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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cape Lambert | LSE:CLIO | London | Ordinary Share | AU000000CFE0 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCLIO RNS Number : 9288M Cape Lambert Iron Ore Limited 06 February 2009 Cape Lambert Iron Ore Limited 6 February 2009 Cape Lambert acquires CopperCo secured debt Australian resources company Cape Lambert Iron Ore Limited ("Cape Lambert") (ASX: CFE, AIM: CLIO) has today acquired the secured debt owed by ASX listed CopperCo Limited (ASX: CUO) ("CopperCo") and its subsidiaries from Macquarie Bank Limited ("Macquarie") and LinQ Capital Limited as Responsible Entity for the LinQ Resources Fund. The directors of CopperCo and other members of the CopperCo corporate group appointed joint and several administrators on 26 November 2008. On the following day, Macquarie appointed joint and several receivers and managers. Following the acquisition of the secured debt by Cape Lambert, the existing receivers and managers have been replaced and Gary Doran and David Lombe of Deloitte Touche Tohmatsu Australia have been appointed as new joint and several receivers and managers. Under the transaction, Cape Lambert acquired CopperCo's outstanding secured debt to these parties for a total cash payment of approximately AUD$72.7 million (the payment of approximately AUD$15.0 million of which is deferred until late July 2009). In addition, Cape Lambert has provided bank guarantees in place of existing performance bonds and receivers unpaid liabilities to an approximate aggregate of AUD$33.8 million. The Board of Cape Lambert believes that the CopperCo group holds an attractive portfolio of assets which represent significant value, despite current market conditions. Cape Lambert believes that this transaction provides an exposure to CopperCo's assets in a relatively low-risk manner and is confident of securing a return on its investment. A further announcement in relation to this transaction will be made in due course. For more information please contact: Cape Lambert Iron Ore Limited: Tony Sage +61 (0)8 9380 9555 Australian Enquiries: Professional Public Relations David Tasker +61 (0)8 9388 0944/ +61 433 112 936 UK Enquiries: Nominated Adviser: Grant Thornton UK LLP Fiona Owen +44 (0)20 7383 5100 AIM Broker: Collins Stewart Europe Limited Adrian Hadden +44 (0)20 7523 8353 Conduit PR: Jos Simson +44 (0)20 7429 6603/+44 (0)7899 870 450 Jane Stacey +44 (0)20 7429 6606 Website: www.capelam.com.au This information is provided by RNS The company news service from the London Stock Exchange END ACQTFMBTMMTMBLL
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