BlueRock Diamonds PLC Corporate Update & Appointment of Administrators (8394B)
June 06 2023 - 8:10AM
UK Regulatory
TIDMBRD
RNS Number : 8394B
BlueRock Diamonds PLC
06 June 2023
BlueRock Diamonds PLC / AIM: BRD / Sector: Natural Resources
6 June 2023
BlueRock Diamonds PLC ('BlueRock', 'BRD' or the 'Company')
Corporate Update & Appointment of Administrators
BlueRock Diamonds (BRD), the AIM listed diamond producer, which
owns and operates the Kareevlei Diamond Mine (Kareevlei) in the
Kimberley region of South Africa, announces the following
update.
The Business Rescue Practitioners have confirmed that the mining
license for Kareevlei was renewed, subject to the fulfilment of
conditions which are expected to be completed shortly. Operations
at the mine remain suspended and negotiations are in progress for
the restructuring of Kareevlei.
Further discussions with the Business Rescue Practitioners have
noted that as BlueRock is a non-independent creditor of Kareevlei
it would only receive a potential distribution after the payment of
Post Commencement Finance and it is doubtful that there will be
cash to service the unsubordinated claim at that point. A final
distribution to Bluerock from Kareevlei is, therefore, now
considered unlikely.
The Board engaged further with the major shareholder and the
Business Rescue Practitioners about the possible purchase of the
BRD claim and decided that it is in the best interests of the
Company and all its stakeholders that BlueRock be placed in
administration, while there is further engagement with the Business
Rescue Practitioners.
The Board yesterday filed a Notice of Appointment of
Administrators in respect of the Company in the English High Court.
As a result, Allister Manson and Trevor Binyon, of Opus
Restructuring LLP were appointed Joint Administrators of the
Company, effective 15h48 (BST) on 5 May 2023.
Trading in the Company's shares on AIM will remain suspended and
further announcements will be made in due course as
appropriate.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
**ENDS**
For further information, please visit BlueRock's website
www.bluerockdiamonds.co.uk or contact:
BlueRock Diamonds PLC (in Administration) bradley.parrott@opusllp.com
Allister Manson & Trevor Binyon ben.ekbery@opusllp.com
(Joint Administrators) Tel: +44 (0) 20 3326 6454
SP Angel (NOMAD and Broker)
Stuart Gledhill / Harry Davies-Ball Tel: +44 (0) 20 3470 0470
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END
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