moly good to hear you are recovering well, and looks like RCP could be in the recovery mode also reading today's ANN.
Hope you are keeping your body in an alkaline state and taking fish or krill oil to further help your heart.
HIGHLIGHTS
* Work continued towards restructure and recapitalisation of the Company to ensure:
* Adequate funding is secured to support the Company’s 2012 exploration programme and working capital requirements
* A suitable Board and management team is appointed to take the Company forward, including two Australian resident Directors to enable the Company to meet its Corporations Act requirements
* Re-quotation of the Company on the ASX
* Exploration programme placed on “care and maintenance” pending outcome of restructure and recapitalisation.
CORPORATE
The Board is continuing its efforts to finalise a suitable recapitalisation plan in the short term . Developments in this regard will be announced to the market in due course. In the interim, the Company also has the financial support of DCM Decometal GmbH (“DCM”)(the major shareholder of Stirling Resources Limited. Stirling Resources , via its wholly owned subsidiary Stirling Copper Pty Ltd, currently holds 29.5% of Redbank Copper) which advanced $ 707,000 to the Company in the March 2012 quarter and a further $491,000 since the end of the quarter. DCM has indicated it will continue to provide working capital funding to the Company in the short term.
DIRECTOR APPOINTMENT
Po st quarter end, o n 11 April 2012, the Company appointed Mr Thomas Styblo as Non Executive Director.
Mr Styblo is Director Finance with DCM. He is an Executive Master of Laws (L.L.M.) and holds a Masters Degree in Economic and Social Sciences (Mag.rer.soc.oec).
The Company confirms it is continuing in its efforts to source Australian resident directors to strengthen the Board and meet the requirements of the Corporations Act 2001 (Cth) and will update the market in due course.
ASX SUSPENSION
During the March 2012 quarter, the securities of Redbank Copper remained suspended from official quotation on ASX.
The Directors are actively seeking to resolve the issues preventing the Company’s securities from being traded on the ASX, which include, as detailed above, the appointment of two Australian resident directors and the securing of adequate funding.
AUTHORISED BY: Martin Depisch Non -Executive Director
RCP Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
