what now?, page-90

I just had this response to request for update: I don't fully understand what it all means:

As you are aware, we have been working towards finalising the winding up of the former Alinta/WNG Group of Companies (“Group”).


As part of the winding up process, taxation clearance from the Australian Taxation Office is required.


Separately, it was necessary to make an application to the Supreme Court of New South Wales to obtain orders concerning certain unclaimed shareholder funds held by certain companies within the Group.


On 27 May 2015, Acting Justice Young heard the liquidator’s application concerning, inter alia, the treatment of unclaimed shareholder funds of the Group.


On 29 May 2015, his Honour made orders in respect to the treatment of the unclaimed funds. Relevantly, the Court made orders that:


1. Pursuant to section 511 of the Corporations Act 2001 (“Act”), direct that the First Plaintiff would be justified in:

1. 1. paying (or directing Link Market Services Limited and/or its subsidiary Pacific Custodians Pty Limited (collectively, “the Custodian”) to pay) the amount of approximately $10,900,000.00 being held by the Custodian on behalf of the Second Plaintiff (“Unclaimed Scheme Consideration”) to the Australian Securities and Investment Commission (“ASIC”) under section 544(1) of the Act;

1. 1. paying the amount of approximately $200,000 (or part thereof) being held by the Custodian (“the Additional Unclaimed Money”) to ASIC under section 544(1) of the Act;

1. 1. paying the amount of approximately $974,117.84 being held by the Third and Fourth Plaintiffs (the “Unclaimed Dividends”) to ASIC under s. 544(1) of the Act;

one month after the placement by the First Plaintiff of an advertisement in the Australian newspaper and the West Australian newspaper stating that the Unclaimed Scheme Consideration, the Additional Unclaimed Money and the Unclaimed Dividends will be remitted to ASIC, the wording of such advertisement to be settled by Counsel for the Plaintiffs.


2.The costs and expenses incurred by the First Plaintiff in placing the advertisement in accordance with order 2 is to be paid from the interest earned by the Second Plaintiff on the Unclaimed Scheme Consideration.


In accordance with the orders, we will now take steps to advertise and pay monies to the Australian Securities and Investments Commission.


We shall continue to work towards obtaining the required taxation clearances in order to complete the winding up process of the intermediary entities and will provide further updates as required.


For the avoidance of any doubt, the AET&D option continues to be extended with the agreement of RMG Promisor Pty Limited.


Such extensions do not materially affect the rights of former EPS Holders under the deed poll and are necessary to enable a distribution to occur following finalisation of the liquidation process.


Thanks!


June Hassan Supervisor



[email protected] D 02 8986 8972 | P 02 8986 8986 | F 02 8986 8999 Lvl 7 151 Castlereagh St Sydney NSW 2000 | PO Box A2631 Sydney South N 1235
svpartners.com.au