Ann: Update on EGM and DOCA process, page-21

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pbawley

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09/08/20

09:28

Post #: 46404228
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Originally posted by albeast: ↑

Found this tonight on the Federal Court Website
Looks like this will drag on for a while yet.

Federal Court of AustraliaDistrict Registry: VictoriaDivision: General No: VID519/2020HABROK (DALGARANGA) PTY LTDPlaintiffGASCOYNE RESOURCES LTD (SUBJECT TO DEED OF COMPANY ARRANGEMENT) ACN 139 522 900 and others named in the schedule DefendantsJUDGEATE OF ORDER: WHERE MADE:ORDERJUSTICE ANASTASSIOU 7 August 2020MelbourneUPON THE UNDERTAKING BY THE DEFENDANTS given by their Counsel to the Plaintiff and the Court that they will not issue, or cause the First to Seventh Defendants to issue, shares to NRW Holdings Ltd and / or NRW Pty Ltd or to the trustees of the creditors’ trust under the Deed of Company of Company Arrangement in respect of the First to Seventh Defendants before 1 September 2020 or such later date as may be ordered or agreed:THE COURT BY CONSENT ORDERS THAT:1. By 4:00pm on 10 August 2020 the Plaintiff file and serve any further affidavits and any expert report(s).2. By 4:00pm on 17 August 2020 the Defendants file and serve any affidavits and expert report(s).3. By 4:00pm on 19 August 2020 the Plaintiff file and serve any affidavits in reply.4. By 4:00pm on 21 August 2020 the Plaintiff file and serve its outline of submissions.5. By 4:00pm on 24 August 2020 the Defendants file and serve an outline of submissions.6. The matter be referred to the National Operations Registry to be allocated to a Judge of the Court available to hear the matter on 25 and 26 August 2020.7. The parties have liberty to apply on 12 hours’ notice.8. Costs reserved.Prepared in the Victoria District Registry, Federal Court of AustraliaLevel 7, Owen Dixon Law Courts, 305 William Street, Telephone 03 8600 3333

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It’s interesting that on the one hand the Administrators said in the last announcement they were going to proceed with the recap and on the other hand they agreed (the orders are “By Consent”) not to issue any shares to NRW or the creditors trust.

Does this mean they are going to go through the motions of the cap raise - getting commitments from Insto investors and the placement but hold off on actually doing the transaction? What then about the retail round? Will the prospectus be released and money collected with the caveat that if Habrok are successful, the money Weill be returned?

I presume we’ll get an announcement on Monday laying it out.

I don’t understand how these things work in detail but it seems implausible that Habrok bought the debt just to get it paid back. They presumably would like to force the Admins back to the negotiating table to seriously consider the convertible notes they offered?

GCY Price at posting: 3.9¢ Sentiment: None Disclosure: Held
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0 Great analysis

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