KZL 0.00% 12.0¢ kagara ltd

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  1. J L
    35 Posts.
    From

    City Beat: More Dudley

    James McCullough •
    The Courier-Mail•
    November 02, 201312:00AM


    KAGARA TRADING ON

    SO KAGARA lives to trade another day. After a three-hour meeting in Cairns on Thursday afternoon, creditors of the collapsed base metals miner once valued at $1?billion voted to keep the carcass alive for another 45 days. FTI principal Michael Ryan argued to creditors that this was the best course, pending finalisation of a bid by an unnamed Melbourne-based consortium. Ryan said the consortium was led by a fast-talking young man with a "suit shinier than his". City Beat can reveal that the consortium, which goes under the name of AlVa Resources, which is made up of former executives of Nystar, a European base metals trader. The two AlVa principals who hail from Little Collins St in Melbourne are Erling Sorensen and Donald Garner and there is talk of a price tag of $30?million for the remainder of Kagara.

    Regrettably according to Ryan despite their best endeavours bidders had failed to pay a deposit for yesterday's meeting but were conducting due diligence.
 
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