TOO Ognevka
November 15 2010 - 1:00AM
UK Regulatory
TIDMHMB
Hambledon Mining Plc("Hambledon" or "the Company")
TOO Ognevka
As expected, Hambledon's wholly owned subsidiary company, TOO
Ognevka, has now been placed into bankruptcy and will be
liquidated. (This was advised to shareholders in the Company's 2009
Annual Report).
The Company purchased TOO Ognevka in 2007 from its major
creditor for a nominal sum, and purchased at a discount the
majority of its debt at the same time. Since then, TOO Ognevka has
been managed under a government controlled rehabilitation
programme. As a result of the suspension of operations in 2009,
this rehabilitation has been deemed to have failed.
Hambledon is a major secured creditor and can therefore expect
to receive the majority of the liquidation proceeds, less the
bankruptcy costs and tax, as partial repayment of its debt. The
Company will be free to bid for the assets of TOO Ognevka from the
liquidator on an arm's length basis.
The net assets of TOO Ognevka have been fully provided for in
the Company's consolidated accounts and no further profit and loss
charge will be required as a result of its bankruptcy.
A further announcement concerning TOO Ognevka will be made by
the Company once the liquidation process has been completed.
ENQUIRIES:
HAMBLEDON MINING:
Telephone +44 (0)207 233 1462
Charles Zorab
FAIRFAX I.S. PLC:
Nominated Adviser and Broker
Telephone +44 (0)207 598 5368
Ewan Leggat/Laura Littley
Altyngold (LSE:ALTN)
Historical Stock Chart
From Sep 2024 to Oct 2024
Altyngold (LSE:ALTN)
Historical Stock Chart
From Oct 2023 to Oct 2024