Hi flightMonarch awaits proposal assessment27-March-09 by...

Hi flight

Monarch awaits proposal assessment
27-March-09 by Heather Bennett




Pitcher Partners administrator Bryan Hughes said with the close of the due diligence period today, he was expecting proposals over the next week as to what to do with the company's remaining assets.

Pitcher Partners have shortlisted a number of offers and are considering the alternatives.

"Depending on the complexity of the proposals put forward, they will be assessed and we will make a decision," Mr Hughes said.

"That will be in about two or three weeks time."

Transaction for the $13 million sale of Minjar to businessman Robert Nash, through his company Golden Stallion Resources, settled two days ago.

A previous heads of agreement with Aard Metals and Energy, worth $11 million, had fallen through.

Shareholders have been awaiting an outcome since the company went into administration in July.

Today the company announced the resignation of director David Huitson, which has been in effect since January 30.