27 Mar 2014 07:00
Strategic Natural Resources Plc
("SNR" or the "Company")
Receipt of winding up petition
The board of SNR, the AIM quoted natural resources developer operating in South Africa, which owns 74% of Elitheni Coal (Pty) Limited ("Elitheni"), announces that the Company late yesterday received notice from London Commodity Brokers ("LCB") that LCB's lawyers have filed a winding up petition on 26 March 2014 with the Companies Court in London. LCB are claiming an amount of circa US$1.15 million pursuant to the contractual arrangements put in places under the Trasteel off-take agreement, announced by the Company on 4 April 2011 (the "Trasteel Off-Take Agreement").
The Company disputes the amount claimed by LCB and has been in discussions with LCB concerning the amount due and settlement terms. The board of SNR is disappointed that a winding up petition has been filed by LCB but remains optimistic that a settlement with LCB can be reached.
The winding up petition is due to be heard at the Companies Court at 10.30 am on 12 May 2014.
In the event that the Company is unable to successfully contest the winding up petition or reach an agreement with LCB then the board of SNR will have to take steps to protect the interests of the Company's creditors.
Further announcements will be made in due course.
For further information, please contact:
Strategic Natural Resources plc | |
Andy Brennan, Chairman | +44 (0)20 3328 5656 |
Gabriel Ruhan, CEO | |
Allenby Capital Limited - Nominated Adviser and Broker | |
Nick Naylor/Mark Connelly | +44 (0) 20 3328 5656 |
For further information about Strategic Natural Resources plc please visit www.snrplc.co.uk