Ten Sixty Four Limited - Case Update

A DOCA has been executed for Ten Sixty Four Limited, representing the first major step towards settling various intercompany claims and disputes over the ownership of certain assets. The ASX-listed mining company entered administration on 2 July, shortly after a new board of directors was appointed and determined that a dispute had arisen concerning the alleged transfer of ownership of a 60% interest in the company’s subsidiary Philsaga Mining Corporation (PMC). The company had no guarantee of continued income from PMC to support its operations during the dispute. Martin Ford and Simon Theobald of PwC were appointed administrators. The DOCA requires certain conditions to be met before the administration can be completed, including resolution of the intercompany claims and ownership disputes. The parties will now commence negotiations with the intention to settle the disputes.