News blog
Pan Pacific Aggregates
- BY: Andrew Hore |
- POSTED: 11/05/2011 |
Pan Pacific Aggregates has announced a restructuring plan although the shares remain suspended.
Pan Pacific owes money to its advisers on the reverse takeover that failed to go ahead. Kingston Smith and Partners LLP has been appointed to advise on a Creditors Voluntary Arrangement (CVA) for Pan Pacific.
Pan Pacific still needs to raise working capital for its Quadling quarry in British Columbia, which continues to be fully operational. This will probably come from a short-term loan secured on the Quadling subsidiary. Pan Pacific will then need to issue shares to pay off the loan and raise further working capital.
At the 17 January suspension price of 0.38p a share, the Canadian quarry operator was valued at £9.02m. The directors will not get paid until the shares return from suspension.
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