3rd Feb 2016 17:35
LONDON (Alliance News) - Blenheim Natural Resources PLC on Wednesday said its investee company African Eagle Resources PLC has been placed into administration.
Blenheim has an 11% interest in African Eagle.
"At this stage, the company cannot estimate the outcome of the administration process or whether the current carrying value of its investment will be recovered in full. However, the directors of Blenheim believe that there may still be value within African Eagle," Blenheim said in a statement.
"The company is communicating with the directors of African Eagle in order to obtain more information and will seek to negotiate a solution that will benefit its shareholders," it added.
Shares in Blenheim closed up 1.5% at 1.17 pence on Wednesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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