RNS Number : 7969C
GMA Resources PLC
04 May 2012
AIM: GMA 4 May 2012
GMA Resources plc
("GMA" or the "Company")
Statement Re. Share Price Movement
The board of directors of GMA note the recent movement in the Company's share price and confirms that it knows of no reason for this movement.
In the announcement issued on 17 April 2012, the Company stated that as of 31 March 2012, the Company had GBP63,000 of cash. The Company is continuing to evaluate several acquisition opportunities but has not signed heads of terms with any party. The Directors are continuing to seek to conserve cash as long as possible, but if the Board is unable to agree on a suitable acquisition in the short term, the Board will seek to place the Company in the hands of the Administrators to complete an orderly winding up of the Company before the Company exhausts its cash reserves.
As announced on 25 January 2012, the Company currently has 618,002,894 Ordinary Shares in issue and there is, in aggregate, GBP5.5 million of unsecured convertible loan stock which, together with accrued interest, is repayable in full on 31 December 2012, if not converted before that date. Conversion is at the option of the holder at any time prior to 31 December 2012. The conversion price on the loan notes is between 2.25p and 5p.
A further announcement will be made in due course.
GMA Resources +20 (0)10766
Plc Ken Crichton 6118
Merchant Securities David Worlidge/Virginia +44 (0) 20 7628
Limited Bull 2200
This information is provided by RNS
The company news service from the London Stock Exchange