W Resources PLC Resignation of Nomad and Broker (1703J)
April 25 2022 - 1:02AM
UK Regulatory
TIDMWRES
RNS Number : 1703J
W Resources PLC
25 April 2022
25 April 2022
W Resources Plc
("W" or the "Company")
Resignation of Advisers and Anticipated Cancellation of AIM
Admission
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, announces that Grant
Thornton UK LLP has resigned as its nominated adviser and that
Alternative Resource Capital and Shard Capital have resigned as its
AIM brokers with immediate effect.
The Company's ordinary shares 0.1p per share ("Ordinary
Shares"), which were suspended from trading on AIM, will remain
suspended.
Under Rule 1 of the AIM Rules for Companies, if an AIM company
ceases to have a nominated adviser the London Stock Exchange will
suspend trading in its AIM securities. If within one month of that
suspension the AIM company has not appointed a replacement
nominated adviser, the admission of its AIM securities to trading
on AIM will be cancelled.
In light of the unprecedented difficult financial and operating
circumstances in which the Company finds itself following, inter
alia, the substantial rise in energy prices with the cost of LNG
rising from EUR70,000 per month to over EUR500,000 per month, the W
board believes that it is not in the Company's best interests at
this point in time to remain admitted to trading on AIM and
consequently, the Company has no current intention to appoint a
replacement nominated adviser. We continue to work constructively
with our major financiers and prudently manage operations in these
challenging circumstances.
Accordingly, the Company anticipates that its Ordinary Shares
will cease to be admitted to trading on AIM on or around 24 May
2022.
The W Board is giving consideration as to how best to enable
shareholders to trade their Ordinary Shares and shareholders will
be advised of any future arrangements in due course. In the
meantime, shareholders may contact the Company via email using the
contact details below.
Future intention to seek a relisting
The Company intends to continue operating as a tungsten, tin and
gold exploration, development and production Company and hopes to
seek a relisting on a Stock Exchange should circumstances allow and
when appropriate.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Enquiries:
W Resources Plc
Paul Hailes
investor@wresources.com
www.wresources.com
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END
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