Kibo Mining (LON:KIBO) expects to receive shortly placing monies held in accounts of bust stockbroker Hume Capital. Administrators for Hume expect to distribute client monies held under administration in one lump sum payment by early September, it said. Kibo understands that substantially all of the £526,000 outstanding will be released to it minus admin costs. The money represents subscriptions from third party investors as part of its placing in April. Forfeiture procedure in respect of the approximately £204,000 issued to Hume Capital's discretionary clients is underway, it added. Louis Coetzee, Kibo Mining’s chief executive, said: "The latest developments with regard to the February placing with Hume, together with the precautionary measures taken to date, will ensure that the company's ongoing business activities have not, and will not be affected adversely in any way.”
Kibo Mining expects Hume Capital funds to be released in September
Administrators for Hume expect to distribute client monies held under administration in one lump sum payment.