We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gma Resources | LSE:GMA | London | Ordinary Share | GB0032875873 | 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% | 0.12 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2684O GMA Resources PLC 04 August 2003 For Release 07.00 4 August 2003 GMA Resources Plc (" GMA Resources" or "the Company") Update on operations and Proposal regarding the conversion of outstanding convertible unsecured of loan stock ("Loan Stock") Update on operations Following the acquisition of a 52% majority shareholding in the capital of Entreprise d'Exploitation des Mines d'Or (ENOR) GMA Resources plc has now assumed management control. As part of the change in management GMA Resources have appointed a new Operations Manager (Phil Davies) and an Exploration Manager (Jan van Graan) to assist in the optimisation of the existing operation and to assist in the preparation and consideration of the development options as outlined in the Company's prospectus of 8 May 2003. Phil Davies is a Mining Engineer. His previous position was General Manager and Deputy Managing Director of Societe Ashanti de Guinee, operating the Siguiri Gold Mine in Guinea, West Africa. Jan van Graan is a Geoscientist. He previously worked in exploration management roles for Billiton, and currently manages his own consultancy business, based out of Johannesburg. Loan Stock Conversion The Board has resolved to prepare and forward proposals to the holders of outstanding Loan Stock which will enable them to convert all of their holdings of Loan Stock into new ordinary shares ranking pari passu with the existing issued ordinary shares in the share capital of the Company on the basis of a reduced conversion price of 8.5p nominal of Loan Stock per share. This compares with the current conversion price of 10p nominal of Loan Stock per share. It is proposed that, this reduced conversion price will be available to holders of Loan Stock wishing to convert their entire holdings of Loan Stock for a three week period following approval of the proposals. The proposals will require the consent of both the holders of Loan Stock and of the shareholders. Successful early conversion of all the outstanding loan stock will result in annual savings of approximately #300,000 and total savings of approximately #1.6m in interest costs over the current life of the loan stock (on the basis that no additional loan stock is converted into ordinary shares). In addition, it will substantially improve the strength of the Company's balance sheet. A circular containing details of the proposals and notices convening the appropriate meetings of Loan Stock holders and shareholders will be despatched in due course. Press enquiries GMA Resources Plc Colin Ikin, Chief Executive Officer Tel: +33 678 389 762 Binns & Co PR Ltd Peter Binns Emmie Peryer Tel: 020 7 786 9600 This information is provided by RNS The company news service from the London Stock Exchange END CONUASBRORRWRAR
1 Year Gma Resources Chart |
1 Month Gma Resources Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions