Exploration group Bula Resources has finally made a statement to the Irish Stock Exchange (ISE), but yesterday's announcement of the group's annual results has done little to clarify the group's finances.
Shareholders hoping for clarification on the suspension of the shares and the status of the controversial share placing with One Nine Investments, a subsidiary of the Ghadaffi International Charitable Foundation, will be disappointed.
All the statement says is that the company is working with the ISE and the Financial Services Authority in Britain to get the Dublin and London listings restored and the share placing - first announced last December - will be completed when the suspension is lifted.
Nor is there any news on the appointment of new directors to the Bula board, composed of chairman Mr Albert Reynolds and chief executive Mr Tom Kelly. The statement says only that a shortlist for non-executive director is being vetted while a company secretary will take up his position next month.
Bula has been without a sponsoring broker since Davy resigned in January. Mr Reynolds said discussions with a new broker were advanced and a new broker would be appointed this month.
