Scotgold director and largest shareholder resigns

Scotgold Resources Ltd’s largest shareholder and director has resigned after nearly 10 years over conflicting interests with the company.

REGRET

Nathaniel le Roux is the major secured creditor of the company’s subsidiary, SGZ Cononish Ltd operating the gold-silver mine near Tyndrum. 

Scotgold, which is considering going into administration after financing talks failed, is evaluating the group’s position “to consider all options available” to the company and its subsidiaries.

In a statement Mr le Roux said: “After almost ten years on the board, I have made this decision with considerable regret.

“As Scotgold’s operating subsidiary heads towards administration, there is an unavoidable conflict between the interests of the company and my personal interest as the major secured creditor, and I believe it is in the interests of shareholders generally that I now stand down.

“I remain the company’s largest shareholder, and the board has my full support at this very difficult time.”