Lachlan Star Announces Appointment of Voluntary Administrators
13.02.2015 | Marketwire
PERTH, Feb. 13, 2015 - Gold miner, Lachlan Star Limited ("Lachlan Star" or the "Company") (TSX:LSA) (ASX:LSA), wishes to advise that earlier today they resolved to appoint Mr. Matthew Woods and Mr. Hayden White of KPMG as joint and several Administrators of the Company.As announced to the market on 6 February 2015, the Board had been considering a proposal from Hamilton Place Associates LLC ("HPA") for an acquisition of 100% of the shares in DMC Newco Pty Ltd., the Company's wholly owned subsidiary which owns the Chilean operating companies. The majority of the Board has concluded that the proposal was not capable of being progressed with an adequate degree of certainty and in a timeframe that would ensure the ongoing solvency of LSA and hence resolved to make the appointment. We anticipate that the Administrators will continue to review the HPA proposal alongside other proposals from other parties that may be presented to them.
This decision does not immediately affect the Chilean operating companies and their operations, which remain under the control of those companies' directors, however given the CMD Gold Mine is the significant asset of Lachlan Star we expect the Administrators will work closely with Lachlan Star's board of directors to determine the most appropriate way forward for that operation.
RA Anderson
Company Secretary
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Contact
KPMG
Matthew Woods
Partner, Restructuring Services
+61 8 9263 7171
+61 8 9263 7129 (FAX)
mwoods1@kpmg.com.au