MARKET RELEASE 30 September 2016
Voluntary Suspension
Pursuant to Listing Rule 17.2, CuDeco Limited (ASX:CDU) requests a voluntary suspension of the trading of its shares from quotation pending the finalisation of the refinancing of its China Minsheng Banking Corporation ("Minsheng Bank") finance facilities.
Under the refinancing proposal being considered by Minsheng Bank, Facility B being US$4.9m is to be repaid on or before 31 October 2016 and Facility A being US$60m is to be repaid by 31 December 2017 by instalments (either monthly or quarterly). Under the existing agreements, the repayment of US$20m of Facility A is due by the end of October 2016 and the balance of the Facilities is due to be repaid by 31 January 2017.
The Directors will not be able to sign the Financial Statements for the year ended 30 June 2016 as a going concern until this approval is received. The Company is confident that the refinancing will be approved based on its discussions with the bank who are preparing the required documentation to give effect to the refinancing.
The following information is provided in relation to this request: -
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The suspension is sought as the Company is not be able to finalise its financial statements for the year ended 30 June 2016 until it receives approval for its refinancing of its Finance Facilities from the Minsheng Bank;
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The suspension is expected to last until approximately 17 October 2016;
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The suspension is expected to be lifted once the Financials are signed which will occur as soon as the Company receives approval for the refinancing of its Finance Facilities from Minsheng bank;
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The Company is not aware of any reason why its shares should not be suspended.
ENDS
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