Nova Resources Limited Transfer and closure of subsidiaries (7753A)
December 29 2014 - 2:00AM
UK Regulatory
TIDMNOVA
RNS Number : 7753A
Nova Resources Limited
29 December 2014
NOVA RESOURCES LIMITED
("Nova" or the "Company")
29 December 2014
Transfer and Closure of Subsidiaries
Following the Board changes announced on 12 December 2014, Nova
has disposed of both its existing subsidiaries, Nova East
Management Pte Ltd ("NEM") and Nova East Capital Pte Ltd ("NEC"),
to former director and substantial shareholder, Chan Fook Meng, for
nil consideration. NEM previously provided basic management
services to Nova, and will no longer be required as these functions
will be conducted in future from the UK. NEM does not currently own
any assets, and arrangements have been made for a solvent
strike-off of NEM. In the year ended 31 December 2013 NEM made a
loss of $45,536 (Singapore Dollars) on turnover of GBPnil and had
net liabilities at 31 December 2013 of $360,109. NEC is a dormant
company, and has never traded. Arrangements have been made for a
solvent strike-off of NEC.
The transfer and closure of NEM and NEC will save Nova
administrative and accounting fees moving forward.
The directors of Nova, having consulted with the Company's
nominated adviser, SPARK Advisory Partners Limited, consider that
the terms of the transfer of NEM and NEC, to Chan Fook Meng, are
fair and reasonable insofar as Shareholders are concerned.
Enquiries:
Nova Resources Limited 07966 332232
Christopher Morgan, Chairman
SPARK Advisory Partners Limited (Nominated Adviser) 0203 3683554
Neil Baldwin/Mark Brady
This information is provided by RNS
The company news service from the London Stock Exchange
END
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