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Straits Resources Holds Open Briefing on Restructure Reassessment with MD
Tuesday September 23, 2008, 1:37 pm

Original Announcement: Open Briefing: MD Explains Restructure Reassessment

Straits Resources held an open briefing on restructure reassessment with MD Milan Jerkovic. The Company has announced that its proposed restructure will not proceed in light of the market conditions prevailing at present. Mr Jerkovic reported that the Company responded to the concerns of its shareholders and the Board is expected to review its options and the possibility of resuming the planned restructure of the group beyond the current market volatility. Mr Jerkovic also reported that the Company has had a fantastic growth profile both in volume and price over the last couple of years and that continues - going from about 3.5Mt of coal sold last year to targeting approx 9Mt this year and 11Mt in FY2010; and the debt refinancing for the short term acquisition finance, which the Company raised at the end of last year to buy Jembayan, is progressing well with a consortium of banks putting together a number of underwriting proposals.

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