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deed administrators provide a market update
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16/12/2009
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administrators have paid 100 cents in the dollar on creditors claims admitted - a "significant" new claim is disputed and it is unlikely there will be further payments to creditors within the next 12 months
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17/09/2009
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deed administrators provide a market update
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02/06/2009
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deed administrators are still finalising a matter in relation to a creditor claim - this is subject to proceedings which will be heard soon
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07/11/2008
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deed administrators confirm that creditors whose claims have been admitted, have now been paid in full - they have recently received a substantial claim that may involve litigation
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31/03/2008
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the Deed Administrators have now paid a second dividend of 50c/$ distribution to admitted creditors in the Mining Pool Entities, bringing the total dividends to date to 100c/$ and paid a second dividend of 50c/$ distribution to admitted creditors in the Non Core Pool Entities, bringing the total dividend to date to 60c/$
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15/08/2007
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a first and interim dividend at the rate of 50 cents
in the dollar was declared on 20 September 2006 for each of the Mining Pool companies - it is anticipated that unsecured creditors of the Mining Pool companies will ultimately receive
total distributions of 100 cents in the dollar on admitted claims
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20/09/2006
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ASIC grants relief from financial reporting requirements and provides an extension of time to hold annual general meetings
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12/04/2006
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ASIC has accepted an enforceable undertaking from Shareholder Advocacy Pty Ltd (SAPL) in relation to their prohibited use of information on company registers - SAPL had sent unsolicited letters, offering to lodge proof of debts with the companies, ION, Sons of Gwalia and Henry Walker Eltin - SAPL has agreed to cease sending offers to shareholders, lodge proof of debts for those persons who accepted SAPL’s offer with the Administrator of the relevant companies and also refund to shareholders "a pro-rata amount of the fee paid by shareholders to SAPL" - sorry we don't know how much you will get back!
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16/03/2006
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reports that the administrators have received some claims from shareholders asking to be treated as creditors - according to the administrators "none of these claims are in our view claims of any substance at this point in time" - this follows the declaration by the administrators (see note immediately below) that there will be no return to shareholders
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03/03/2006
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the administrators have made a declaration that there will be no return to shareholders - with the passage of new legislation this means shareholders can choose to make a capital loss in the tax year 2005/06 - shareholders can click on the declaration here and download it to substantiate their claim - (the administrators have indicated they do not anticipate being in a position to sell the corporate entity for recapitalisation purposes)
Click here to view Declaration (you first need to get Adobe Reader – click on ICON at bottom of screen)
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03/03/2006
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reports that a meeting of creditors has voted to place HWE group companies under a deed of company arrangement that will see financial creditors paid in full, major credit creditors paid around 65 cents in the dollar and small creditors paid about 20 cents in the dollar
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03/03/2006
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administrators advise that the sale of the contract mining business to Leightons is now completed - the next stage of the administration involves the convening of creditors meetings in March, at which creditors will vote on a Deed of Company Arrangement
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01/02/2006
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administrators announce they have executed a binding agreement with Leightons for the sale of HWE's contract mining business - while the sale is subject to a number of conditions, the administrators expect completion by mid-December 2005
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01/12/2005
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Leighton Contractors Pty Limited has entered into a Heads of Agreement with the Administrators of
Henry Walker Eltin Group Limited (HWE), to purchase the Australian and New Zealand contract
mining assets of the company for $215 million, subject to documentation and certain conditions
including the approval of the Foreign Investment Review Board
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10/11/2005
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administrators indicate that it appears certain there will be no return to
shareholders - they intend to make an Administrator’s Declaration under
section 104-145(1) of the Income Tax Assessment Act 1997 (allowing shareholders to claim their capital loss), but will withhold the
Declaration until the conclusion of the HWE Mining business sale process - we will carry the declaration here as soon as we are aware it has been issued - deListed will therefore no longer buy HWE shares
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25/10/2005
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administrators refer to the recent court decision permitting a shareholder to lodge
and have admitted a proof of debt for voting purposes at a meeting of creditors, notwithstanding his claim related to his acquisition of shares (this decision has been
appealed by the way) - the administrators believe that any shareholders who consider they may have a provable claim in the administration
of the HWE group will need to obtain their own legal advice
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25/10/2005
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we understand some shareholders have received a Notice for Lodgement of Proof of Claim against Henry Walker Eltin from Shareholder Advocacy Pty Ltd - this follows the finding by Justice Ray Finklestein in the Sons of Gwalia case that shareholders who purchased shares where they
have been misled and deceived are to be treated equally with unsecured creditors (this finding by the way is not necessarily in the best interests of shareholders as a group) - we do not recommend that shareholders participate in the Shareholder Advocacy action and suggest that for the moment they observe proceedings (if they are mounted) from the sidelines
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06/10/2005
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Louise Karen Hicks resigns as company secretary
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16/09/2005
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directors Frazer Henry and Andrew Price resign
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13/09/2005
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ASIC advises of relief from financial reporting requirements
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12/09/2005
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creditors vote in favour of a resolution to adjourn the second meeting of creditors to a date to be determined by the Administrators which is no more than 60 days after 8 July 2005 (in the event that the Administrators form the view, that the period within which the adjourned meeting must be held should be longer, Court approval will be sought to adjourn the meeting to a date not more than 120 days after 8 July 2005) - this is the meeting at which creditors are considering whether or not to enter a Deed of Company Arrangement
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08/07/2005
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New Zealand goldminer OceanaGold and the administrators announce the completion of arrangements for HWE's exit
from the Fraser's Decline project at OceanaGold's Macraes gold field
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01/07/2005
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administrator releases his report, informing
creditors of the financial position of the various entities, the reasons for HWE's failure
and recommending the company enter a Deed of Company Arrangement - this to be considered at a creditors meeting on 8 July 2005 - administrator believes it is unlikely there will be any return to shareholders - but it is "necessary
to progress the sale process before the Administrators can form a final view on that
matter"
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29/06/2005
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Clough Limited (ASX:CLO) has completed the transaction with the Henry Walker Eltin
Administrator to buy its Western Australian Civil construction business
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02/06/2005
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administrators announce the commencement of a sale process in relation to HWE's mining contracting and services business
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19/05/2005
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Clough Limited (ASX:CLO) yesterday executed a Heads of Agreement with the Henry
Walker Eltin Administrator to buy part of its Western Australian civil
construction business - the Parties are working towards finalising the acquisition within
the next 10 days
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18/05/2005
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administrators of Bridge Autos Pty Limited (a part of the Henry Walker Eltin Group of companies) today announced the sale of the
company to listed automotive retail group AP Eagers Limited
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05/04/2005
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administrators advise of the sale of HWE's Northern Territory-based civil engineering business to Macmahon Contractors Pty Limited, a subsidiary of Macmahon Holdings
Limited - this is the latest in a series of satellite business disposals aiming to reduce trading risk and stabilise the
operations of the group
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16/03/2005
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administrators of Simon Engineering (Australia) Pty Limited announce the
sale of Simon to Abigroup Asset Services Pty Limited, a subsidiary of Abigroup
Limited, securing almost 1100 jobs - Simon is part of the Henry Walker Eltin Group of companies (no mention of the sale price!)
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03/03/2005
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Ausdrill Limited reaches agreement to purchase HWE's 50% interest in African Mining Services (Ghana) Pty Limited (AMS) for $1.369m, to be satisfied by an issue of Ausdrill shares - a shareholder loan by HWE to AMS will also be repaid
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28/02/2005
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Justice Hely of the Federal Court of Australia
grants an extension of the period within which the Administrators of HWE must
convene the second meeting of creditors - the meetings must now be convened by
Monday 23 May 2005
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16/02/2005
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administrators have been seeking to maintain and preserve operations, determine the claims of creditors and employees and conduct assessments of the businesses carried on by HWE to determine the profitability or otherwise of various
contracts
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15/02/2005
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interim CEO, Robert Cleary, has resigned
from the company effective immediately
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08/02/2005
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at first meeting of creditors today, creditors elected representatives to various
committees of creditors
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08/02/2005
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company announces with regret that its Chairman and founder Neville
Walker passed away suddenly earlier today (Mr Walker died when his car hit a tree at Weddell in rural Darwin)
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07/02/2005
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the HWE board announces that Messrs John Gibbons, Jack
Crumlin and Keiran Hutchison of Ernst & Young, who were appointed administrators of the
Company on 31 January 2005, have resigned as administrators by notice in writing given to the
Company - the board advises that it has today appointed Messrs Anthony McGrath, Scott Kershaw, Joseph
Hayes and Shaun Fraser of McGrathNicol+Partners as voluntary administrators - peculiar to say the least for administrators to last just one day in the job (subsequent reports suggest Ernst & Young pulled out after realising they had a potential conflict of interest - was it unpaid bills for professional work?)
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01/02/2005
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shares suspended from quotation
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31/01/2005
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appoints John Gibbons, Jack Crumlin and Keiran Hutchison of Ernst & Young as
voluntary administrators to its operations - this follows the decision by Glencore Finance AG not to proceed with the
proposed recapitalisation announced on 23 December 2004, and difficulties experienced by the
company in securing long-term funding arrangements - administration never augurs well for shareholders, but it is too early to speculate on the possible outcomes
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31/01/2005
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name changed from Henry Walker Group Limited
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01/12/1999
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