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Q-Vis Limited Notes to the preliminary consolidated financial statements For the year ended 30 June 2003 Material factors affecting the economic entity for the current period The Company’s securities were suspended from trading on ASX on 12 December 2002 following a request from the Company and the appointment of Joint Administrators to the Company. At a meeting of creditors held on 14 March 2003, the Joint Administrators proposed to the creditors of the Company that it was in the best interests of creditors to enter into a deed of company arrangement (referred to throughout this document as the Deed of Company Arrangement). At this meeting, creditors voted to enter into the Deed of Company Arrangement with: • Ascent Capital representing an investment group to recapitalise the Company; and • Dr Paul Van Saarloos and Mr Simon Gordon to settle their respective contingent claims against the Company and the Company’s counter claims. A further meeting of creditors was held on 28 March 2003 to ratify the decision of creditors to approve the Deed of Company Arrangement at the previous meeting. The Deed of Company Arrangement, which has now been wholly effectuated, required that an amount of $400,000 and certain assets of the Company be made available for satisfaction of the claims of creditors and to meet the costs of the Joint Administrators. It also provided that the administration of the Company terminate following the passing of various resolutions at the Shareholders meeting held on 18 August 2003, payment of $400,000, and the transfer of certain assets to the Joint Administrators as trustee for creditors. These matters have now all been finalised and as such the administration of the Company was terminated on 18 August 2003. Events occurring after reporting date It is proposed to continue the business of the Company.
