This announcement contains inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014 which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018.
16 May 2024
Bens Creek Group
plc
("Bens Creek" or the
"Company")
Redemption Notice received
from ACAM LP in relation to ACAM Loan Notes
and
Suspension of shares from
trading on AIM
Further to the Company's announcement
on 29 April 2024, Bens Creek Group plc (AIM:BEN), the owner of a
metallurgical coal mine in North America supplying the steel
industry, announces that on 15 May 2024 it received a redemption
notice (the "Redemption
Notice") from ACAM GP Limited, in its capacity as general
partner of ACAM LP ("ACAM"). The Redemption Notice is for
the redemption of the principal and outstanding interest pursuant
to the c.$7.57 million of unsecured loan notes (the "ACAM Loan Notes") the Company issued to
ACAM, details of which are set out in the Company's announcement on
11 July 2023.
On 29 April 2024, the Company
announced that it had received notice from ACAM setting out certain
events of default under the terms of the ACAM Loan Notes. ACAM had
not sought or requested redemption of the ACAM Loan Notes and
outstanding interest until issuing the Redemption Notice to the
Company on 15 May 2024.
As previously announced on 9 May 2024,
the Company has a cash runway until the end of May 2024 and
consequently the Company is severely cash constrained. Due to this
cash constraint, the Company is unable to repay the amount due to
ACAM under the ACAM Loan Notes. Accordingly, the Board of the
Company (the "Board") is
considering options available to Company, which may include the
Board deciding to file notice to appointment administrators to the
Company.
In light of the above, the Company has requested
a suspension of trading in its ordinary shares on AIM. Trading in
the Company's ordinary shares will be suspended from 7.30 a.m.
today and further updates will be provided in due
course.
For
further information please contact:
Bens
Creek Group plc +44
(0) 204 558 2300
Adam Wilson, CEO
Peter Shea, Chief of Staff
Allenby Capital Limited (Nominated Adviser and Joint
Broker) +44
(0) 203 328 5656
Nick Athanas / Nick Naylor / George Payne (Corporate Finance)
Kelly Gardiner / Guy McDougall (Sales and Corporate
Broking)
WH
Ireland Limited (Joint Broker)
Harry Ansell / Katy Mitchell
+44
(0) 207 220 1666