Ann: Update on Administration and Receivership, page-8

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27/03/19

11:27

Post #: 37898141
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Originally posted by John Veet ↑

Hi Guys : On 15 March I wrote what I thought was a reasonable letter seeking info : see below with the brief reply. Any ideas how we can find out what's really going on and in particular if we can pursue those responsible for what's happened to WPG ?

15 March 2019

Mr Tim Hoad – RSM Aust. Partners ([email protected]),Mr Michael Lawless – Ernst & Young Syd. ([email protected]) andMr Ian White – Company Sec. ([email protected]),Receivers, Managers and Administrators Appointed WPG Resources Group

Dear Tim, Michael & Ian
By way of introduction, I previously wrote to your colleagues on 23 August 2018 regarding WPG: I am a Director of Griffin-Turner & Associates Pty Ltd, the Trustee of the SUPERTECH FUND, a Self-Managed Superannuation Fund which holds 12 million FPO shares in WPG Resources Ltd (WPG). I appreciate your up-date of 6 March 2019 to the ASX and further extension of time to 29 April 2019 for convening a second creditors meeting.As I flagged previously, WPG’s difficulties are unexpected and an issue for my FUND’s audit compliance and performance. There was no prior guidance from WPG to suggest that WPG was in such difficulties, on the contrary, the guidance seemed encouraging. Accordingly, my advice to the auditor of the SUPERTECH FUND was consistent with SMSF reg 4.09.

SMSF reg 4.09 of ‘ATO compliance audit guidance’, requires an auditor to obtain evidence that SMSF trustees have..…..an investment strategy that considers risk, return, diversity, liquidity and insurance needs of members……and that the auditor should check that trustees have invested in accordance with the investment strategy.

Your Announcement of 8th Aug. 2018 said that “The Receivers are undertaking an immediate assessment of the Company’s affairs while the relevant businesses continue to trade”. Advice that WPG is continuing to trade was promising but you would have now greater insights into WPG’s prospects. Accordingly, I would greatly appreciate any further information you can provide about WPG. I am happy to take a call on the number below, if that is more convenient for you.
Yours sincerely ........
THE REPLY WAS BRIEF :

Dear Mr TurnerI refer to your letter of 15 March 2019.A sale process is being undertaken by the Receivers. The process is currently ongoing, confidential and details cannot be disclosed at present. A return to shareholders, if any, is unable to be quantified at this stage. The Receivers will release further updates via ASX announcements as and when appropriate.

RegardsTim HoadSenior ManagerRSM Australia Pty Ltd

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Good letter, crap reply. It doesn't take this long to find out if anything was shonky.
In my experience Co's that appoint Administrators usually make sure the Co. mgt
is absolved somehow. The main creditors should have appointed their own, but maybe the
biggest one will be looked after.

WPG Price at posting: 1.5¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

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Ann: Update on Administration and Receivership, page-8

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