results of meeting of creditors

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Pitcher Partners, including Johnston Rorke, is an association of independent firms | An independent member of Baker Tilly International.
www.pitcher.com.au
Melbourne
Telephone +61 3 8610 5000
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Sydney
Telephone +61 2 9221 2099
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Perth
Telephone +61 8 9322 2022
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Adelaide
Telephone +61 8 8179 2800
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Brisbane
Telephone +61 7 3222 8444
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Results of meeting of creditors
At the meeting of creditors held on 6
August 2009, the creditors of Macmin and
its wholly owned subsidiary, Texas Silver
Mines Pty Ltd ACN 002 789 380 (Subject to
Deed of Company Arrangement), passed
resolutions approving the Recapitalisation
Deed with a syndicate of investors including
Cygnet Capital Pty Ltd ACN 103 488 606
and Alcyone Mining Limited ACN 135 177 918
(“the Syndicate”).
Approval by shareholders
Shareholder approval is a condition
precedent of the Recapitalisation Deed and
is therefore required in order to complete
the deal. It is anticipated that a meeting
of shareholders will be convened in late
September / early October 2009 to consider
and, if thought fit, approve the proposed
restructure under the Recapitalisation
Deed. If shareholder approval is obtained,
it is anticipated that settlement will occur
and Macmin will be requoted on the ASX as
soon as possible following the meeting of
shareholders.
Deed Administrator’s Update to Shareholders
Full details of the Recapitalisation Deed
will be provided to shareholders prior to
the meeting in a Notice of Meeting and
Explanatory Statement. Shareholders
should expect to receive this information
within the next 1-2 weeks.
The proposed structure and business plan
encompassed by the Recapitalisation Deed
provides for Macmin’s key operating assets
in Queensland to be retained going forward.
As a result, existing shareholders have
the potential to benefit significantly from
the value enhancement anticipated from
the implementation of this business plan.
The plan involves adopting a systematic
approach, including a programme of
metallurgical test work and a detailed
economic review of the Twin Hills Silver
Mine, with the objective of re-commencing
commercially viable mining and processing
operations.
As well as having the requisite financial
backing, the Syndicate also comprises
individuals with extensive experience
in mine development, operations and
corporate management. Their proposal is
based on the development of sustainable
silver production from the Company’s assets.
Macmin Silver Limited (Subject to Deed of Company Arrangement)
ACN 056 776 160
ASX code: MMN (“Macmin”) 17 August 2009
It is my experience with other
recapitalisations that I have been involved
with that your retained interest may be
the seed which grows into something
substantial. If Macmin and its Twin Hills
Project is managed correctly (which the
Syndicate has the skill set and knowledge to
do) then there is great potential to restore
value to your retained interest.
I urge shareholders that have any concerns
after reviewing the Notice of Meeting and
Explanatory Statement or who require
further clarification of the benefits of
the Recapitalisation Deed for existing
shareholders to contact Mr Ben Green of
Pitcher Partners in Perth on (08) 9322 2022.
Further information?
The Deed Administrator will continue to
provide further updates to shareholders
by way of announcements to the ASX.
Shareholders with further queries should
refer to the Deed Administrator’s previous
announcements.
BRYAN HUGHES
DEED ADMINISTRATOR