Australian Potash (ASX:APC) - Voluntary Administration

Australian Potash (ASX:APC), a Western Australian sulphate of potash developer, entered voluntary administration on 6 December following a 12-month process to raise capital to advance the Lake Wells Sulphate of Potash Project (“LSOP”), which ultimately proved unsuccessful. The company subsequently surrendered the LSOP mining leases with the Department of Energy, Mines, Industry Regulation and Safety, whilst maintaining its interest in the exploration licenses it holds at Lake Wells and in the West Arunta. Hayden White and Daniel Woodhouse of FTI Consulting were appointed joint administrators, and intend to pursue a realisation strategy involving a sale and/or recapitalisation. The company’s shares will remain suspended from trading while in administration. None of the company’s subsidiaries are affected by the administration.