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Eurasia Mining puts itself up for sale

The miner said it has received “a number of inbound expressions of interest from multiple parties”

Eurasia Mining PLC - Eurasia Mining puts itself up for sale

Eurasia Mining PLC (LON:EUA) said it is putting itself up for sale and has appointed UBS to run the formal sales process.

The Russia-focused miner said in recent months it has received “a number of inbound expressions of interest from multiple parties” looking to acquire either all or a stake in its assets.

READ: Eurasia Mining appoints new Nomad and NED, updates on suspension

However, the company said there could be “no certainty that an offer will be made” and that further announcements will be made in due course.

"The board remains focused on maximising shareholder value, and, after receiving approaches from multiple parties interested in acquiring company's assets, has decided that launching a formal sale process under the Takeover Code is in the best interests of shareholders, which could result in a sale of assets or the Company. The company will work with UBS and its other advisers to execute the process", said Eurasia’s executive chairman Christian Schaffalitzky.

In a separate announcement, the company reported its results for the year ended December 31, 2019, where it posted a pre-tax loss of £796,268, narrowed from a £3.24mln loss in the prior year while sales fell to £1.1mln from £2.6mln.

Eurasia’s shares are currently suspended at 7.2p.

Quick facts: Eurasia Mining PLC

Price: 39.8 GBX

AIM:EUA
Market: AIM
Market Cap: £1.1 billion
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