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INDOCHINE MINING LIMITED (IDC)

Delisted from ASX 02/05/2018

Former (or subsequent) names

 

Shareholder links

Our website ranking of IDC: rating 5
(5 out of 5)
COMPANY WEBSITE:

 

REGISTRY:
Link Market Services, Rhodes Corporate Park, 1A Homebush Bay Drive, Rhodes NSW 2138
Tel : +61 1300 554 474
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

ISIN: w
Address: C/- Ferrier Hodgson Level 28, 108 St Georges Terrace Perth WA 6000
Tel:  08 9214 1444 Fax: 08 9214 1400

Date first listed: 06/12/2010
Company Secretary: Mr Ashok Jairath
Sector: Materials Industry Group: XMJ
Activities: Mining Exploration
delisted from the commencement of trading on Wednesday, 02 May 2018 pursuant to Listing rule 17.12.02/05/2018
we understand the company failed and is in administration - ASX removed the company from listing as its securities have not been quoted for three years02/05/2018
On 27 April 2018, the PNG National Court, presided by Justice Nablu, delivered the judgement on the Judicial Review of the Minister for Mining's refusal to grant Summit Development Limited the exploration licence (EL 1093) over the Mt Kare Au-Ag Project area. Justice Nablu upheld the Minister for Mining's decision. The Company's and Summit's view is that an appeal is the only way for Summit to secure its rightful tenure of the exploration licence and undertake the development of the Mt Kare project. Having regard to Justice Nablu's decision and noting that the timing and outcome of an appeal to that decision remain uncertain, and considering the significant delays faced by the Company to date in PNG in having the Judicial Review heard and obtaining a decision, the Company is not presently able to meet the conditions set out in section 3.4 of ASX Guidance Note 33 to obtain an extension to its delisting date. As a result the Company will be removed from the Official List of ASX at a date to be announced by the ASX. The Company expects ASX to make a delisting announcement imminently. 01/05/2018
The PNG National Court has advised the company that the judgement on the Judicial Review into the Minister's decision to refuse SDL's application to renew Exploration Licence EL 1093 over the Mt Kare Au-Ag Project, will be delivered at 3 pm on 27 April 2018.16/04/2018
shareholders in this company should consider the possibility of crystallising a capital loss in 2017/18 by selling their worthless shares, which they can achieve online by entering transaction details here - background and rationale may be viewed here11/04/2018
The PNG National Court has advised the company that the anticipated date for the delivery of the judgement of the Judicial Review into the Minister's decision to refuse Summit Development's application to renew Exploration Licence EL 1093 over the Mt Kare Au-Ag Project, will be communicated sometime in April 2018.16/03/2018
The company lodges its Half Yearly Report and Accounts 31 December 2017.14/03/2018
The company provides a corporate update. It has acquired the Mt Kare Au-Ag Project in Papua New Guinea for approximately A$27M in cash and shares in 2011 . Also, the Judicial Review of the former Minister for Mining's decision to refuse Summit's application to renew exploration licence EL 1093 over the Mt Kare Au-Ag Project was held on 5 September 2017. The matter was heard by Justice Nablu and the honourable judge has reserved her judgement. The PNG National Court was in recess until 5 February 2018, hence the date for the decision is expected to be any time after that date. The company's project assets remain on care and maintenance. Further, all landowning clan members signed the mediated agreement for the Mt Kare Au-Ag project. This agreement was ratified through a National Court Consent order on 10 November 2015. Additionally, the company has garnered the support of several leading Australian and International Broking houses that, along with Longreach Capital will be instrumental in assisting Indochine to obtain the necessary future funding to advance its objectives. Lastly, Indochine, subject to obtaining a successful outcome from the Judicial Review, is fully committed to advancing the Mt Kare Au-Ag Project.07/02/2018
The company releases the results of its 2016 and 2017 AGMs.29/11/2017
The company's 2017 AGM will be held at 11:30 AM on 29 November 2017 at Ferrier Hodgson, Level 28, 108 St Georges Terrace, Perth, Western Australia.27/10/2017
The company's 2016 AGM will be held at 10:30 AM on 29 November 2017 at Ferrier Hodgson, Level 28, 108 St Georges Terrace, Perth, Western Australia.27/10/2017
The company lodges its Annual Report to shareholders - 30 June 2017.25/10/2017
The company releases its Appendix - 4G 2017.25/10/2017
The company releases its Appendix - 4G 2016.25/10/2017
The company lodges its Half Yearly Report and Accounts - 31 December 2016.25/10/2017
The company lodges its Half Year Accounts - 31 December 2015.25/10/2017
The company lodges its Annual Report to shareholders - 30 June 2016.25/10/2017
At a directions hearing held on 17 July 2017 in the National Court of Justice, PNG, the trial judge set down a trial date of 5 September 2017 for the judicial review. Given the delays in progressing the judicial review and following ongoing discussions with the DOCA proponent, the conditions precedent for the company's DOCA have been extended to 31 March 2018.04/08/2017
ASIC has granted the company an extension of time to prepare its financial statements and hold the AGM for the financial year ended 30 June 2016. The company is required to hold the AGM prior to 30 November each year. The extension granted by ASIC on 14 March 2017 allows the company to lodge its financial accounts by 31 January 2018 and subsequently convene the AGM by 31 March 2018.16/03/2017
ASIC has granted the company an extension of time to hold the AGM for the financial year ended 30 June 2016. The company is required to hold the AGM prior to 30 November each year. The granted extension allows the company to convene the AGM on or before 28 February 2017.13/02/2017
The company releases a circular to its creditors regarding its judicial review and other matters.16/01/2017
The company releases the results of its AGM.31/05/2016
Previously, notice of a petition to wind the company up was served at SDL's registered office with a hearing in the PNG National Court scheduled for 6 June 2016. Since receipt of the notice, the company has been in contact with the relevant creditor to negotiate a positive outcome. At this time, negotiations are incomplete and continuing. Indochine will update the market once negotiations are finalised. 12/05/2016
The company provides a shareholder update regarding the following: exploration licence EL1093; judicial review OS (JR) 103 of 2016; DOCA period; and the proposed future operations of the company.29/04/2016
Shareholder will get 1 share for every 400 presently owned. 28/04/2016
Notice is given that the 2015 AGM of Shareholders of Indochine Mining Limited will be held at 11 AM on 30 May 2016 at Ferrier Hodgson, Level 28, 108 St Georges Terrace.26/04/2016
At the hearing to consider granting of leave for the judicial review to proceed, the presiding judge granted Summit Development Limited leave to: apply for Judicial Review of the Minister's rejection of the renewal application and the Mining Advisory Council's recommendation made on or around 21 July 2015; file and serve substantive Notice of Motion by 1 May 2016; and stay of proceedings. As SDL's extension application remains unresolved, the holdover provisions in the PNG Mining Act 1992 for exploration licences subject to a timely renewal application continue to apply and the ground is not available for any other exploration licence application. All new ELA's are held over (including SDL's fresh application) pending the outcome of the judicial review. Also, the proponents of the DOCA, Kandahar Holdings Pty Ltd, have agreed to extend the termination date of DOCA under the Conditions Precedent20/04/2016
The company wishes to advise that the ASIC has granted the company a second extension of time to hold the AGM for the financial year ended 30 June 2015. The company is required to hold the AGM prior to 30 November each year however obtained an initial extension from the ASIC on 22 December 2015 which extended the convening period to 29 February 2016. The second extension granted by ASIC on 30 March 2016 now allows the company to convene the AGM on or before 30 May 2016.31/03/2016
The company previously lodged an application for renewal of the licence term for a period of 2 years for EL1093. The Minister of Mining refused SDL's application to renew EL1093. As a consequence, the company filed an application with the National Court seeking a judicial review of the Minister's decision. Further, a fresh application for the grant of an exploration licence over Mt. Kare was filed. The company requests an extension of time from the ASIC to convene the AGM.02/03/2016
The company wishes to advise that the ASIC has granted the company an extension of time to hold the AGM for the financial year ended 30 June 2015. The company is required to hold the AGM prior to 30 November each year. The extension granted allows the company to convene the AGM on or before 29 February 2016.22/12/2015
The company lodges its annual financial report 30 June 201510/12/2015
The company lodges its interim financial report for the half-year ended 31 December 201410/12/2015
The company issues its corporate governance statement 30 June 2015.04/12/2015
The company lodges its Quarterly Activities Report - For Quarter Ended 30 September 201503/11/2015
Administrators issues a letter to Summit Development to provide an update on the progress of administration to date.07/09/2015
The company lodges its Quarterly Activities Report - For Quarter Ended 30 June 2015.02/09/2015
The following entity (Indochine Mining Limited) has not paid their annual listing fees in respect of the year ending 30 June 2016 but the securities are already suspended from official quotation. Under listing rule 17.15, any entity that has not paid its annual listing fees as required by listing rule 16.5 by 5.00 pm AEST on Monday 31 August 2015 will be removed from the official list with effect from the close of trading on Monday 31 August 2015 25/08/2015
The company advises that the application filed with the Federal Court t by Mr Stephen Promnitz to set aside the deed of company arrangement and to have the second creditors meeting adjourned and reconvened at a later date, was adjudicated upon by Justice Foster on 17 August 2015. Justice Foster wholly dismissed the proceeding filed by Mr Promnitz and awarded the legal and incidental costs incurred by the Company against the plaintiff.19/08/2015
The company has been advised by ASX that the ASX has closed the CHESS Sub-register for the Company's shares as they have been suspended from trading for more than 60 business days. Shareholders may have found that as a result their shares in the Company may no longer appear in their register of shareholdings. It is confirmed the Company's shares remain in existence but will however not return to the CHESS Sub-register while they continue to be suspended from trading.02/07/2015
The company releases a letter to the creditors, updating them about the deed of company arrangement.09/06/2015
at the second meeting of creditors of the Company held in the offices of Ferrier Hodgson on 13 May 2015 at 11:00am WST, creditors passed a resolution by way of a poll, with majority in both number and dollar value of creditor claims, requiring the Company to execute a Deed of Company Arrangement (DOCA) as proposed by Kandahar Holdings Pty Ltd14/05/2015
provides a Second Supplement to Administrators' Report13/05/2015
advises creditors of a second DOCA proposal received late on 6 May 2015 from Second Floor Gold Pty Ltd (SFG)11/05/2015
administrators table the findings of their investigations of the Company's business, property, affairs and financial circumstances, as well as our opinion on the three options available to creditors in deciding the future of the Company at the Second Meeting06/05/2015
Darren Weaver, Benjamin Johnson and Martin Jones were appointed Joint and Several Voluntary Administrators of the Company on 27 March 2015 27/03/2015
suspended following failure to lodge Half Year Accounts for the period ended 31 December 2014 in accordance with Listing rules17/03/2015
The suspension of trading in the securities of Indochine Mining Limited (the "Company") will be lifted immediately, following receipt of the Company's announcement regarding the completion of the capital raising. Security Code: IDC19/03/2014
Indochine announces an update on its equity capital raising with offers of $15 million to date, subject to raising a further $3 million to $5 million of equity within the next 7 days to complete the transaction. 19/03/2014
releases half yearly accounts17/03/2014
Indochine Mining Limited (ASX:IDC) advises that the suspension of trading in its securities will be extended under Listing Rule 17.2 pending a material announcement to the market concerning the Company's capital raising, which is expected to be released prior to the commencement of trading on 19 March 2014. 17/03/2014
The securities of Indochine Mining Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement in relation to the Company's proposed capital raising. Security Code: IDC14/03/2014
The suspension of trading in the securities of Indochine Mining Limited (the "Company") will be lifted immediately, following the Company announcement regarding the completion of the capital raising. Security Code: IDC07/08/2013
The securities of Indochine Mining Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement in relation to the Company proposed capital raising. Security Code: IDC06/08/2013
The suspension of trading in the securities of Indochine Mining Limited (the "Company") will be lifted immediately, following the Company" announcement regarding the completion of the capital raising. Security Code: IDC01/11/2012
The securities of Indochine Mining Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement in relation to the outcome of the capital raising. Security Code: IDC26/10/2012

ASX Announcements (courtesy of ASX)

 

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This litigation seems to offer little hope for a turn around 

the grounds for review are weak and lacking a foundation in fact that might support a positive outcome for IDC

we shall see in a few hours

27/04/2018 10:51:40
Doesn't look very promising for IDC at this point. Could
have been a profitable venture with the right people.
30/03/2015 15:44:43

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNATURENUMBERPRICEAMOUNT
    18/12/2012Stephen GemellOn market200,000$0.115$23,000

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Ashok JairathCFO30/08/2012
    Gavan FarleyNon Exec Director27/01/2010
    Craig DawsonNon Exec Director18/02/2014
    Keith MurrayNon Exec Director21/10/2014
    Tony GatesDirector30/05/2016

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Dermott McVeighNon Exec Chairman31/07/201403/11/2015
    Hugh ThomasChairman, Non Exec Director11/04/201430/07/2014
    Stephen PromnitzCEO12/10/201030/07/2014
    Robert ThomsonNon Exec Director13/05/201430/07/2014
    Michael LeggoNon Exec Director23/04/201313/05/2014
    Ian RossNon Exec Chairman27/01/201017/04/2014
    Stephen GemellNon Exec Director01/03/201107/06/2013
    John ShawNon Exec Director05/12/201128/11/2012

    Date of first appointment, title may have changed.