Scotgold Resources Ltd Appointment of Administrators (6167U)

TIDMSGZ

RNS Number : 6167U

Scotgold Resources Ltd

24 November 2023

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

24 November 2023

Scotgold Resources Limited (Administrators Appointed)

("Scotgold", the "Company" or the "Group")

ACN 127 042 773

Appointment of Administrators and Resignation of Nominated Adviser

Appointment of Administrators

On 22 November 2023, the Company announced that it was it was considering the appointment of administrators over the coming days.

As noted in the announcement SGZ Cononish Limited represents the only substantive asset of the Company and it is still expected that SGZ Cononish Limited will enter Administration in the coming days.

It is confirmed that, on 24 November 2023, the Board of Directors appointed Mr Daniel Bredenkamp and Mr Christopher Pattinson ("Administrators") of Pitcher Partners Accountants and Advisors (WA) Pty Ltd as Joint and Several Administrators of Scotgold Resources Limited (Administrators Appointed) pursuant to section 436A of the Corporations Act 2001 in Australia.

The Administrators have assumed control of the Company and will work with the Board of Directors during the administration period to maximise the outcome for all stakeholders of the Company.

The Administrators will provide updates throughout the administration by way of announcements to the AIM and ask that shareholders refrain from contacting the Administrators' office at this time.

In Australia, the Australian Securities and Investments Commission publishes insolvency information sheets which provide information in relation to external administrations in Australia. Shareholders may obtain copies of these information sheets through the below link:

https://asic.gov.au/regulatory-resources/insolvency/insolvency-information-sheets/

Further announcements will be made as appropriate.

Resignation of Nominated Adviser

Shore Capital has informed the Company of its intention to resign as Nominated Adviser and Broker to Scotgold with immediate effect of release of this announcement. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month of today's date, the admission of the Company's shares to trading on AIM will be cancelled. The Administrators will consider this issue in more detail over the next few weeks but based on the information available at this stage the Company does not expect to appoint a replacement Nominated Adviser.

Enquiries:

Pitcher Partners Accountants and Advisors (WA) Pty Ltd

Daniel Bredenkamp/ Christopher Pattinson

Joint and Several Administrator

Contact: Tom Miller

P: [phone]

E: [e-mail]

**ENDS**

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November 24, 2023 05:09 ET (10:09 GMT)