Ann: Update on settlement with Rizhao, PLV 44 and Silver Fir, page-37

buddy,

from the west, Nov 11th,

Mr Catalano was appointed as a Pluton director on August 15, around the time the struggling company gave Chimaera a mandate to assist in restructuring its debt. He was due for election at Pluton's annual meeting, which was scheduled for this month. The Chimaera mandate was first disclosed to the market in October, when Pluton said in a disclosure statement the financial services group would assist it recapitalise and help conduct a review of key contracts including sales and marketing arrangements in respect of all products.
Until the receivers were called in, the right to market the ore was held by its estranged Chinese joint venture partner at Cockatoo Island, Wise Energy Group. It is understood the shipment was due to be unloaded in China over the weekend. KordaMentha confirmed it was "still in the hands of the receivers". It is understood Silver Fir was due to pay for the ore while it was in transit.

Mr Catalano could not be contacted yesterday.

essentially Chimaera were going to refinance the Rizhao debt (been in the wings for quite some time) which was recently one of Watpac's key terms for the promissory note to be executed (along with punting WISE), and Catalano came onboard (and still is) as a director circa mid 2014. Now who sent this ship to Silver Fir which is part owned by Chimaera and also part owned by Catalano has to be answered, also why haven't they paid, what were their motives under whose instruction? KordaMentha need to ensure costs + damages are pursued and got!

Also (i'll stand corrected) there are no administrators at Pluton, there are receivers acting under instruction from GNR as first secured creditor.

What next? I'm expecting something else from left field thats what! Possibly a scorched earth manouvre from WISE as they get more desperate..the Rizhao receivership has backfired on them as Rizhao have settled amicably with PLV/GNR and stood their receivers down..