Guys, I wasn't going to post prior to the financial statements but this is serious.
In light of the below can anyone explain to me why and how this co is still in administration? If not, some here should be banned for spreading malicious rumours, IMO:
Monday, 12th December, 2016
Company Announcements Office
Australian Securities Exchange
4th Floor, 20 Bridge Street
Sydney NSW 2000
Dear Sir/Madam
Execution of Deed of Company Arrangement
The Company refers to ASX announcement dated 24 November 2016, from Mr Blair Pleash,
Voluntary Administrator of Hall Chadwick. As noted, on 23 November 2016, creditors resolved for
the Company to execute a Joint Deed of Company Arrangement, with its related entity, Snow Peak
Mining Pty Ltd with the DOCA to be executed within fifteen (15) business days of the meeting.
The Company hereby advises that the joint DOCA was executed on 8 December 2016. Voluntary
Administration has been removed with authority returned to the Directors, subject to Deed of
Company Arrangement.
A Notice of Meeting for the purpose of an Extraordinary General Meeting will be forwarded to
shareholders in the very near future.
Ralph De Lacey
Co-Executive Chairman
Please also refer Company Update dated 23 Feb 2017, especially:
NOTICE OF MEETING
The Notice of Meeting (NOM) and Independent Experts Report (IER) were lodged with the ASX for their review on 12 December 2016. ASX advised the Company at this point that the Company must release its latest audited financial accounts before the ASX will approve the form and content of the NOM. The Company understands that this is a new policy of the ASX and is now working with its auditors KPMG to complete the Company’s 2016 Annual Report as soon as possible, with the current expectation this will be completed by late March 2017. The NOM and IER will be dispatched as soon as possible following compliance with ASX rules. The NOM and IER will contain all relevant and necessary details that shareholders will require to make an informed assessment of the proposed transactions.
The Company will keep shareholders informed of any developments.
I assume from this that it is taking a bit longer to complete the Annual Report for 2016 - this does not surprise me given that two cos are involved and the issues would be quite complex.
