ATLANTIC LIMITED 
By
27 February 2014
Atlantic Ltd (ASX: ATI) (Atlantic or the Company) is pleased to announce that it is finalising agreements with an ad hoc group of the majority of holders of its wholly-owned subsidiary Midwest Vanadium Pty Ltd's (MVPL) senior secured notes (Notes Group) and the Company's largest shareholder Droxford International Limited to implement a new funding facility of up to
$35 million.
The agreements also involve a standstill on MVPL's interest reserve account (IRA) and interest payment obligations on the senior secured notes until at least August 2014.
To allow further time for the new facility and standstill documentation to be put in place, the Notes Group has notified MVPL that they have agreed to extend the previously granted forbearance notice and thereby to forbear and not to accelerate or take any enforcement action under the indenture prior to close of business in New York City on 4 March 2014.
The Notes Group had previously agreed not to take any action prior to 25 February 2014 as a result of MVPL's failure to deposit US$5 million into the IRA.
MVPL was required to deposit US$5 million into the IRA and pay the half yearly interest payment on its senior secured notes on 15 February 2014 under the terms of the indenture governing those notes.
MVPL has not made the IRA deposit or made the interest payment and under the terms of the senior secured notes indenture, MVPL has 30 days grace to make the interest payment.
The Company requests that the voluntary suspension in the trading of its securities remain in place.
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Ph: + 61 8 6141 7100 Ph: +61 8 6141 7100
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