London Mining Plc APPOINTMENT OF ADMINISTRATORS (5462U)

TIDMLOND

RNS Number : 5462U

London Mining Plc

16 October 2014

London Mining Plc

Quoted on London AIM (LOND)

("London Mining" or the "Company")

16 October 2014

Appointment of administrators & RESIGNATION OF Nominated Adviser and Broker

Further to the announcement made earlier today, London Mining PLC confirms the appointment of Russell Downs and Peter Dickens of PricewaterhouseCoopers ("PwC") as joint administrators of London Mining PLC.

Following the appointment of PwC as administrators to the Company, Liberum Capital Limited has today resigned as Nominated Adviser and Broker to the Company with immediate effect. If the Company fails to appoint a replacement nominated adviser within one month from today, the admission of its AIM securities will be cancelled. Application will be made to the Channel Islands Securities Exchange Authority for a cancellation of listing of the convertible bonds issued by London Mining (Jersey) plc.

Russell Downs, joint administrator and partner at PwC said: "The collapse in iron ore prices and the resulting impacts on this business have been very dramatic and our focus is to ensure that a buyer is found for the Marampa Mine operations given it is such an important part of the Sierra Leone economy. We are liaising with key stakeholders and asking for a short window of forbearance as we look to conclude a transaction."

For more information please contact:

 
 PwC 
  Russell Downs 
  Peter Dickens    [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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