17 Sep 2014 12:34
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Don't have an account? Click here to register.Strategic Nat Resources' Elitheni arm facing liquidation
Mon, 02nd Dec 2013 12:09
Shares in South African coal miner Strategic Natural Resources (SNR) tumbled after it said its subsidiary Elitheni Coal was facing a liquidation notice.The stock fell 1.62p to 2.5p by 11:58 in London as SNR said a group of creditors had lodged the notice against Elitheni, which owns a mine in the Eastern Cape and is 74% owned by SNR.A court is due to hear the notice on December 10th and would liquidate Elitheni if it found all the creditors' claims were due and payable immediately, SNR said.But it added that Elitheni had told it that it considered the amounts being claimed significantly exceeded legitimate claims."Elitheni is taking legal advice in South Africa on disputing the liquidation notice," SNR said.SNR said it would have to consider its ability to meet its own obligations to creditors if Elitheni went into liquidation, but it said all its creditors had backed it so far.Elitheni is also in talks about longer-term financing with major SNR investors, a South African government agency and an overseas coal trader.PW
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23 Jul 2014 17:28
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Winding Up Petition Against Strategic Natural Resources Dismissed
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FTSE 100 - WINNERS
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Strategic Natural Resources Gets Some Of The Funding It Needs
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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
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