I received this response a fortnight ago: We are continuing to...

I received this response a fortnight ago:

We are continuing to progress the liquidation of the Westnet Group of Companies (WNG), with the ultimate objective to finalise the distribution to EPS holders. There are a number of matters we need to attend to before we can finalise the liquidations and distribute funds, including:

1. Management of books and records. We have continued to investigate arrangements in relation to access and storage of the companies’ records, including post-liquidation (as required under law), as detailed below. We expect to enter into a deed shortly with all relevant parties to finalise this issue.

1. Transfer of domain name. An issue has arisen in relation to a domain name previously owned by the WNG and now owned/used by Jemena Limited. In the late 2000s various businesses within WNG were separated and the domain name was supposed to be transferred to Jemena. Unfortunately though, the domain was not transferred and neither party is able to locate the relevant documentation. We are currently working with Jemena to execute a Deed setting out various representations and warranties required by the liquidator.

1. Assignment of contracts. We were recently contacted by Santos Limited in relation to a number of contracts that Alinta DAO Pty Ltd (a WNG member) is party to. We understand that Alinta DAO remains a party to the agreements as a result of a historical administrative oversight. These contracts relate to assets that were sold by Santos, which completed earlier this year, and the liquidator has been asked to remove Alinta DAO as a party to the contracts. Our legal advisors are currently reviewing the documentation provided and the liquidators position.

1. Section 477 (2B) approval. As mentioned below, with respect to any deeds that the liquidator may need to execute (Points 1 & 2 above) approval must be sought from members. We expect to hold members meetings later this month in order to obtain approval.

1. Tax advice. We have now entered into the agreement with PWC to provide the required tax advice. We expect to receive this advice in the next two weeks.

1. Distribution of funds. We are setting up a meeting this month to discuss the logistics with respect to the funds distribution (given the significant number of EPS holders).

Once we have finalised the above matters, which we are urgently attending to, we will be in a position to finalise the liquidation and payment of funds to RMG Promisor for distribution to the EPS holders.

If you have any further queries in relation to the above please contact myself.

Kind regards,
Ryan

Ryan Borg
Senior Manager

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