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Red Rock Resources PLC - Africa, South America and Australia-focused natural resource exploration and development - Pretax loss widens to £3.0 million in the financial year that ended June 30 from £2.8 million the year before. Red Rock generates no revenue. Administrative expenses increase to £1.4 million from £1.2 million. Finance costs more than double to £613,000 from £285,000.
Looking ahead, Red Rock looks forward to listing of investee Elephant Oil on Nasdaq exchange in New York, saying: ‘We still expect Elephant Oil to be listed after updating its quarterly results with the [US Securities & Exchange Commission] early in 2024 at a listing price of between $4.15 and $5.15 per share, indicating our holding of 397,874 shares may be valued at $1.9 million, although subject to a six-month hold period post IPO after which we would be in a position to realise all or part of this holding.’ Red Rock has a market capitalisation in London of £1.9 million.
Current stock price: 0.075 pence, down 3.2% on Wednesday afternoon
12-month change: down 76%
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