Business
Return of Cash and Update
Return of Cash and Update.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n RNS Number : 6403N Aurum Mining PLC 20 February 2009 \n \n\n\n\n\nFor immediate release\n\n\n20 February 2009\n\n\n\n\n\n\n\n\n\nAURUM MINING PLC\n('Aurum' or 'the Company')\n\nReturn of cash to Shareholders, closure of court case and signing of a Memorandum of Understanding with the Kyrgyz authorities\n\nAurum Mining plc (AIM: AUR), the gold mining company focussed on the Former Soviet Union (FSU) and whose principal asset is the Andash Project in the Kyrgyz Republic, is pleased to give a strategic update and to give notice of its proposal to call a General Meeting at which a resolution will be proposed to approve a capital payment of 33p per share to Shareholders. The Company is on track, subject to approval of Shareholders and the High Court, to make the payment in mid April 2009.\n\nThe Board therefore proposes to convene a General Meeting at 11am on 11th March 2009 at 4 More London Riverside, London, SE21 2AU to seek shareholder approval for the capital payment. A Circular regarding the proposals and including a formal notice convening the General Meeting will be dispatched to Shareholders shortly.\n\nThe approximate £16 million capital payment is, in the Board's view, the appropriate level of cash to be returned to Shareholders at this time. While the Company has current cash balances of approximately £18m, the Company still has on-going commitments and outstanding liabilities which once resolved could lead to the potential of a second payment to Shareholders. The Company also has assets to dispose of and some significant trade receivables that, when sold or realised, should increase the quantum of any second payment to Shareholders.\n\nIn a further development, the Company is delighted to announce that the civil case in which the Company's subsidiaries have been involved in the Kyrgyz Republic has now been closed with a judgement in favour of the Andash Mining Company (AMC). The case was heard in full and AMC won the case on its merits and all the claims of the plaintiffs were found to be groundless. The Board has always been adamant that the premise of this case was falsified and i...