Anglo Pacific Group PLC: CORRECTION - Q4 2016 Trading Update
18.01.2017 | Marketwired
LONDON, UNITED KINGDOM--(Marketwired - Jan 18, 2017) - Anglo Pacific Group PLC (LSE: APF) (TSX: APY)
The following amendment has been made to the ' Q4 2016 Trading Update' announcement released on 18/01/2017
The first highlight formerly read ~240% increase in royalty income. This has been changed to ~140%. All other details remain unchanged. The full amended text is shown below.
LSE: APF; TSX: APY
News Release
January 18, 2017
Anglo Pacific Group PLC
Q4 2016 Trading Update
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (as amended)
Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, issues the following trading update for the period October 1, 2016 to December 31, 2016, ahead of the release of its full year results on March 30, 2017. Unless otherwise stated, all unaudited financial information is for the quarter ended December 31, 2016.
Highlights
- ~140% increase in royalty income for the year to £20.5 - £21.5m (2015: £8.7m), mainly driven by the significant increase in saleable tonnes at Kestrel being derived from the Group's private royalty lands
- Royalty income for Q4 2016 in the range of £11.6m - £12.6mm (Q3 2016: £4.8m, Q4 2015: £3.0m)
- 88% and 67% of Kestrel's saleable tonnes in H2 2016 and FY 2016 respectively derived from the Group's private royalty lands
- The Group continues to expect 85-90% of Kestrel's saleable tonnes will be derived from its private royalty lands in 2017
- Narrabri performed in line with the Group's expectations in H2 2016 with further production growth expected in 2017 through the imminent expansion of the longwall infrastructure
- Kestrel valuation expected to be A$195.0m - A$205.0mm at December 31, 2016 (June 30, 2016: A$147.8m)
- Expected impairment charges of £5.0 - £8.0m relating to the Group's Amapá and Dugbe 1 royalties
- Net debt at December 31, 2016 of £0.9m (September 30, 2016: £8.2m)
- Dividend cover for 2016 expected to be approximately 1.5x
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http://www.rns-pdf.londonstockexchange.com/rns/4622U_1-2017-1-18.pdf
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