21st Aug 2019 17:24
(Alliance News) - Avocet Mining PLC said on Wednesday that it has been placed in administration with immediate effect.
The struggling gold miner on August 15 said shareholders had rejected a vote allowing the company to pursue voluntary insolvency. The company said at the time that it remained "open to explore viable funded investment opportunities" though it received no viable proposals since then.
Avocet appointed Paul Williams and Geoffrey Bouchier from consultancy firm Duff & Phelps Ltd as joint administrators.
Shares in the company were untraded in London on Wednesday, last quoted 11% lower at 11.62 pence each.