4 Nov 2015 14:57
Sefton Status update.
4th November 2015
Sefton Resources, Inc.
("Sefton" or the "Company")
Sefton Status update
Following the announcements made on the 23rd of October 2015, the Board of Directors of Sefton wish to update the shareholders on the current status of the company.
Clem Chambers and Michael Hodges took over as CEO and NED respectively on October 23rd.
They have not received material hand-over information and have yet been unable to take full control of the company's functions. They are currently working on reconstructing the necessary access and information and due to a lack of cooperation from the previous administration; this will be likely be a long process.
Consequentially the AGM will be delayed and depending on progress, the AGM will be held in the first half of December.
It is clear that there has been an aggressive dissipation of funds leading up to the new board appointments of Clem Chambers and Michael Hodges.
While the RNS of the 23rd October mentioned a bank position of $504,300, as the actions of the board leading up to our appointment appears to be to the serious detriment of shareholders it leads us to fear the worse.
The board continues its search for a Nomad but after an already exhaustive search it seems unlikely one will be found.
We plan to update the shareholders again at the AGM, by which time we will know the true position of the company, which from our initial discoveries, suggest will be significantly less robust than shareholders have been led to understand.
The Directors of Sefton accept full responsibility for the content of this announcement
Visit www.seftonresources.com or contact:
Clem Chambers, Sefton Resources: | clemc@advfn.com |
Nick Bealer, Cornhill Capital Ltd (Broker): | Tel: 020 7710 9612 |