the story so far, page-13

123enen



True that.



I have read and re-read it a few times.

Still not 100% on it though.

Summit is an advisor to PLV, ICA is an associate of Summit. I would have thought that that meant that they were on the same side. Maybe they were acting for another party?



First part of the announcement.



Pluton Resources Limited (“Pluton” or “the Company”) wishes to advise that on the afternoon of Friday 5 April 2013, ICA Investment & Consulting Pty Ltd (“ICA”), an associated company of Pluton’s advisor Summit Equities (Summit), appointed Hall Chadwick as Receivers and Managers of the Company pursuant to a Security Deed entered into between the Company and ICA.



So ICA appointed a receiver, due to a condition of the Security Deed not being met. So something needed to be done by PLV but it wasn't so the Security Deed was breached. This needed to be fixed or receivers would have acted.





Second part of the announcement.



The notice of appointment was not received by the Company until late in the afternoon of Friday 5 April as it was sent to the Company’s solicitors.
At 6:30am on Sunday 7 April 2013, ICA advised Hall Chadwick that after further negotiations with Pluton an acceptable settlement had been reached and requested Hall Chadwick retires as receivers and managers.
Hall Chadwick agreed to this without having entered into possession of the Company or its assets.



This confirms that it was not initiated by the company. (as someone posted the company would appoint an administrator, a creditor would appoint a receiver) Some one at the Company’s solicitors probably put down their chardonnay and checked their phone, that would have been the end of the tapas' for a while, no doubt.

It must have been a hectic weekend for all involved as a solution was reached sometime before 6:30am. on Sunday.

Interesting piece of this part "an acceptable settlement had been reached" As per the next paragraph. "the restructuring of priorities between existing securities".. What that means is just a guess, at the moment all securities are equal I thought ??

Is it something to do with the unquoted options.. there are about 48 million of them..



Maybe as I wrote before "some" are being changed to non voting.





Third part of the announcement.



A key issue in this negotiation between Pluton and ICA concerned the restructuring of priorities between existing securities which has now been resolved. The restructuring of the priority between securities is a necessary step in clearing the way for Pluton to finalise its previously announced US$24 million funding agreement with a large Hong Kong based resources group.



See above



So basically this whole post says .... I have no idea what this means and hopefully we will find out soon.



One question that I have is are the 2 announcements today related? Was the condition that PLV had comply with anything to do with the board change??


Cheers