11th Apr 2025 14:27
(Alliance News) - Bushveld Minerals Ltd on Friday said it has appointed liquidators and will cancel trading of its share on AIM.
The vanadium producer operating the Vanchem and Vametco processing facilities in South Africa said the board has been exploring options to realise value from the group assets, including whether any amount would be repayable following the conclusion of business rescue proceedings.
The firm said the publication of the business rescue plan has been delayed to mid-April, with Vametco mining and plant operations not yet back on stream as was previously expected by the end of the first quarter.
Bushveld Minerals said all head office staff who were employed through Bushveld Minerals SA (Pty) Ltd have had their employment terminated.
It expects the most likely outcome of the business rescue proceedings to be a sale of the South African entities, after which the realisations will flow to Bushveld's secured credtors.
Bushveld said there has been no decided outcome from a process to explore ways to realise value from the remaining assets.
As a result, the board has concluded that Bushveld has liabilities due that it cannot pay and it does not have the means to continue to operate.
Bushveld said it has applied to the Guernsey Commercial Court to appoint Begbies Traynor Group PLC's Adrian Rabet and Clive Fortis as joint liquidators.
The application will be heard on Tuesday.
Bushveld said SP Angel Corporate Finance LLP intends to resign as nominated adviser and broker upon the appointment of the liquidators. Bushveld does not intend to appoint a replacement nominated adviser.
According to AIM rules, if a replacement is not appointed within one month, the admission of Bushveld's shares to trading on AIM will be cancelled.
Shares in Bushveld were untraded at 0.31 pence in London on Friday afternoon.
By Michael Hennessey, Alliance News reporter
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