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On 30 October 2026, GCM Resources plc announced it received a pre-action Letter Before Claim from Trephina Assets Limited, the personal service company of CEO Datuk Michael Tang, demanding repayment of £1,230,450 by 31 October 2026 for deferred fees and interest. While GCM agrees with the £793,600 principal amount, it disputes the total interest claimed, noting its own records show a total debt of £867,798 as of 30 September 2026. GCM held approximately £1.82 million in cash as of 30 October 2026 and stated its intention to resolve the claim amicably.
| Date | 30 Oct 2026 |
| Time | 13:56:53 |
| Category | Corporate updates |
| ID | 2423B |
30 October 2026
GCM Resources plc
("GCM" or the "Company")
Receipt of Letter Before Claim
GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, announces that it has received a pre-action letter of claim from Trephina Assets Limited, the personal service company of the Company’s Chief Executive Officer, Datuk Michael Tang (the “Letter Before Claim”).
Background
As most recently disclosed in the Company’s results for the year ended 30 June 2025, for the period September 2018 to March 2021 Datuk Michael Tang agreed to defer the payments due to his management services company until further notice in order to assist the Company. It was further noted that as at 30 June 2025 the amount owing to the management services company of Datuk Michael Tang was £793,600.
According to the Company’s records, as at 30 September 2026, the total debt outstanding as a result of the deferment, includes fees of and accrued interest of £74,198, totals £867,798.
Letter Before Claim
Pursuant to the Letter Before Claim, Datuk Michael Tang has demanded, amongst other matters, immediate repayment of the £793,600 principal, plus 8% annual interest on each £24,800 monthly management fee from the end of the relevant month until payment, with all sums due by 31 October 2026. The Letter Before Claim further notes that if payment is made on 31 October 2026, the total amount due to Datuk Michael Tang is £1,230,450.
While the Company agrees with the principal amount, the Company disputes the total sums sought pursuant to the Letter Before Claim, and in particular the purported interest claimed. The Company is considering its potential legal avenues, however, intends to amicably resolve the Letter Before Claim. Notwithstanding this, there can be no certainty that an amicable agreement will be reached.
As at 30 October 2026, the Company held approximately £1.82 million in cash.
The Company will provide further updates in due course.
For further information:
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GCM Resources plc Keith Fulton, Finance Director
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Tel: +44 (0) 20 7290 1630
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Allenby Capital Limited Nominated Adviser and Broker John Depasquale / Vivek Bhardwaj (Corporate Finance) Kelly Gardiner / Lauren Wright (Sales and Corporate Broking)
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Tel: +44 (0)20 3328 5656
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About GCM Resources
GCM Resources plc (LON: GCM), the AIM resource exploration and development, has identified a high-quality coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project (the "Project") in north-west Bangladesh.
Utilising the latest highly energy efficient power generating technology the Phulbari coal mine can support some 6,600MW. GCM requires approval from the Government of Bangladesh in order to develop the Project. The Company has a strategy of linking the Company's mine proposal to supplying coal to the Government of Bangladesh’s existing and in the pipeline coal-fired power plants and / or power plants developed development partners. Together with credible, internationally recognised strategic development partners, GCM aims to deliver a practical power solution to provide the cheapest coal-fired electricity in the country, in a manner amenable to the Government of Bangladesh.