Business
Business Update - Strategic and Operational Plan
Business Update - Strategic and Operational Plan.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9455R African Battery Metals PLC 06 March 2019 \n\n06 March 2019\nAfrican Battery Metals plc (\"ABM\" or the \"Company\")\nBusiness Update - Strategic and Operational Plan\n \nAfrican Battery Metals plc (LON:ABM) the AIM listed battery metal exploration and development company is pleased to provide a business update outlining the initial findings from the strategic and operational review being undertaken by the Company.\nBackground:\nReaders are advised to review the Company's announcement dated 28 January 2019 within which the Company outlined a detailed refinancing and business strategic update. This may be viewed through the following link:\nhttps://www.abmplc.com/n/n86/refinancing-business-strategic-update-and-update-on-resumption-of-trading\nWithin the latter part of the announcement, the Company committed to undertake a strategic and operational review to:\n- review the Company's existing interests and target exploration resources in a prioritised manner; \n- develop a Strategic and Operational Plan for the Company, which will be published by market announcement for the benefit of all shareholders; and \n- identify, review and if appropriate acquire new opportunities to complement and diversify existing business interests including the potential acquisition of interests within Africa, or new territories, within Battery Metals, or interests in other commodity categories.\nThe Company is now in a position to provide initial findings from the strategic and operational review exercise, and to set out a summary Strategic and Operational Plan for the Company. This is detailed below.\nStrategic and Operational Plan\nFinancial Position\nOn 10 December 2018, ABM was suspended from trading pending clarification of its financial position. Specifically, at that time short-term creditors exceeded the Company's available working capital, and additional financing was needed for the Company to remain a going concern.\nAt today's date and following the General Meeting approval of the refinancing announcement above, ABM has paid all material creditor balances through cash or share settlement. The Company has no material debt and free working capital after all creditors were settled, amounting to approximately £860,000.\nThe cash ba...