https://www.miningweekly.com

WCC seeks voluntary suspension extension

17th July 2015

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

JSE-listed Firestone Energy and parent company ASX-listed Waterberg Coal Company (WCC) have requested an extension to the voluntary suspensions in the trading of their securities to allow time for WCC to finalise a proposed third-party funding arrangement to replace an existing funding facility with Standard Bank, which had been due for repayment on April 9.

The voluntary suspension has been in effect since March 19.

WCC states that the completion of discussions and documentation for the replacement funding represents a significant transaction and that the final terms of the proposal will impact on its ability to carry out its future objectives.

“Reinstatement of trading for securities at this time is likely to be materially prejudicial to our ability to successfully complete the complex funding transaction contemplated, which is critical to the our financial viability,” it says in a statement.

Standard Bank advises that it will maintain the existing facility on an “on demand”, rolling, daily basis to allow further time for negotiations with the third party to progress.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

Comments

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.128 0.161s - 88pq - 2rq
Subscribe Now