The Conversation (0)
Mirabela Nickel Provides Sale Process and Operational Update
Jun. 15, 2016 08:34AM PST
Base Metals Investing Mirabela Nickel (ASX:MBN) has provided an update and overview of the sale process that it has conducted in relation to the assets of the company. As quoted in the press release: The receivers and managers of MBN (the Receivers) have conducted an extensive sale process for the assets of MBN, which did not result in …
Mirabela Nickel (ASX:MBN) has provided an update and overview of the sale process that it has conducted in relation to the assets of the company.
As quoted in the press release:
The receivers and managers of MBN (the Receivers) have conducted an extensive sale process for the assets of MBN, which did not result in any offers for the assets of MBN that were capable of acceptance. Following completion of that sale process, the Receivers engaged in extensive negotiations with an ad hoc group of noteholders of MBN (Noteholders) (the Ad Hoc Group) in an attempt to reach an agreement for a Noteholder bid for MBN’s shareholding in Mirabela Mineração do Brasil Ltda (MMB) (a Noteholder Bid). The Ad Hoc Group have ultimately been unable to deliver a Noteholder Bid that is capable of implementation.
In connection with the negotiations, MBN provided certain confidential information to the Ad Hoc Group and other potential bidders for the assets of MBN pursuant to nondisclosure agreements (NDAs). The NDAs have now expired pursuant to their terms. MBN is making the disclosures in this update in accordance with the terms of the NDAs.