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  1. 53 Posts.

    Deal done for Matrix assets
    Wednesday, June 25, 2003
    The administrator for the suspended Matrix Oil has accepted an offer for the Indonesian assets of the company, which went into administration in October last year.

    Vincent Smith, joint and several deed administrator, said he had accepted an offer for the Asahan PSC and the Glagah Kambuna TAC but certain conditions needed to be finalised before a deadline of 31 August, 2003.

    At this stage the identity of the buyer(s) is unknown. A former director said he was amazed that there had been no information for shareholders from the administrator since December.

    He said there was a $60 million legal case in play against the contractors, which was worth around 25 cents per share to shareholders and they wanted to know what was happening with the matter.

    Matrix last traded at 4.4c before going into voluntary administration and being suspended from the ASX in October last year.

    Unsurprisingly, Smith said he wasn’t able to declare a tax declaration as he believed there was no likelihood shareholders would receive any return.

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