17 Sep 2014 12:34
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Don't have an account? Click here to register.Creditor begins legal action against Strategic Natural Resources subsidiary
Wed, 05th Mar 2014 10:45
Shares in Strategic Natural Resources (SNR) lost almost a fifth of their value on Wednesday morning after the AIM-listed natural resources developer admitted a creditor of 74 per cent-owned Elitheni had begun legal proceedings to repossess rented containers. The group also revealed it continued to receive pressure from some of its own creditors as it sought to find a viable funding solution. SNR said it was holding ongoing discussions with Elitheni's creditor, Thelo Rolling Stock, and was "hopeful that an appropriate commercial solution to this issue can be achieved". The group also announced it was in continuing talks with a "potential strategic investor" and said it was in the process of evaluating a revised financing proposal from another. It explained it was seeking "proper evidence of funding from this investor", which, if agreed, should allow funding to be received over the course of March. As a back up, it is also holding discussions with alternative providers of finance, albeit at a more preliminary stage.The group is in discussion with its main lender, Land Consultants, about the potential deferral of the repayment of its loan, which is currently due on June 30th 2014, for a further six months, and the possible conversion of the interest into new ordinary shares in SNR.SNR Chief, Gabriel Ruhan, said: "Whilst no guarantees can be given, we remain optimistic that a viable funding solution for SNR and Elitheni can be secured in the near term. "The last six months have been challenging but we are grateful for the support that many of our creditors have shown us and we continue to work hard to put SNR back on a sound financial footing."The shares were down 18.29% to 7.50p by 10:45 Wednesday. NR
More News
23 Jul 2014 17:28
16 Jun 2014 11:28
Winding Up Petition Against Strategic Natural Resources Dismissed
LONDON (Alliance News) - Shares in Strategic Natural Resources PLC surged by more than a quarter Monday, after it said that the winding-up petition filed by London Commodity Brokers has been dismissed, following its settlement of the agreed amounts due. Strategic Natural Resources shares w
Read more13 May 2014 13:11
UK MIDDAY BRIEFING: AstraZeneca Continues To Reject Pfizer
LONDON (Alliance News) - AstraZeneca Tuesday again rejected Pfizer's "opportunistic" GBP63 million takeover approach, as UK politicians grilled executives of both companies about the potential deal and what it will mean for the UK's pharmaceutical industry.
Cruciall
13 May 2014 11:09
UK WINNERS & LOSERS: easyJet, TUI Travel Lower As Housebuilders Rise
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Tuesday.
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FTSE 100 - WINNERS
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Barratt Developments, up 3.1%, and Persimmon, up 2.1%. The housebuilders have
13 May 2014 10:33
Strategic Natural Resources Gets Some Of The Funding It Needs
LONDON (Alliance News) - Strategic Natural Resources saw its shares fall Tuesday after the company said it had secured an investment of GBP1.5 million in the company, secured a deal to pay off at least one creditor, and said it will appoint several new executives to run the company. The mon
Read more12 May 2014 11:59
UK MIDDAY BRIEFING: BSkyB Confirms Talks To Buy Sky Italia, Deutschland
LONDON (Alliance News) - British Sky Broadcasting confirmed Monday that it is working on the potential acquisition of 21st Century Fox's interests in Sky Deutschland and Sky Italia.
Bloomberg, citing people familiar with the matter, reported that talks about the pot
12 May 2014 11:13
UK WINNERS & LOSERS: Mining Stocks Rise; BSkyB Falls Sharply
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Monday. ------- FTSE 100 - WINNERS ------- Rio Tinto, up 3.6%, BHP Billiton, up 2.4%, Antofagasta, up 2.4%, Anglo American, up 1.6%, and Glencore Xstrata,
Read more12 May 2014 10:11
Strategic Natural Resources' Winding Up Hearing Adjourned ForWeek
LONDON (Alliance News) - Strategic Natural Resources PLC said it has agreed with London Commodity Brokers to adjourn its winding up hearing, which was supposed to take place Monday, for one week. The natural resources development company said it continues to hold discussions with London Com
Read more12 May 2014 07:29
UK MORNING BRIEFING: BSkyB Confirms Deutschland, Italia Merger Talks
LONDON (Alliance News) - UK shares have opened cautiously higher Monday, amid a lack of economic data and with a wary eye on developments in Ukraine.
BSkyB confirmed press reports that has approached its major shareholder 21st Century Fox about buying Sky Deutschlan
25 Apr 2014 15:37
Strategic Natural Subsidiary Concludes Arbitration With Creditors
LONDON (Alliance News) - Strategic Natural Resources PLC Friday said that its subsidiary Elitheni Coal Ltd has ended arbitration proceedings with certain of its creditors, paying out ZAR5.4 million plus costs of ZAR600,000. The natural resources development company said the payment was less
Read more31 Mar 2014 14:44
Strategic Natural Resources Pretax Loss Widens; Discussions For New Funding Continue
LONDON (Alliance News) - Strategic Natural Resources PLC said Monday its pretax loss widened during the half-year as it reported the business's first revenues, though warned that if it cannot secure new funding sources soon, its shares may be suspended. In its interim results for the six mo
Read more