Company News



29.05.2014
NEW LOAN FACILITY

Sunkar (AIM: SKR) announces that it has raised $0.1 million through a new loan facility ("SAPC Loan") provided by Sun Avenue Partners Corporation ("SAPC"), which was entered into on 26 May 2014.
Since the last Company update, as set out in the announcement on 2 April 2014, the Company's financial position has worsened significantly. 
 
The funds raised by the convertible loan note, issued on 7 April 2014, were anticipated by the board of Sunkar (the "Board") to provide sufficient working capital until additional earth moving contracts could be agreed and monies from the second earth moving contract were received. 
 
However, cash receipts due under the second earth moving contract have been delayed and a third earth moving contract has still not been concluded. 



14.04.2014
UPDATE RE NEW CONVERTIBLE LOAN FACILITY - RECEIPT OF FUNDS

Sunkar (AIM: SKR) announces that, further to the announcement released on 7 April 2014, the Company yesterday received USD 1.28 million from Sun Avenue Partners Corporation SAPC ("SAPC"), following the issue of 1,280,000 Convertible Loan Notes of USD 1 each to SAPC.

Following the receipt of funds from SAPC in London, Temir Service LLP ("Temir") has now made a total payment of USD 187,144 to ACB, returning the ACB Loan to good order and thereby removing the threat of default. 



07.04.2014
UPDATE RE NEW CONVERTIBLE LOAN FACILITY

Sunkar (AIM: SKR) announces that, further to the announcement released on 2 April 2014, regarding the Company’s financial position, it has raised $1.28 million through the issue of 1,280,000 Convertible Loan Notes of $1 each (the “CLN”) to Sun Avenue Partners Corporation (“SAPC”).  

The funds provided by the issue of the CLN will be used to make the overdue payments on the ACB bank loan and for general working capital requirements. The Directors believe that the CLN will provide sufficient working capital until additional earth moving contracts can be agreed.

   News Archive

02.04.2014
UPDATE ON OPERATIONS AND FINANCIAL POSITION OF THE COMPANY

Since the last update provided by the Company on 12 December 2013, Sunkar’s operations have been adversely affected by the 20 per cent. devaluation of the Kazakh Tenge on 11 February 2014 which has led to financial uncertainty within the domestic economy of Kazakhstan.  Many new government contracts for execution denominated in the local currency have been put on hold, which has led to delays in the receipt of monies due to Sunkar in respect of its existing earth moving contracts and also delays in agreeing any new contracts.


12.12.2013
OPERATIONS UPDATE

Sunkar (AIM: SKR) is pleased to announce the following operational results:

  • Earth Moving Contracts
  • Subsoil Use Contract operations
  • Phosphate Rock and Direct Application Rock ("DAR") sales
  • NP fertilizer granulation project

 


24.09.2013
Interim Results 30 June 2013

Sunkar Resources plc (AIM: SKR) is pleased to announce its half-yearly report for the six month period to 30 June 2013.

 

HIGHLIGHTS

  • Revenue generated for the period of $4.9m, compared with $0.5m in the six months to 30 June 2012

  • $4.5m of revenue generated from earth-moving contract

  • Administrative and operating expenses reduced to $2.1m from $2.6m

  • Further earth moving contract, valued at $12m approximately, signed in April 2013

  • Proposed amendment to the work programme under the subsoil use contract approved by Kazakh authorities


20.05.2013
Chilisai Phosphate Project Ore Reserve Update

Sunkar Resources plc (AIM: SKR) is pleased to announce an ore reserve update for the Chilisai Phosphate Project in Kazakhstan (the “Project”).


14.05.2013
Annual Report & Accounts and Notice of Annual General Meeting
Sunkar Resources plc (AIM:SKR) is pleased to announce that, following the publication of its Annual Report and Financial Statements for the year ended 31 December 2012 ("Annual Report & Accounts") yesterday, the Annual Report & Accounts are now available for download via the Company's website at www.sunkarresources.com.


13.05.2013
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012
HIGHLIGHTS IN 2012

· Balance of US$11.8 million received under the conditional subscription agreement with Sun Avenue Partners Corp ("SAPC").

· Loss of US$9.2 million (2011: US$10.1 million). Group net cash inflow in the year was US$0.3 million (2011: net cash outflow - US$1.5 million).

· ATF Bank Kazakhstan debt refinancing with new US$3 million credit line from AsiaCredit Bank (Kazakhstan); cost of borrowing reduced from 14% to 9.5% per annum.

· Commenced work on an approximately US$8.1 million earth moving contract with a general contractor building a new railway in Western Kazakhstan.

· Listing on the Kazakhstan Stock Exchange completed in December 2012.



03.05.2013
Earth Moving Contract Win

Sunkar Resources plc (AIM:SKR) is pleased to announce that its wholly owned subsidiary, Temir Service LLP (“Temir”), has signed a new earth moving contract with the general contractor building the Beineu - Tassai railway line in Western Kazakhstan.

The value of the contract is estimated to be approximately KZT 1.85 billion (US$12 million at current exchange rates). The Company expects to receive a pre-payment, amounting to 30% of the total contract value, within 20 business days from the contract date.