26th Aug 2015 08:49
LONDON (Alliance News) - Kibo Mining PLC Wednesday said a court has ruled the money that got tied up in the accounts of its former broker Hume Capital Securities PLC must be released.
Kibo has been trying to get back the money for shares issued to third-party investors back in February that was tied up in Hume's client money account after the adviser entered administration.
Specifically, the company is trying to claw back GBP526,000 that was raised from issuing over 10.5 million shares.
Kibo raised GBP950,000 in its share placing, and received about GBP219,500 before Hume Capital's administration. That left about GBP730,500 outstanding locked up in the Hume Capital accounts but the company agreed back in June to forfeit GBP204,000 which was raised from 4.1 million shares issued to Hume's discretionary clients.
On Wednesday, Kibo said a court has ruled that the GBP526,000 will be released to the company on October 2.
"We are pleased that all uncertainty related to the February Hume placing has now been removed. Kibo will receive substantially all of the GBP526,000 still owed to the Company and this will have a significantly positive impact on the Company's cash position," said Chief executive Louis Coetzee.
Still, Kibo shares were trading down 0.2% to 4.24 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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