Shares in New World Resources (NWR) have been suspended from the London Stock Exchange with the stock exchanges in Prague and Warsaw expected to follow suit shortly after requests from the company.
NWR is the parent company of Czech coal mining company, OKD, which recently announced it had filed an insolvency petition with the Czech court. As OKD is the only trading subsidiary of NWR, it is expected that the company will now be wound up for broken up.
In the event that the company is wound up or broken up, “there will be very minimal or no returns to the shareholders of NWR”, the company said in a statement.
OKD is the largest hard coal mining company in the Czech Republish, producing coal for the steel and energy sectors in Central Europe.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/04052016/shares-in-nwr-are-suspended-2016-710/