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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Murchison Utd | LSE:MUU | London | Ordinary Share | AU000000FTE4 | NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6813M Murchison United NL 24 June 2003 ASX, AIM and Media Release 24 June 2003 Appointment of Voluntary Administrator to Renison Bell Limited _____________________________________________________________________ Murchison United NL ("Murchison" or "the Company") (ASX: MUR, AIM: MUU) today announced that it had appointed Mark Reilly of Featherby Reilly as Voluntary Administrator to its wholly owned subsidiary Renison Bell Limited ("Renison Bell"). Following the suspension of operations on 27 May, the Company has been working closely with its advisers in respect of the appointment of Featherby Reilly who are regarded as specialists in the area of administration and restructuring of viable businesses. Following a detailed review and discussion with major stakeholders, the Directors have concluded that the appointment provides the most appropriate framework to fully investigate all available recapitalisation options for Renison Bell. The review has indicated that at current tin prices Renison Bell is able to generate an operating surplus for at least the next 5 years and retire all its outstanding liabilities. In addition there exists a strong potential to extend the mine life through the conversion of known resources to reserves. At current tin prices however, the forecast surplus is insufficient to justify the capital expenditure required to enable the immediate recommencement of operations. In addition the quantum of the forecast surplus is uncertain in light of the ongoing appreciation of the A$ against a flat US$ tin price. As a result, it has been decided to place the Renison Bell operations on a care and maintenance basis pending a full review of the options for recapitalisation and management of the outstanding liabilities. A small management team will be retained to prepare for a rapid recommencement of operations. The remainder of Renison Bell's 28 direct employees have been advised that their employment arrangements will not be extended. The balance of the workforce has previously transferred from direct Renison Bell employment to various subcontractors over the past 3 years and has received over A$5.5 million in entitlements. Following the cessation of operations on 27 May, the majority of these employees were redeployed elsewhere in Tasmania and Australia with a number receiving additional payouts. The Renison Bell operation has been in near continuous production for over 40 years and has recently been restored to profitability following the collapse in tin prices in 2001. During the March quarter the operation recorded an EBIT of A$772,000 and all outstanding obligations to its banker Westpac were fully discharged. There is not expected to be any impact on the Company following the appointment. The arrangements for the recapitalisation of Renison Bell will be advised as soon as they have been finalised. Managing Director Paul Atherley commented: "We have supported Renison Bell through this very difficult period in its long history and having restored it to profitability we intend to recommence operations at the earliest opportunity. The appointment of the Voluntary Administrator is an important step in the future of Renison Bell as it provides a formal framework within which we can recapitalise the operation and manage the outstanding liabilities." For further information please contact: Paul Atherley, Managing Director Murchison United NL Telephone: +618 9321 7448 Facsimile: +618 9321 7747 Mobile: +61 417 475 038 Email: patherley@munl.com.au This information is provided by RNS The company news service from the London Stock Exchange END MSCEAKKLAANDEEE
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