ZYL Limited (ASX:ZYL): Back In Business
After being suspended since 7 March 2013, ZYL announced yesterday that all legal disputes and financial issues had been settled (read the announcement here). This will now allow the company to accelerate development of its anthracite assets in South Africa.
The outstanding feature of the settlement is that, for the first time, the interests of all stakeholders are aligned. This is particularly significant, given the unusually complex nature of the various agreements that were negotiated by the previous board. I would like to take this opportunity to congratulate Managing Director, Ian Benning, and Executive Director, Phillipe Lalieu for successfully completing such a difficult task.
The company remains in suspense while the Half-Yearly Report is updated to reflect completion of a placement and other matters. A return to trading should be imminent.
I shall commence a series of reviews of various aspects of the “new” ZYL with a description of the forthcoming capital structure and cash position.
3 April 2013
Disclosure: Market Capital holds securities in ZYL Ltd as at the date of publication of this article.