Regulatory Story
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Peninsular Gold Limited PGL Released 08:09 19Mar2015
Company Update
RNS Number : 8771H Peninsular Gold Limited
19 March 2015
PENINSULAR GOLD LIMITED ("Peninsular" or the "Company") COMPANY UPDATE Update on Bank Repayments and Financing
Further to its announcement of 24 December 2014, Peninsular Gold Limited announces that its wholly owned subsidiary, Raub Australian Gold Mining Sdn. Bhd. ("RAGM") has secured agreement from Bank Rakyat Kerjasama Malaysia Bhd. ("Bank Rakyat") to the deferment of payments to the bank from November 2014 until June 2015.
Alkhair International Islamic Bank Ltd. ("Alkhair"), as previously announced on 24 December 2014, has deferred its quarterly capital repayments from December 2014 until March 2015. The Company had requested a deferral until June 2015 and Alkhair is currently considering RAGM's request for a deferral until June 2015.
As per the Company's announcement of 23 January 2015, Peninsular raised £1.8m (MYR9.7m) for working capital and the intended recommencement of operations at the Raub plant. RAGM remains in discussions with the relevant authorities regarding the restarting of the Raub plant and operations.
As previously announced, the Company is continuing to review its refinancing options for its existing borrowing facilities. This is in addition to the intention to raise further funds in the short term, as RAGM continues to work towards the recommencement of operations during Q2. These funds would help alleviate any uncertainties that operational cashflows will be in time, or sufficient, to meet repayments for the Group's borrowing facilities.
Baker Steel Capital Managers LLP ("BSCM") interest in Peninsular's ordinary shares has reduced from
7,616,000 to 2,394,000 ordinary shares following the CF Ruffer Gold Fund moving its funds management back inhouse. As such BSCM's holding is now less than 3% at 2.78%.
The CF Ruffer Gold Fund remains the beneficial owner of 5,222,000 ordinary shares in Peninsular Gold
Ltd. This represents 6.07% of the issued ordinary shares of the Company.
Trading in the Company's shares was suspended on 2 December 2014 pending clarification of the
Company's financial position. Subsequently, Peninsular announced a delay in the publication of its
annual report and accounts to 30 June 2014 which is due to the issues relating to the going concern position of the Company as a result of the halting of operations at Raub. Until Peninsular resolves this, the Company will also not be a position to publish its half yearly report to 31 December 2014. Consequently, there is likely to be a delay in publishing this beyond 31 March 2015 and suspension of trading in the Company's shares on AIM would also be pending such publication.
Dato' Sri Andrew TY Kam Chairman and Chief Executive Peninsular Gold Limited Tel: +60 (0)3 2698 8381 | Patrick Watson Finance Director Peninsular Gold Ltd. Tel: +44 (0)7799 885653 |
Samantha Harrison Nominated Advisor RFC Ambrian Limited Tel: +44 (0)20 3440 6800 | Colin Rowbury Broker Daniel Stewart & Co. Ltd. Tel: +44 (0)20 7776 6936 |
This information is provided by RNS
The company news service from the London Stock Exchange
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