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AusGold hangs on

Thursday, 5th December, 2019

AusGold Mining’s Sally Zou. AusGold Mining’s Sally Zou.

By By Callum Marshall

Sally Zou’s AusGold Mining Group has avoided being wound up after a Deed of Company Arrangement (DOCA) was voted for by a majority of creditors on Monday.

While secured creditors and priority employees are expected to be paid their owed amounts by Ms Zou, the dividend prospects (cents in the dollar) for unsecured creditors is expected to be five cents to the dollar.

Speaking to the BDT yesterday, Administrator John Vouris of Hall Chadwick said Ms Zou had put in $2.6 million as part of that arrangement.

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