On 28 December 2018, the company announced that Mayur Resources (ASX: MRL) will be suspended from quotation, under Listing Rule since it is pending the release of an announcement regarding a proposed corporate project investment in its subsidiary.
On another release on ASX, the company presented a corporate snapshot in which it disclosed about the FY18 activity and outlook of the company. As per the release, the company’s board includes Rob Neale as the Chairman, Paul Mulder as the Managing Director, Tim Crossley as the Executive Director with Frank Terranova and Paul Mc Taggart as an Independent Director.
On the share register front, the Board holds 49% interest of total holdings, whereas the retail holds 19%, with the institutional shareholders and first-round investors hold 9% and 23% interest, respectively.
The company is structured into commodity verticals with downstream businesses to serve both domestic and export markets. It has domestic raw materials including limestone, coal, and industrial mineral sands, with a vertically integrated industry of cement, clinker and quicklime, power generation from coal and steel & iron. The company has a trajectory for unlocking PNG’s natural resources. PNG itself is very rich in commodity base, and ninety percent of the exports from PNG includes commodity.
The company’s strategy is aligned with the PNG government's ‘Nation Building Agenda.’ The business activities of Mayur resources have strong support across all levels of Government including the Prime Minister Mr. Peter O’Neill. Mayur has strong support from both the Gulf Provincial Governor (Hon. Chris Havieta) and the Central Province Governor (Hon. Robert Agarobe) where the lime and cement raw materials and facilities are to be located.
The consolidated revenue for the company stood at $123,290 in FY 2018 as compared to $6,572,873 in FY 2017. The company incurred a loss of $4,720,925 in FY 2018 as compared to its profit numbers of $4,769,155 in FY 2017. The total assets of the company stood at $35.23 million in FY 2018 as compared to $14.80 Mn in FY 2017. The cash flow from operating activities indicates an outflow of $1.93 million in FY 2018 as compared to an outflow of $1.27 in FY 2017. The cash flow from investing activities showed an outflow of $6.03 million in FY 2018 as compared to an outflow of $3.00 million in FY 2017.
Let us now quickly review the performance of Mayur’s stock and the returns it has produced over the past few months. Mayur’s shares last traded at a price of $0.670. The halt on the trading of the stock will be lifted once the company makes the news announcement. It has yielded a negative YTD return of 34.31% and produced a negative return of 4.29% based on the past six months. The stock has a 52-week high price of $1.110. It has a market capitalization of $100.58 million as of December 28, 2018.