Executive Summary

Blackgold Natural Resources Limited (under judicial management) has released a crucial update pursuant to Catalist Rule 704(22), which contains significant information for investors and shareholders. The Company recently held a creditors’ meeting to consider a Revised Proposal from PT Rajawali Artha Global (RAG), which, if implemented, will radically reshape the equity ownership and financial structure of the Company. This development is highly material and could influence share value.

Key Points from the Report

• Revised Proposal by PT Rajawali Artha Global (RAG):
  • RAG has proposed an investment of S\$1,600,000 in exchange for an 85% equity interest in the restructured company.
  • The proposal includes payments to unsecured creditors at approximately 42.74 cents on the dollar, based on S\$1,600,000 allocated for creditor payments against estimated unsecured claims of about S\$3,743,227.65.
• Creditors’ Meeting Details:
  • The meeting was convened on 31 December 2025, chaired by Mr Farooq Ahmad Mann, the Judicial Manager.
  • Ten out of eighteen creditors attended (one in person, nine by proxy). All proxies appointed the Judicial Manager as representative.
• Voting Results:
  • 100% of creditors in value and in number voted in favour of the revised proposal.
  • All special proxy forms submitted supported the resolution.
  • Mr Andreas Rinaldi (Executive Director & CEO) confirmed his support for the proposal.
• Procedural Compliance:
  • Notice of meeting and relevant documents were circulated to all creditors via email and post, and advertised in the Government Gazette and The Business Times.
  • Voting slips distributed to in-person attendees for official vote recording.
• Next Steps:
  • The Judicial Manager will apply to the Court to extend the Judicial Management period.
  • Further updates will be provided to creditors as appropriate.

Important Information and Potential Price Sensitivity

• Change in Ownership Structure:
  • If the proposal is implemented, RAG will acquire an overwhelming 85% equity stake in the restructured company. Existing shareholders will be substantially diluted.
  • The restructuring is expected to stabilize the company’s finances but may dramatically reduce the value of current shares due to dilution and change in control.
• Creditor Payments:
  • Unsecured creditors will receive only ~42.74 cents per dollar of admitted claims. This may influence perceptions of the company’s solvency and future creditworthiness.
• Judicial Management Extension:
  • The company remains under judicial management with a pending application for an extension. This signals ongoing financial distress and restructuring, which is typically a negative factor for share price stability.
• Management and Governance:
  • The support of the CEO, Mr Andreas Rinaldi, for the restructuring proposal indicates management alignment but also underscores the gravity of the situation.

Actionable Insights for Shareholders and Investors

• Material Change: The proposed restructuring and change in ownership are highly material events that could substantially impact share price and shareholder value.
• Potential for Volatility: The market may react strongly to news of shareholder dilution and ongoing judicial management. Investors should be prepared for potential volatility.
• Further Updates: Shareholders are advised to closely monitor company announcements and seek professional advice regarding their holdings.

Official Statement

This announcement was submitted by the Judicial Manager, Mr Farooq Ahmad Mann, and reviewed by the company’s sponsor, Evolve Capital Advisory Private Limited. It has not been examined or approved by the Singapore Exchange Securities Trading Limited, which assumes no responsibility for its contents.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should consult with their professional advisors before making any investment decisions relating to Blackgold Natural Resources Limited. The information herein is based on company announcements and may be subject to change. Past performance is not indicative of future results.

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