View Resources 14 Oct 09

Administrators say the company will be placed in liquidation.

Members will recall that the View Group of companies is Subject to Deed of Company Arrangement. Unfortunately for Members who are shareholders, an update on the status of View by Ferrier Hodgson signals an end to the company.

View Gold has entered into a binding sale agreement with Navigator (Bronzewing) Pty Ltd to sell the Bronzewing mine, tenements and infrastructure for $A16m. Of this amount $A9.5m is received in cash. The balance is held under environmental bond liabilities imposed by the Department of Mines and Petroleum.

Part of the cash proceeds was used to settle a secured loan facility. It is the view of the Deed Administrators that View Gold will be placed in liquidation. It seems that under the General Employee Entitlements and Scheme that certain employee entitlements will be paid. There will be nothing left over for shareholders.

Accordingly, we are removing View Resources from the Fat Prophets Australian Mining and Resources Portfolio.

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