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Cradle Arc to the grave

Weeks after going into administration, Cradle Arc (AIM:CRA) has said does not have a hope of returning to the London Stock Exchange.
Cradle Arc to the grave Cradle Arc to the grave Cradle Arc to the grave Cradle Arc to the grave Cradle Arc to the grave

Money pit: Cradle Arc was confident it could get to cash flow at Mowana but couldn't get the financing right

Staff reporter

The admission came on the resignation of the former miner's nominated advisor, Strand Hanson. 

"Pursuant to Rule 1 of the AIM Rules for companies, if a replacement Nomad is not appointed within one month, the admission of the company's securities to trading on AIM will be cancelled," Cradle Arc said. 

"The company has no current intention to appoint a replacement Nomad."

Strand Hanson quit after a provisional judicial manager recommended restructuring to a court in Botswana for Cradle Arc's 60%-owned operating subsidiary Leboam. 

The court will decide on bringing in full judicial management on Thursday, Cradle Arc said. 

This would "seek to preserve value for Leboam's various stakeholders". 

Cradle Arc itself has been in adminstration since January 31 after running out of cash to run the Mowana copper mine. 

Its shares have been suspended from AIM since December 7.