I was curious and downloaded a copy. I did not have a large position with PLT, my purpose was to understand more of the background during polartechnics descent and entry into voluntary administration.
1) The secondary report from the Administrator will contain more details and what the options are. Eg Deed of company arrangement if one is proposed along with any breaches of the corporations act 2001 that may have occured and potential actions for recoveries...
2) It was resolved to set up a committee of creditors (6 parties are represented) Ranging from large creditors to smaller ones
3) Total in credit was 6.26 Million according to the minutes with 34 creditors listed. The largest creditor was Ure Lynam Financial Services PTY Ltd (ATF convertiable note holders) and also in its own right. Approx 2.9 million in total. Braemac Pty Ltd was the next biggest 1.3 million, googling this company shows they are Aust largest electronic parts wholesaler. After this there were property services , various legal firms, individuals, ex employees and so on.
4) I note that in Polartechnics bid statement for fermiscan page 66, Robert Hunter declared his interest as a principal of Ure Lynam and Co and director and sole shareholder of Ure Lynam Financial services pty ltd.
These are the main points I can get out of the creditors meeting and I will stick to the facts as they are published and not make any comments or commentary. Readers of this post can draw their own conlusions.
Regards
PLT Price at posting:
7.1¢ Sentiment: None Disclosure: Held
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