31st Jan 2019 11:24
LONDON (Alliance News) - Cradle Arc PLC on Thursday said it appointed Antony Batty and Hugh Jesseman of Antony Batty & Company LLP as joint administrators with immediate effect.
The miner said that the objective of the administration process is to enable an orderly realisation its assets, maximising value for creditors and shareholders and, "if possible, the survival of the company".
At the end of December, Cradle Arc warned that it could become insolvent should it not secure funding in the near future.
Cradle Arc was in talks with various existing and potential funders, it said, as it required funds for both subsidiary Leboam Holdings Pty Ltd and for general administrative costs.
Leboam operates Cradle Arc's Mowana copper mine in Botswana.
Cradle Arc shares are currently suspended from trading.