- Salt Lake Potash (SO4) has entered voluntary administration after the company’s directors labelled the business insolvent
- KPMG Restructuring has been appointed as the voluntary administrator, with the news announced post-market close on Wednesday
- SO4 shares have been suspended from trading since July after the company announced a trading halt in relation to Lake Way funding
- KordaMentha has been called in to act as the receivers and managers for SO4 and will undertake an urgent assessment of the company’s finances
- Salt Lake Potash shares last traded at 31 cents each
Salt Lake Potash (SO4) has gone bust and entered voluntary administration.
The materials stock announced the news after market closed on Wednesday, with the company’s directors labelling the business insolvent.
KPMG Restructuring has been appointed as the voluntary administrators, with Martin Jones, Tom Birch and Hayden White all appointed to take over the business and its related entities.
KordaMentha has also been called in to act as the receivers and managers, with the company to undertake an urgent assessment of the SO4’s finances.
In a statement, KordaMentha added it would begin marketing SO4’s assets for sale
while also searching for recapitalisation opportunities.
News of the bust comes months after Salt Lake Potash decided to suspend its shares from trading on the ASX.
Salt Lake Potash had been invested in the development of its flagship Lake Way Project in WA’s Goldfields region.
The project was due to begin production this year and pump out up to 245,000 tonnes of premium salt of potash per annum.
SO4 has been voluntary suspended from trade since July, with shares in the business last trading at 31 cents each.