5 Feb 2013 14:29
Astar Minerals plc
(the "Company")
Update on CVA
Further to the announcement on 6 December 2012, the Board announces that the Supervisor of the CVA wrote to creditors on 1 February 2013. In this letter the Supervisor explained that whilst the Company had actively sought buyers for the Company's assets and were pursuing discussions with two parties, the conclusion of any such deal would not generate surplus funds sufficient to affect any payment available to the CVA.
The Company has therefore asked creditors to accept a £75,000 contribution to the CVA fund in full and final settlement of the CVA debts and a meeting of the creditors to consider such a request has been convened for 27 February 2013. Any agreement must be approved by in excess of 75% of the creditors voting.
The Company will make a further announcement following the outcome of the meeting.
For more information please contact:
Astar Minerals plc Lynda Chase-Gardener
| Tel: +44 (0) 1206 230770
|
Zeus Capital (Nominated Adviser) Ross Andrews/Andrew Jones
| Tel: +44 (0) 161 831 1512 |
Peterhouse Corporate Finance Ltd (Broker) Jon Levinson/Lucy Williams | Tel: +44 (0) 207 562 3357 |