LONDON (Thomson Financial) - Mining finance and development company Galahad Gold PLC said it is going for a voluntary liquidation of the company and its board intends to convene an EGM to consider a resolution for the same.

Galahad said that given the increase in metal prices since 2003, it believes that investments in the mining sector are unlikely to deliver the attractive returns that Galahad has achieved in the past.

Moreover, the company said it is subject to legal, regulatory and taxation regimes that are not conducive to the efficient implementation of its new investment strategy in soft commodities.

Hence, it said that an EGM convened on Sept 19 to consider the new investment strategy has been adjourned.

Galahad said it expects the liquidation process to be completed in four months' time.


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