Redemption Notice from ACAM & Trading Suspension

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                                                                                            [phone]
Adam Wilson, CEO
Peter Shea, Chief of Staff

Allenby Capital Limited (Nominated Adviser and Joint Broker)                 [phone]
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                                                                                  [phone]

 

END