PEARL GOLD AG: Possible Insolvency Plan for Ending Insolvency Proceedings and Continuation of the Company

Berlin (pta033/18.07.2019/17:55 UTC+2) The magistrate court Frankfurt on the Main opened insolvency proceedings for the assets of Pearl Gold AG with its order of October 13, 2016. Attorney Fabio Algari, Frankfurt on the Main, was appointed insolvency administrator.

The company has been informed that Mali National Gold S.A., Bamako/Mali, may be willing, under certain conditions, to support insolvency administrator Fabio Algari in the implementation of an insolvency plan for Pearl Gold AG. Mali National Gold S.A. expressed its readiness to the insolvency administrator to purchase from him rights for the delivery of gold by Wassoul'Or S.A., Bamako/Mali, for 11,377 ounces at a price of EUR 10,500,000.00; this sale is under the condition that an insolvency plan will be implemented. According to the draft plan, the amount shall be used to pay for the costs of the insolvency proceedings, for the costs for preparing and auditing the outstanding annual accounts, for further expenses expected in the course of 2019, and, to the amount of c. EUR 3.5 million, to settle the insolvency claims pro rata. As of today, insolvency claims of EUR 44,589,719.02 have been filed, which would result in a rate of c. 8 percent. Yet so far, only claims for EUR 335,309.29 have been acknowledged, the remainder has been challenged.

The draft plan does not include measures of company law. In order to maintain the company after the insolvency proceedings have been terminated, the general meeting will have to pass a resolution to that effect.

At this point, it is not certain whether the insolvency plan will be implemented and how it will look in detail. This requires, inter alia, the consent of the insolvency court.

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Emitter:	PEARL GOLD AG c/o Malmendier Partners, Kurfürstendamm 213 10719 Berlin Germany
Contact Person:	Julia Boutonnet
Phone:	+49 30 59 00 30 40
E-Mail:	info@pearlgoldag.com
Website:	www.pearlgoldag.com
ISIN(s):	DE000A0AFGF3 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt