LONDON (Alliance News) - Vast Resources PLC is to ask shareholders for approval to change its accounting dates and also sell off its Zimbabwean gold assets, it said Monday.
Vast is looking to sell its 50% stake in Ronquil Enterprises Pvt Ltd, through which it holds a 25% stake in the Pickstone Peerless gold mine and the Eureka gold mine.
Vast has signed a sale contract, is said, with an unnamed party and for an unspecified sum.
The company is also looking to push its year end to April 30 rather than March 31, for both its current year and in future.
"I am delighted with the results this transaction will achieve for the company as it will allow management to focus its efforts on the two core focus assets in the company, namely the Heritage Concession in Zimbabwe and Baita Plai in Romania," said Chief Executive Andrew Prelea.
"The Heritage Concession will require significant investment, not only financial but in human resource to enable near term positive cash flow for the business," Prelea continued.
"The divesting of the gold assets in Zimbabwe allows us to focus all of our Zimbabwe finance and management on this key component of the company’s growth."
Shares were 0.1% lower on Monday afternoon at 0.16 pence each.
Vast Res (VAST)