Update on Star Striker Limited

RNS Number : 5836I

Red Rock Resources plc

10 December 2015

 

Red Rock Resources plc

("Red Rock" or the "Company")

Update on Star Striker Limited

10 December 2015

Red Rock Resources plc, the mining and exploration company with interests in gold and oil exploration announces that following the sale of nearly half its holding in its Australian associate, Star Striker Limited (ASX:SRT)("SRT"), announced on 5 December 2015, the Company has ceased to be represented on the SRT board as Andrew Bell has stepped down as a non-executive director of SRT.

The Company currently holds 33,035,134 shares in SRT, amounting to 4.05% of the issued share capital, as well as 5,213,290 options exercisable up to 31st March 2016 at a price of AUD 0.004 per RSL share. As at close of business in Australia on 9th December 2015 the price of SRT was AUD 0.017 and the market value of the SRT shares and options owned was AUD 629,370.05.

Andrew Bell, Chairman, states: "A year and a half ago SRT brought in new investors to work with existing management on a restructuring of the business and to seek a possible transaction in the technology or life science sector. This strategy has developed over time, and SRT has eliminated its weaknesses as a potential deal partner by reducing overhead, strengthening its net cash position, and getting a market following. SRT is now in safer waters, at the last stages of a transition which is expected to bring in new cash-generating business and new management. Our active involvement now comes to an end, though we remain supportive shareholders."

For further information, please contact:

Andrew Bell 0207 747 9990 or 0776 647 4849                            Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990                                                        Director Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396         NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744                                                Broker Dowgate Capital Stockbrokers Ltd

Christian Pickel 0203 128 8208                                                 Media Relations MHP Communications

 

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