PSC 2.0, page-7

Before the proceeds from the sale of the Arcadia mine are distributed, a shareholder vote is required on a capital reduction. My (non-expert) understanding is that under the Corporations Act, the notice period for company meetings leading to a vote is 28 days for listed companies (s249HA).

Given this, it appears a vote will not occur in June, indeed not before 13 July (currently). I note PSC suggested on 29 April, the meeting was expected be convened in June.

This delay is probably the result of the tax ruling from the Australian Taxation Office still being outstanding at this time. This ruling would establish the limit of the capital reduction.

However, there may be another explanation for the delay. A distribution in the form of a share buy back is still on the table, see fourth dot point, page 9 of 3 June announcement. This is in contrast to the 29 April announcement that only talks about a 'cash' distribution.

Could it be that the ATO tax ruling has been completed and the findings have provided encouragement for a distribution in the form of a share buy back rather than as a cash distribution. Thus the delay is to do with PSC determining which form is best for shareholders?