El Oro Ltd

Announcements 2018

Notice of Annual General Meeting  |  Announced - 20 December 2018

At the Ninth Annual General Meeting of the Company, held on 20 December 2018, all resolutions were approved and agreed:

Ordinary resolutions:

  1. To receive the Directors’ report and the consolidated financial statements for the year ended 30 June 2018.
  2. To re-appoint PricewaterhouseCoopers CI LLP as Auditor of the Company, to hold office until the conclusion of the next General Meeting at which financial statements are laid before the Company and to authorise the Directors to fix their remuneration.
  3. To ratify the payment of a final dividend of 2.54 pence for the year-ended 30 June 2018.
  4. To authorise the Company generally and unconditionally to make market purchases within the meaning of Section 315 of the Companies (Guernsey) Law 2008, the authority for market acquisitions set forth in Article 4.7 of the Company’s Articles of Incorporation be approved and restated on the basis that of its Ordinary Shares in the capital of the Company (“Shares”) upon or subject to the following conditions:
    1. the maximum number of Shares hereby authorised to be purchased is 6,317,340;
    2. the maximum price at which Shares may be purchased shall be 5% above the average of the middle market quotations for the Shares as taken from The International Stock Exchange Daily Official List for the five business days preceding the date of purchase and the minimum price shall be 5 pence per share, in both cases exclusive of expenses; and
    3. the authority to purchase conferred by this Resolution shall expire on the date falling eighteen months after the date of this resolution or at the conclusion of the next Annual General Meeting of the Company after the passing of this Resolution, save that the Company may before such expiry enter into a contract of purchase under which such contract may be completed or executed wholly or partly after the expiration of this authority.

 

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

NAV announcement  |  Announced - 14 December 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 30 November 2018
Currency GBP
NAV 78.7 pence
Share Price (mid) 68.0 pence
Discount 13.6%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Circular and Proxy notice  |  Announced - 30 November 2018

 

Circular Notice

Click here to download the document

 

 

Proxy Notice

Click here to download the document

 

 

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd.
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Notice of Annual General Meeting and Proposal for the Future of the Company  |  Announced - 30 November 2018

The Company has today published the notice of its Annual General Meeting, which is also copied below, and details of a new proposal that the board of the Company (“Board”) is exploring as an alternative to a liquidation of the Company. This proposal, to be entered into with JPMorgan Elect plc (“JPME”) (“JPME Proposal”) would offer a real choice to the Company’s members (“Members”) of cashing out or rolling over into a larger investment company with access to greater investment resource. This may offer greater flexibility to Members in terms of tax planning.

The Board has remained conscious of the concerns expressed by Members during 2016. These included the investment performance of the Company, the lack of liquidity in the Ordinary Shares and their widening discount to net asset value. These concerns were described in the Chairman's letter giving notice of the annual general meeting of the Company held on 17 November 2016. The Board has studied a wide range of options for the future direction of the Company, having regard to the fact that the concerns referred to above remain.

The Board is pleased to announce that it has agreed heads of terms with the board of JPME for JPME to provide a “rollover” option for Members. JPME provides investors access to a number of different investment strategies, including one focussed on UK equity income, through a multi-share class structure and the Board believe this will appeal to Members.

JPME, which has total net assets of £369.6 million (as at 31 August 2018), has three share classes, and quarterly conversion between share classes is permitted. The investment objectives of the three classes, which the Board considers to be comparable to the Company's overall investment objective, are set out below:

  • Managed Income - A growing income return with potential for long term capital growth by investing in equities, investment companies and fixed income securities (the “Income Shares”).
  • Managed Growth - Long term capital growth from investing in a range of investment trusts and open-ended funds managed principally by JPMorgan Asset Management (the “Growth Shares”).
  • Managed Cash - Preservation of capital with a yield based on short term interest rates (the “Cash Shares”).

The Board expects that each of the above share classes will be made available as rollover options for Members, with JPME Managed Income being the default. Each share class is listed separately and traded on the main market of the London Stock Exchange and JPME’s shareholders are able to switch between the three share classes on a quarterly basis without incurring a liability to UK capital gains tax.

Members who want to rollover their El Oro Shares in a cost and tax efficient way can choose to rollover into new JPME shares.

Members who want to exit for cash with broadly the same amounts as they would have received on simple liquidation can choose the cash option.

Subject to final agreements being signed with JPME, the Board currently anticipates that appropriate circulars will be issued to Members during the first calendar quarter of 2019, with the restructuring likely to be completed before June 2019. Under the proposed restructuring of the Company (as currently envisaged), Members will be asked to vote on the proposals.

Further information on JPME and full details of the terms of the JPME Proposal will be included in the documentation to be sent to Members in 2019. However, Members are also encouraged to visit the website of JPME at:

https://am.jpmorgan.com/gb/en/asset-management/gim/per/products/investment-trusts/jpm-elect-plc

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the Company’s NINTH ANNUAL GENERAL MEETING and the ONE HUNDRED AND FOURTEENTH ANNUAL GENERAL MEETING OF THE EL ORO GROUP will be held on 20 December 2018 at 41 Cheval Place, London SW7 1EW at 12 noon for the following purposes:

Ordinary resolutions:

  1. To receive the Directors’ report and the consolidated financial statements for the year ended 30 June 2018.
  2. To re-appoint PricewaterhouseCoopers CI LLP as Auditor of the Company, to hold office until the conclusion of the next General Meeting at which financial statements are laid before the Company and to authorise the Directors to fix their remuneration.
  3. To ratify the payment of a final dividend of 2.54 pence for the year ended 30 June 2018.
  4. To authorise the Company generally and unconditionally to make market purchases within the meaning of Section 315 of the Companies (Guernsey) Law 2008, the authority for market acquisitions set forth in Article 4.7 of the Company’s Articles of Incorporation be approved and restated on the basis that of its Ordinary Shares in the capital of the Company ("Shares") upon or subject to the following conditions:
    1. the maximum number of Shares hereby authorised to be purchased is 6,317,340;
    2. the maximum price at which Shares may be purchased shall be 5% above the average of the middle market quotations for the Shares as taken from The International Stock Exchange Daily Official List for the five Business Days preceding the date of purchase and the minimum price shall be 5 pence per share, in both cases exclusive of expenses; and
    3. the authority to purchase conferred by this Resolution shall expire on the date falling eighteen months after the date of this resolution or at the conclusion of the next Annual General Meeting of the Company after the passing of this Resolution, save that the Company may before such expiry enter into a contract of purchase under which such contract may be completed or executed wholly or partly after the expiration of this authority.

 

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

NAV announcement  |  Announced - 16 November 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 31 October 2018
Currency GBP
NAV 80.4 pence
Share Price (mid) 65.0 pence
Discount 19.2%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Cancellation of Treasury Shares   |  Announced - 12 Nov 2018

The Company today announces the cancellation of its treasury shares in accordance with the provisions of section 328 of the Companies (Guernsey) Law, 2008.

The Company discloses the following details in relation to such cancellation pursuant to The International Stock Exchange, Listing Rule 7.6(19) (n) (iii) and guidance note 7.8 (c)(iv):

Type of shares cancelled: Ordinary shares of no par value
Number of shares cancelled: 260,045
Date of cancellation: 12 November 2018
Total number of Ordinary shares that the Company has in issue after the cancellation: 63,173,398
Total number of treasury shares held by the Company after the cancellation: 0
The Company discloses the following details in relation to such cancellation of the Treasury Shares:
Percentage of voting rights attributable to those shares it holds in treasury as a result of the cancellation: 0%
The Company discloses the following details in relation to such cancellation pursuant to Guidence Note 7.8(c) (iv):
Total capital of the Company in issue: 63,173,398 Ordinary shares of no par value
Total number of voting rights attributable to the total capital of the Company in issue: 63,173,398
The figure of 63,173,398 may be used by shareholders as the denominator for the calculations by which they will be determined if they are required to notify their interest in, or a change to their interest in the Company under the TISE Listing Rules.
Total number of voting rights attaching to treasury shares: 60
This notice is given in fulfilment of the obligations under Listing Rule 7.6.19 and Guidance note 7.8(c) (iv).

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

NAV announcement  |  Announced - 15 October 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 30 September 2018
Currency GBP
NAV 84.1 pence
Share Price (mid) 70.0 pence
Discount 16.8%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Annual Report at 30 June 2018  |  Announced - 03 October 2018

The Directors are pleased to announce the audited Financial Statements for the year ended 30 June 2018 for the Company.

The audited Financial Statements for the Company are attached to this announcement.

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd.
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Click here to download the document

Final Dividend to 30 June 2018  |  Announced - 03 October 2018

The Directors of El Oro Ltd have declared a final dividend of 2.54 pence for the year-ended 30 June 2018 payable on 26 November 2018 to Members registered on the books of the Company at the close of business on 26 October 2018. The ex-dividend date will be 25 October 2018.

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd.
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Final Results - 30 June 2018  |  Announced - 03 October 2018

El Oro Ltd announces its final results for the year ended 30 June 2018.

Extracts from the final results are set out below.

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Click here to download the document

NAV announcement  |  Announced - 28 September 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 31 August 2018
Currency GBP
NAV 84.3 pence
Share Price (mid) 73.0 pence
Discount 13.4%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

NAV announcement  |  Announced - 16 August 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 31 July 2018
Currency GBP
NAV 85.9 pence
Share Price (mid) 70.0 pence
Discount 18.5%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

NAV announcement  |  Announced - 06 August 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 30 June 2018
Currency GBP
NAV 85.0 pence
Share Price (mid) 70.0 pence
Discount 17.6%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

NAV announcement  |  Announced - 03 July 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 31 May 2018
Currency GBP
NAV 84.9 pence
Share Price (mid) 67.0 pence
Discount 21.1%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Privacy notices  |  Announced - 25 May 2018

 

Privacy Notice – Directors, personnel of service providers and other interested parties

Click here to download the document

 

 

Privacy Policy - Shareholders

Click here to download the document

 

 

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd.
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

NAV announcement  |  Announced - 18 May 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 30 April 2018
Currency GBP
NAV 87.0 pence
Share Price (mid) 67.0 pence
Discount 23.0%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

NAV announcement  |  Announced - 20 April 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 31 March 2018
Currency GBP
NAV 85.9 pence
Share Price (mid) 67.0 pence
Discount 22.0%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

NAV announcement  |  Announced - 19 March 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 28 February 2018
Currency GBP
NAV 86.9 pence
Share Price (mid) 67.0 pence
Discount 22.9%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Interim Results at 31 December 2017  |  Announced - 15 March 2018

El Oro Ltd announces its interim results for the six months ended 31 December 2017.

Extracts from the interim results are set out below.

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Click here to download the document

NAV announcement  |  Announced - 14 February 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 31 January 2018
Currency GBP
NAV 88.6 pence
Share Price (mid) 67.0 pence
Discount 24.4%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

NAV announcement  |  Announced - 17 January 2018

El Oro Ltd. (“the Company") Registration No: 49778.

Immediate Announcement:

Net Asset Value  
Valuation date 31 December 2017
Currency GBP
NAV 88.5 pence
Share Price (mid) 70.0 pence
Discount 20.9%


The Company’s Share Price can be found at www.cisx.com [ticker – ELX].

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

Directors Dealings   |  Announced - 05 Jan 2018

Notification of transactions of directors, persons discharging managerial responsibility or connected persons.

1 Details of the person discharging managerial responsibilities / person closely associated
a) Name ROBIN PARISH
2 Reason for the notification
a) Position/status DIRECTOR
b) Initial notification/Amendment INITIAL
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name EL ORO LTD
b) LEI 213800MXA2RGPS4E7W74
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument ORDINARY SHARES
Identification code ELX
b) Nature of the transaction PURCHASE
c) Price(s) and volume(s)
Price(s) Volume(s)
66.0p 10,000
d) Aggregated information AS IN 4 C) ABOVE
– Aggregated volume  
– Price  
e) Date of the transaction 05 JANUARY 2018
f) Place of the transaction LONDON STOCK EXCHANGE SETSQX TRADING SERVICE

For further information, please contact:
C Robin Woodbine Parish: Chairman
Una Ni Dhonaill
El Oro Ltd
Tel: 020 7581 2782

Aztec Financial Services (Guernsey) Limited
Chris Copperwaite
Tel: 01481 748831

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