Nova Resources Limited Transfer and closure of subsidiaries (7753A)

TIDMNOVA

RNS Number : 7753A

Nova Resources Limited

29 December 2014

NOVA RESOURCES LIMITED

("Nova" or the "Company")

29 December 2014

Transfer and Closure of Subsidiaries

Following the Board changes announced on 12 December 2014, Nova has disposed of both its existing subsidiaries, Nova East Management Pte Ltd ("NEM") and Nova East Capital Pte Ltd ("NEC"), to former director and substantial shareholder, Chan Fook Meng, for nil consideration. NEM previously provided basic management services to Nova, and will no longer be required as these functions will be conducted in future from the UK. NEM does not currently own any assets, and arrangements have been made for a solvent strike-off of NEM. In the year ended 31 December 2013 NEM made a loss of $45,536 (Singapore Dollars) on turnover of GBPnil and had net liabilities at 31 December 2013 of $360,109. NEC is a dormant company, and has never traded. Arrangements have been made for a solvent strike-off of NEC.

The transfer and closure of NEM and NEC will save Nova administrative and accounting fees moving forward.

The directors of Nova, having consulted with the Company's nominated adviser, SPARK Advisory Partners Limited, consider that the terms of the transfer of NEM and NEC, to Chan Fook Meng, are fair and reasonable insofar as Shareholders are concerned.

Enquiries:

   Nova Resources Limited                                                                 07966 332232 

Christopher Morgan, Chairman

   SPARK Advisory Partners Limited (Nominated Adviser)            0203 3683554 

Neil Baldwin/Mark Brady

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLLFSSFFLTFIS