27th Oct 2008 08:40
Mon Oct 27, 2008 Pan Pacific Aggregates PLC ("Pan Pacific or the Company") HSBC Leases In its announcements dated 29 and 30 September 2008, the Company stated that "We are currently in discussions with Columbia National Investments Ltd (CNI), the vendor of the Pumptown Quarry, and HSBC regarding the leases for the quarry plant, and it is anticipated that there will be a settlement payment made to HSBC by the company during the next three months." Pumptown Quarry Inc. ("Pumptown"), a subsidiary of the Company has now received a writ from HSBC for a total potential liability of up to $13.255m. The directors believe that the true potential liability to Pumptown is significantly less than this amount and are in discussions to ascertain this level of potential liability. Further information will be announced in due course. Contact details:
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Pan Pacific Aggregates plc |
+44 (0) 20 7096 9580 |
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William Voaden |
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Dowgate Capital Advisers Limited |
+44 (0) 20 7492 4777 |
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David Newton |
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Lothbury Financial Limited |
+44 (0) 20 7011 9411 |
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Michael Padley / Louise Davis |
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VSA Capital Limited |
+44 (0) 20 7096 9580 |
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Paul Backhouse |
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Dowgate Capital Stockbrokers Limited |
+44 (0) 20 7492 4777 |
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Dru Edmonstone / Philip Dumas |
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