REG - Bushveld Minerals Ld - Notice of appointment of liquidators

Bushveld MineralsAnnouncement

11/04/2025 08:00

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RNS Number : 6727E  Bushveld Minerals Limited  11 April 2025

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 (mailto:info@Bushveldminerals.com)

 Bushveld Minerals Limited
 Kevin Alcock / Mirco Bardella

 SP Angel Corporate Finance LLP         Nominated Adviser & Joint Broker      +44 (0) 20 3470 0470
 Richard Morrison / Charlie Bouverat

ENDS

 

 

 

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