Twice, I have raised questions about Ngualla Group UK Ltd. For the last two years they have submitted dormant company accounts, and when I checked the UK's Companies House website last week, accounts due for the period ending 30th June 2023, had not been submitted, and there was an advisory warning on the CH website that they should have been submitted by 31st March 2024 or incur a penalty (which will be a modest £100 for being late). The YE 2022 accounts showed the company as being dormant, with no issued share capital.
On checking at Companies House this morning, I see that accounts for the year to 30th June 2023 were submitted on 3rd May 2024, and these accounts tell us a lot more, including transactions with Mamba Refinery Corporation, and subscription to shares in that company. During the year, Ngualla Group made additional contributions to Mamba Minerals of £6,961,820.
The statement of Financial Position of Ngualla Group shows total liabilities, of £6,837,832, and the accounts show an advance from Peak Rare Earths of £6,961,820 which contributes to these liabilities. This loan is unsecured and interest free, according to the notes in the accounts.
I have been trying to find further information regarding the land at Wilton International on Teeside, as regards to a proper valuation and any interest shown by prospective purchasers. As I have said in a previous post, the UK commercial property market, is pretty flat at the moment, and the prospect of a change of government later in the year, does not help.
PEK Price at posting:
22.5¢ Sentiment: Hold Disclosure: Held
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