Ann: Sale of TCM, page-18

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dante941

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28/11/18

13:46

Post #: 36670325
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Originally posted by satellites ↑

PAN ASIA MADE ANNOUNCEMENT BELOW TO ASX AND WE DID'T HEAR ABOUT IT SINCE,... these guys move at snails pace always have.
"23 May 2018ASX ANNOUNCEMENTNew Emerald Coal Pty Limited placed in ReceivershipPan Asia Corporation Ltd (“PZC” or the “Company” has previously announced that it hadentered into a binding but conditional term sheet to acquire New Emerald Coal Pty Limited(“NEC”, subject to shareholder approval. Pan Asia has made available a secured loan of$1,059,070 bearing an interest rate of 12% to further this transaction.On 21 May 2018, NEC was placed into voluntary administration and a receiver was appointed.The appointment of a voluntary administrator and receiver was made by a secured lender.The secured lender took this action as another creditor had withdrawn its support and wasseeking to wind up NEC. PZC has been in discussions with the secured creditor and thereceiver and it is their intention to proceed to a Deed of Company Arrangement (DOCA). PZChas security over its debt and initial discussions with the receiver and secured creditor confirmthat the PZC security will be part of the DOCA arrangement.Accordingly, the Board is comfortable that the debt will be recovered or it will acqire the assetsit seeks as part of the proposed DOCA.There have been no discussions on the detail of the DOCA at this point and this is still to benegotiated."
Gary WilliamsDirector
Mr Gary could you tell us where are we at....
IMO dyor

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It was made to ASX so was public.

Agree though... why haven't we heard about how the DOCA impacts PZC and our 'secured' loan to NEC. I'm sure there is a breach of director duties in this non-disclosure somewhere. Especially as the DOCA apparently includes a guarantee from PZC

PZC Price at posting: 0.2¢ Sentiment: None Disclosure: Held
3 Upvote

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Ann: Sale of TCM, page-18

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