Notice of appointment of liquidators
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
11 April 2025
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld" or the "Company")
Company Update and Notice of Intention to Appoint Liquidators
Further to the announcement of 16 December 2024, the Board has been actively exploring various options to realise value from the group assets. This has included ascertaining whether any amount would be repayable to the Company upon the conclusion of the business rescue proceedings for Bushveld Vametco Alloys (Pty) Limited, Bushveld Vametco Holdings (Pty) Limited and Bushveld Minerals SA (Pry) Limited (collectively the South African entities). The publication of the business rescue plan has now been delayed to mid-April and the Vametco mining and plant operations are not yet back on stream as was previously expected by the end of Q1 2025. Additionally, all head office staff, who were employed through Bushveld Minerals SA (Pty) Limited have had their employment terminated. Having discussed matters with the joint business rescue practitioners, the most likely outcome of the business rescue proceedings will be a sale of the South African entities. In the event of a sale, the likely realisations made will flow solely to Bushveld's secured creditors with no benefit being received by the Company.
In addition, the Board has engaged with interested parties to explore ways to realise value from the remaining group assets. These discussions have included secured creditors, joint venture partners, and both existing and potential new investors, focusing on alternative scenarios with a view to achieving the best possible recovery for the Company's stakeholders. To date, there is no decided outcome from this process and as a result, the Board has now concluded that Bushveld has liabilities due that it cannot pay and does not have the means to continue to operate. Furthermore, the corporate service provider to Bushveld has resigned effective 4 April 2025 and filed for ineffective registered office.
Accordingly, the Board has made an application to the Commercial Court of Guernsey to appoint Adrian Rabet and Clive Fortis of Begbies Traynor Group as joint liquidators of Bushveld in order to seek to preserve the value of the business for creditors and other stakeholders. The proposed liquidators, upon appointment, will also provide the corporate registered office for Bushveld. The application will be heard at the sitting of the Commercial Court in Guernsey at 10.15am on Tuesday 15 April 2025.
Consequently, SP Angel Corporate Finance LLP has informed the Company of its intention to resign as Nominated Adviser and Broker to Bushveld upon appointment of the liquidators. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month from the resignation of the current Nominated Adviser, the admission of the Company's shares to trading on AIM will be cancelled. The Company has no current intention of appointing a replacement Nominated Adviser.
Further announcements will be made in due course, as appropriate.
Enquiries : info@Bushveldminerals.com
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Bushveld Minerals Limited |
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Kevin Alcock / Mirco Bardella |
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SP Angel Corporate Finance LLP |
Nominated Adviser & Joint Broker |
+44 (0) 20 3470 0470 |
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Richard Morrison / Charlie Bouverat |
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ENDS
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