Noventa completes settlement with Richmond Partners

Noventa, the AIM-listed tantalum concentrate supplier, has signed an agreement with Richmond Partners Master on the settlement of the loan which its indirect subsidiary, Highland African Mining Company Minerals (HAMCM), defaulted on.

Noventa, the AIM-listed tantalum concentrate supplier, has signed an agreement with Richmond Partners Master on the settlement of the loan which its indirect subsidiary, Highland African Mining Company Minerals (HAMCM), defaulted on.

The company has been forced to sell HAMCM after no viable solution could be found that would enable HAMCM to stay within the terms of the secured loan facility (SLF).

As such, it has paid Richmond $165,000 in cash, and this, together with the assumption by Noventa of a further $22,000, will satisfy all balances that were due to the lender.

The company also said that Luca Bechis, Fernando Fernandez-Torres and Jose Luis de Barros have resigned from the board of directors of each in the surviving Noventa Group and that no further payments are due to them.

Furthermore, any amount due by the customers of the surviving group for the sale of Tatalum pentoxide concentrate, which amounts to around $159,000, will, if recovered in cash, be due to Richmond.

The share price plunged 31% to 0.50p by 13:15 Thursday.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020