Strategic Natural Resources PLC Update on discussions with creditors and funding (5792F)
25 Abril 2014 - 9:30AM
UK Regulatory
TIDMSNRP
RNS Number : 5792F
Strategic Natural Resources PLC
25 April 2014
Strategic Natural Resources Plc
("SNR" or the "Company")
Update on discussions with creditors and funding
Arbitration proceedings
Further to the announcement by the Company on 10 December 2013,
the board of SNR, the AIM quoted natural resources developer
operating in South Africa, which indirectly owns 74% of Elitheni
Coal (Pty) Limited ("Elitheni"), announces that Elitheni has
concluded its arbitration proceedings with certain Elitheni
creditors which has resulted in the payment by Elitheni to those
creditors of ZAR5.4 million (c. GBP303,000), plus costs associated
with the arbitration of ZAR600,000 (c. GBP33,000). This payment is
less than was being claimed by the creditors and Elitheni will be
returned the balance of the funds which it had previously deposited
with the court in South Africa at the start of the arbitration
proceedings.
Negotiations with major creditors
The Board of SNR remains in discussions with its major creditors
and is in discussions with London Commodity Brokers ("LCB")
regarding the amounts owed to LCB pursuant to the Trasteel off-take
agreement. The Board understands that the winding up petition,
further details of which were announced on 27 March 2014 will be
heard by the Company's Court in London on 12 May 2014, unless
settlement can be reached prior to this date.
In addition, further to the announcement by the Company on 27
March 2014, SNR has received notice from Thelo Rolling Stock
Leasing (Pty) Ltd ("Thelo") that it has applied to the Arbitration
Foundation of South Africa to instigate arbitration proceedings
against Elitheni. The Board remains in discussions with Thelo with
regards to the settlement of these amounts.
Update on strategic investor
The Company remains in discussions with a potential strategic
investor and hopes to soon be in a position to finalise and
announce the terms of a fundraising, to be effected through the
issue of new ordinary shares of SNR at a discount to the current
share price.
There can be no guarantees that these discussions will result in
a successful fundraising and in the event that the Company is
unable to successfully conclude these funding discussions then the
board of SNR will have to take steps to protect the interests of
the Company's creditors.
Further updates on the Board's fundraising efforts and
negotiations with creditors will be provided as and when
appropriate.
For further information, please contact:
Strategic Natural Resources plc
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Andy Brennan, Chairman
Gabriel Ruhan, CEO +44 (0)20 3328 5656
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Allenby Capital Limited - Nominated Adviser and Broker
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Nick Naylor/Mark Connelly/James Reeve +44 (0) 20 3328 5656
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FTI Consulting
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Ben Brewerton/Georgia Mann +44 (0) 20 7831 3113
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For further information about Strategic Natural Resources plc
please visit www.snrplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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