Cape Lambert acquires CopperCo secured debt
06 Febbraio 2009 - 12:30PM
UK Regulatory
TIDMCLIO
RNS Number : 9288M
Cape Lambert Iron Ore Limited
06 February 2009
Cape Lambert Iron Ore Limited
6 February 2009
Cape Lambert acquires CopperCo secured debt
Australian resources company Cape Lambert Iron Ore Limited ("Cape Lambert")
(ASX: CFE, AIM: CLIO) has today acquired the secured debt owed by ASX listed
CopperCo Limited (ASX: CUO) ("CopperCo") and its subsidiaries from Macquarie
Bank Limited ("Macquarie") and LinQ Capital Limited as Responsible Entity for
the LinQ Resources Fund.
The directors of CopperCo and other members of the CopperCo corporate group
appointed joint and several administrators on 26 November 2008. On the following
day, Macquarie appointed joint and several receivers and managers. Following the
acquisition of the secured debt by Cape Lambert, the existing receivers and
managers have been replaced and Gary Doran and David Lombe of Deloitte Touche
Tohmatsu Australia have been appointed as new joint and several receivers and
managers.
Under the transaction, Cape Lambert acquired CopperCo's outstanding secured debt
to these parties for a total cash payment of approximately AUD$72.7 million (the
payment of approximately AUD$15.0 million of which is deferred until late July
2009).
In addition, Cape Lambert has provided bank guarantees in place of existing
performance bonds and receivers unpaid liabilities to an approximate aggregate
of AUD$33.8 million.
The Board of Cape Lambert believes that the CopperCo group holds an attractive
portfolio of assets which represent significant value, despite current market
conditions. Cape Lambert believes that this transaction provides an exposure to
CopperCo's assets in a relatively low-risk manner and is confident of securing a
return on its investment.
A further announcement in relation to this transaction will be made in due
course.
For more information please contact:
Cape Lambert Iron Ore Limited:
Tony Sage +61 (0)8 9380 9555
Australian Enquiries:
Professional Public Relations
David Tasker +61 (0)8 9388 0944/ +61 433 112 936
UK Enquiries:
Nominated Adviser:
Grant Thornton UK LLP
Fiona Owen +44 (0)20 7383 5100
AIM Broker:
Collins Stewart Europe Limited
Adrian Hadden +44 (0)20 7523 8353
Conduit PR:
Jos Simson +44 (0)20 7429 6603/+44 (0)7899 870 450
Jane Stacey +44 (0)20 7429 6606
Website: www.capelam.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
END
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