Ben Butler says that, despite the public interest in the listed company's affairs, the administrator booted him from the room before the meeting began. Ben notes that the observer from ASIC was generously allowed to stay.
CREDITORS MEETING MINUTES
In normal circumstances, shareholders might expect the minutes of yesterdays meeting to be posted on the ASX in one or two weeks.
DOCA
According to ASIC, if a deed of company arrangement is approved, the voluntary administrator will usually become the deed administrator and oversee its operation. If the company goes from voluntary administration into a deed of company arrangement, the directors’ powers depend on the deed’s terms. When the deed is completed, the directors regain full control, unless the deed provides for the company to go into liquidation on completion.
FINANCIAL REPORTING
ASIC also says that the statutory financial reporting obligations of listed and very large companies remain while they are in voluntary administration or under a deed of company arrangement. ASIC has given relief so that a company in voluntary administration may defer meeting its financial reporting obligations for six months after the appointment of the voluntary administrator. ASIC may grant relief to a company under voluntary administration or subject to a deed of company arrangement from the requirement to hold an annual general meeting.
SUPREME COURT DIRECTIONS HEARING
Although ASIC has applied to the Supreme Court Victoria for Mr Lindholm to be appointed as liquidator and a directions hearing listed for 29 May, if ASIC is satisfied with the appointment of Mr Rathner as administrator, there may be no need for the directions hearing to proceed to a trial.
Mr Rathner is a registered independent administrator/liquidator who has to inquire in the affairs of PPN and must also report to ASIC on possible offences by people involved with the company. As a shareholder, I am happy with that.
PPN Price at posting:
20.0¢ Sentiment: None Disclosure: Held
