BRISBANELevel 19, Waterfront Place, 1 Eagle Street,Brisbane QLD 4000GPO Box 98,Brisbane QLD 4001ABN: 82 098 443 397MELBOURNE | SYDNEY | PERTH | BRISBANE | CORCORDIS.COM.AULiability limited by a scheme approved under Professional Standards LegislationOur Ref: MJ/MW/EB/CUD960 – 7 19 May 2020NOTIFICATION TO SHAREHOLDERSCUDECO LIMITED (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION)ACN 000 317 251 (the Company)We refer to the above administration and to our Circular to Shareholders dated 22 April 2020.The Company is now in liquidationAt a meeting of creditors of the Company held on 7 April 2020, a resolution was passed that the Deed of Company Arrangement (DOCA) proposal, as set out in our Report to Creditors dated 30 March 2020, be accepted.Employees at the eligible employee creditors’ meeting, which was also held on 7 April 2020, did not pass a resolution agreeing to adjust the statutory priorities for payment of their entitlements pursuant to the proposed DOCA terms. Accordingly, the Administrators were required to apply to the Court for orders pursuant to section 444DA of the Corporations Act 2001 (the Act) to ratify the adjustment to statutory priorities, as contemplated by the proposed DOCA and as explained in our Report to Creditors dated 30 March 2020. The funding required to prepare and file the application was intended to be received from the post DOCA approval funding to be paid initially to the Receivers. Funding was not released to the Administrators and the intended application to Court was not made. Under section 444B(2) of the Act, the DOCA was required to be executed within 15 business days after the end of the meeting of creditors, that is by close of business on 30 April 2020, or such later date as ordered by the Court. Given that the application to adjust the statutory priorities could not be made, the proposed DOCA was not able to be executed by 30 April 2020 and the Company is deemed to have passed a special resolution under section 491 of the Act that it be wound up voluntarily and Jeremy Nipps and Matthew Joiner have been appointed as liquidators of the Company.What happens next?As advised in our Circular to Shareholders dated 22 April 2020, the Australian Securities and Investments Commission (ASIC) has requested us to provide a supplementary report in regard to the alleged potential director breaches and offences we reported pursuant to section 438D of the Act. As the liquidation is without funds, we will make an application to ASIC for funding to prepare the requested supplementary report and upon receipt of this funding, will report further to ASIC. We will also undertake further investigations into possible recovery actions, potential breaches of Director duties and potential voidable transactions, as identified in our Report to Creditors dated 30 March 2020, including potential preferential payments and insolvent trading claims. Declaration of worthless sharesThe Liquidators declare there are reasonable grounds to believe there will be no distribution to shareholders of the Company. Accordingly, a Declaration of Worthless Shares pursuant to section 104-145 of the Income Tax Assessment Act 1997 (Cth) is enclosed.
not just the shares that were worthless .. i hope share-holders have l-o-n-g memories and jot a few names in their black book
basically they have used nearly every excuse to NOT present the accounts or JORC
I wonder of T4P, ROH and some others on the ramping side of the road will be loosing out too.
All we can hope for, is what the Liquidator is saying about some of the actions undertaken by the Directors, and hopefully it will extend to the rampers.
Now, was T4P a Director too.??.
And then we have the Chinese Directors which. more than likely have flown the coop and possibly never be held responsible as they might not be willing to come back to Australia.
###Reading it again there is even the possibility of having been trading while insolvent and even "potential voidable transactions" let alone "potential preferential payments"###
Amen to that.
I can re member some years back that one of the rampers posted that his corporate lawyers had tracked me down, and that I was going to be in big trouble, Hmmmmm the boot on the other foot now.
the boot is more likely searching for the rampers butt ... LOL
What was amazing was the so called Jewellery box, they had drilled in to it from every direction, the punters was lead to believe that it was a monster, when in fact every thing in the Jewellery box was dig up under a week.
The biggest red flag was when the the top two Geo's pulled the pin and walked away.
Not only the two top and best Geo's In Australia but also the big holder of CDU shares when they sold out at a huge loss.
All-the-while the rampers, including possibly the one with the countdown were constantly saying that they were fools.
Who are the fools now.??
Will the Liquidator go down that road.?
How long did it take to the ASX to do something about this dog with two dicks and starting to ask questions to the people running this sorry turn of events.??
Funny that it didn't take long to force them into a Trading Halt, then a Temporary suspension followed of course by a permanent suspension and then an Administrator which again it was followed by a liquidator.
And now we have even been told that, chances are, that the Company could have even been running while insolvent.
Now, who's fault was that, and will the people running this company ever be held accountable and/or starting to ask some serious questions to the ASX as well fr taking too long a time to wake up and see the reality of it all about this dog.??
Now if I may ask and IMO was the ASX asleep at the wheel.??
I have stated many times before about the possibility of a conflict of interest in regard to the ASX.
Of course that is IMO but think of it in this way about the ASX with two hats.
Under one hat we have someone making heaps and heaps of money from the trading of shares and on the other they are supposed to be regulating the market and even considering to stop trading shares in some companies which might be trading unlawfully and or outside the terms of reference under the Companies Act.
Now, how do you view that. Which action will they take first.???
Many years ago when I did work for a few penny dreadfulls, I found the hat that made the most money fitted better than the other hat, the thing that struck me most was how easy it is to suck in the punters, all you need is to be able to come up with a good story on how you ARE on the inside, and you have all the good info, once you have convinced the punter of that they will do all the ramping for you at no cost to your company.
Just look how the ramp ream here at CDU bull dusted the punters, look how CTP had a ramper phoning the punters that the Oil ran all the way to A Springs, I know, I got that call, he was very upset when I told him how wrong he was.
Sorry to have to say this BUT you will NEVER stop human greed, and when the money is rolling in you for get whats right and whats wrong.
You are right that rampers, some of them baseless at bets, will work hard to con some people to dig deep in the pockets while, some of them would be selling out.
As for me forgetting what's right and what is wrong when money starts coming in, well my friend you are wrong with that. Perhaps it applies to some but please count me out of that. For me, money will never control my life. I control the money.
As for CTP well mate the Bush Lawyer was one of the best bul..it artist I have ever known. At one stage he was telling me to buy all the options possible in CTP because CTP was going to explode and the shares being at least $2 per share within two months of the Messiah being appointed, which I never bought any as I had a strange feeling about him and his crap, and then, when the options expired worthless he told me that he didn't loose any money because he sold them all out at their peak.
Ever since then, he was put in the naughty corner and out in the cold by me.
I don't know if you followed this Bullshit artist in the HC thread during that time when he was pushing for JH to be re-elected to the Board and to sack all the others and that he raised US$100 million dollars by someone in the USA (US not AU dollars mind you), but that they were conditional on JH and some of his mates/acquaintances getting elected.
When I asked him to supply us with the proofs and how much he was going to get out of it (If not a special Board seat for himself or even a specialised Consultant position with the company "Collecting money for doing nothing more to the point"), he failed to reply.
I challenged him time ad time again to reply, but he never ever did.
###how do these people go into work with a straight face is beyond me.###
Its REAL easy when you are making loads of money.
""(Its REAL easy when you are making loads of money.)""
Most probably because they haven't an ounce of ethics. To receive money for something you are not doing and be happy while doing it, when it is clear that you are screwing your own owners (The Shareholders), well mate what is wrong with this World when we come to that.??
I suppose power and controlling powers for someone is part of their lives and dreams. And even being eligible to go to GENTLEMEN'S Clubs to show off who has the biggest Ego of them all, would mean a lot................................. FOR SOME.!
Consider this, just imagine what some of these so called company leaders did in their lifetime and still think that they are the big heroes because they made plenty of money to be able to show it off. Now for some of these how did they actually made that money they are showing off.??
Did all their shareholders ended up in the same way or for some being forced to live in the poor house or even going broke and forced to eat baked bean on toast (IS THEY ARE LUCKY),for the rest of their lives.?
All of this while for some being busy in buying the best real estate around and driving Bentley and Maserati and even Ferrari.
I do not envy anyone nor am i jealous of anyone making money and becoming rich and I do admire them, but I only admire them if they made it in a proper and honest way not at the expense of others.