Panoramic Resources - Case Update

Panoramic Resources (ASX:PAN) has been rescued by Zeta Resources (ASX:ZER), a resources-focused investment company with net assets of approximately US $112 million.

Daniel Woodhouse, Hayden White and Kate Warwick of FTI were appointed voluntary administrators of Panoramic Resources, which operates the Savannah nickel mine in Western Australia, in December 2023. In January 2024, the administrators provided an update that they had made the difficult decision to suspend operations during the sale/recapitalisation process after determining that a near-term turnaround was unlikely, resulting in almost all 140 on-site staff immediately being made redundant.

Now, creditors have voted to approve a DOCA proposal from Zeta Resources. The proposal — the only DOCA proposal received — will see employees’ priority claims paid out in full and an anticipated return to unsecured creditors of approximately 9.7 cents in the dollar. It will also provide an opportunity for the business to continue as a going concern and retain employment of the current workforce.

The administrators’ most recent report can be found HERE.