Copy of statement issued by Australian Kaolin,18 March 1999...

Copy of statement issued by Australian Kaolin,18 March 1999
Share Trading Suspension
"On 19 February 1999 AKL announced a rearrangement of existing financial arrangements with Dresdner Kleinwort Benson. The rearrangement provided immediate access to facilites of $31.5m with a further $5m; if required, at Dresdner's discretion.
Drawings under the restructured facility were subject to the Company continuing meet agreed commissioning and financial milestones. Following a review of the financial position Dresdner formed the view that the Company had not met certain milestones. This resulted in Dresdner not allowing further drawdowns to the Company. As a result the Company requested a voluntary suspension of their share trading on 9 March 1999. A process is now in place to confirm the funding requirements of the Company. Interim funding is being provided by Dresdner to enable certain agreed commitments to be funded.
The Commonwealth Bank of Aust arrangements of $15m remain in place and can be used at Project completion,in part,to reduce the Dresdner facility on drawdown.
Dresdner has not raised any concerns in relation to commisioning. Product has now been processd through all areas of the Plant and final commissioning is awaiting minor alterations to enable commencement for bagging of product ready for delivery against the Chemag order.
The Company will request reinstatement of its ASX share trading as soon as the Company is satisfied that all outstanding issues have been satisfied and funding is being fully restored".
And then it started all over again---"Those that ignore the mistakes of history will be forced to repeat them".