african potash ltd (AFPO) Snapshot

African Potash Limited reported unaudited consolidated earnings results for the six months ended December 31, 2012. For the period, the company reported operating profit of $1,081,000 against operating loss of $993,000 a year ago. Profit before taxation was $1,153,000 against loss before taxation was $992,000 a year ago. Profit for the period attributable to equity holders was $1,153,000 or 0.6 cents per share basic and diluted share against loss for the period attributable to equity holders was $992,000 or 0.7 cents basic and diluted loss per share a year ago. Net cash outflow from operating activities was $242,000 against $1,766,000 a year ago. Net finance income was $72,000 against $1,000 a year ago.

Having received the requisite shareholder approval, African Potash Limited will now proceed with the acquisition of the entire issued share capital of Patagonia Capital Limited. The company announced that Mr. Jean-Pierre Conrad will be appointed to the Board as non-executive Chairman, effective on completion of the acquisition, on February 22, 2013. Mr. Conrad has extensive experience in the resources industry in addition to a solid background in the financial markets. He started his banking career in Switzerland; in 1994 he joined Marc Rich & Co. which became Glencore International plc where he was responsible for corporate finance activities in the metals and minerals division in Switzerland. He was subsequently appointed chief financial officer of Xstrata plc in 1997, which evolved from an investment vehicle to a diversified natural resource group during his period in office. He is currently a director of Consolidated General Minerals PLC and of Financiere Mermond SA.

African Potash Limited, Special/Extraordinary Shareholders Meeting, Feb 21, 2013. Agenda: To consider the acquisition of the entire issued share capital of Patagonia Capital Limited.