Any life line is helpful
After looking at the ferrier hodgson website this was actually announced on the 7/3 so it's good to see there is a chance to see it relisted ;: "
I HOPE"
1.
EXECUTIVE SUMMARY
Andrew Saker and Darren Weaver were appointed as Joint and Several Administrators of View Gold Pty Ltd (“View Gold”) on Friday, 8 February 2008, pursuant to Section 436A of the Corporations Act (“the Act”).
Furthermore, Andrew Saker and Darren Weaver were also appointed as Joint and Several Administrators to View Gold’s parent entity View Resources Ltd (“View Resources”) and its related entity View Nickel Pty Ltd (“View Nickel”) on Friday, 8 February 2008, pursuant to Section 436A of the Act. For the purposes of this report, View Gold, View Resources and View Nickel are collectively referred to as “the Group”.
Creditors ratified our appointment as Joint and Several Administrators of the Group at the first meeting of creditors held on Wednesday, 20 February 2008. A Committee of Creditors was formed for View Gold and View Resources. Given the composition of View Nickel’s creditors and its relationship with View Resources, creditors decided that no Committee would be formed for View Nickel.
Immediately following our appointment, we took control of the Group’s assets including View Gold’s assets and continued to carry on the Group’s business.
On Tuesday, 19 February 2008 the secured creditors Investec Bank (Australia) Limited (“IBAL”) and Investec Bank (UK) Limited (“IBUK”) exercised their rights to appoint Receivers and Managers over the entities View Resources and View Nickel. However, View Gold’s operations and assets were left under the control of the Administrators.
Following the appointment of Receivers and Managers to View Resources and View Nickel on Tuesday, 19 February 2008 and following the Joint and Several Administrators’ thorough assessment of the Group’s trading forecasts moving forward, the operations at View Gold’s Bronzewing Minesite were placed on care and maintenance by the Administrators.
Furthermore, after a meeting of View Resources’ Committee of Creditors and approval from the Committee on Wednesday, 27 February 2008, the Administrators of View Nickel signed a term sheet with a subsidiary of IMC Resources (Australia) Pty Ltd (“IMC”), Austral-Asia Resources and Infrastructural Investments Pty Ltd (“AARI”) to refinance the debts due to IBAL and IBUK and fund future cash calls in relation to the Carnilya Hill Joint Venture. The funding is subject to a number of conditions precedent including a due diligence review in relation to View Nickel’s interest in the Carnilya Hill Joint Venture. Documentation in relation to the funding is currently being negotiated. At present the funding has not been drawn down.
The second meeting of creditors of View Gold has been convened for Monday, 17 March 2008 and will be held at the Kings Hotel, 517 Hay Street (corner of Hay and Pier Streets), Perth, Western Australia at 2.30pm WST.
The Administrators are currently seeking expressions of interest for the purchase of View Gold’s assets and are also seeking expressions of interest for the possible restructure and recapitalisation of the Group. The Receivers and Managers are also currently seeking expressions of interest for the sale of View Nickel’s assets.
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