LACHLAN STAR LIMITED NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR DIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
Perth, Western Australia: Gold miner, Lachlan Star Limited ("Lachlan Star" or the "Company") (ASX and TSX: LSA) wishes to advise that earlier today they resolved to appoint Mr Matthew Woods and Mr Hayden White of KPMG as joint and several Administrators of the Company.
As announced to the market on 6 February 2015, the Board had been considering a proposal from Hamilton Place Associates LLC ("HPA") for an acquisition of 100% of the shares in DMC Newco Pty Ltd, the Company's wholly owned subsidiary which owns the Chilean operating companies. The majority of the Board has concluded that the proposal was not capable of being progressed with an adequate degree of certainty and in a timeframe that would ensure the ongoing solvency of LSA and hence resolved to make the appointment. We anticipate that the Administrators will continue to review the HPA proposal alongside other proposals from other parties that may be presented to them.
This decision does not immediately affect the Chilean operating companies and their operations, which remain under the control of those companies' directors, however given the CMD Gold Mine is the significant asset of Lachlan Star we expect the Administrators will work closely with Lachlan Star's board of directors to determine the
most appropriate way forward for that operation.
PO Box 1523 West Perth, WA 6872 Tel +61 8 9481 0051 Fax +61 8 9481 0052
www.lachlanstar.com.au
For more information please contact:
Matthew Woods
Partner, Restructuring Services KPMG Tel: +61 8 9263 7171
Fax: +61 8 9263 7129
Email: mwoods1@kpmg.com.au
RA Anderson
Company Secretary
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