Scotgold Resources Ltd today appointed administrators to assume control of the company.
SGZ Cononish Ltd, focused on the gold-silver project near Tyndrum, is expected to enter administration “in the coming days”.
Scotgold said that the administrators would work with the board of directors during the administration period to “maximise the outcome for all stakeholders.”
Daniel Bredenkamp and Christopher Pattinson of Pitcher Partners Accountants and Advisors (WA) Pty Ltd are joint and several administrators of Scotgold were appointed in accordance with section 436A of the Corporations Act 2001 in Australia.
The company added that the administrators would provide news throughout the administration process and asked that shareholders “refrain from contacting the administrators’ office at this time”.
Shore Capital has informed Scotgold of its intention to resign as nominated adviser and broker to the company with immediate effect.
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.
Scotgold said that “based on the information available at this stage” it did not expect to appoint a replacement nominated adviser.