Key progress update on Ten Sixty Four's restructuring agreements

Ten Sixty Four Limited (ASX: $X64) has settled the first tranche of detailed restructuring agreements with its subsidiaries and affiliates, as part of the Deed of Company Arrangement (DOCA) dated 1 November 2023. The agreements aim to restructure certain inter-company commercial, operational, and financing arrangements between the Company, Komo Diti Traders Ltd, Mindango Mineral Processing and Refining Corporation, and Philsaga Mining Corporation.

CEO Simon Theobald's perspective on the settlement

CEO Simon Theobald expressed, 'This is a significant step forward in the cooperation between X64 and the Philippine stakeholders. We look forward to working together to finalize the outstanding documentation which should then see cashflow moving from the Philippine entities through to X64 to enable us to effectuate the DOCA and return oversight of the Company to the appointed Board of X64.'

Summary of settlement and outlook

Ten Sixty Four (ASX: $X64) has made significant progress in settling the first tranche of detailed restructuring agreements with its subsidiaries and affiliates, marking a crucial step towards the effectuation of the Deed of Company Arrangement. The agreements aim to facilitate the flow of cash from the Philippine entities to X64, enabling the Company to regain oversight and return control to the appointed Board of X64. The Company will continue to provide updates as the remaining documentation is finalized, and the DOCA is effectuated. This development underscores the ongoing efforts to strengthen the cooperation between X64 and its Philippine stakeholders, setting the stage for future operational and financial stability.