REG - Bens Creek Group PLC - Redemption Notice from ACAM & Trading Suspension

Bens CreekAnnouncement

16/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240516:nRSP6415Oa&default-theme=true

RNS Number : 6415O  Bens Creek Group PLC  16 May 2024

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCGPUUPAUPCPWA