NRW Holdings (ASX:NWH) has updated the market in relation to the announcement made on 5 August by Gascoyne Resources.
NRW notes the announcement made yesterday by Gascoyne Resources Limited (Subject to Deed of Company Arrangement)(GCY) which referenced that fact that proceedings have been filed in the Federal Court by Habrok (Dalgaranga) Pty Ltd against GCY. The subject matter of those proceedings relates to the recent deed of company arrangement approved by creditors of GCY on 26 June 2020 (GCY DOCA). NRW’s participation in this recapitalisation proposal has been referenced in NRW announcements of 18 and 25 June 2020.
NRW is not a party to these proceedings. NRW will however continue to monitor developments in these proceedings (noting the comments from the Deed Administrators in the GCY announcement that they do not consider that the allegations in the proceeding are sustainable and the GYC DOCA proposal remains in the best interests of both creditors and shareholders) and will update the market to the extent and if necessary.
