News blog
Berkeley Mineral Resources
- BY: Andrew Hore |
- POSTED: 19/02/2015 |
Berkeley Mineral Resources has come to a £1m settlement with its former chairman Masoud Alikhani and other parties.
The settlement relates to the write down of assets in the balance sheet. That write down could be between £10m and £12m.
Masoud Alikhani has Alzheimer’s disease so a court-appointed independent person has considered and signed the agreement.
The settlement parties include the interests of the Alikhani family, the interests of Anita Carr, a former contractor at Berkeley, and Alberg Mining && Minerals Exploration, which sold the assets to Berkeley.
Mrs Alikhani has paid £960,000 to Berkeley and a company where her sign is an authorised signatory is waiving repayment of a loan of £40,000. This improves Berkeley’s cash position to £1.2m and it will be able to complete its accounts for the year to June 2014. It can also try to push forward with the processing of tailings at Kabwe in Zambia.
Nearly 36 million options and warrants have been waived and 1.8% of the share capital of Berkeley owned by the settlement parties will be turned into deferred shares with no value.
This settles the dispute and Berkeley cannot go back for any more compensation under the agreement between the parties.
Trading in the shares was suspended at 1.08p a share last November.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|