The shareholders of Shumba Energy Ltd (“Shumba” or the “Group”) are advised that the Group expects to release unaudited results for the 3 months ended 30 September 2018 which will be significantly divergent than what was reported for the corresponding period ended 30 September 2017. The reason being increased finance costs resulting from convertible loan notes that were issued in January 2018.
Further, post the reporting date, the value of the financial assets received on the Mabesekwa transaction, being 153,710,030 shares of Kibo Mining PLC, an AIM listed entity, has been materially affected by a fall in the share price and the weakening of the Pound Sterling against the US Dollar. The Board still views Kibo Mining PLC as a solid company with strong fundamentals and supportive financial, technical and commercial partners.
Shumba continues to pursue its plans as highlighted in the past Annual report and maintains strong commitment in delivering growth and achieving recognition therefore through demand for its equity and the expected resultant share price improvement.
The information in this trading statement has not been reviewed by Shumba’s independent auditors.
By order of the Board
14 November 2018
This Communiqué is issued, in compliance with the Botswana Stock Exchange listing rules and pursuant to Section 87 of the Securities Act 2005, Rule 5 of the Securities (Disclosure Obligation of Reporting Issuers) Rules 2007.
The Board of Directors of the Company accepts full responsibility for the accuracy of the information contained in this Communiqué.