Birimian : Update on Timeframe to Reinstatement of Trading
On 13 June 2017, Birimian Limited (ASX: BGS; Birimian and the Company) advised that it would provide an update if the projected timeframe for reinstatement of its securities to trading (BGS 05 May 2017) could not be met.
The Company has made considerable progress in resolving the matters arising from its internal review and anticipates submitting its proposal to the Australian Securities Exchange (ASX) for reinstatement of its securities to trading in the near future. Birimian will need to satisfy the ASX on the measures taken by the Company or that are in process of being taken to address the issues identified. The timeframe for consideration of the reinstatement proposal is a matter for the ASX.
Birimian has accepted the resignation of its auditors, Grant Thornton Australia Limited, and, subject to approval by the Australian Securities and Investments Commission (ASIC), intends to appoint PricewaterhouseCoopers (PwC) as the Company's auditor. Birimian has engaged PwC to advise the Company in relation to addressing Australian taxation matters and appointed a leading Malian accounting firm to conduct due diligence and to audit Birimian's Malian subsidiary companies. This work is nearing completion.
Birimian has held discussions with the Malian Minister for Mines and the Department of Geology and Mines on a recent visit to Bamako and was well received. Birimian has also commissioned a legal review of its option agreements with Société des Mines de Morila SA (Randgold Resources Limited 40%; Anglogold Ashanti 40%; Government of Mali 20%) as part of its internal review.
Considering these developments and the Company's current understanding of the required process, Birimian now believes that, subject to ASX requirements, its trading suspension should be lifted by 31 July 2017.Greg Walker
Executive Director & Chief Executive Officer