Blackgold Natural Resources Limited (Under Judicial Management) – Key Updates for Investors

Overview

Blackgold Natural Resources Limited, a Singapore-incorporated company currently under judicial management, has released its latest monthly update in accordance with Catalist Rule 704(22). The report covers recent developments, particularly the outcome of a crucial creditors’ meeting and the next steps in the company’s restructuring process.

Key Developments and Meeting Highlights

• Creditor Meeting Date & Venue: The meeting was held on 31 December 2025 at 143 Cecil Street, Singapore, commencing at 10:15 a.m.
• Attendance: Of the 18 creditors with accepted Proofs of Debt, 10 attended (1 in person, 9 via proxy). All proxy-appointed creditors named the Judicial Manager as their representative. The meeting was chaired by Mr Farooq Ahmad Mann, Judicial Manager, with Mr Andreas Rinaldi, Executive Director & CEO, also present.
• Resolution & Voting: The sole resolution was to approve the Revised Proposal by PT Rajawali Artha Global (“RAG”), which had been formally submitted on 18 November 2025.
  Outcome: The proposal received unanimous approval, with 100% of creditors (by both value and number) voting in favour.
• Revised Proposal Details:
  • RAG to invest S\$1,600,000 in exchange for an 85% equity interest in the restructured company.
  • The S\$1,600,000 is earmarked for creditor payments, offering an estimated payout of approximately 42.74 cents on the dollar to unsecured creditors (total estimated unsecured claims: S\$3,743,227.65).
• Procedural Matters:
  • Meeting notice and supporting documents were sent to all creditors via email and post, and were advertised in the Government Gazette and Singapore Business Times as required by law.
  • Voting slips were distributed at the meeting for in-person voting.

Next Steps and Timeline

• Judicial Management Extension: The Judicial Manager has filed an application in the High Court (HC/OA 8/2026) to extend the Judicial Management for an additional six months beyond the current expiry date of 23 January 2026.
• Case Conference Scheduled: The application is scheduled for a Case Conference on Friday, 9 January 2026 at 12:00 p.m. Creditors interested in attending can contact the Judicial Manager directly.
• Further Updates: The Judicial Manager has committed to providing additional updates to creditors as the restructuring process progresses.

Implications for Shareholders and Investors

• Potential Share Price Impact: The unanimous creditor approval of the RAG investment and the proposed restructuring could be highly price sensitive. Upon completion, RAG will hold 85% of the equity in the company, significantly diluting existing shareholders. This substantial change in ownership structure and infusion of capital may influence market perceptions and share valuations.
• Creditor Settlement Terms: The proposed payout to unsecured creditors (42.74 cents on the dollar) is now endorsed, reducing uncertainty regarding creditor claims and allowing the company a clearer financial path forward.
• Extension of Judicial Management: The requested extension indicates that the restructuring process is ongoing, and investors should be prepared for continued developments and possible volatility until the process concludes.
• Leadership and Governance: The active involvement of the CEO and full support from the Judicial Manager in the restructuring process signal strong management commitment to executing the approved plan.
• Shareholder Advisory: Shareholders and potential investors are strongly advised to monitor future announcements closely and seek professional advice if uncertain about their position or the implications for their holdings.

Contact Information

For further details, creditors may contact the Judicial Manager, Mr Farooq Ahmad Mann, at [email protected] or telephone 6222 7496.

The company’s sponsor is Evolve Capital Advisory Private Limited (Mr Jerry Chua, Tel: (65) 6241 6626).

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should consult their stockbrokers, solicitors, or other professional advisors before making investment decisions. The information herein is based on company disclosures and is subject to change. Neither the author nor the publisher assumes any responsibility for actions taken based on this article.

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