29 Nov 2013 16:24
Strategic Natural Resources Plc
("SNR" or the "Company")
Receipt of liquidation notice by Elitheni
SNR, the AIM listed natural resources developer operating in South Africa, owns 74% of Elitheni Coal (Pty) Limited ("Elitheni") which owns the Elitheni coal mine located in the Eastern Cape of South Africa.
The board of SNR has been informed by Elitheni that Elitheni has received a liquidation notice in South Africa from a group of creditors. This notice (which has been issued under South African law) is due to be heard on 10 December 2013. The board of Elitheni has told SNR that it considers the amounts being claimed pursuant to the notice significantly exceeds legitimate claims from the relevant creditors.
SNR understands that the board of Elitheni intends to settle the legitimate element of this claim shortly and is considering the appropriate action to take in respect of the remainder.
The Company will make a further update on this matter and Elitheni's fundraising efforts early next week.
For further information, please contact:
Strategic Natural Resources plc |
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Andy Brennan, Chairman Gabriel Ruhan, CEO | +44 (0)20 3328 5656 |
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Allenby Capital Limited - Nominated Adviser and Broker |
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Nick Naylor/Mark Connelly/James Reeve | +44 (0) 20 3328 5656 |
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FTI Consulting | |
Ben Brewerton/Georgia Mann | +44 (0) 20 7831 3113 |
For further information about Strategic Natural Resources plc please visit www.snrplc.co.uk