notification19 Dec 2014 12:27
received this today:
On 1st December 2014, Beacon Hill Resources PLC announced a number of important and necessary developments to restructure the Company's balance sheet. These include a proposed conversion of approximately USD13 million Convertible Loan Notes, a Fundraising and a 1 for 1,000 Consolidation of its Ordinary shares.
At the General Meeting held on 17th December 2014, shareholders approved a number of the proposed resolutions, however, the resolution relating to the proposed Consolidation was not passed. As the resolutions were inter-conditional, none of the resolutions are therefore effective and the proposed Consolidation will not now go ahead.
The Board believes that the Company currently only has adequate working capital until around mid-January 2015. The Board has appointed an insolvency practitioner to advise it in respect of the Company's ongoing ability to trade and the potential requirement for the Company to be placed into administration in the near term.
Please note the Beacon Hill shares were suspended from trading on the Alternative Investment Market on 17th December 2014.
You should be aware that you are no longer able to sell or otherwise trade your Beacon Hill shares on AIM whilst they are suspended.
We will update you on receipt of any further information from the Company.
Should you wish to find more information about the Consolidation, please visit the Beacon Hill website, www.bhrplc.com/.