Liquidation, page-22

Anyone else get this today?
Insolvency • Forensic • Reconstruction Rodgers Reidy
24 August 2022
Dear Sir/Madam,
Moreton Resources Ltd (In Liquidation) (Receivers Appointed) (Subject to Deed of
Company Arrangement) ACN: 060 111 784 ("MRL")
MRV Bowen Basin Coal Pty Ltd (In Liquidation) (Subject to Deed of Company
Arrangement) ACN: 155 597 587 ("MRVB")
MRV Metals Pty Ltd (In Liquidation) (Receivers Appointed) (Subject to Deed of
Company Arrangement) ACN: 610 100 402 ("MRVM")
MRV Tarong Basin Coal Pty Ltd (In Liquidation) (Subject to Deed of Company
Arrangement) ACN: 160 645 607 ("MRVT")
(collectively "the Companies")
I refer to Ms Chua and my Circular to Creditors dated 9 June 2022 and to the Deed of
Company entered into by creditors on 8 June 2022 Arrangement ("the DOCA").
One of the conditions precedents that must be satisfied to effectuate the DOCA is that we,
as the Deed Administrators, obtain leave from the Queensland Supreme Court ("the Court)
pursuant to section 444GA of the Corporations Act 2001 (Cth) to transfer all of the shares in
MRL.
On 22 June 2022, we applied to the Court for this relief and the Court has listed the Section
444GA Application for an initial hearing on 6 September 2022 at 10am in the Brisbane
Registry of the Supreme Court of Queensland ("the Section 444GA Application").
The purpose of this letter is to make you aware of the Section 444GA Application and to
provide information about that application. You are able to access an Explanatory
Statement which provides more detailed information about the Section 444GA Application
and the process for opposing the Section 444GA Application as well as an Independent
Expert's Report prepared by Mr Peter Haley of Vincents Capital Management Pty Ltd
("Independent Expert's Report") which sets out the valuation of the equity in the
Companies at the following link or by scanning the QR Code provided below:
https://www.dropbox.com/sh/5biala2mmlq84w/AAAXWsdwIlw-HYoAPWQYT9Una?d1=0
Level 2A, 181 Elizabeth Street
Brisbane QLD 4000
GPO Box 471 Brisbane QLD 4001
Telephone +61 7 3136 5700
Facsimile +61 7 3136 5777
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We recommend that you read the Independent Expert Report in full and draw the following
opinions held by the expert to your attention:
• ASIC should grant approval for the transfer pursuant to section 606 of the
Corporations Act 2001 (0th)
• the transfer of shares will not unfairly prejudice the interests of the Shareholders.
• based on the information provided to the Expert and the assumptions and
limitations set out in the Independent Expert Report, the residual value of the
Shareholders' equity is in the Companies is $Nil.
• there is not a prospect of the shares of the Companies obtaining some value
within a reasonable time
A copy of the Explanatory Statement and its Annexures, including the Independent Expert's
Report are enclosed in the abovementioned link or by scanning the QR Code. If you wish to
receive hard copies of any of these documents, please contact Mr Nick Lancaster of this
office on telephone (07) 3136 5720 or by email [email protected]. We
also recommend that independent legal and accounting advice ought to be taken regarding
the effect that the Orders sought in the Application.
W e note that a response to the Explanatory Statement is required by 2 September 2022,
with the requirements for this response detailed at Pages 3 and 4 of the Explanatory
Statement.
Should you have any queries regarding this Explanatory Statement, the Independent
Expert's Report, the Section 444GA Application, please contact Mr Nick Lancaster of this
office on telephone (07) 3136 5720 or by email [email protected].
Yours faithfully
David Hambleton
Joint & Several
Deed Administrator