Peninsular Gold Limited Company Update (8771H)

TIDMPGL

RNS Number : 8771H

Peninsular Gold Limited

19 March 2015

PENINSULAR GOLD LIMITED

("Peninsular" or the "Company")

COMPANY UPDATE

Update on Bank Repayments and Financing

Further to its announcement of 24 December 2014, Peninsular Gold Limited announces that its wholly owned subsidiary, Raub Australian Gold Mining Sdn. Bhd. ("RAGM") has secured agreement from Bank Rakyat Kerjasama Malaysia Bhd. ("Bank Rakyat") to the deferment of payments to the bank from November 2014 until June 2015.

Alkhair International Islamic Bank Ltd. ("Alkhair"), as previously announced on 24 December 2014, has deferred its quarterly capital repayments from December 2014 until March 2015. The Company had requested a deferral until June 2015 and Alkhair is currently considering RAGM's request for a deferral until June 2015.

As per the Company's announcement of 23 January 2015, Peninsular raised GBP1.8m (MYR9.7m) for working capital and the intended re-commencement of operations at the Raub plant. RAGM remains in discussions with the relevant authorities regarding the restarting of the Raub plant and operations.

As previously announced, the Company is continuing to review its refinancing options for its existing borrowing facilities. This is in addition to the intention to raise further funds in the short term, as RAGM continues to work towards the re-commencement of operations during Q2. These funds would help alleviate any uncertainties that operational cashflows will be in time, or sufficient, to meet repayments for the Group's borrowing facilities.

Change in Significant Shareholdings

Baker Steel Capital Managers LLP ("BSCM") interest in Peninsular's ordinary shares has reduced from 7,616,000 to 2,394,000 ordinary shares following the CF Ruffer Gold Fund moving its funds management back in-house. As such BSCM's holding is now less than 3% at 2.78%.

The CF Ruffer Gold Fund remains the beneficial owner of 5,222,000 ordinary shares in Peninsular Gold Ltd. This represents 6.07% of the issued ordinary shares of the Company.

Final Results and Interim Results

Trading in the Company's shares was suspended on 2 December 2014 pending clarification of the Company's financial position. Subsequently, Peninsular announced a delay in the publication of its annual report and accounts to 30 June 2014 which is due to the issues relating to the going concern position of the Company as a result of the halting of operations at Raub. Until Peninsular resolves this, the Company will also not be a position to publish its half yearly report to 31 December 2014. Consequently, there is likely to be a delay in publishing this beyond 31 March 2015 and suspension of trading in the Company's shares on AIM would also be pending such publication.

 
 Dato' Sri Andrew TY             Patrick Watson 
  Kam                             Finance Director 
  Chairman and Chief Executive    Peninsular Gold Ltd. 
  Peninsular Gold Limited         Tel: [phone] 
  Tel: [phone] 
------------------------------  ------------------------- 
 Samantha Harrison               Colin Rowbury 
  Nominated Advisor               Broker 
  RFC Ambrian Limited             Daniel Stewart & Co. 
  Tel: [phone]             Ltd. 
  6800                            Tel: [phone] 
                                  6936 
------------------------------  ------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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