ASA Resource Group PLC Anonymous allegations: Freda Rebecca (4362B)
04 April 2017 - 4:00PM
UK Regulatory
TIDMASA
RNS Number : 4362B
ASA Resource Group PLC
04 April 2017
Asa Resource Group plc
("Asa Resource", "the Group" or "the Company")
Anonymous allegations: Freda Rebecca
The Directors of Asa Resource have received certain anonymous
allegations relating to the operations at Freda Rebecca Gold Mine
in Zimbabwe, in which the Group has an 85% interest. The
allegations refer to certain aspects of the financial management at
Freda Rebecca.
The Company's directors believe these allegations to be
completely mischievous and their origins appear to have certain
similarities to the previously notified lawsuit served on Freda
Rebecca in January 2017. The Company's directors strongly suspect
that certain disgruntled former employees may be at the root of
some of the allegations.
The Board believes these new allegations to be unsubstantiated
and designed to distract further from the ongoing restructuring to
improve the efficiency and profitability of its Zimbabwean
operations.
The Board has unanimously agreed to initiate a review of these
allegations led by the Group Legal Advisor, Barry Dearing, the
findings of which will be reported to the Group's independent
non-executive directors, none of whom have been associated with the
allegations.
The alleged matters are not believed to have had any impact upon
the continuing operations at Freda Rebecca and the enquiry will be
complete in a matter of weeks.
Dr Scott Morrison, senior Non-Executive Director said: "We take
our corporate governance duties very seriously and we stand by the
executive's efforts to drive through efficiency measures of its
subsidiaries for the benefit of all stakeholders. We regret if
difficult retrenchment decisions need to be made, but the executive
must take every effort to ensure our mines are profitable. Any
reorganisation takes time and there are inevitably and regrettably
casualties along the way."
CONTACT
For more information please visit http://www.asaukplc.com/ or
contact us below:
London
Asa Resource Group plc.
One Fleet Place, London EC4M 7W
Ian B Dearing, Group General Counsel and Company Secretary
Niall Henry, non-Executive Director (Investor Relations)
communications@asaukplc.com
Hong Kong
Yim Kwan, Finance Director
Asa Resource Group plc.
Units 509-510, Level 5, Core E, Cyberport 3, 100 Cyberport Road,
Hong Kong
communications@asaukplc.com
Nominated Adviser and Joint Broker
SP Angel Corporate Finance LLP
Prince Frederick House, 35-39 Maddox Street, London W1S 2PP
John Mackay, Jeff Keating, Caroline Rowe
Tel: +44 (0) 20 3470 0470
This information is provided by RNS
The company news service from the London Stock Exchange
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