TIDMBKY
RNS Number : 0393H
Berkeley Energia Limited
30 July 2021
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 30 July 2021
Quarterly Report June 2021
Summary:
-- Permitting Update:
Subsequent to the end of the quarter, Berkeley Energia Limited
("Berkeley" or the "Company") reported that the Board of the
Nuclear Safety Council ("NSC") had issued an unfavourable report
for the grant of the Authorisation for Construction for the uranium
concentrate plant as a radioactive facility ("NSC II").
The Company has however taken the first steps to overturn the
NSC II decision following the submission of an 'Improvement Report'
to supplement the Company's initial NSC II Application, along with
the corresponding arguments that address all of the issues raised
by the NSC, and has requested its reassessment by the NSC. The
Improvement Report includes technical arguments that, in the
Company's view, will clearly demonstrate that the project is
compliant with all requirements for NSC II.
This Improvement Report and associated documentation has been
submitted to the Ministry of Ecological Transition and Demographic
Challenge ("MITECO") following its notification to the Company
advising that, in accordance with Spanish administrative law, a
hearing process in relation to the NSC's decision had been opened
and provided Berkeley with the opportunity to submit relevant
documentation to MITECO by 4 August 2021.
Berkeley strongly refutes the NSC's assessment and notes that
all documentation submitted by the Company in relation to NCS II
has been prepared following advice from independent, nationally and
internationally recognised advisors and consultants who are experts
in their field.
It should also be noted that more than 120 previous permits and
favourable reports have been granted by the relevant authorities at
the local, regional, federal and European Union levels in relation
to the Salamanca project, among which nine have been from the
NSC.
The Company will continue to strongly defend its position in
relation to the adverse decision by the NSC and will continue to
update the market on any material developments as they occur.
-- Sustainability:
During the quarter, Berkeley published its first annual
Sustainability Report, a voluntary transparency initiative through
which the Company has communicated information regarding its
management systems in the areas of health, safety, environmental
protection and social responsibility, as well as its performance in
sustainability, to all stakeholders.
-- Uranium Market:
The uranium spot price increased 4% to close at US$32.10 per
pound at the end of the quarter with spot market activity
decreasing in June 2021 which had a total of 4.4 million pounds
transacted, compared to 6.4 million pounds in May 2021.
Activity in the uranium term market increased somewhat as new
demand emerged from a U.S. utility seeking slightly more than 1.1
million pounds for delivery in 2022-2025.
UxC reported that "Other activity continues in the market as
several utilities have been in discussions with potential suppliers
or evaluating unsolicited offers".
Despite the incremental uptick in activity, the UxC long-term
price remained unchanged at US$32.00 per pound.
-- Spanish Regulatory Regime:
During the quarter, a meeting of the full Parliament in Spain
("Parliament") approved an amendment to the draft climate change
and energy transition bill relating to the investigation and
exploitation of radioactive minerals (e.g. uranium).
The Parliament reviewed and approved the amendment ("Article
10"), the text of which remained unchanged from the modified
amendment proposed by the Ecological Transition Ponencia
("Ponencia") in February 2021 (see ASX announcement dated 25
February 2021) and subsequently approved by the Commission of
Ecological Transition of the Parliament ("Commission") and the
Spanish Senate.
As previously reported by the Company, under this amendment:
-- New applications for exploration, investigation or direct
exploitation concessions for radioactive materials, nor their
extensions, would not be accepted as of the entry into force of
this law.
-- Existing concessions, and open proceedings and applications
related to these, would continue as per normal based on the current
legislation.
Article 10 establishes that "As of the entry into force of this
law, no new applications will be accepted for the granting of
exploration permits, investigation permits or direct exploitation
concessions, nor their extensions, regulated under Law 22/1973, of
July 21, on mines of radioactive minerals, as defined in Law
25/1964, of April 29, on nuclear energy, when such resources are
extracted for their radioactive, fissile or fertile properties. In
addition, applications for the authorisation of new radioactive
facilities of the nuclear fuel cycle for the processing of
radioactive minerals, as defined in the Regulation on nuclear and
radioactive facilities, will no longer be accepted." Importantly,
existing rights for exploration, investigation and exploitation
concessions would remain in force during their validity period.
Existing proceedings underway would also continue under the legal
framework set up by the current regulations.
With the final approval of the Parliament, the review process
associated with proposed amendments to the draft climate change and
energy transition bill has now been completed, and the new law
entered into force following its publication in the Official
Spanish State Gazette.
For further information please contact:
Robert Behets Franciso Bellón
Acting Managing Director Chief Operations Officer
+61 8 9322 6322 +34 91 555 1380
info@berkeleyenergia.com
Permitting Update:
Subsequent to the end of the quarter, the Company reported that
the Board of the NSC had issued an unfavourable report for the
grant of the NSC II.
The Company has however taken the first steps to overturn the
NSC II decision following the submission of an 'Improvement Report'
to supplement the Company's initial NSC II Application, along with
the corresponding arguments that address all of the issues raised
by the NSC, and has requested its reassessment by the NSC. The
Improvement Report is complemented by an Independent Expert's
technical opinion on the hydrogeological aspects of the project
produced by Prof. Rafael Fernández Rubio, Emeritus Professor of
Hydrogeology at the Polytechnic University of Madrid. The
Improvement Report includes technical arguments that, in the
Company's view, will clearly demonstrate that the project is
compliant with all requirements for NSC II.
This Improvement Report and associated documentation has been
submitted to the MITECO following its notification to the Company
advising that, in accordance with Spanish administrative law, a
hearing process in relation to the NSC's decision had been opened
and provided Berkeley with the opportunity to submit relevant
documentation to MITECO by 4 August 2021.
In addition, the Company has also requested from MITECO access
to the files associated with the Authorisation for Construction and
Authorisation for Dismantling and Closure for the radioactive
facilities at La Haba (Badajoz) and Saelices El Chico (Salamanca),
which are owned by ENUSA Industrias Avandas S.A., in order to
verify and contrast the conditions approved by the competent
administrative and regulatory bodies for other similar uranium
projects in Spain.
Berkeley strongly refutes the NSC's assessment and notes that
all documentation submitted by the Company in relation to NCS II
has been prepared following advice from independent, nationally and
internationally recognised advisors and consultants who are experts
in their field.
Since the commencement of the process in 2016, the NSC has to
date held six meetings with the Company and on seven occasions
requested additional information in relation to NSC II; which the
Company promptly responded to with updated information. It is also
important to note that, in the Company's view, a large part of the
additional information requested in the process by the NSC related
to the Authorisation for Operation for the uranium concentrate
plant as a radioactive facility ("NSC III") which should only be
dealt with following the award of NSC II. However, to ensure the
process was conducted in a collaborative manner, the Company
provided its responses to the NSC as requested.
It should also be noted that more than 120 previous permits and
favourable reports have been granted by the relevant authorities at
the local, regional, federal and European Union levels in relation
to the Salamanca project, among which nine have been from the
NSC.
The Company will continue to strongly defend its position in
relation to the adverse decision by the NSC and will continue to
update the market on any material developments as they occur.
Project Update:
The Company's Salamanca mine is being developed to the highest
international standards and the Company's commitment to health,
safety and the environment is a priority. The Company currently
holds certificates in Sustainable Mining (UNE 22470-80),
Environmental Management (ISO 14001), and Health and Safety (ISO
45001) which were awarded by AENOR, an independent Spanish
government agency.
These management systems ensure that Company procedures are
compliant with current regulations, ensure that the environment is
protected, the project is sustainable, and that all activities are
carried out with respect for and in collaboration with the local
communities.
During the quarter, Berkeley published its first Sustainability
Report, a voluntary transparency initiative through which the
Company openly communicates information regarding its management
systems in the areas of health, safety, environmental protection
and social responsibility, as well as its performance in
sustainability, to all stakeholders.
The Sustainability Report, which provides a detailed overview of
environmental, social and governance ("ESG") activities over the
12-month period to 31 December 2020, has been distributed to key
stakeholders. The Sustainability Report can also be accessed and
downloaded from the Company's website at
www.berekleyenergia.com.
The Company also strives to uphold the United Nation's
Sustainable Development Goals ("SDGs"). A detailed review of the
Company's business strategy and activities in Spain has recently
been conducted , with the objective of evaluating the real
contribution that has been made in 2020 through Berkeley's program
of objectives and improvements implemented in terms of
sustainability.
The Company's performance against key indicators and targets
during 2019/2020 demonstrated that significant improvement had been
achieved, including a 63% reduction in fuel consumption, a 28%
reduction in energy consumption, a 50% reduction in water
consumption, a 85% reduction in paper consumption, and a 49%
reduction in CO(2) emissions. The Company notes that its 'work from
home' policy which was maintained for much of 2020 has positively
impacted the 2020 data however, a longer-term trend of continuous
improvement is clearly evident.
In terms of social development, with the aim of promoting
participation with the stakeholders, the Company carried out a
total of 39 participatory activities with the local communities
during 2020.
Following on from the successful 2020 program, the Company has
now approved the Sustainability Program for 2021. This plan takes
into account the Berkeley's past performance and the findings of a
risks and opportunities assessment undertaken as part of the
planning process.
As part of the 2021 Program, a sustainable Eco-Garden initiative
has been launched, with the objective of:
-- Promoting local socio-economic development;
-- Promoting the diversity of economic activities in the environment;
-- Providing food to those most in need; and
-- Promoting sustainable practices in agriculture.
Another initiative launched by the Company is the installation
of a number of bee hives on Berkeley's property. The implementation
of this activity through the agreement with one of the local
producers, will constitute further proof of the compatibility of
the mining activity with other business activities related to the
environment.
In addition, the development of this activity represents yet
another demonstration that Berkeley is contributing to the
achievement of the SDGs, in this specific case SDGs number 1, 2, 8,
9 and 15.
Internal audits for the Environmental and Sustainable Management
Systems have been successfully completed in June. The associated
external audits by AENOR are being undertaken in late July.
Monitoring Programs
The monitoring programs associated with the NSC approved
pre-operational Surveillance Plan for Radiological and
Environmental Affections and pre-operational Surveillance Plan for
the Control of the Underground Water continued during the
quarter.
Exploration
A region exploration program which comprised soil sampling and
ground radon gas concentration and exhalation rate survey continued
in the Conchas Investigation Permit during the quarter. An
assessment of this regional exploration program will be completed
once all results are returned and interpreted.
Spanish Regulatory Regime Update:
During the quarter, a meeting of the of the Parliament approved
an amendment to the draft climate change and energy transition bill
relating to the investigation and exploitation of radioactive
minerals (e.g. uranium).
The Parliament reviewed and approved the amendment ("Article
10"), the text of which remained unchanged from the modified
amendment proposed by the Ponencia in February 2021 (see ASX
announcement dated 25 February 2021) and subsequently approved by
the Commission and the Spanish Senate.
As previously reported by the Company, under this amendment:
-- New applications for exploration, investigation or direct
exploitation concessions for radioactive materials, nor their
extensions, would not be accepted as of the entry into force of
this law.
-- Existing concessions, and open proceedings and applications
related to these, would continue as per normal based on the current
legislation.
Article 10 establishes that "As of the entry into force of this
law, no new applications will be accepted for the granting of
exploration permits, investigation permits or direct exploitation
concessions, nor their extensions, regulated under Law 22/1973, of
July 21, on mines of radioactive minerals, as defined in Law
25/1964, of April 29, on nuclear energy, when such resources are
extracted for their radioactive, fissile or fertile properties. In
addition, applications for the authorisation of new radioactive
facilities of the nuclear fuel cycle for the processing of
radioactive minerals, as defined in the Regulation on nuclear and
radioactive facilities, will no longer be accepted."
Importantly, existing rights for exploration, investigation and
exploitation concessions would remain in force during their
validity period. Existing proceedings underway would also continue
under the legal framework set up by the current regulations.
With the final approval of the Parliament, the review process
associated with proposed amendments to the draft climate change and
energy transition bill has now been completed, and the new law
entered into force following its publication in the Official
Spanish State Gazette.
Uranium market:
The uranium spot price increased 4% to close at US$32.10 per
pound at the end of the quarter with spot market activity
decreasing in June 2021 which had a total of 4.4 million pounds
transacted, compared to 6.4 million pounds in May 2021.
Activity in the uranium term market increased somewhat as new
demand emerged from a U.S. utility seeking slightly more than 1.1
million pounds for delivery in 2022-2025.
UxC reported that "Other activity continues in the market as
several utilities have been in discussions with potential suppliers
or evaluating unsolicited offers".
Despite the incremental uptick in activity, the UxC long-term
price remained unchanged at US$32.00 per pound.
The proposed plan of arrangement which would transform Uranium
Participation Corporation ("UPC") into a closed end investment
trust managed by Sprott Asset Management ("SAM") with UPC becoming
a subsidiary of the Sprott Physical Uranium Trust ("SPUT") received
resounding support from a UPC shareholder vote in July. 99.9% of
the votes cast supported the plan which now requires clearance from
the Ontario Superior Court of Justice and other regulatory
approvals.
COVID-19:
The ongoing nationwide state of emergency in Spain ended on 9
May 2021, with many restrictions being lifted including allowing
restaurants to open again with limits of four people per table and
indoor dining limited to 30% capacity.
However, many regional authorities continue to implement tighter
restrictions including curfews at night and also their own entry
and exit restrictions, permitting travel out of the locality for
essential reasons only.
International entry restrictions remain in place, in particular
for any travellers flying from locations where highly transmissible
COVID-19 variants are in general circulation who are required to
self-isolate for 10 days on arrival. Non-essential travel is
permitted from EU countries and certain other non-EU countries
except for travellers from Brazil, India, and South Africa (other
than individuals who possess a certificate of vaccination
confirming they have completed a full course of a COVID-19 vaccine
authorised by the European Medicines Agency or World Health
Organization no less than 14 days prior to entry). Travelers from
the UK may also use a negative COVID-19 test no older than 48 hours
to enter Spain for nonessential purposes, in addition to a vaccine
certificate.
All of the Berkeley team based in Spain are safe and well.
Consistent with current Government guidelines, the Company has
continued its 'work from home' policy.
Balance Sheet:
The Company is in a strong financial position with A$80 million
in cash.
Forward Looking Statements
Statements regarding plans with respect to Berkeley's mineral
properties are forward-looking statements. There can be no
assurance that Berkeley's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that Berkeley will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of
Berkeley mineral properties. These forward-looking statements are
based on Berkeley's expectations and beliefs concerning future
events. Forward looking statements are necessarily subject to
risks, uncertainties and other factors, many of which are outside
the control of Berkeley, which could cause actual results to differ
materially from such statements. Berkeley makes no undertaking to
subsequently update or revise the forward-looking statements made
in this announcement, to reflect the circumstances or events after
the date of that announcement.
This announcement has been authorised for release by Mr Robert
Behets, Director.
Appendix 1: Summary of Mining Tenements
As at 30 June 2021, the Company had an interest in the following
tenements:
Location Tenement Name Percentage Status
Interest
--------------- ----------------------------- ----------- --------
Spain
Salamanca D.S.R Salamanca 28 (Alameda) 100% Granted
D.S.R Salamanca 29 (Villar) 100% Granted
E.C. Retortillo-Santidad 100% Granted
E.C. Lucero 100% Pending
I.P. Abedules 100% Granted
I.P. Abetos 100% Granted
I.P. Alcornoques 100% Granted
I.P. Alisos 100% Granted
I.P. Bardal 100% Granted
I.P. Barquilla 100% Granted
I.P. Berzosa 100% Granted
I.P. Campillo 100% Granted
I.P. Casta ñ os 100% Granted
2
I.P. Ciervo 100% Granted
I.P. Conchas 100% Granted
I.P. Dehesa 100% Granted
I.P. El Á guila 100% Granted
I.P. El Vaqueril 100% Granted
I.P. Espinera 100% Granted
I.P. Horcajada 100% Granted
I.P. Lis 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Pedreras 100% Granted
E.P. Herradura 100% Granted
C á ceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
Badajoz I.P. Don Benito Este 100% Granted
I.P. Don Benito Oeste 100% Granted
--------------- ----------------------------- ----------- --------
During the quarter ended 30 June 2021, no tenements were issued,
expired or lapsed during the quarter ended. There were no other
changes to beneficial interest, acquired or disposed of, in any
mining tenements due to farm-in or farm-out agreements. An
application for a 1-year extension at E.P. Herradura was rejected
during the quarter but this decision has been appealed by the
Company.
Appendix 2: Related Party Payments
During the quarter ended 30 June 2021, the Company made payments
of $132,000 to related parties and their associates. These payments
relate to existing remuneration arrangements (director and
consulting fees plus statutory superannuation).
Appendix 3: Exploration and Mining Expenditure
During the quarter ended 30 June 2021, the Company made the
following payments in relation to exploration and development
activities:
Activity $000
---------------------------------------- ------
Radiological protection and monitoring 208
Permitting related expenditure 355
Consultants and other expenditure 160
Return of VAT in Spain (592)
Total as reported in the Appendix 5B 132
---------------------------------------- ------
There were no mining or production activities and expenses
incurred during the quarter ended 30 June 2021.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
40 052 468 569 30 June 2021
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (12 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (132) (3,088)
(b) development - -
(c) production - -
(d) staff costs (492) (1,546)
(e) administration and corporate
costs (264) (1,060)
1.3 Dividends received (see note - -
3)
1.4 Interest received 7 23
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
1.8 Other (provide details if
material) - -
---------------- --------------
Net cash from / (used in)
1.9 operating activities (881) (5,671)
----- ----------------------------------- ---------------- --------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other - -
entities
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if - -
material)
---------------- --------------
2.6 Net cash from / (used in)
investing activities - -
----- ----------------------------------- ---------------- --------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of equity
securities (excluding convertible
debt securities) - -
3.2 Proceeds from issue of convertible
debt securities - -
3.3 Proceeds from exercise of - -
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (3) (20)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related
to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- --------------
Net cash from / (used in)
3.10 financing activities (3) (20)
----- ----------------------------------- ---------------- --------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 79,104 91,764
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (881) (5,671)
4.3 Net cash from / (used in)
investing activities (item
2.6 above) - -
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (3) (20)
Effect of movement in exchange
4.5 rates on cash held 844 (7,009)
---------------- --------------
Cash and cash equivalents
4.6 at end of period 79,064 79,064
----- ----------------------------------- ---------------- --------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 79,014 79,054
5.2 Call deposits 50 50
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 79,064 79,104
---- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 (132)
-----------------
6.2 Aggregate amount of payments to related
parties and their associates included in
item 2 -
-----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
7. Financing facilities Total facility
Note: the term "facility' amount at quarter Amount drawn
includes all forms of financing end at quarter end
arrangements available to $A'000 $A'000
the entity.
Add notes as necessary for
an understanding of the sources
of finance available to the
entity.
7.1 Loan facilities - -
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities - -
------------------- ----------------
7.5 Unused financing facilities available at -
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
---- ------------------------------------------------------------------------
Not applicable
----
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (881)
8.2 (Payments for exploration & evaluation classified
as investing activities) (item 2.1(d)) -
8.3 Total relevant outgoings (item 8.1 + item (881)
8.2)
8.4 Cash and cash equivalents at quarter end 79,064
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
-------
8.6 Total available funding (item 8.4 + item 79,064
8.5)
-------
8.7 Estimated quarters of funding available
(item 8.6 divided by item 8.3) >10
-------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
--------------------------------------------------------------------------
Answer: Not applicable
--------------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
--------------------------------------------------------------------------
Answer: Not applicable
--------------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
--------------------------------------------------------------------------
Answer: Not applicable
--------------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of questions
8.8.1, 8.8.2 and 8.8.3 above must be answered.
--------------------------------------------------------------------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 30 July 2021
Authorised by: Company Secretary
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
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