Update re Judicial Management Process and Resignation of Nominated Adviser
Cradle Arc announces that, further to its announcement of 20 December 2018, a report regarding the financial position of Leboam Holdings (Proprietary) Ltd (“Leboam”), prepared by the Provisional Judicial Manager, was yesterday presented at a meeting of the creditors of Leboam, recommending that Leboam enters full judicial management, with the final decision expected to be made by the Botswana High Court on Thursday 28 February 2019.
Should Leboam enter into full judicial management, the Judicial Manager would aim to restructure Leboam’s balance sheet and seek to preserve value for Leboam’s various stakeholders.
Accordingly, Strand Hanson Limited has resigned as Nominated Adviser to the Company with immediate effect. Pursuant to Rule 1 of the AIM Rules for Companies, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company’s securities to trading on AIM will be cancelled. The Company has no current intention to appoint a replacement Nominated Adviser.
For further information on the Company, please visit www.cradlearc.com
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