quadrant iridium acquires 15pc of hlt

Quadrant Iridium acquires 15pc of HLT
11:19, Tuesday, 6 June 2006

Sydney - Tuesday - June 6: (RWE Aust Business News) - Quadrant
Iridium Ltd (ASX:QAD) has acquired 15 per cent of HLT Ltd (ASX:HLT),
becoming a substantial shareholder in, and secured lender to, HLT.
QAD will acquire approximately 10,460,809 shares from interests
associated with Ivan Brookfield.
It will advance funding (on a secured basis) to HLT for working
capital.
The net exposure of QAD to HLT will be $2m.
This exposure will be secured by a fixed and floating charge over
the assets and undertaking of HLT.
This transaction is expected to occur on, or before, June 30
2006.
It is a condition of the QAD funding that it has the right to
convert all or part of its loan funds into HLT shares at any time on an
agreed basis subject to the approval of the HLT shareholders.
Quadrant shares were last traded at 5.3c and HLT was steady at
8.1c.
ENDS

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