On December 3, 2018, a market announcement was made by Clare Porta who is the Senior Adviser, Listings Compliance at ASX regarding the trading halt of the securities of Galilee Energy Limited (ASX: GLL) till Wednesday 05 December 2018.
Clare Porta received an email from the Company Secretary of the Galilee Energy Limited where ASX was asked for a trading halt of the company’s securities immediately. The trading halt will remain in place unless any further update is sent to ASX from GLL regarding a proposed capital raising. As per the company’s expectation, the trading halt might get lifted before the market opens on 04 December 2018 if any further announcement is made regarding proposed capital raising.
Based on the listing rule 17.1, GLL has asked ASX for the trading halt unless any further announcement is made regarding the capital raising. This trading halt will continue to be in place on the normal trading on the second day since the trading halt commenced.
Since the inception, the performance of the company has performed exceptionally well. The performance since its inception till the last six months remain positive. In the ten years duration of the company, the performance was 559.04%. The five years performance of the company was 339.36%. Since last one year, the performance of the company is 269.70%.
Although the last three months, the company’s performance was negative. However, since last five days, the company’s performance is again positive.
For the financaial year ended 30 June 2018, net loss of the company is $10,316,449. The total asset of the company is $6,543,422 and the total liabilities of the company is $5,500,300 which indicates that the company is in a position to meet its long-term obligations. The total current asset of the company is $5,049,282 and the total current liabilities of the company is $3,876,062 which indicates that only the company is in a position to meet its short-term obligations as well as the net working capital. There is an increase in the accumulated loss of the company this year as compared to the last year which indicates that the shareholder’s wealth got eroded. By the end of the year, the total shareholder’s equity is worth $1,043,122.
From the operating activities of the company, the net cash outflow was $6,432,200. Here, the main source of cash outflow was due to the payment made for exploration as well as payment made to suppliers and employees (including GST).
From the investing activities of the company, there was a net cash inflow of $128,509. From the financing activities of the company, there was a net cash inflow of $5,133,241. By the end of the period, the net cash available by the company is $4,916,260.
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