owed about $70 million, Matt Latimore’s M Resources, Brian MacDonald’s Tetra Resources and Australian Pacific Coal, all entering into a joint venture agreement to re-start Dartbrook.
Trepang has also advised Australian Pacific Coal that it would be supportive of the company’s already underway $100 million rights issue, to repay some or all of its debt.It’s all understood to be subject to final negotiations, but is enough for Australian Pacific Coal to stick with its entitlement offer.
It’s the latest twist in an intense battle for control. Four competing consortiums have lobbed bids for Australian Pacific Coal in the past month, just as Trepang was due to acquire its crown jewel Dartbrook. Australian Pacific Coal has made the most of the attention, launching a $100 million rights issue backed by a joint venture agreement with Queensland’s M Resources in relation to Dartbrook.
It appears that joint venture agreement will now be expanded to include Tetra Resources, which is linked to former AMCI Australia boss Brian MacDonald, and has Trepang’s backing.