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Beaconsfield assistance update |
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04 October 2006 On 5 May 2006 Macquarie Bank announced a number of assistance measures it would provide to the Beaconsfield mining community (refer attached media release). One of those assistance measures was a commitment to give the intercompany debts of Allstate Explorations NL (debts purchased by the Bank in 2002) to a trust for the benefit of the mine employees. The Bank approached a number of trustees about taking on the trustee role. The role is unusual due to the nature of the proposed trust and its assets. At this stage none of the trustees approached has accepted the role notwithstanding the Bank's offer to ensure that the trustee's fee and expenses, including legal costs, would be met by the Bank. A number of potential trustees declined the role. The primary reason given to The Bank for declining the role has been recent action in the Federal Court initiated by a current shareholder of Beaconsfield Gold NL, Allstate's joint venture partner in the Beaconsfield Gold Mine. If not for that action the trust would have been established some weeks ago. The Bank is continuing to work with an interested trustee with the objective that the trust be finalised without further delay. Regardless of the final structure, the Bank remains committed to ensuring that the intended commercial outcome for the employees of the mine on Anzac Day 2006 will be delivered, being that the economic value of the intercompany debts will be given to the intended beneficiaries of the trust. It will be for the beneficiaries to determine how the intercompany debts are dealt with. The Bank would reiterate that the value of these debts is not known at this point and is dependent on the mine re-opening. That decision is a matter for the authorities and the joint venture partners. If the mine does not re-open, the debt is unlikely to have any value. If the mine re-opens the value of these debts could provide additional benefits to former mine employees but this is dependent on the performance of the mine.
Lisa Jamieson |
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policy Macquarie Bank Limited ABN 46 008 583 542 |
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Where we provide any advice on this website, it has been prepared without considering your objectives, financial situation or needs. Before acting on any advice on this website, you should consider its appropriateness to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Past performance of any product described on this site is not a reliable indication of future performance. Any Macquarie subsidiary noted on this page is
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