Peninsular Gold Limited Company Update (8771H)
March 19 2015 - 3:09AM
UK Regulatory
TIDMPGL
RNS Number : 8771H
Peninsular Gold Limited
19 March 2015
PENINSULAR GOLD LIMITED
("Peninsular" or the "Company")
COMPANY UPDATE
Update on Bank Repayments and Financing
Further to its announcement of 24 December 2014, Peninsular Gold
Limited announces that its wholly owned subsidiary, Raub Australian
Gold Mining Sdn. Bhd. ("RAGM") has secured agreement from Bank
Rakyat Kerjasama Malaysia Bhd. ("Bank Rakyat") to the deferment of
payments to the bank from November 2014 until June 2015.
Alkhair International Islamic Bank Ltd. ("Alkhair"), as
previously announced on 24 December 2014, has deferred its
quarterly capital repayments from December 2014 until March 2015.
The Company had requested a deferral until June 2015 and Alkhair is
currently considering RAGM's request for a deferral until June
2015.
As per the Company's announcement of 23 January 2015, Peninsular
raised GBP1.8m (MYR9.7m) for working capital and the intended
re-commencement of operations at the Raub plant. RAGM remains in
discussions with the relevant authorities regarding the restarting
of the Raub plant and operations.
As previously announced, the Company is continuing to review its
refinancing options for its existing borrowing facilities. This is
in addition to the intention to raise further funds in the short
term, as RAGM continues to work towards the re-commencement of
operations during Q2. These funds would help alleviate any
uncertainties that operational cashflows will be in time, or
sufficient, to meet repayments for the Group's borrowing
facilities.
Change in Significant Shareholdings
Baker Steel Capital Managers LLP ("BSCM") interest in
Peninsular's ordinary shares has reduced from 7,616,000 to
2,394,000 ordinary shares following the CF Ruffer Gold Fund moving
its funds management back in-house. As such BSCM's holding is now
less than 3% at 2.78%.
The CF Ruffer Gold Fund remains the beneficial owner of
5,222,000 ordinary shares in Peninsular Gold Ltd. This represents
6.07% of the issued ordinary shares of the Company.
Final Results and Interim Results
Trading in the Company's shares was suspended on 2 December 2014
pending clarification of the Company's financial position.
Subsequently, Peninsular announced a delay in the publication of
its annual report and accounts to 30 June 2014 which is due to the
issues relating to the going concern position of the Company as a
result of the halting of operations at Raub. Until Peninsular
resolves this, the Company will also not be a position to publish
its half yearly report to 31 December 2014. Consequently, there is
likely to be a delay in publishing this beyond 31 March 2015 and
suspension of trading in the Company's shares on AIM would also be
pending such publication.
Dato' Sri Andrew TY Patrick Watson
Kam Finance Director
Chairman and Chief Executive Peninsular Gold Ltd.
Peninsular Gold Limited Tel: +44 (0)7799 885653
Tel: +60 (0)3 2698 8381
------------------------------ -------------------------
Samantha Harrison Colin Rowbury
Nominated Advisor Broker
RFC Ambrian Limited Daniel Stewart & Co.
Tel: +44 (0)20 3440 Ltd.
6800 Tel: +44 (0)20 7776
6936
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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