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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Consol. Gen.Min | LSE:CGM | London | Ordinary Share | GB00B0T4LB03 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCGM RNS Number : 4874S China Goldmines PLC 10 September 2010 Update on acquisition strategy China Goldmines today provides an update to shareholders on progress with its investment plans. On 8 March the Company announced the result of its strategic review, the core principal of which is to examine projects where the Board believes shareholder value can be created using funds retained from the disposal of Westralian Resources pty. The disposal of Westralian Resources pty. completed on 29 September 2009 at which time CGM became an investing company. Under the AIM Rules for Companies, CGM is required to complete a reverse takeover or otherwise implement an investing strategy, subject to shareholder approval within 12 months of becoming an investing company. The Company is continuing to evaluate investment propositions but acknowledges that it will no longer be able to obtain shareholder approval of any particular proposition in sufficient time to complete an acquisition prior to the 29 September 2010 deadline under the AIM Rules. The Directors therefore expect the trading of the Company's shares on AIM to be suspended at 07:00 on 30 September 2010. The Company will remain subject to the AIM Rules for Companies and any decision regarding a new project specific acquisition will remain subject to shareholder approval. If a suitable proposition is not found a return of cash capital will be proposed to shareholders. In the event that the Company is unable to complete an acquisition by 31 March 2011 the admission of its ordinary shares to AIM will be cancelled. CGM is guarantor to warranties made to the acquirer of Westralian Resources pty, its former mining subsidiary with a maximum liability of $10m. These warranties expire on 29 September 2010, save for any antecedent breaches claimed by the acquirer which have not been resolved. The Company is currently not aware of anything which may lead to a claim. Enquiries: +---------------------+-----------------------------+ | China Goldmines | +---------------------------------------------------+ | Robert Adair | Tel: +44 7872 930 114 | +---------------------+-----------------------------+ | Marinko Vidovich | Tel: +61 8 6216 5200 | +---------------------+-----------------------------+ | Brewin Dolphin | | | (Nomad) | | +---------------------+-----------------------------+ | Alexander Dewar | Tel: +44 131 529 0276 | +---------------------+-----------------------------+ | Neil McDonald | Tel: +44 141 221 7733 | +---------------------+-----------------------------+ | Threadneedle | | | Communications | | +---------------------+-----------------------------+ | Laurence Read | Tel: +44 20 7653 9855 | +---------------------+-----------------------------+ | Beth Harris | Tel: +44 20 7653 9853 | +---------------------+-----------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END TSTGCGDCGXBBGGG
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