Pan Pacific Aggregates Announcements

HSBC leases update

27 October 2008 08:40:27



RNS Number : 7250G Pan Pacific Aggregates PLC 27 October 2008  
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Mon Oct 27, 2008
Pan Pacific Aggregates PLC ("Pan Pacific or the Company")
HSBC Leases 
 
In its announcements dated 29 and 30 September 2008, the Company stated that "We are currently in discussions with Columbia National Investments Ltd (CNI), the vendor of the Pumptown Quarry, and HSBC regarding the leases for the quarry plant, and it is anticipated that there will be a settlement payment made to HSBC by the company during the next three months." 
 
Pumptown Quarry Inc. ("Pumptown"), a subsidiary of the Company has now received a writ from HSBC for a total potential liability of up to $13.255m. The directors believe that the true potential liability to Pumptown is significantly less than this amount and are in discussions to ascertain this level of potential liability. Further information will be announced in due course.
 
Contact details:

Pan Pacific Aggregates plc
+44 (0) 20 7096 9580
William Voaden

Dowgate Capital Advisers Limited
+44 (0) 20 7492 4777
David Newton

Lothbury Financial Limited
+44 (0) 20 7011 9411
Michael Padley / Louise Davis

VSA Capital Limited
+44 (0) 20 7096 9580
Paul Backhouse

Dowgate Capital Stockbrokers Limited
+44 (0) 20 7492 4777
Dru Edmonstone / Philip Dumas
This information is provided by RNSThe company news service from the London Stock Exchange  END  STRPUGBWUUPRURM

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