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3 Feb 2016 17:25
3 February 2016
BLENHEIM NATURAL RESOURCES PLC (AIM: BNR)
("Blenheim" or "the Company")
African Eagle Resources Plc Placed into Administration
Blenheim announces that its investee company African Eagle Resources Plc ("African Eagle") has been placed into administration.
The Company has an interest in 11.4 per cent. of the issued share capital of African Eagle Resources Plc. This investment was carried at a value of £82,345 in its interim results for the six months to 31 October 2015.
At this stage, the Company cannot estimate the outcome of the administration process or whether the current carrying value of its investment will be recovered in full. However, the directors of Blenheim believe that there may still be value within African Eagle. The Company is communicating with the directors of African Eagle in order to obtain more information and will seek to negotiate a solution that will benefit its shareholders. The Company will provide further disclosures in due course regarding the outcome of the administration process.
For further information please contact:
Chris Ells | Blenheim Natural Resources Plc | +44 (0) 1622 844601 |
Colin Aaronson/Jamie Barklem/Daniel Bush | Grant Thornton UK LLP | +44 (0) 20 7383 5100 |
Nick Emerson | SI Capital Ltd | +44 (0)1483 413500 |
Lucy Williams / Duncan Vasey | Peterhouse Corporate Finance Limited | +44 (0) 20 7469 0932 |
Colin Rowbury | Cornhill Capital Limited | +44 (0) 20 7710 9610 |
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