Harvest Minerals Limited Change in Financial Year End (1478Q)
October 17 2019 - 1:00AM
UK Regulatory
TIDMHMI
RNS Number : 1478Q
Harvest Minerals Limited
17 October 2019
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector:
Mining
17 October 2019
Harvest Minerals Limited ('Harvest' or the 'Company')
Change in Financial Year End
Harvest Minerals Limited, the AIM quoted remineraliser producer,
announces that following publication of its audited financial
statements for the year ended 30 June 2019, it will change its
financial year end from 30 June to 31 December.
Rationale for Change
The Company's production and sales cycles work predominately on
a calendar basis, consistent with the planting seasons in the
Southern Hemisphere, however, its existing financial accounting
period has a 30 June year end, which is typical of most Australian
incorporated companies.
As these periods do not align, the Company is presented with
unnecessary additional work to fully explain its financial
performance in its full year and interim accounts, in order to
ensure Shareholders have a meaningful insight into the Company's
historical and current trading performance at the point at which
its accounts are published.
In order to address this going forward, Harvest has applied to,
and received approval from, inter alia, the Australian Securities
and Investments Commission, to change its year end to 31 December,
effective from 1 January 2020.
Next Steps
Harvest intends to release its full year audited financial
statements and annual report for the year ended 30 June 2019 in
late November 2019. The Company then intends to release audited
financial statements for the year ended 31 December 2019 by the end
of Q1 2020.
From then on, the Company's financial reporting period will
coincide with the calendar year: the Company's unaudited interim
results for the 6 months ended 30 June 2020 will be published by 30
September 2020, and the Company's audited annual results for the 12
months ended 31 December 2020 will be published by 30 June
2021.
Brian McMaster, Executive Chairman of Harvest stated, "Changing
our year end to align with buying patterns is an important step in
simplifying our financial reporting procedures and improving
communication with our shareholders. Going forward, we hope this
change will give shareholders a fuller understanding of how the
business is operating."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
*ENDS*
For further information, please visit www.harvestminerals.net or
contact:
Harvest Minerals Limited Brian McMaster Tel: +44 (0) 20 7317
(Chairman) 6629
Dr Mark Heyhoe
(COO)
Strand Hanson Limited James Spinney Tel: +44 (0) 20 7409
Nominated & Financial Adviser Ritchie Balmer 3494
Jack Botros
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186
Broker 9900
St Brides Partners Ltd Isabel de Salis Tel: +44 (0) 20 7236
Financial PR 1177
Notes
Harvest Minerals Limited (HMI.L) is an AIM-quoted low-cost and
high margin Brazilian fertiliser producer, located in the heart of
the largest and fastest growing fertilizer market in Brazil.
Its product, KPFértil, is a registered organic multi-nutrient
direct application fertiliser. This contains many of the essential
nutrients and minerals required by plants and, unlike most
fertilisers, it does not require any complex processing or
chemically alteration, instead it can be applied directly to
crops.
KPFértil is produced at the Company's wholly owned Arapua
project, that consists of a fully permitted mine, production and
storage facilities able to produce and deliver KPFértil to
customers. Known mineralisation at Arapua is expected to support
100+ years' production at 450Ktpa.
The Company's focus remains on growing its business. To this
end, it has a dedicated in-country sales and marketing team with
the skills, experience and contacts to sell KPFértil into the
potential multi-Mtpa market on the doorstep of Arapua.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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