BRD.L

Bluerock Diamonds
BlueRock DiamondsPLC - Corp Update & Appnt of Administrators-Replacement
8th June 2023, 06:59
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 0879C
BlueRock Diamonds PLC
08 June 2023
 

BlueRock Diamonds PLC / AIM: BRD / Sector: Natural Resources

8 June 2023

BlueRock Diamonds PLC ('BlueRock', 'BRD' or the 'Company')

RNS Correction

 

BlueRock Diamonds notes an error in its RNS announcement no: 8394B dated 6 June 2023. This should have stated that the appointment of the joint administrators became effective 15h48 (BST) on 5 June 2023 (and not 5 May as was incorrectly stated).

The full announcement as corrected is restated below.

 

"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 June 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)

Allister Manson & Trevor Binyon (Joint Administrators)

radley.parrott@opusllp.com

ben.ekbery@opusllp.com

Tel: +44 (0)20 3326 6454

SP Angel (NOMAD and Broker)

Stuart Gledhill / Harry Davies-Ball

 

Tel: +44 (0)20 3470 0470

"

**ENDS**

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDEAKKPEDDDEEA ]]>
TwitterFacebookLinkedIn