(Alliance News) - Avocet Mining PLC on Friday said it has decided to liquidate the company and return residual assets, if any, to shareholders following a strategic review of the business.
The company earlier in June sold its remaining interest in Tri-K gold project in Guinea for USD21 million as part of restructuring of Avocet's overdue loans to creditor Manchester Securities Corp of in total USD32.2 million.
The disposal left Avocet with no significant investments and, as a result, the company commenced a strategic review of the business. The company, having considered all available options, has resolved to put the company into members' voluntary liquidation.
Avocet has called a general meeting on July 18 to seek shareholder approval for pursue liquidation of the company.
Shares in Avocet were untraded in London at 11.62 pence each on Friday afternoon.