Scotgold Resources Limited, which owns the Cononish Gold and Silver Mine near Tyndrum, said on Friday it has appointed administrators.
In a stock exchange statement Scotgold said: “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 of Pitcher Partners Accountants and Advisors (WA) Pty Ltd as Joint and Several Administrators of Scotgold Resources Limited … 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.”
Scotgold added: “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.”