Preston passes first hurdle

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    For all those long suffering Preston holders, PSR passed the first hurdle on 21 June with bond holders approving the proposed restructure. This then goes to the WA Supreme court for approval on 28 June then to a meeting of PSR shareholders middle of next month.

    PSR directors then propose a small capital raising before relisting.

    PSR is proposing handing over 95% of its shreholding in its subsidiary company (which owns Bulong) essentially divesting itself of this operation. Seems that most of Bulong debts are then excused/waived.

    PSR will also lose its Malbororough nickel deposit (Barclay's already hold this as security for loans).

    PSR proposes to raise a small amount of capital prolly to retire remaining small debt and then to start again.

    What a saga.

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