Major shareholder steps down from Scotgold’s board as administration looms
Scotgold Resources faces further turmoil as Nathaniel le Roux, its principal shareholder and secured creditor, has resigned amid looming administration.
The resignation comes as a significant blow to the AIM-listed group, which this week disclosed the cessation of investment talks with a second strategic investor.
This development follows a series of setbacks for the Cononish Mine operator, including the withdrawal of another potential investor in early October and the company’s decision to place the majority of its employees on unpaid leave due to pressing capital investment needs.
Mr le Roux said: “After almost ten years on the board, I have made this decision with considerable regret.
“As Scotgold’s operating subsidiary heads towards administration, there is an unavoidable conflict between the interests of the company and my personal interest as the major secured creditor, and I believe it is in the interests of shareholders generally that I now stand down.
“I remain the company’s largest shareholder, and the board has my full support at this very difficult time.”
The board is currently evaluating all available avenues, with administration being a strongly considered option. Despite stepping down, Mr le Roux has expressed continued support for the company during these challenging times.