29 Dec 2014 07:00
NOVA RESOURCES LIMITED("Nova" or the "Company")
29 December 2014
Transfer and Closure of Subsidiaries
Following the Board changes announced on 12 December 2014, Nova has disposed of both its existing subsidiaries, Nova East Management Pte Ltd ("NEM") and Nova East Capital Pte Ltd ("NEC"), to former director and substantial shareholder, Chan Fook Meng, for nil consideration. NEM previously provided basic management services to Nova, and will no longer be required as these functions will be conducted in future from the UK. NEM does not currently own any assets, and arrangements have been made for a solvent strike-off of NEM. In the year ended 31 December 2013 NEM made a loss of $45,536 (Singapore Dollars) on turnover of £nil and had net liabilities at 31 December 2013 of $360,109. NEC is a dormant company, and has never traded. Arrangements have been made for a solvent strike-off of NEC.
The transfer and closure of NEM and NEC will save Nova administrative and accounting fees moving forward.
The directors of Nova, having consulted with the Company's nominated adviser, SPARK Advisory Partners Limited, consider that the terms of the transfer of NEM and NEC, to Chan Fook Meng, are fair and reasonable insofar as Shareholders are concerned.
Enquiries:
Nova Resources Limited 07966 332232Christopher Morgan, Chairman
SPARK Advisory Partners Limited (Nominated Adviser) 0203 3683554Neil Baldwin/Mark Brady