FS ANTHRACITE (01738) is subject to legal action.
Feishang Smokeless Coal (01738) announced that the company, along with several subsidiaries of the group, including Guizhou Puxin Energy Co., Ltd. (Guizhou Puxin), Jinsha County Baiping Mining Co., Ltd., Guizhou Dayun Mining Co., Ltd., Liuzhi New Song Coal Co., Ltd., and Guizhou Yongfu Mining Co., Ltd.; Mr. Li Feilie, Feishang Group Limited; and other parties have been designated as defendants in a legal lawsuit filed by Guizhou Provincial Material Development Investment Co., Ltd. (plaintiff) at the Guiyang Intermediate People's Court in Guizhou Province, China.
FS ANTHRACITE (01738) announces that the company, together with several subsidiaries of the group, including Guizhou Puxin Energy Co., Ltd. (Guizhou Puxin), Jinsha County Baiping Mining Co., Ltd., Guizhou Dayun Mining Co., Ltd., Liuzhi Special District Xinsong Coal Co., Ltd., and Guizhou Yongfu Mining Co., Ltd.; Mr. Li Feilie and Feishang Group Limited; and others, have been designated as defendants in a legal lawsuit filed by Guizhou Provincial Material Development Investment Co., Ltd. as the plaintiff in the Intermediate People's Court of Guiyang City, Guizhou Province.
The dispute in the legal lawsuit involves a coal purchase and sale contract signed in May 2023 between Guizhou Puxin and the plaintiff, with Guizhou Puxin having received a total of RMB 200 million in coal prepayments from the plaintiff. In connection with this, Feishang Group Limited, controlled by Mr. Li Feilie, has pledged its holdings of 600 million shares of the company's common stock (pledged shares) as security for the obligations under the coal purchase and sale contract.
The company is seeking legal advice on the above legal lawsuit and its impact on the pledged shares, and will make further announcements at the appropriate time.
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