Deed Administrators’ Report 2002

On 19 September 2001 the Company and all wholly owned Australian subsidiaries, except Pasminco Superannuation Pty Limited, were placed into Voluntary Administration due to low metal prices, high debt servicing costs, the adverse impact of a weakening Australian dollar on the Company’s currency hedging position and as a result of failure to secure appropriate financial accommodation from its financiers by way of a Standstill Agreement. In accordance with the Corporations Act 2001, upon commencement of the Administration all powers of the Directors and officers of the Company were suspended and the Administrators assumed control of the Group, its business and assets. On 5 October 2002 the Company became subject to a Deed of Company Arrangement and the Deed Administrators under the Deed assumed control of the Group. As from 19 September 2001 and subsequently 5 October 2002, the Directors and officers have only performed functions or exercised powers with the written approval of the Administrators or Deed Administrators respectively.

Accordingly, all references in this Deed Administrators’ Report and the financial report to activities of the Group or decisions affecting its business or assets after 19 September 2001 should be to such activities of the Group while in administration or decisions of the Administrator, or on or after 5 October 2002, while subject to a Deed of Company Arrangement or decisions of the Deed Administrators.

Pasminco Limited the Company will cease to continue to operate under the current proposals. Therefore Pasminco Limited is not a going concern and the Company financial report and the consolidated Group financial report have not been prepared under a going concern basis (refer further to note 1 to the financial report).

The Deed Administrators’ Report, Financial Statements, Deed Administrators` Declaration, Independent Audit Report, Corporate Governance Statement and Ore Resources and Reserves Information have, to the extent possible, been prepared in accordance with the requirements in the Corporations Act 2001 and the Listing Rules of the Australian Stock Exchange.

Directors
The name of each person who has been a Director of Pasminco Limited (Subject to Deed of Company Arrangement) during or since the end of the financial year is:
M R Rayner (Chairman)
D M Stewart (Managing Director & Chief Executive Officer) - resigned 31 July 2001
G D Allen
D J Brydon - retired 26 July 2001
A F Guy
R M Herron - resigned 25 October 2001
D K Macfarlane - retired 25 October 2001

Other than as indicated above, each person has been a Director during the whole of the financial year and since the end of it. On 6 August 2001 Greig Gailey accepted an appointment as Chief Executive Officer.

On 19 September 2001, Pasminco Limited and all wholly owned Australian subsidiaries, except Pasminco Superannuation Pty Limited, were placed into Voluntary Administration. In accordance with the Corporations Act 2001, upon commencement of the Administration all powers of the Directors and officers of the Company were suspended and the Administrators assumed control of the Group, its business and assets. This situation was continued under the Deeds of Company Arrangement executed by members of the Group previously under Voluntary Administration. As from 19 September 2001 and subsequently 5 October 2002, the Directors and officers have only performed functions or exercised powers with the written approval of the Administrators under Voluntary Administration or Deed Administrators under a Deed of Company Arrangement respectively.

John Spark and Peter McCluskey of Ferrier Hodgson were appointed Administrators on 19 September 2001 and subsequently Deed Administrators under a Deed of Company Arrangement effective 5 October 2002 and continue to act as Deed Administrators at the date of this report.

Click here to download Pasminco Limited (Subject to Deed of Company Arrangement) - Annual Report 2002 (212Kb)

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