North River Resources PLC (AIM: NRRP) said it has changed its accounting reference date to December 31 from June 30 and the next audited annual financial statements to be published will be for the 18 months to December 31 2010.
The group made the decision so that its reporting coincides with the financial calendar of Kalahari Minerals PLC (AIM: KAH), a substantial shareholder with just under 45 percent of the company, to streamline North River’s accounting processes.
The next unaudited interim results will be in respect of the six months ending December 31 2009, followed by a second set of interims in respect of the six months ending June 30 2010.
North River is a multi-commodity South Africa based development company. It has an extensive portfolio of assets comprising: gold and base metal assets in Namibia and uranium, gold and copper assets in Mozambique.
North River and Kalahari Minerals in November 2009 completed a deal which saw North River acquire all of Kalahari’s gold, zinc, lead and copper projects in Namibia. North River issued shares to Kalahari to finance the transaction, and as a result, Kalahari became the largest shareholder.
Disclosure: The author holds no positions in the company