Business
Strategic Review & Canc of Sh
Strategic Review & Canc of Sh.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n RNS Number : 1253J Aurum Mining PLC 28 November 2008 \n \n\n\n\n\n\n\n\n28 November 2008\n\n\n\n\n\nAURUM MINING PLC\n('Aurum' or 'the Company')\n\nStrategic Review and Cancellation of Share Premium Account\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 announce an update on its strategic review process and to give notice of a General Meeting at which a resolution will be proposed to approve the cancellation of the share premium account of the Company (the 'Cancellation') which would enable a future return of cash to Shareholders. \n\nAs announced in September 2008, the Company has been undertaking a strategic review process in which the tactical opportunities for the Company have been evaluated. The process has been extremely diverse and comprehensive and has not only generated significant interest from a wide range of parties but has also resulted in a number of proposals from potential business partners and buyers. At this stage however, the Board does not consider any of these proposals to be in an appropriate form to enable any of them to be recommended to Shareholders.\n\nThe Board will continue to seek and evaluate opportunities and will specifically look to find ways to maximise value from the Andash asset. The Board still believes that there is considerable potential to create Shareholder value from Andash in the short to medium term. \n\nHowever, in line with previous announcements, and as a suitable opportunity for recommendation to Shareholders has not yet been found, the Company is now seeking authority to undertake the Cancellation. The Cancellation, which will require the approval of the High Court, will enable a future return of cash to Shareholders. It is estimated that the Cancellation will take 3-4 months to complete.\n\nThe Board therefore proposes to convene a General Meeting at 11am on 16th December 2008 at 4 More London Riverside, London, SE21 2AU to seek shareholder approval for the Cancellation.\n\nOnce the Cancellation has been completed, the Board will then make a recommendation to shareholders in respect of the return of cash to Shareholders. It is currently forecast that this will be early in the second quarter of next yea...