Sovereign cash injection

Press, 12 October 1985, Page 21

Sovereign cash injection

The High Court sanctions will allow Westside Traders to advance Sovereign Gold Mines, Ltd, sufficient cash to allow the receivers to be discharged. Sovereign Gold Mines, Ltd (in receivership), is now waiting for High Court approval for proposals to reduce the par value of its ordinary shares and options

after yesterday’s annual meeting in Greymouth approved such a move. The resignations of three Sovereign directors, Messrs P. A. Hyde-Harris, K. C. Hunt, and J. H. Bennett, have been received, said Westside’s solicitor, Mr David Renwick. Work will also start in about a week’s time on

obtaining permission to have the suspension of quotations of Sovereign, to be known as Prime-West Corporation, Ltd, lifted. At yesterday’s annual meeting was the executive director of the New Zealand Stock Exchange, Mr Roger Gill, who said later that he happend to be in Christchurch,and took the oppor-

tunity to visit Greymouth. Also attending yesterday’s meeting were one of the receivers, Mr O. W. Pitcaithly, of Deloitte, Haskins and Sells; the Registrar of Companies, Hokitika, Mr Arthur Fox; the Registrar of the High Court, Greymouth, Mr Werner, and a representative of Arthur Young,