logo-loader

ATH Resources goes into liquidation

Published: 08:05 16 May 2013 BST

no_picture_pai

Scottish coal miner ATH Resources (LON:ATH) has confirmed it is winding up the business, which has final run out of steam.

The AIM-listed company, which owned mines in East Ayrshire, Dumfries and Galloway and Fife, said it had appointed auditors KPMG as liquidators.

A statement from ATH explained: “The company was unable to secure the necessary stakeholder support to implement a solvent or consensual option, and the board was left with no choice but to seek to wind up the company.

“In light of today’s developments, shareholder value in ATH is negligible.”

The company’s shares have been suspended since December when it first announced it was going into administration. It was unable to secure more investment to fund new mines due to the collapse of the coal price.

Hargreaves Surface Mining (HSML) has snapped up some of the assets, with all 237 employees to be offered new contracts to keep them in work. As part of the arrangement, HSML has the option to acquire the operating sites at Netherton and Duncanziemere once certain conditions have been satisfied.

 

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

22 minutes ago