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One Resources Stock Announced Voluntary Delisting - PAN

Sep 03, 2024 | Team Kalkine
One Resources Stock Announced Voluntary Delisting - PAN
Image source: shutterstock

Panoramic Resources Limited (ASX: PAN)

Panoramic Resources Limited is a mining company that explores for and mines copper, nickel, and cobalt in the Kimberley region of Western Australia.

Announcement of Voluntary Delisting

  • On 21 August 2024, PAN announced that it will be removed from Australian Securities Exchange official list, due to non-payment of listing fees. The Company’s Administrators were of opinion that benefits with listing were lesser than the costs   and administrative burden of remaining listed on the ASX.
  • Subsequently, Panoramic delisted from the official list at the close of trading on 28 August 2024 (Wednesday).
  • Please note that, shareholders were already not able to trade or transfer shares since shares in Panoramic were suspended from quotation on 17 November 2023. Therefore, delisting didn’t change the restriction. Now, when the Company is delisted, the ASX Listing Rules will no longer be applicable.
  • Under Listing Rule 17.15, any entity that had not paid its annual listing fees in respect of the year ending 30 June 2025 by 5:00pm AEST on Wednesday 28 August 2024 was removed from the official list with effect from the close of trading on Wednesday 28 August 2024.

Outcome of Federal Court Proceedings

  • According to the Company’s ASX announcement from 11 March 2024, there was a disagreement between the Administrators and Receivers regarding whether the funds in the administration accounts for the Company’s voluntary administration should be considered part of the secured property under the Receivers' appointment. This matter was addressed in a Federal Court case, where Gilbert + Tobin represented the Administrators.
  • Justice Feutrill decided in favor of the Administrators, determining that the contested funds are not included in the secured property managed by the Receivers. FTI Consulting is satisfied with the resolution of this matter, and both the Administrators and Receivers have indicated their commitment to continue collaborating on the dual-track strategy aimed at selling or recapitalizing the Panoramic business. This announcement has been authorized by the Administrators.

Notice of Concurrent Second Meetings of Creditors

  • In accordance with section 75-225 of the Insolvency Practice Rules (Corporations) 2016, the Administrators issued their Report to Creditors ("Report") on 23 July 2024, in advance of the second meetings of creditors for each of the Companies. These concurrent second meetings of creditors were set for Tuesday, 30 July 2024, at 3:00 pm (AWST) via videoconference.
  • During these meetings, the Administrators plan to postpone the proceedings for up to 45 business days.

Report to Creditors

In the Report, the Administrators noted:

  • They are in advanced discussions with a potential party concerning a Deed of Company Arrangement (“DOCA”) proposal.
  • The details of these negotiations are commercially sensitive and confidential.
  • Given the current state of negotiations, they believe it is in the creditors' best interest to delay the concurrent second meetings of creditors by up to 45 business days. This extension will provide time to finalize the DOCA proposal, issue a supplementary report, and offer a recommendation on whether entering the DOCA (if available) or proceeding with liquidation is in the creditors' best interest.

PAN’s Price Chart

(Source: REFINITIV)

As highlighted above, shares of Panoramic Resources Ltd has not been trading since November 2023 and got delisted last week. Hence, we close the position on the stock as per the last traded price on 14 November 2023 at AUD 0.035.  

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

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