6 May 2016 14:30
6 May 2016
Nova Resources Limited
Update on Investments, resignation of Nominated Adviser and resignation of director
The Board of Nova Resources Limited ("Nova" or the "Company") is providing an update on its investments.
Current Investments
Progress with the current investments in Enerstry Group Ltd ("Enerstry") and Tricor Plc has been slower than anticipated, and the Company has been seeking new funding for working capital, to enable it to continue with the ongoing management of these investments, and also to seek new investments that fall within the approved investing policy of the Company. The Company has been in discussions with a number of parties to source funding, however, to date no new funding has been secured. The Board intends to progress these discussions with a view to securing the new funding as soon as possible, however, there is no certainty on the timing of the conclusion of these discussions, and whether any new funding on acceptable terms will ultimately be secured. The Company has also experienced delays in receiving the remaining loan repayments from Enerstry, and will continue to pursue this.
In the meantime, the Company has limited cash resources available, and will continue to progress the discussions on the new funding, as well as work with Enerstry to collect the remaining loan repayments. If new funding is not secured, then the Company will experience financial difficulties, and face an uncertain future.
Resignation of Nominated Adviser
The Company also announces that SPARK Advisory Partners Limited ("SPARK") has informed the Company of its resignation as the Company's Nominated Adviser ("Nomad") with immediate effect.
The Company's shares have therefore been suspended pursuant to AIM Rule 1.
In accordance with AIM Rule 1, if the Company fails to appoint a replacement Nomad within one month of the date of SPARK's resignation, admission of the Company's shares to trading on AIM will be cancelled.
Resignation of director
Ajay Rajpal has resigned as a director of the company with immediate effect.
Contact details:
Nova Resources Limited 07966 332232
Christopher Morgan, Chairman
SPARK Advisory Partners Limited 0203 368 3550
Neil Baldwin