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Regency Mines cuts losses on forays into US coal and Tesla rentals

Shareholders will vote on Monday on the group's fundraising, debt restructuring, share consolidation and board change proposals

Regency Mines PLC -
Steel hardener vanadium is one of its cores going forward

Regency Mines PLC (LON:RGM) has reported a full-year loss of £2.7mln after its legacy interests in coal and electric car rentals were written-off in the period.

Impairments of £1.5mln in the year to June largely comprised its investment in Mining Equity Trust (2018: £1.55mln loss).      

Earlier this month, former Sound Energy chief executive James Parsons unveiled a financial restructuring and plan to refocus the company around the Mambare nickel-cobalt project, the Dempster Vanadium project, and intervention power supplier Allied Energy Services.

Shareholders will vote on Monday on these fundraising, debt restructuring, share consolidation and board change proposals.

If approved, Regency’s debts will be slashed and Parsons appointed executive chairman.

Quick facts: Regency Mines PLC

Price: 2.7136 GBX

Market: LSE
Market Cap: £2.44 m

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