Cradle Arc PLC Resignation of Nominated Adviser (1742R)
February 26 2019 - 8:23AM
UK Regulatory
TIDMCRA
RNS Number : 1742R
Cradle Arc PLC
26 February 2019
Cradle Arc plc / EPIC: CRA.L / Market: AIM / Sector: Mining
26 February 2019
Cradle Arc plc
("Cradle Arc" or the "Company")
Update re Judicial Management Process and Resignation of
Nominated Adviser
Cradle Arc announces that, further to its announcement of 20
December 2018, a report regarding the financial position of Leboam
Holdings (Proprietary) Ltd ("Leboam"), prepared by the Provisional
Judicial Manager, was yesterday presented at a meeting of the
creditors of Leboam, recommending that Leboam enters full judicial
management, with the final decision expected to be made by the
Botswana High Court on Thursday 28 February 2019. Should Leboam
enter into full judicial management, the Judicial Manager would aim
to restructure Leboam's balance sheet and seek to preserve value
for Leboam's various stakeholders.
Accordingly, Strand Hanson Limited has resigned as Nominated
Adviser to the Company with immediate effect. Pursuant to Rule 1 of
the AIM Rules for Companies, if a replacement Nominated Adviser is
not appointed within one month, the admission of the Company's
securities to trading on AIM will be cancelled. The Company has no
current intention to appoint a replacement Nominated Adviser.
**ENDS**
For further information on the Company, please visit
www.cradlearc.com or contact:
Antony Batty & Company LLP Tel: +44 (0)20 7831 1234
Antony Batty
Hugh Jesseman
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END
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