Last checked at 12 Apr 2013 07:00
ATHOL GOLD & VALUE LIMITED
("Athol" or the "Company")
NET ASSET VALUE UPDATE
The Board of Athol announces that Net Asset Value of the Company as at 31 March 2013 was 0.13p per share.
This represents a small decline from the Net Asset Value as at 31 December 2012, which was 0.14p.
The principal reason for the decline was a decision taken by the Board to write-off the value of our remaining stake in Ascot Mining, following the suspension of Ascot's shares from trading on the ICAP Securities and Derivatives Exchange.
The Board now considers it extremely unlikely that Athol will recover any value from the remaining one million shares that the Company holds, as Ascot has been served a notice of default and the deadline for payment has now passed.
Athol's current holding in Ascot represents a substantial reduction from its peak holding of 5.1 million shares, and it should be noted that the exit price achieved for the shares that Athol managed to sell was significantly higher than the price the shares are currently suspended at (2.5p).
The balance of Athol's portfolio has not substantially altered since the announcement of the Company's final results and the release of the annual report on 20 March.
However, the Board remains actively engaged in discussions with a number of parties with a view to entering into transactions that will effectively deploy the Company's cash resources to maximise value for shareholders.
For further information please call:
Athol Gold and Value Limited | |
Jennifer Allsop | +44 7788 451 744 |
Libertas Capital Corporate Finance Limited | |
Sandy Jamieson
| +44 207 569 9650 |