10 Dec 2013 17:10
Strategic Natural Resources Plc
("SNR" or the "Company")
Withdrawal of Elitheni liquidation notice
The Board of SNR, the AIM quoted natural resources developer operating in South Africa, which owns 74% of Elitheni Coal (Pty) Limited ("Elitheni"), is pleased to announce that it has been informed by Elitheni that the creditors of Elitheni who submitted a liquidation notice, further details of which were announced by the Company on 29 November 2013, have agreed to withdraw the liquidation notice. As a result the liquidation hearing, which was scheduled to be held today, has been cancelled. The court has ordered that disputed unpaid amounts will be settled through an arbitration process, which will take place between 21-24 April 2014, in order to allow sufficient time for Elitheni and its creditors to gather the required information for the arbitration.
The Company will provide a further update as appropriate.
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