Sign up Australia
Proactive Investors - Run By Investors For Investors

Wolf Minerals requests voluntary suspension from ASX

Wolf has delayed the release of its annual report until it clears up the issues surrounding its funding
a pen on top of a piece of paper
Wolf expects to finalise its funding arrangements and release its annual report on or before 17 October

UK-focused tungsten miner Wolf Minerals Limited (LON:WLFE, ASX:WLF) has requested a voluntary suspension from the ASX after it decided to defer the release of its annual report and audited financial statements.

The annual report was due for release today (30 September) but has now been pushed back until it clears up its financial position.

“After discussion with the company's auditors (PKF Mack), the board believes that further progress is required to finalise the audit opinion on the financial statements for the year ended 30 June 2016.”

Trading in the company’s shares on AIM will continue as normal, Wolf said.

In the same update, Wolf said that discussions with lenders “have been positive” after the company breached a loan covenant under its senior debt facility back in July.

The covenant relates to a minimum forward cashflow forecast requirement which the company said it is unable to meet without further support.

Wolf has agreed to a “negotiated draft non-binding term sheet” with the original lenders which will hopefully resolve the issue and allow for the restructuring of the £75mln facility as well as providing

The firm said that all parties are hopeful of signing off on the binding final agreements on or before 17 October.

Shares were down 14% to 4.96p.

View full WLF profile View Profile

Wolf Minerals Limited Timeline

August 14 2018

Related Articles

Managing director Alex Molyneux
September 21 2018
The base metals-focused company was joined by new managing director Alex Molyneux on September 1.
Tomingley gold open pit operation
March 27 2018
The Dubbo Project hosts zirconium, hafnium, niobium, tantalum, yttrium and rare earth elements.
periodic table
September 10 2018
W Resources should be in production from La Parrilla next year

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use