W.M.C. plans new structure
The directors of Western Mining Corporation, Ltd, plan to convert Westminer Proprietary, Ltd, a wholly owned subsidiary, into a public company to be known as Western Mining Corporation Holdings, Ltd. The new company will become the holding company for the group, in which Western Mining Corporation will be the principal operating company. This first step in a proposed corporate restructuring will involve the substitution of shares in Western Mining Corp. Holdings for shares in Western Mining Corp, and will require the approval of the Supreme Court of Victoria, the shareholders, and the major creditors of Western Mining Corp. Details will be sent, with the 1979 annual ‘report to shareholders, and approval will be sought at the special meeting to be held close to the time of the next annua! general meeting, expected to be held in November.
Agreement in principle has been reached with the company’s lenders, or their representatives.
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Press, 20 April 1979, Page 12
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154W.M.C. plans new structure Press, 20 April 1979, Page 12
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