Pan PacificAggregate – HSBC leases update – 27/10/2008

    RNS Number : 7250G

  Pan Pacific Aggregates PLC

  27 October 2008

    Mon Oct 27, 2008

Pan Pacific Aggregates PLC ("Pan Pacific or the Company")

HSBC Leases 
In its announcements dated 29 and 30 September 2008, the Company stated that "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 three

months." 
Pumptown Quarry Inc. ("Pumptown"), a subsidiary of the Company has now received a writ from HSBC for a total potential

liability of up to $13.255m. The directors believe that the true potential liability to Pumptown is significantly less

than this amount and are in discussions to ascertain this level of potential liability. Further information will be

announced in due course.
Contact details:
 Pan Pacific Aggregates plc            +44 (0) 20 7096 9580

 William Voaden
 Dowgate Capital Advisers Limited      +44 (0) 20 7492 4777

 David Newton
 Lothbury Financial Limited            +44 (0) 20 7011 9411

 Michael Padley / Louise Davis
 VSA Capital Limited                   +44 (0) 20 7096 9580

 Paul Backhouse
 Dowgate Capital Stockbrokers Limited  +44 (0) 20 7492 4777

 Dru Edmonstone / Philip Dumas
This information is provided by RNS

The company news service from the London Stock Exchange