Platfields remains suspended

Shares in Platfields remain suspended as the company investigates a liquidation application to the South African High Court.

Johannesburg - Shares in precious metals exploration and mining firm Platfields Limited remain suspended as the company investigates a liquidation application to the South African High Court and finalises its financial results, it said on Thursday.

Platfields, which has failed to secure vital funding after struggling with weak commodity prices and strikes in the country's platinum industry, previously said its directors were unaware of an order for its provisional liquidation had been submitted to the court on October 30 with a return date for a final liquidation order on December 14.

“The directors are currently investigating the circumstances surrounding the application as they were not made aware of it. They will also be holding discussions with the consortium, from whom an offer to subscribe for shares had been received, in order to determine the way forward,” the company said.

Platfields still needs to finalise and publish interim results for the six months ended August 31, 2013 and August 31, 2014; as well as the years ended February 28, 2014 and February 28, 2015.

In September, the company terminated talks to sell its mining assets but said it was in new discussions to recapitalise and proceed with a reverse listing of its non-mining assets.

Platfields also said it would unbundle its mining assets to shareholders and was in talks on the disposal of a subsidiary.

The company's administrative offices have been closed and the executive directors will resign at the next annual general meeting, it has said.

AFRICAN NEWS AGENCY