Preston relisting plans

  1. 5,531 Posts.
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    Not that I'm getting too excited about this.

    However latest announcement may be of interest to
    long suffering PSR holders (when was it suspended...October 2000?)

    "CORPORATE

    SCHEME OF ARRANGEMENT

    Subsequent to the end of the quarter a meeting of Preston shareholders was convened to, amongst other things, vote on the disposal of a majority equity in the operating subsidiary Bulong Operations Pty Ltd. All resolutions put to the meeting were passed unanimously allowing the Scheme of Arrangement to proceed. At the time of this report most of the conditions precedent had been met and it is anticipated that all formalities be complete by the end of
    August.

    FUTURE REPORTING

    As a consequence of the imminent completion of the Scheme of Arrangement and the disposal of equity in Bulong Operations Pty Ltd to secured creditors, Preston Resources will no longer report Bulong production results to the ASX on a monthly basis.


    PROJECT ACQUISITION

    Preston Resources Limited has entered into an agreement to acquire all the issued capital of Oriental Peninsular Gold, a Malaysian company with rights to acquire an interest of 55% in the Bau Gold
    Project, Sarawak, Malaysia. The company is planning a capital raising probably by way of a pro-rata rights issue, to fund the initial working capital for the project and regain quotation on the ASX.

    A Griffin
    CHAIRMAN/MANAGING DIRECTOR"

    Ajax


 
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