On December 27, 2018, the shares of Alliance Mineral Assets Limited (ASX: A40) were suspended from trading as this step has been requested by the company itself. As per the press release covering information related to the suspension, it was stated that this step has been taken because the company is yet to the release information about the offtake arrangements. Alliance Mineral Assets Limited had also requested that its securities remain suspended till it informs the market about the necessary information. Considering the present scenario, the company stated that it would be providing the information by January 4, 2019.
Also, the company has recently informed the market about its trading halt with the help of the press release. The press release, which was dated December 21, 2018, stated that the trading halt was also requested by the company itself as there was information about the offtake arrangements which the company did not provide.
Recently, Alliance Mineral Assets Limited has made an announcement that they have placed Mr. Mark Turner as executive director-operations. The press release which provided this information also stated that Mr. Mark Turner happens to have a substantial amount of resources sector’s experience. Mr. Turner has earlier engaged himself in operating the number of mines in Asia, Africa as well as Australia. The top management of the company named Mr. Calderwood reflected favourable views related to the appointment of Mr. Mark Turner. According to him, the processing, as well as mining activities, would be supported by the experience which is being possessed by Mr. Turner.
The market capitalization of Alliance Mineral Assets Limited stood at $332.85 million (as on December 20, 2018), and the last traded price of the company’s stock was A$0.255 per share. Let us now look at the stock’s return. Considering the time span of the past five days, the stock has delivered the return of -5.56%.
As demonstrated by the Annual Report of 2018, the company has managed to generate interest income amounting to A$176,319 in FY 2018 while in FY 2017 the interest income was A$35,013. Additionally, the company also witnessed a rise in the administrative expenses in FY 2018 primarily because of the higher advisory costs, compliance costs as well as legal fees which were related to the proposed merger. Moreover, the company also encountered gain with respect to the foreign exchange which amounted to A$236,565 which was primarily because of strengthening Singapore dollar in FY18.
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