Ochre hits de-listing deadline in spite of making $1.9m from director’s other company
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Ochre Group is about to de-list after three years of inactivity, even though it made about $1.9 million in advisory fees via a fellow resources company last year.
In a response to ASX queries — and as part of an itemised list of its spending — Raven Energy (ASX:REL) said the sum was fees for administration and advisory services from July 2016 to December 2017, as it undertook six private placements.
Ochre (ASX:OGH) said in its most recent accounts, the 2017 half year report released in March last year, that at the time the extent of its relationship with with Raven was a $391,293 loan and $100,000 in shares.
However, quarterly cash balances ranged between $1000 and $91,000 — the peak since 2015.
Raven chairman Nathan Featherby sits on the board of Ochre Group.
Ochre will de-list on April 22.
Ochre was suspended in 2015 after efforts to sell Wonmunna Iron Ore Project the year before to Ascot Resources left it with cash reserves as low as $1000.
In the last year Ochre bought iron ore royalties from now-delisted Gondwana, in exchange for cancelling its shares and $100,000, and from Oil Basins in exchange for cancelling a $400,000 loan to the explorer (ASX:OBL).
The royalties payments allowed Ochre to pay back some debt, but borrowings hit $1.5 million in June last year, the last available information on the company’s financial situation.
The last accounts, a quarterly in June 2017, show $833,000 in customer receipts eaten by payments for non-current assets.