the world, and the increasingly formidable team in Cheval Place led by Steve McKeane, Abbie playing in Midfield, and Vicky solid in defence: the Rooney, Ronaldo, Vidic triumvirate. Onwards to Victory.

C Robin Woodbine Parish
Chairman

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