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ATLANTIC LIMITED (ATI)

Delisted from ASX 27/09/2016

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Our website ranking of ATI: rating 5
(5 out of 5)
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REGISTRY:
Security Transfer Australia Pty Ltd, 770 Canning Highway Applecross WA 6153
Tel : +61 3 9628 2200
Fax : +61 8 9315 2233
RegistryWebsite RegistryEmail

Company details

Address: Level 24 Allendale Square 77 St Georges Terrace Perth WA 6000
Tel:  +61 8 6141 7100 Fax: +61 8 6141 7101

Date first listed: 11/06/1987
Company Secretary: Mr Tony Veitch
Sector: Materials Industry Group: XMJ
Activities: Pearl Farm Operation in Myanmar
delisted from the close of trading on Tuesday 27 September 2016 pursuant to Listing rule 17.11.27/09/2016
we understand Droxford International Limited acquired all of the shares in Atlantic Limited, via a Scheme of Arrangement, for the consideration of A$0.003 cash per Atlantic share27/09/2016
The Scheme of Arrangement has been implemented today. Droxford International Limited now holds all the issued capital of Atlantic. The Scheme Consideration of A$0.003 cash per Atlantic share held on the Record Date (13 September 2016) has been sent to all eligible shareholders. Atlantic intends to apply for removal from the office list of ASX shortly21/09/2016
The Federal Court of Australia made orders yesterday approving the scheme of arrangement under which Droxford International Limited will acquire all of the shares in Atlantic Ltd. Atlantic shareholders who hold shares at 5:00 pm on Tuesday 13 September 2016 "“ the Scheme Record Date for determining entitlements to receive the Scheme Consideration "“ will be paid A$0.003 cash per share. Those Atlantic shareholders will be sent the Scheme Consideration on the Implementation Date, Tuesday 20 September 2016.06/09/2016
Atlantic Ltd is pleased to announce that all resolutions put to yesterday's Scheme Meeting of shareholders in relation to Droxford International Limited's proposal to acquire all of the shares in the Company via a Scheme of Arrangement as set out in the Company's Notice of Scheme Meeting dated 20 July 2016 were passed by the requisite majorities.25/08/2016
The company lodges its Quarterly Cashflow Report.01/08/2016
The company lodges its Quarterly Activities Report.29/07/2016
ASIC has registered the Scheme Booklet in relation to the previously announced Scheme of Arrangement under which Droxford proposes to acquire all of the Atlantic shares which it does not already own. A copy of it was despatched to shareholders.26/07/2016
The Federal Court of Australia has ordered a meeting of Atlantic shareholders to consider and vote on the previously announced Scheme of Arrangement under which Droxford International Limited proposes to acquire all of the Atlantic shares which it does not already own. If the Scheme is approved and all conditions precedent are satisfied, Atlantic shareholders will receive a total cash payment of A$0.003 per Atlantic share on the implementation date (which is currently expected to be on or about Tuesday 20 September 2016). The Scheme Meeting will be held at 11.30 am (AWST) on Wednesday 24 August 2016 at the QV1 Conference Centre, Level 2, QV1 Building, 250 St Georges Terrace, Perth.21/07/2016
The company previously announced that it had executed a scheme implementation deed with Droxford. A draft Scheme booklet has been prepared and lodged with ASIC for review and the first Court hearing for the Scheme is now scheduled to take place on Tuesday 19 July 2016. If the Court convenes a Scheme meeting, the Scheme booklet is expected to be sent to shareholders shortly after the first Court hearing.Atlantic has entered into a deed of variation with Droxford to amend the latest date for the Scheme to be implemented as set out in the Implementation Deed and the Scheme to 30 September 2016 (previously 30 June 2016).30/06/2016
The company is pleased to announce that the Foreign Investment Review Board (FIRB) has provided notification that the Australian Government has no objections in terms of its foreign investment policy with Droxford International Limited's proposed acquisition of all of the Atlantic shares which it does not already own by way of a scheme of arrangement30/05/2016
The company is pleased to announce that it has completed the acquisition of the Windimurra vanadium and iron ore project with the support of its major shareholder and creditor Droxford International Limited.27/05/2016
The company lodges the results of its 2015 Annual General Meeting.06/05/2016
The company lodges the results of its 2014 Annual General Meeting.06/05/2016
The company releases its Presentation to the Annual General Meeting.06/05/2016
The company lodges its Quarterly Cashflow Report.02/05/2016
The company lodges its quarterly activities report.29/04/2016
The company is pleased to announce that it has entered into a binding settlement deed with a group of insurers representing 77.5% of the insurance programme covering the major fire in the beneficiation plant at the Windimurra project on 4 February 2014. Given the settlement deed has only been entered into with the Majority Insurers, this settlement will result in Atlantic receiving approximately $15.9 million within 14 days. Atlantic, in consultation with the Receivers and Managers of MVPL, is currently considering all its options in relation to its outstanding business interruption insurance claim covered by the insurers representing the remaining 22.5% of the insurance programme.19/04/2016
The company's Independent Director is pleased to announce that Atlantic has entered into a Scheme Implementation Deed with Droxford International Limited under which it is proposed that Droxford will acquire all of the Atlantic shares which it does not already own by way of a scheme of arrangement for cash consideration of $0.003 per share. Droxford is the largest shareholder of Atlantic with 17.4% of Atlantic's issued capital. 08/04/2016
The company gives notice that the 2015 annual general meeting of Shareholders will be held at 11.00 am Perth time Friday, 6 May 2016 at Boardroom Level 11, Brookfield Place, 125 St Georges Terrace Perth, Western Australia.07/04/2016
Atlantic Ltd gives notice that the 2014 annual general meeting of Shareholders will be held at: 10.30 am Perth time on Friday, 6 May 2016 at Boardroom Level 11, Brookfield Place, 125 St Georges Terrace Perth, Western Australia.07/04/2016
The company lodges its half yearly report and accounts.17/03/2016
The company releases its corporate governance statement.17/02/2016
The company lodges its 2015 annual report to shareholders.17/02/2016
Atlantic is pleased to announce the proposal to acquire the Windimurra vanadium and iron ore project has been approved by over 99% of creditors of both Midwest Vanadium Pty Ltd and Atlantic Vanadium Holdings Pty Ltd at a creditors' meeting held on 12 February 2016. 15/02/2016
Atlantic Ltd is pleased to announce that it has made a proposal to acquire the Windimurra vanadium and iron ore project with the support of its major shareholder and creditor Droxford International Limited. 03/02/2016
The company lodges its quarterly cash flow report.29/01/2016
The company lodges its quarterly activities report.29/01/2016
Atlantic Ltd (ASX: ATI; Atlantic or the Company) is pleased to present its activities report for the quarter ended 30 September 2015. 30/10/2015
The company lodges its quarterly cash flow report.30/10/2015
Atlantic Ltd (ASX: ATI) (Atlantic or the Company) is pleased to announce that it has entered into a further forbearance agreement with its largest shareholder and major creditor Droxford International Limited (Droxford). Under the terms of the new forbearance agreement, the existing forbearance arrangements remain in place, however the period of the forbearance is extended until 6 April 2016. Under the forbearance agreement, Droxford agrees that it will forbear and not take any action to accelerate any of its convertible bond or promissory note debts, subject to certain conditions including that there are no further defaults by Atlantic under those finance documents.07/10/2015
The company lodges its quarterly cash flow report.03/08/2015
Atlantic Ltd (ASX: ATI; Atlantic or the Company) is pleased to present its activities report for the quarter ended 30 June 2015. 31/07/2015
The company lodges its half year report for the six months ended 31 December 2014.26/06/2015
The company lodges its 2014 Annual Report to shareholders26/06/2015
Atlantic Ltd (ASX: ATI) (Atlantic or the Company) is pleased to announce that it has entered into a forbearance agreement with its largest shareholder and major creditor Droxford International Limited (Droxford). Under the terms of the forbearance agreement, Droxford agrees that it will forbear and not take any action to accelerate any of its convertible bond or promissory note debts that matured in March 2015 until 6 October 2015, subject to certain conditions including that there are no further defaults by Atlantic under those finance documents. In consideration for this forbearance, Atlantic agrees to pay a total of $2.26 million to Droxford in part payment of outstanding convertible bond interest due for payment06/05/2015
Atlantic Ltd (ASX: ATI) (Atlantic or the Company) announces that it has been informed by the financial advisers to a group of the holders of the senior secured notes (Notes) issued by its wholly owned subsidiary Midwest Vanadium Pty Ltd (MVPL) and Atlantic's largest shareholder Droxford International Limited that discussions between them regarding a consensual restructure of MVPL have been terminated12/02/2015
the director of Atlantic's subsidiaries Atlantic Vanadium Holdings Pty Ltd (AVHPL) and MVPL has today appointed Darren Weaver, Martin Jones and Ben Johnson of Ferrier Hodgson as Joint and Several Administrators of AVHPL and MVPL as there is now no reasonable prospect of a consensual restructuring being agreed. Atlantic understands that following this appointment, the Notes will appoint Norman Oehme, Keith Crawford and Matt Caddy of McGrathNicol as Receivers and Managers of AVHPL and MVPL. As at 31 January 2015, parent entity Atlantic had approximately $13.5 million in cash. As such, Atlantic continues to operate12/02/2015
Atlantic Ltd (ASX: ATI) (Atlantic or the Company) has advised the market from time to time of ongoing discussions between its stakeholders regarding the additional funding required by the Company's wholly-owned subsidiary Midwest Vanadium Pty Ltd (MVPL) to implement MVPL's business plan, as well as an appropriate longer term capital structure for the business. Those discussions have involved principally: - Representatives of MVPL's senior secured note holders (the Notes); and - Droxford International Limited (Droxford), Atlantic's largest shareholder. The Company confirms that it remains in discussions with the above parties on a commercial-inconfidence basis04/02/2015
announce the successful completion of the consent solicitation voting process to complete the mechanics of the forbearance and support agreement that was referred to in the Company's ASX announcement dated 22 December 2014. Senior secured note holders of Atlantic's wholly-owned subsidiary Midwest Vanadium Pty Ltd (MVPL) representing 76.7% of the notes on issue voted in favour of the proposals. The consent process involved directions to the trustee and the security trustee to provide for the extension of the forbearance, support agreement between MVPL and a majority of the holders of MVPL's senior secured notes and technical amendments to the senior secured notes indenture, which related to MVPL's ability to incur up to an additional $10 million in permitted indebtedness if a restructuring agreement is executed among MVPL and the supporting note holders16/01/2015
presents its production and sales report for the month of November relating to its wholly-owned subsidiary Midwest Vanadium Pty Ltd23/12/2014
announces the successful completion of the consent solicitation voting process which was referred to in the Company's ASX announcement dated 19 November 2014. Senior secured note holders of Atlantic's wholly-owned subsidiary Midwest Vanadium Pty Ltd (MVPL) representing 78.5% of the notes on issue voted in favour of the proposals15/12/2014
Atlantic Ltd (ASX: ATI) (Atlantic or the Company) is pleased to announce the successful completion of the consent solicitation voting process which was referred to in the Company's ASX announcement dated 19 August 2014. Senior secured note holders of Atlantic's wholly-owned subsidiary Midwest Vanadium Pty Ltd (MVPL) representing 74.4% of the notes on issue voted in favour of the proposals03/10/2014
lodges Monthly Production and Sales Report18/09/2014
releases Half Year Accounts - 31 Dec 1321/08/2014
he Company announces that its wholly-owned subsidiary Midwest Vanadium Pty Ltd (MVPL) has entered into a new forbearance and support agreement with a majority of the holders of MVPL's senior secured notes to extend the existing standstill arrangements that ended on 15 August 2014 until 14 November 201419/08/2014
lodges the unaudited consolidated interim financial report of Atlantic Vanadium Holdings Pty Ltd (AVHPL) for the period ended 31 March 2014. AVHPL is a wholly-owned subsidiary of Atlantic Ltd (Atlantic) and owns 100% of the issued capital of Midwest Vanadium Pty Ltd (MVPL). MVPL owns the Windimurra vanadium project15/07/2014
releases a Monthly Production and Sales Report30/06/2014
presents its production and sales report for the month of April relating to its wholly-owned subsidiary Midwest Vanadium Pty Ltd30/05/2014
The securities of Atlantic Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement. Security Code: ATI 06/02/2014
The suspension of trading in the securities of Atlantic Limited (the "Company") will be lifted immediately following the release of the Company's announcement concerning the appointment of a director. Security Code: ATI16/12/2013
The securities of Atlantic Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement. Security Code: ATI04/12/2013
securities reinstated to quotation06/03/2012
securities reinstated to quotation06/03/2012
securities suspended from quotation immediately, at the request of the Company, pending an announcement05/03/2012
securities to be reinstated to quotation on 18 Oct13/10/2010
Atlantic has provided the ASX with all relevant information and understands that its application is being processed, with a firm date for reinstatement expected later this week04/10/2010
advises of the completion of the acquisition of 100% of the Windimurra vanadium project and the associated $55.5 million capital raising - shares should be reinstated in the near future24/09/2010
lodges a Prospectus16/09/2010
we understand that on or about this date the company consolidated its shares 1 for 2530/08/2010
securities suspended from quotation following an announcement about a proposed change of activities13/08/2010
securities reinstated to quotation06/08/2010
securities suspended from quotation following an announcement02/08/2010
securities suspended from quotation following an announcement about a proposed change of activities22/10/2009
securities reinstated to quotation25/09/2009
securities suspended from quotation pending an announcement24/09/2009
securities reinstated to quotation13/11/2008
shares suspended from quotation pending release of an announcement12/11/2008
securities suspended from quotation following failure to lodge its half report for the period ended 31 December 200703/03/2008
securities reinstated to quotation03/03/2008
securities reinstated to quotation14/08/2007
the Deed of Company Arrangement executed on 30 April 2007 has been fully effectuated09/08/2007
we understand that on or about this date the company consolidated its shares 1 for 210/07/2007
the capital of the company is to be consolidated one for two, effective 10 July 200706/07/2007
lodges a prospectus for the issue of 70m shares at 0.5 cents to raise $350,000, 240m shares at 1 cent to raise $2.4m and 70m free options exercisable at 1 cent each06/07/2007
all three directors resign and are replaced by three new directors04/07/2007
company executes a deed of company arrangement30/04/2007
administrators release a supplementary report - a creditors meeting is to be held on 27 April 2007 - the administrators are recommending the company enter into a deed of company arrangement20/04/2007
at the second meeting of creditors held today, creditors resolve to adjourn the meeting for up to 60 days15/03/2007
administrators release their report - the second meeting of creditors is to be held on 15 March 2007 and administrators are recommending an adjournment of up to 60 days to allow time to negotiate with parties regarding a possible recapitalisation of the company08/03/2007
company appoints administrators (Brian McMaster and Jack James of KordaMentha) - this never augurs well for shareholders - it will possibly be a month or so before anything substantive on the administration is available for shareholders16/02/2007
in response to a note asking "what steps are being taken towards the reinstatement to quotation of the company's securities", the chairman has informed us that "Atlantic Ltd will advise shareholders on further developments in due course" - given that the shares have been suspended from quotation since June 2006 "pending release of an announcement", we believe directors should be advising shareholders specifically what measures they are taking to regain quotation30/01/2007
all resolutions considered at todays meeting were passed29/11/2006
gives notice that the company's AGM will be held at the Registered Office of the Company, 1 Mews Road Fremantle, on November 29, 2006 at 10.00am27/10/2006
Atlantic Ltd has completed its 12th Pearl Harvest and has sold 75% of the pearls for A$550,000 - the remaining 25% will be auctioned on the 19th/20th October 2006 at the Myanmar Emporium - the results of the harvest were disappointing as the volume and price were significantly below the projections04/10/2006
releases Preliminary Final Report12/09/2006
in response to a request for a brief note of any developments since the announcement of 8 August, chairman, Giuseppe Rotondella informs us the company "will advise its shareholders on further developments in due course"08/09/2006
Peter Michael Crook has resigned as Company Secretary15/08/2006
the company is currently negotiating with companies in relation to the acquisition of Atlantic's Pearl Farm in Myanmar, and other companies in relation to ongoing ventures and will remain suspended until further notice08/08/2006
shares suspended from quotation pending release of an announcement26/06/2006
Atlantic Limited was one of 43 that failed to put the adoption of the company's remuneration report to a non-binding vote at the company's annual general meeting (AGM) this year - ASIC said "that is not good enough...shareholders need to know in advance what resolutions are being voted on at the AGM so they can decide whether to attend the meeting or vote by prox"20/12/2005
we understand that on or about this date the company consolidated its shares 1 for 315/07/1997

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    Directors' on-market share transactions (last 5)

     

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Bradley EllisNon Exec Director16/12/2013
    Michael DanielNon Exec Director13/01/2014
    Phiong DarmaNon Exec Director18/11/2010
    Terry BourkeGeneral Counsel10/06/2013
    Glen ZurcherInvestor Relations

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Gary LewisNon Exec Chairman12/03/201419/10/2015
    Daniel HarrisCEO09/10/201229/06/2015
    Michael MinosoraChairman, Managing Director25/09/200912/03/2014
    Anthony VeitchExecutive Director04/07/200729/11/2013
    Ross GlossopCFO25/07/201114/11/2012
    Alan MulgrewNon Exec Director12/04/201006/03/2012
    Jay WacherNon Exec Director12/04/201006/03/2012
    Ian McMasterChairman11/04/201029/02/2012
    Jim MaloneNon Exec Director04/07/200727/11/2009
    Joe RotondellaExecutive Chairman, Company Secretary11/08/200604/07/2007
    Sergio DeCeglieNon Exec Director04/07/2007
    Edel ConroyNon Exec Director04/07/2007
    Vernon Egerton-WarburtonNon Exec Director14/12/2004
    Peter CrookCompany Secretary11/03/200414/12/2004
    Marshall ThompsonNon Exec Director25/07/199711/03/2004
    George Egerton-WarburtonNon Exec Director01/10/200123/10/2001

    Date of first appointment, title may have changed.