Tahera Delays Financial Filling, Seeking Buyer
March 20, 08
Tahera Diamond Corporation will not be able to meet the March 31 deadline for filing its 2007 financial statements, the company announced Thursday. Tahera is suffering from financial difficulties and is currently operating under the protection of the Companies' Creditors Arrangement Act.
The Canadian diamond miner said that since it is focusing on conserving cash until it can secure financing and/or restructure its operations under the CCAA, it was “deemed in the best interest of the Company and its shareholders to delay the preparation and filing of audited financial statements for the time being.”
It added that it does not know when it would be in a position to prepare and file its financial statements.
Tahera also said this morning that it will request from the Canadian securities regulators that a management cease trade order on the company's securities be imposed against some or all persons who have been directors, officers or insiders of the company since
The company may also postpone its annual shareholders meeting until the annual financial statements are prepared
Tahera is in the process of seeking a buyer for the company, retaining Blair Franklin Capital Partners. Blair Franklin will be contacting potential buyers
With the goal of selling Tahera in whole or in part.
In related news, Tahera also announced that Andrew Adams, Patrick Lavelle, Robert Dickson and Gary Jones have resigned as directors of the company as a result of the restructuring resulting in a significant alteration to the activities and responsibilities of the board.
Remaining with the board are Jonathan Goodman, Richard Molyneux, Colin Benner and Peter Gillin.