Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

Pan PacificAggregate (MXO)

  Print      Mail a friend       Annual reports

Monday 29 September, 2008

Pan PacificAggregate

Update Statement and Board Ch

RNS Number : 4964E
Pan Pacific Aggregates PLC
29 September 2008

Pan Pacific Aggregates plc

Update Statement

The first half of the year was spent looking for potential acquisitions and negotiating compensation for the imposed time delay for the submission of the large producer permit application on the Northern area of the Sechelt PeninsulaThe statement within the 2007 financial accounts provided an update on the Pumptown acquisition.

The acquisition of Pumptown Quarry in the Fraser Valley of British Columbia was completed on the 6th of June 2008, providing the Company with immediate operational capability and cash flow. During June we achieved record production from Pumptown and improved the quality of the product by replacing the crusher system within the quarry process plant.

These interim accounts for the period ending 30th June 2008 includes the June sales figures from Pumptown and demonstrate the tangible benefits of this acquisition.

Operations at Pumptown were set back following an inspection by the Local Authority engineers of the bridge on the sole access road to the quarry which revealed that its structural condition was deteriorating. Aggregate lorries are prohibited from using the bridge until either structural repairs or replacement has been completed. At the time of this inspection, and as part of the acquisition process, we were intending to re-negotiate with HSBC the terms of certain equipment lease for an existing treatment plant.

As a consequence, we were faced not only with the possibility of generating no income from Pumptown for up to 18 months due the need to replace the bridge, but also the possibility of being required to enter into new lease arrangements without the cash flow to support this financial commitment. We therefore released a statement to the market on 29th August 2008 setting out our dilemma.  Our previous Nomad (Hanson Westhouse) resigned on the same day and our shares were suspended.  

We are pleased to report that the issues arising are being resolved. Since the suspension, we have worked tirelessly to get our shares reinstated to trading on AIM within the 30 day period provided by the AIM Rules for Companies. First and foremost, this requires the appointment of a new Nomad and we are pleased to announce that Dowgate Capital Advisers are to be appointed.

We are currently in discussions with Columbia National Investments Ltd (CNI), the vendor of the Pumptown quarry, and HSBC regarding the leases for the quarry plant, and it is anticipated that there will be a settlement payment made to HSBC by the company during the next 3 months. 

As a consequence of our ongoing discussions with CNI we are not expecting to conclude an agreement on Pine Flats by the year end.

We are pleased to report that progress has been made and negotiations are in hand to provide alternative access to the quarry without using the bridge.


During the period of share suspension we have conducted a complete review of the Company's business and structure. This includes refocusing our future development primarily in the Fraser Valley and capitalising on our permitted area at Caren Ridge on Sechelt. We have also restructured our board of management and to this end the Company is pleased to announce that Euan McAlpine has today joined the Board as an executive director. 

Mr McAlpine (50) was until recently employed by Cazenove Capital Management Ltd, where for the past eight years he has worked as a fund manager with an emphasis on business development in the north-west of England.  He joined Cazenove from Seamless Holdings Ltd, a manufacturer and installer of epoxy resin floor systems and decorative flake wall systems for industrial use, where he was Chairman and Managing Director for 3 years. Prior to joining Seamless Holdings, Mr McAlpine was Managing Director of the Alfred McAlpine Minerals Division, where he developed a very successful quarrying business that was sold to Wimpey Minerals (now Tarmac/Anglo American) with good capital appreciation.

Mr McAlpine is a Member of the Institute of Quarrying.

Save as disclosed below there are no additional disclosures to be made in accordance with paragraph (g) of Schedule 2 of the AIM rules for Euan McAlpine. 

Euan McAlpine is currently a director of Managed Support Services plc and Ringcity Ltd and has been a director of Persicle Ltd during the last five years.

Mr McAlpine was the non-executive Chairman of Fearnley Group from November 1997 to September 1999.  The company was bought in November 1997 as a management buy-in November 1997. In September 1999, the main lender requested that a receiver be appointed at which point Mr McAlpine resigned. The company is now in the liquidation phase and there are not believed to be any outstanding creditors.

We also expect to appoint a Financial Director as well as a further non-executive director.

In July we completed a private placement of £1.02m for working capital, acquisitions and quarry development. 

As at 20th September 2008 there was approximately £575,000 of cash in the Company. Furthermore the Company will review its asset base and will if possible dispose of those non-operational assets that are not income earning to ensure that there is sufficient working capital in the business for the foreseeable future.


The Company's operational focus will now be to develop and consolidate an aggregates business in the Fraser Valley, as well as utilising our existing small producer permit at Sechelt (Caren Ridge). By year-end we intend to have two operating units in production, and this should provide us with a positive cash contribution in the future.

Currently, we are in discussion to acquire an additional operating quarry in the Fraser Valley and will announce further details of this opportunity when negotiations are more advanced.


Lothbury Financial                       Michael Padley    +44 (020 7011 9411 

                                                   Louise Davis        +44 (0) 20 7011 9403


Pan Pacific Aggregates plc           William Voaden    +44 (0) 20 7096 9580


Dowgate Capital Advisers Ltd     David Newton       +44 (0) 20 7492 4777

This information is provided by RNS
The company news service from the London Stock Exchange