Beacon Hill Resources plc Shareholder Conference Call Recording (3156Z)
December 10 2014 - 2:01AM
UK Regulatory
TIDMBHR
RNS Number : 3156Z
Beacon Hill Resources plc
10 December 2014
10 December 2014
Beacon Hill Resources Plc / AIM: BHR / Sector: Mining
Beacon Hill Resources Plc
("Beacon Hill" or the "Company")
Shareholder Conference Call Recording
Beacon Hill, the coking coal developer focused on the Minas
Moatize Coking Coal Mine in Tete, Mozambique ("Minas Moatize"),
announces that a recording of the previously announced Shareholder
Conference Call, held yesterday at 10.30 a.m., is now available to
download on the Company's website at: www.bhrplc.com. During the
conference call, the Chairman, CEO and CFO of Beacon Hill answered
a range of questions submitted by shareholders in respect of the
financing and restructuring Proposals announced on 1 December 2014
(the "Announcement") which are to be considered by Shareholders at
the forthcoming General Meeting to be held at 10.00 a.m. on
Wednesday 17 December.
No material new price sensitive information was disseminated on
the conference call, however the Independent Directors would like
to highlight the following points:
-- The Independent Directors have explored at length all other
known potential alternative funding sources available to the
Company, with no success as a result of the current adverse coking
coal market environment and the current suspension in mining
operations with no operational cashflow generation to service the
current highly leveraged capital structure;
-- The Independent Directors remain strongly of the view that if
the Proposals are not approved by Shareholders, it is highly likely
that the Company would be forced into administration;
-- In the opinion of the Independent Directors, in the event
that the Company were to be forced into administration, it is
highly likely that Shareholders would receive zero or minimal
consideration for their shareholding in the Company as a result of
the preferential ranking of the Company's various different
creditors that must be legally followed in an administration
process; and
-- Shareholders should not regard the Company's unaudited net
asset value of US$55.8 million, as reported in the Company's
results for the period ended 30 June 2014) as an appropriate
measure of the monetary value that could be achieved by
Shareholders in the event of administration, and a likely forced
sale situation.
Capitalised terms used but not defined above have the same
meanings as set out in the Announcement.
**ENDS**
For further information, please contact:
Beacon Hill Resources Plc
Justin Farr-Jones, Chairman (jfarr-jones@bhrplc.com)
Rowan Karstel, Chief Executive Officer
(rowan.karstel@bhrplc.com)
Strand Hanson Limited (Nominated
Adviser and Broker)
James Harris / Matthew Chandler / +44 20 7409
Ritchie Balmer 3494
St Brides Media & Finance Limited
(Financial Public Relations)
Susie Geliher / Elisabeth Cowell +44 20 7236
(info@sbmf.co.uk) 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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