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administrators estimate further dividends that may be payable to creditors on a "mid case scenario" at 6.4 cents, which would bring the final total dividend to unsecured creditors to 24.1 cents in the dollar (to date, dividends have been paid to unsecured creditors of 12.5 cents, 1.3 cents, 2.4
and 1.5 cents totalling 17.7 cents in the dollar)
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28/02/2008
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in a circular to creditors, the administrators estimate further dividends that may be payable to
creditors on a mid case scenario at 8.2 cents, which would bring the final total dividend to
unsecured creditors to 24.4 cents in the dollar
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10/07/2007
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the mediation of Aquila's actions ordered by the Federal Court was held in Melbourne over two days on 26 and 27 April 2006 (if Aquila was ultimately successful to the extent claimed, ie $424 million, it would increase the creditor pool from $2.61 billion to $3.03 billion and reduce the dividend return to existing creditors) - subject to creditor approval, it is proposed that the litigation commenced by Aquila against Pasminco will be settled by a once only dividend of $14,000,000 in full and final settlement of Aquila's claims and costs
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05/05/2006
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in their report to creditors, administrators estimate further distributions of 11 cents in the dollar which would bring the total return to unsecured creditors to 24.8 cents in the dollar
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19/04/2006
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the administrators are currently drafting a report to creditors regarding the status of the administration - this should be released within the next couple of weeks
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27/03/2006
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delisted from the close of trading today at the request of the Company in accordance with listing
rule 17.11
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17/03/2006
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the administrator has made a declaration that there will be no return to shareholders - this means shareholders can choose to make a capital loss in the tax year 2004/05 - shareholders can click on the declaration here and download it to substantiate their claim
Click here to view Declaration (you first need to get Adobe Reader – click on ICON at bottom of screen)
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01/04/2005
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administrators advise that there are no new significant developments in the administration
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03/02/2005
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creditors meeting today received an update in relation to the status of the Administration, considered a proposal from Halcyon Management
Company LLC, considered a variation of the Deed of Company
Arrangement and sought creditors’ approval for administrators’ fees
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05/10/2004
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lodges preliminary final report
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31/08/2004
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Aquila updates shareholders regarding its legal claim against Pasminco and others
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13/04/2004
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Zinifex debuts on ASX having raised $960 million (well short of target) much of which will flow through to Pasminco creditors - shareholders will not see any of it
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05/04/2004
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Zinifex, which will operate the zinc and lead assets formerly known as Pasminco, said it will raise between $1.05 billion and $1.35 billion through its long-awaited initial public offering
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01/03/2004
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a new version of Pasminco will float on 1 Mar 04 - the float is expected to value Zinifex (the name is a play on zinc and spinifex) at between $1.2 billion and $1.5 billion and is the mechanism by which 39 banks get to recover part of their losses from Pasminco's $3 billion collapse
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26/02/2004
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administrators announce that the failed company will be reborn with a new identity as Zinifex after its creditors approved plans for a $1.5billion float of the company - it looks as if existing shareholders will have to apply to acquire shares under a prospectus just like everyone else
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30/01/2004
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the banks have extended the company's credit facilities in anticipation of a refloat of the group, with the timing dependent on market conditions
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09/01/2004
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second creditors meeting called for 9 Dec'03
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01/12/2003
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administrators knock back an offer from OntZinc to buy Pasminco assets for $1.7 billion - instead they will proceed with plans to float the company next year
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28/11/2003
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financiers renew the company's current banking facilities
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05/08/2003
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the company calls on state governments for concessions in taxes and charges as it battles with a 28% decrease in Australian dollar metal prices
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31/07/2003
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directors Mark Rayner, Geoff Allen and Andrew Guy resign
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01/04/2003
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announces strong production performance in second quarter and further work on the ASX listing of the restructured entity Pasminco Resources Ltd through a public offering - the float is expected to occur when market conditions are considered appropriate
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31/01/2003
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deListed makes a submission to the Parliamentary Joint Committee on Corporations and Financial Services (which is currently enquiring into Australia's corporate insolvency laws) seeking, among other things, that administrators and receivers be empowered to issue a declaration (this can presently only be issued by a liquidator), pursuant to Sec 104-145 of the Income Tax Assessment Act 1997 - if appropriate amendments are made this would enable the Pasminco administrators to issue a declaration and shareholders could then claim their capital loss
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28/01/2003
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the company is expected to remain subject to a Deed of Company Arrangement for some time (perhaps years) - during this period a liquidator cannot be appointed and nor can a liquidators declaration be issued - possibly the best opportunity shareholders have for claiming their loss is for the Government to change the legislation allowing an administrator to issue a similar declaration - again if this occurs it is likely to take some time. Administrators also confirm that shareholders could benefit from actions brought by the company except that it would be necessary for creditors to be paid in full in the first instance and they doubt that sufficient funds could be recovered to enable this to occur
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19/12/2002
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following the AGM, deListed has put a number of questions to the administrator regarding the crystallisation of the tax loss and the position of shareholders in relation to possible legal actions mounted by the administrator on behalf of the company - we will report the outcomes here as soon as we get a response
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15/12/2002
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if proceedings were to be commenced by the administrator, they would be made on behalf of the company - as such, any amounts recovered would be available for creditors in the first instance - shareholders would need to obtain their own advice about mounting any legal action
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12/12/2002
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directors not present at today's AGM - it is no wonder as administrator states the companies downfall was attributable not just to falling zinc prices but to the debt burden, the hedge book, underperforming assets and inadequate management information systems
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12/12/2002
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shareholders should take particular note of the announcement to ASX dated 12 December 2002
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12/12/2002
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company announces there will be an Annual General Meeting in Melbourne on 12 December 2002 - no resolutions are proposed
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08/11/2002
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2002 annual report lodged with ASIC today - features a loss of $411 million - in the second half the company was cash positive despite extremely low metal prices
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01/11/2002
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company announces decision that the Cockle Creek smelter will ultimately be closed - expected between 2006 and 2008
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24/10/2002
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administrators advise they are currently liaising with their solicitors in regard to the shareholders' tax position, and will notify shareholders once the position becomes clear
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09/10/2002
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administrators announce that Deeds of Company Arrangement have been executed, enabling the company to move into the implementation phase of the planned restructure - under the restructuring plan, creditors of the old Pasminco will exchange their debt for equity in Pasminco Resources and subsequently sell down part of that equity - Pasminco Resources is expected to be in a position to float when market conditions are considered appropriate
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07/10/2002
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administrators issue a letter, indicating, among other things, that the company's shares are of no value - shareholders should note that the letter is not a liquidator's declaration and as the administrators say "shareholders should seek their own tax advice regarding their ability to claim a tax write off"
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04/09/2002
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a prospectus for the new Pasminco should be released about mid October with relisting anticipated by year end
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31/08/2002
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creditors approve restructuring proposal allowing company to proceed with a float - this will allow creditors to claw back about $1 billion by floating off half their new shares
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30/08/2002
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creditors to vote on the equity and float option on 30 August that involves an issue of shares in lieu of debt to creditors
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16/08/2002
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administrators send second creditors' report detailing the progress on the finalisation of the proposal to restructure the company
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16/08/2002
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administrators seek further adjournment of second meeting of creditors to 30 Aug 02
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07/08/2002
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creditors expected to vote on restructure proposal at adjourned meeting on 16 August 2002
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15/07/2002
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second meeting of creditors
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15/07/2002
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Broken Hill mine sale at $90m to Perilya completed
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31/05/2002
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Aquila Resources lodges potential damages claim of $128m
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23/05/2002
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Takeover Panel grants conditional relief allowing creditors to acquire shares in PAS
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22/04/2002
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KPMG partner asserts the negative economic value inherent in poorly designed cash flow hedging strategies (as well as the impact of falling commodity prices on unhedged cash flow) have been important factors in the demise of the company
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07/11/2001
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first meeting of creditors
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26/09/2001
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trading in Pasminco shares suspended
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20/09/2001
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Ferrier Hodgson appointed administrators
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19/09/2001
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company placed in voluntary administration
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19/09/2001
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