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31 Oct 2013 07:00
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31 October 2013
Sefton Resources, Inc.
("Sefton" or the "Company")
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Shareholder Update
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The Board of Directors of Sefton (the "Board") has been leading the Company since Mr Jim Ellerton stepped down from the Board and as chief executive officer (as announced on 30 August 2013).
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The Company has benefited from having a dedicated, knowledgeable, experienced operating team in place in Kansas and California and established administration in Colorado. This team has maintained stable operations during the organizational changes.
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The Board has focused on the financial stability of the Company and, as previously announced, is looking at strategic alternatives for the Company. The Board has had discussions with several parties, including parties interested in financing or acquisition transactions. The process of assessing the value inherent in the Company will continue. The timing of a transaction, if any, cannot be determined at this time. Company data has been provided to prospective parties under confidentiality agreements but no firm proposals have yet been received.
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Cost cutting measures have been implemented and are the subject of continuing review. The Company has concluded that the consultancy contract for Mr Jim Ellerton will not be renewed when it expires on December 31, 2013. In addition, the Company has decided to renegotiate its current consulting arrangement with Dr Michael Green. Mr Ellerton provides consultancy services to the Company through C&J Resources Inc. and Dr Green provides consultancy services through Doc Investments Limited. Notice of the Company's intention to not renew these contracts has been sent to both consultants.
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For further information please visit www.seftonresources.com or contact:
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Keith Morris, Director | Tel: 0207 448 5111 Β |
Nick Harriss, Nick Athanas, Allenby Capital (Nomad) | Tel: 0203 328 5656 |
Neil Badger, Dowgate Capital Stockbrokers (Broker) | Tel: 01293 517744 |
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