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PASMINCO LIMITED (PAS)

Delisted from ASX 17/03/2006

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INVITATION TO EX-PASMINCO EMPLOYEES You are invited to the 10th Anniversary of the Cockle Creek Site Closure. When - 14th September 2013 Where - Club Macquarie Time - From 2-00pm - Full details

28/05/2013

deed administrators warn unsecured creditors and prospective acquirers of unsecured debt, not to place reliance upon the dividend estimates provided in previous reports

05/02/2009

the resolution to approve the Kemper settlement is passed by creditors

20/05/2008

the Deed Administrators recommend a settlement in the Kemper matter involving a payment of AUD25.5 million to Kemper - Kemper will return the dividends received to date (1st and 2nd dividends only) amounting to AUD4.6 million - the settlement therefore provides a net further sum to Kemper of AUD20.9 million - a meeting of creditors is to be held at the offices of Ferrier Hodgson at 10.00am on Tuesday, 20 May 2008 at which a resolution will be proposed to approve the settlement between Pasminco and Kemper

09/05/2008

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)

28/02/2008

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

10/07/2007

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

05/05/2006

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

19/04/2006

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

27/03/2006

delisted from the close of trading today at the request of the Company in accordance with listing rule 17.11

17/03/2006

a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued

01/04/2005

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

05/10/2004

lodges preliminary final report

31/08/2004

Aquila updates shareholders regarding its legal claim against Pasminco and others

13/04/2004

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

05/04/2004

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

01/03/2004

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

26/02/2004

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

30/01/2004

the banks have extended the company's credit facilities in anticipation of a refloat of the group, with the timing dependent on market conditions

09/01/2004

second creditors meeting called for 9 Dec'03

01/12/2003

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

28/11/2003

financiers renew the company's current banking facilities

05/08/2003

the company calls on state governments for concessions in taxes and charges as it battles with a 28% decrease in Australian dollar metal prices

31/07/2003

directors Mark Rayner, Geoff Allen and Andrew Guy resign

01/04/2003

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

31/01/2003

we (deListed) make 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

28/01/2003

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

19/12/2002

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

15/12/2002

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

12/12/2002

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

12/12/2002

shareholders should take particular note of the announcement to ASX dated 12 December 2002

12/12/2002

company announces there will be an Annual General Meeting in Melbourne on 12 December 2002 - no resolutions are proposed

08/11/2002

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

01/11/2002

company announces decision that the Cockle Creek smelter will ultimately be closed - expected between 2006 and 2008

24/10/2002

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

09/10/2002

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

07/10/2002

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"

04/09/2002

a prospectus for the new Pasminco should be released about mid October with relisting anticipated by year end

31/08/2002

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

30/08/2002

administrators send second creditors' report detailing the progress on the finalisation of the proposal to restructure the company

16/08/2002

creditors to vote on the equity and float option on 30 August that involves an issue of shares in lieu of debt to creditors

16/08/2002

administrators seek further adjournment of second meeting of creditors to 30 Aug 02

07/08/2002

creditors expected to vote on restructure proposal at adjourned meeting on 16 August 2002

15/07/2002

second meeting of creditors

15/07/2002

Broken Hill mine sale at $90m to Perilya completed

31/05/2002

Aquila Resources lodges potential damages claim of $128m

23/05/2002

Takeover Panel grants conditional relief allowing creditors to acquire shares in PAS

22/04/2002

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

07/11/2001

first meeting of creditors

26/09/2001

trading in Pasminco shares suspended

20/09/2001

company placed in voluntary administration

19/09/2001

Ferrier Hodgson appointed administrators

19/09/2001

ASX Announcements (courtesy of ASX)

 

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    Directors' on-market share transactions (last 5)

     

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    Directors & Executives (current)

    NAMETITLEDATE OF APPT

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Greig GaileyCEO06/08/200101/04/2004
    Mark RaynerNon Exec Chairman01/01/198901/04/2003
    Geoffrey AllenNon Exec Director01/08/199401/04/2003
    Andrew GuyNon Exec Director01/08/199401/04/2003

    Date of first appointment, title may have changed.