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Passing of George Niumataiwalu - RIP, page-7

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5speed

7,098 Posts.

589

25/01/16

19:14

Post #: 16867143
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Originally posted by tobyjack ↑

congo

I'm also not sure whether or not IDC's financial status is the reason the EL is no longer appearing.

Looking back at IDC's last announcements (issued whilst in administration) to shareholders (I am also not one, never have been) they have continued to suggest in these anns they are still waiting on the determination (see below). One would think (hope) if IDC has received notification it would advise it's shareholders, but judging by past performance I'm not surprised they haven't.

From the December Interim Report the suggestion was - with all legal challenges dealt with IDC is awaiting the outcome for the renewal of EL 1093 and suggested that it remains in full force until renewal has been determined.

From the September Quarterly....

On 17 August 2015 the Company completed the court-ordered mediation process at Mt Kare with all Mt Kare landowners identified in the Landowner Investigation Report (LIR) signing a Landowners Agreement in the presence of the mediators, including Justice Kandakasi of the PNG National Court of Justice. This is the first Agreement signed by all Mt Kare landowners since the original gold rush began at Mt Kare in 1986.

• A Notice of Appeal filed by Mr Stephen Promnitz against a judgement made by Justice Foster of the Federal Court of Australia on 17 August 2015 has been dismissed and the appeal process is now at an end.

• The proponent of the Deed of Company Arrangement (DOCA), Kandahar Holdings Pty Ltd, extended the date for the satisfaction of the conditions precedent in the DOCA from 30 September 2015 to 30 November 2015 to allow Kandahar further time to complete the DOCA.

• The Secured Creditor confirmed its continuing support for the Company by agreeing to renegotiate and extend the loan facility to provide ongoing funding to maintain exploration licence EL1093 (EL1093) (subject to Application for Renewal) and the infrastructure at Mt Kare in good standing.

• Landowner groups continued to evidence their strong support for Summit Development Limited (Summit), the Company’s 100% owned subsidiary in PNG which has applied for the extension of EL1093.

• PCF Capital Group Pty Ltd (PCF) has been appointed by the Company to advise and assist the directors in completing the necessary funding to enable Indochine to undertake and complete the proposed work program under the licence renewal application for EL1093.

• Crowe Horwath was engaged to complete the audit of financial statements.

• Legal advisers have been appointed by Indochine to prepare the Notice of Meeting for the upcoming Shareholders Meeting to consider and approve the restructure of the Company’s capital structure.

• Indochine has commenced discussions with relevant parties such that once the Company has complied with its statutory obligations and satisfied (or waived) the Conditions Precedent under the DOCA that it can proceed to fully effectuate the DOCA, prior to seeking to recapitalise and relist Indochine on the Australian Securities Exchange (ASX)

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Well, according to ASIC, the administrators are gonzo. So, the DOCA is good, bad or ugly, not sure, but I eagerly await the ASX update.

Last edited by 5speed: 25/01/16

IDC Price at posting: 0.6¢ Sentiment: None Disclosure: Held
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