Vast Resources PLC - miner in Romania, Tajikistan and Zimbabwe - Following a dispute with the unions and certain members of the Baita Plai workforce in Romania, decides to enter Vast Baita Plai SA, the operator of the Baita Plai mine, into a period of voluntary reorganisation. This is to be effected by a court judged process under the insolvency act in Romania. Explains that the reorganisation gives BPSA the opportunity to dismiss, without significant cost, those employees who have been ‘abusing the system.’ Vast Resources says this is particularly in respect of taking of medical leave. Also notes certain employees were demanding a reduction in working hours of about 25% and an increase in paid holidays to almost twice that required under national regulations. Stresses the reorganisation affects in no way the ownership or running of the mine, should achieve new efficiencies in working practices, substantial cost savings, and is in the interests of the company and its shareholders as a whole.
Current stock price: 0.23 pence, down 19% in London on Monday
12-month change: down 50%
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