As you may be aware, the first creditors meeting was held in the...

As you may be aware, the first creditors meeting was held in the offices of Ferrier Hodgson in Perth last Friday.

We understand that the information for that meeting was disseminated through Ferrier Hodgson’s website. Our understanding is that it was a preliminary meeting to outline the statutory process that an administrator must follow under the Corporations Act and other relevant Commonwealth law. This included the registration of creditor interests with respect to debts owed by Indochine, but does not include debts owed by Summit Resources as Summit itself is not in administration/liquidation.

We understand that the administrator requested the company to prepare a detailed report on the company’s financial and legal position with a possible deed of company arrangement or liquidation. As we understand it, the company is in administration as a consequence of the secured creditor being unable to continue to support the company financials, and as such has determined that the company be put into administration.

Generally the administrator is primarily concerned with the secured creditor/s and persons with proven debts. Shareholders are technically creditors however in the event of liquidation, the law gives preferential treatment to secured creditors, then to persons with proven debts and lastly to unsecured creditors (current shareholders) should anything remain. However there is an independent and alternative avenue for shareholders other than the administrators.

We have received information that indicates substantive factual grounds for investigating the (legal) relationship of shareholders to management of IDC. Any person who is or has been a shareholder of Indochine Mining may obtain further details by contacting me via the TS website/forum (using the free private message service). If I don’t respond to you on the day I will endeavour to reply to you ASAP.

Please note that I don't intend to publicly respond to any questions or enquiries regarding the above.

GLTA