Maybe a little more time for our MD to refocus on PEN.
Did a little digging around earlier. This is by NO MEANS a smear campaign on my behalf
Cady Energy Ltd, no longer going ahead with GRP-Corporation sale. Thie from an announcement dated Oct 21.
GRP Corporation Limited
Level 2, Spectrum
100 Railway Road
Subiaco WA 6008
Australia
PH: 08 9367 8133
FX: 08 9367 8812
EM: [email protected]
www.grpcorporation.com
P a g e | 1
20 October 2011
GRP0C0R\ASX042
The Company Announcements Platform
ASX Limited
Company Announcements Office
SYDNEY NSW 2000
Withdrawal of Prospectus
The Company wishes to advise that effective immediately the Prospectus dated 8 July 2011 and the Replacement Prospectus dated 22 July 2011 are being withdrawn as the Company is not in a position to complete the capital raising and achieve the important dates with regards re-listing.
Application funds received under the Prospectus Offer will be returned.
Also from the earlier GRP prospectus:
COMPANY AND PROJECT OVERVIEW
4.1 Background
The Company listed on ASX on 21 March 2003 with its main focus being property
development. The Company has been suspended from trading on ASX since
May 2008. The Company does not currently hold any significant assets.
Pursuant to a Share Sale Agreement (as summarised in Section 10.1, upon
successful completion of the Offer, the Company will acquire 100% of the issued
capital of Cady Energy which, through its wholly owned subsidiary Cady Energy
US Inc, has an exclusive right to acquire 100% of the Hanging Woman Project, a
coal bed methane project in the Powder River Basin, Sheridan County,
Wyoming, USA. On completion of the Acquisition, the Company will be renamed
“Cady Energy Limited” and Cady Energy Pty Ltd will be renamed “Cady
Energy (No.1) Pty Ltd.
Cady Energy Limited
Cady Energy (No.1) Pty Ltd
Cady Energy US Inc
Hanging Woman Project *
Figure 1: Company Structure on completion of the Acquisition
Note: * Reference to “Cady Energy Limited” above is a reference to GRP Corporation Limited.
Cady Energy is an Australian company based in Perth which is focused on the
acquisition and subsequent commercial development of the Hanging Woman
Project. Cady Energy US Inc holds the exclusive rights to purchase a 100% interest
in the Project from Kennedy Oil pursuant to the Kennedy Oil Agreement (as
summarised in Section 10.2).
The strategic objectives of the Company are to increase Shareholder value by
acquiring and advancing the Hanging Woman Project toward commercial
production and growing the Project area through acquisition or lease of further
land or projects as and when they become available.
PROPOSED DIRECTORS
Mr John (Gus) Simpson – Proposed Non- Executive Chairman
Mr J Simpson has over 20 years of experience in the management of listed and unlisted
companies with international operations. He is currently Executive Chairman of Peninsula
Energy Limited, a Wyoming focused energy developer, and he has extensive experience in
project development and equity funding within the resources industry. Mr J Simpson
Previously held positions include Executive Chairman of Etchell Capital Pty Ltd, Olea Australis
Limited and Executive Director of Tanganyika Gold Limited, Panorama Resources NL. Mr J
Simpson brings an extensive range of corporate and commercial expertise to the company.
Mr Anthony Simpson – Proposed Non-Executive Director
Mr A Simpson has over 40 years experience in the resources industry in various senior
management, technical and operational positions. He is currently Chief Operating Officer of
Peninsula Energy Limited. Prior to joining Peninsula Mr Simpson was Chief Operating Officer of
TSX listed GBS Gold international Inc from 2006 to 2008. Mr A Simpson was also Technical
Director of PMA/Vanadium Australia Pty Ltd from 1997 to 2004. In addition to his extensive
practical, commercial and operational experience Mr A Simpson holds a B.Sc.Mining
Engineering (Honours) from Cardiff University in Wales.
Proposed Directors’ Disclosure regarding Previous Directorships
Mr J Simpson was a director of Australian Mineral Sands NL that went into administration in
1993, Leisure and Gaming Corporation Ltd that went into administration in 2001, Gindalbie
Mining NL that went into administration in 1991.
Leisure and Gaming went into administration following the Federal Government’s banning of
online gaming and Gindalbie Mining NL went into member voluntary administration (it was
solvent at the time), it spun out its only asset to Wattle Gully Gold Mines (shareholder received
shares in Wattle Gully as consideration)
The Directors and other non-associated Proposed Directors have considered the above
circumstances surrounding Mr J Simpson’s involvement in Leisure and Gaming Corporation
Ltd and Gindalbie Mining NL, and the significant period of time which has passed since his
involvement in Australian Mineral Sands NL, and are of the view that Mr J Simpson’s
involvement in these companies in no way impacts on his appointment and contribution as a
Proposed Director of the Company.
Mr A Simpson was a director of the following group of companies: Burnside Operations Pty
Ltd, E-Auction Australasia Pty Ltd, Excor Resources Pty Ltd, GBS Gold Australia Pty Ltd, GBS
Gold Australia (Tom's Gully) Pty Ltd,
GBS Gold Australia (Land Holdings) Pty Ltd, GBS Gold Holdings Pty Ltd,
Northern Gold Pty Ltd, Terra Gold Mining Pty Ltd, Terra Metals Pty Ltd, Territory Goldfields Pty
Ltd, Camelot Northern Territory PL and Buffalo Creek Mines PL (together, the GBS Group).
The GBS Group went into administration in September 2008 when the Canadian parent
company of the GBS Group (GBS) was unable to raise either equity or borrow money to meet
its operating needs. The directors of GBS were concerned not to permit the GBS Group to
continue to trade and to avoid the risk of insolvent trading. This was at the height of the onset
of the global financial crisis (GFC) and during this period, the GBS Group was also impacted
by an unfavourable movement in the exchange rate between the AUD and the USD, which
affected the prices the GBS Group received for gold sold. Other events at the GBS Group
mines also had an adverse impact on revenues that was expected to be of a relatively short
duration. All of these factors (adverse exchange rates, events causing a short term drop in
production and increased costs and the inability to raise funds at the time of the onset of the
GFC) coincided.
The Directors and other non-associated Proposed Directors have considered the
circumstances surrounding Mr A Simpson’s involvement in these companies and are of the
view that Mr A Simpson’s involvement with those companies in no way impacts on his
appointment and contribution as a Proposed Director of the Company.
A google search of 'Cady Energy US Inc' shows the contact as Anthony James Simpson, with their activities in Wyoming being:
CLEANING AND MAINTENANCE
Incorporated: 07/2011; Cleaning and Maintenance, Cleaning and maintenance services including business, homes, windows, properties.
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