25 Apr 2022 07:02
25 April 2022
W Resources Plc
("W" or the "Company")
Resignation of Advisers and Anticipated Cancellation of AIM Admission
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, announces that Grant Thornton UK LLP has resigned as its nominated adviser and that Alternative Resource Capital and Shard Capital have resigned as its AIM brokers with immediate effect.
The Company's ordinary shares 0.1p per share ("Ordinary Shares"), which were suspended from trading on AIM, will remain suspended.
Under Rule 1 of the AIM Rules for Companies, if an AIM company ceases to have a nominated adviser the London Stock Exchange will suspend trading in its AIM securities. If within one month of that suspension the AIM company has not appointed a replacement nominated adviser, the admission of its AIM securities to trading on AIM will be cancelled.
In light of the unprecedented difficult financial and operating circumstances in which the Company finds itself following, inter alia, the substantial rise in energy prices with the cost of LNG rising from €70,000 per month to over €500,000 per month, the W board believes that it is not in the Company's best interests at this point in time to remain admitted to trading on AIM and consequently, the Company has no current intention to appoint a replacement nominated adviser. We continue to work constructively with our major financiers and prudently manage operations in these challenging circumstances.
Accordingly, the Company anticipates that its Ordinary Shares will cease to be admitted to trading on AIM on or around 24 May 2022.
The W Board is giving consideration as to how best to enable shareholders to trade their Ordinary Shares and shareholders will be advised of any future arrangements in due course. In the meantime, shareholders may contact the Company via email using the contact details below.
Future intention to seek a relisting
The Company intends to continue operating as a tungsten, tin and gold exploration, development and production Company and hopes to seek a relisting on a Stock Exchange should circumstances allow and when appropriate.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
W Resources Plc Paul Hailes investor@wresources.com www.wresources.com |