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Pan Pacific Aggregates

  • BY: Andrew Hore |
  • POSTED: 29/09/2008 |

Pan Pacific Aggregates has found a replacement nominated adviser.

Hanson Westhouse resigned at the end of August and just before Pan Pacific was due to lose its Aim quotation it has appointed Dowgate as replacement.

The shares were suspended at 1.625p each on 29 August and they returned from suspension down 0.25p to 1.375p each. That values the company, which says it has cash of £575,000, at £3.97m.

Pan Pacific intends to focus on developing its quarrying business in Fraser Valley in Canada. It is also looking to exploit its permitted area at Caren Ridge on Sechelt. It is discussing a possible acquisition in the area. By the end of the year two production units should be generating cash.

Non-operational assets will be sold in order to raise additional working capital.

Negotiations continue with HSBC about the leases on equipment at Pumptown Quarry in the Fraser Valley. A settlement is expected in the next three months.

There are plans to gain access to the site without using the unsafe bridge that the authorities have stopped lorries using until it is strengthened.

Euan McAlpine has joined the board as an executive director. A finance director will be appointed and another non-executive director will join the board. 

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