Brief: Phoslock Environmental Technologies Says Directors Resolve To Proceed With Potential Asset Sale

Phoslock Environmental Technologies

31/10/2023 01:28

Oct 31 (Reuters) - Phoslock Environmental Technologies
 PET.AX :
    * DIRECTORS RESOLVE TO PROCEED WITH POTENTIAL ASSET SALE AND
WIND-UP OF COMPANY
    * RESOLUTION FOLLOWS PROCESS TO IDENTIFY OPTIONS TO SECURE
NECESSARY CAPITAL TO CONTINUE OPERATIONS OF CO
    * WILL TAKE STEPS TO REDUCE COSTS AND WIND DOWN OPERATIONS
    * DIRECTORS HAVE RESOLVED TO PROCEED WITH PROPOSED ASSET
SALE AND
TO SEEK DE-LISTING FROM ASX, WINDING-UP OF CO
    * CURRENTLY NEGOTIATING WITH THIRD PARTY REGARDING POTENTIAL
DIVESTMENT OF PET'S KEY ASSETS IN EXCHANGE FOR CASH
    * WHILE THESE NEGOTIATIONS ARE INCOMPLETE AND THERE CAN BE
NO
GUARANTEE THAT A TRANSACTION WILL BE CONSUMMATED
    * PET WILL CONTINUE TO MONITOR AND SATISFY COMPANY'S
LIABILITIES
INCLUDING COSTS ASSOCIATED
    * PROPOSED DE-LISTING, AND BUSINESS WIND DOWN WILL HELP TO
REDUCE
ADMINISTRATION COSTS PENDING WINDING-UP OF CO
    * DEPENDING ON PROCEEDS AND EXTENT OF LIABILITIES/COSTS,
THERE MAY
BE RETURN OF CAPITAL TO PET SHAREHOLDERS

Source text for Eikon:  ID:nASX1LR6YZ 
Further company coverage:  PET.AX 

 ((Reuters.Briefs@thomsonreuters.com;))