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Macquarie Bank update on intercompany debts of Allstate Explorations NL |
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13 November 2006 Macquarie Bank today announced it has appointed corporate advisors KordaMentha to assist in conducting a sale process for the intercompany debts of Allstate Explorations NL which the Bank purchased in 2002. The proceeds of any sale of the intercompany debts will be distributed to the permanent employees of the Beaconsfield Gold mine on Anzac Day 2006, consistent with an announcement made by the Bank in May. The debts will be advertised for sale by KordaMentha and any bona fide offers will be put by KordaMentha to a meeting of the mine employees for them to consider. If the mine employees decide a particular offer is acceptable, the Bank would then proceed to effect that sale and distribute the proceeds to the mine employees Further details of the sale process and KordaMentha’s role will be outlined to the mine employees as soon as practicable. The Bank reiterates that the current realisable value of the inter-company debts is not known and is dependent on the mine re-opening. If the mine does not re-open, the debts are unlikely to have any value. If the mine re-opens the value of these debts will be dependent on the performance of the mine. The Bank had originally announced its intention to give the intercompany debts of Allstate Explorations NL to a trust for the benefit of the mine employees. This, however, did not prove possible. The Bank approached a number of trustees about taking on the trustee role, but none agreed to do so. The role was unusual due to the nature of the proposed trust and its assets. This was further complicated by action in the Federal Court initiated by a current Beaconsfield Gold shareholder. The Bank reached the conclusion that a suitable trustee was unlikely to be secured in a workable timeframe, if ever, and then sought the services of KordaMentha to assist conduct of the sale process. For more information please contact:
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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MBL does not guarantee or otherwise provide assurance in respect of the
obligations of that subsidiary, unless noted otherwise. |
