News blog
Pan Pacific Aggregates
- BY: Andrew Hore |
- POSTED: 29/08/2008 |
- COMMENTS: Add yours
Hanson Westhouse has resigned as nominated adviser to Pan Pacific Aggregates.
The shares were suspended at 1.625p each.
When Pan Pacific agreed to acquire Pumptown Quarry Inc and CNI Equipment in June and expected all the related equipment leases to be transferred. HSBC has said it will seize equipment at the quarry and sell it unless it is paid more than $250,000. HSBC would then want to enter into a new lease agreement and receive a security payment of $187,000.
The bridge to the quarry needs to be replaced in order to cope with the heavy traffic. This will take 12-18 months so the business acquired by Pan Pacific didn’t feel it was practical to pay the cash to HSBC.
It seems strange that this didn’t come up earlier when Pan Pacific was negotiating the acquisition of the businesses from Columbia National Investments Ltd.
Pan Pacific has served notice on CNI for breach of the sale and purchase agreement. Its lawyers are also reviewing the lease agreements to see if anything can be done. The lawyers are also looking at Pan Pacific’s options.
All this appears to have been enough for Hanson Westhouse to resign. A replacement will need to be found in one month or the shares will lose their quotation.
In July Pan Pacific raised £750,000 at 1p a share.
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