24th Jul 2009 11:19
PAN PACIFIC AGGREGATES PLC
PUMPTOWN RESTRUCTURING COMPLETED
AND
UPDATE RE OPERATING PERMIT
Pan Pacific Aggregates plc ("PPA" or the "Company"), the British Columbia-based aggregates company, announces that, following the approval of a proposal put to the unrelated unsecured creditors of Pumptown Quarry Inc. on 25 June 2009, the Company has obtained an order from the Supreme Court of British Columbia approving the proposal with effect from 21 July 2009.
On 30 June 2009, the Company announced that a public information meeting regarding a Soil Removal Application made by Pumptown Quarry Inc. would be held in late July. This meeting will now be held on 25 August 2009. The benefit of the delay, which was outside the Company's control, has resulted in the access road being put on the meeting's agenda to enable public consultation. The Board is optimistic, given that the original application was recommended by the council officers, that following the public information meeting, the application will be formally approved by the City of Abbotsford Council.
The Soil Removal Application allows the Company to operate the quarry. The Company will begin revenue generating operations following receipt of the Council's formal approval.
A further announcement will be made in due course.
Managing Director, William Voaden, commented:
"We continue to make progress towards the re-opening of the quarry. The court approved settlement with the creditors allows the Company to move forward and the public information meeting is the next key step in the process towards the quarry opening."
"Having received an informal recommendation for our Soil Permit Application from the Executive Committee of the Council in June, we are optimistic that it will be formally approved following the public information meeting."
For further information, please see the Company's web site, www.panagg.com or contact:
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Pan Pacific Aggregates plc |
Tel: +44 (0) 20 7096 9580 |
|
William Voaden |
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Dowgate Capital Advisers Ltd |
Tel: +44 (0) 20 7492 4777 |
|
James Caithie / Aaron Smyth |
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VSA Capital Limited |
Tel: +44 (0) 20 7096 9589 |
|
Paul Backhouse |
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Lothbury Financial Limited |
Tel: +44 (0) 20 7011 9411 |
|
Michael Padley / Libby Moss |
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