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MCALEESE LIMITED (MCS)

Delisted from ASX 28/08/2017

Former (or subsequent) names

 

Shareholder links

Our website ranking of MCS: rating 4
(4 out of 5)
COMPANY WEBSITE:

 

REGISTRY:
Link Market Services, Tower 4, 727 Collins Street Docklands VIC 3008
Tel : +61 3 9615 9800
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

Address: 4, 697 Burke Road, Camberwell VIC 3124
Tel:  (03) 8832 0100 Fax: 

Date first listed: 28/11/2013
Company Secretary: 
Sector: Transportation Industry Group: XNJ
Activities: Provider of specialised transport and logistics solutions
delisted from the close of trading on Monday 28 August 2017 pursuant to Listing Rule 17.15.28/08/2017
we understand the company failed and was delisted because it did not pay its annual ASX listing fee28/08/2017
Under listing rule 17.6, any entity (if not already suspended) that had not paid its annual listing fees by close of business on Monday 21 August 2017 will have its securities suspended from official quotation before the commencement of trading on Tuesday 22 August 2017. The company has failed to pay to ASX Limited the annual listing fees in respect of the year ending 30 June 2018 and consequently will have its securities suspended from quotation immediately.22/08/2017
a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued - in this case 2016/1708/06/2017
The administrators provide an update to shareholders. It is expected that there will be a material shortfall to the creditors of MCS and there is no expectation of a return to shareholders. The administrators have reasonable grounds to believe that there is no likelihood that shareholders of MCS will receive any distribution in the course of external administration of the McAleese Group of Companies. Depending on shareholders' individual tax circumstances, they may be able to rely on this declaration to claim a capital loss with respect to their shareholding in MCS. This should not be construed as constituting taxation advice. Shareholders should seek their own advice prior to relying on this declaration.03/04/2017
On Monday, 19 December 2016, the second meetings of creditors were held for the McAleese Group of Companies. At those meetings, creditors considered a series of related Deed of Company Arrangement ("DOCAs") proposals from the Secured Creditors against liquidation alternatives. At the meetings creditors resolved in favour of the related DOCAs. Yesterday, the related DOCAs were entered into by the McAleese Group of Companies. The related DOCAs will facilitate a fund contribution of $10 million from the secured creditors, which is expected to be received this week. 22/12/2016
The company provides a company update - As previously reported, the Federal Court of Australia extended the convening period for the second meeting of creditors of MCS and subsidiaries be up to 28 March 2017. The Court also ordered that the second meetings for MCS and its subsidiaries may be held, together or separately, at any time during the convening period. Our current expectation is that the Administrators will convene the second meeting of creditors in December 2016 and the creditor meetings will be held concurrently for MCS and its subsidiaries. A summary of the four business units of the company was also provided.14/11/2016
The first meetings of creditors of McAleese and the subsidiaries over which the Administrators have been appointed has been convened for Thursday, 8 September 2016, at the RACV City Club, Level 17 Function Room, 501 Bourke Street, Melbourne, VIC 3000. 06/09/2016
The administrators refers to the general meeting of shareholders to be held on the 19th of September 2016. The purpose of the Meeting was to consider resolutions relating to a proposed recapitalisation of the Company. The proposed recapitalisation was subject to two conditions being satisfied or waived prior to the expiration of forbearance arrangements extended by the Company's financiers. As one of those conditions was not satisfied or waived and the financiers declined to enter into any new forbearance arrangements, the recapitalisation will no longer be implemented in the manner contemplated by the Notice. Accordingly, the Administrators consider that the Meeting is unnecessary and so cancel the Meeting.01/09/2016
The Meeting yesterday was adjourned following the appointment of administrators to MCS because the Chair of the Meeting, Mr Crawford, considered that the appointment of administrators was material information for members and members would not have had sufficient information to determine how to vote at the Meeting. The administrators are currently considering when to hold the adjourned Meeting. Their intention is to hold the Meeting as soon as the outcome of the voluntary administration process is clearer. During the administration, the administrators exercise all of the powers of the existing directors, whose powers are suspended. The notice of yesterday's Meeting did not contemplate that administrators would be appointed to the company. Supplementary notice will be issued that will specify a new time and date for submissions of proxies. 30/08/2016
The purpose of the EGM held today was to consider resolutions removing the current directors of MCS (other than Mr Gilberto Maggiolo) and replacing them with Mr Harold Keith Price and Mr Maurice Gregory Smith. As announced this morning, the directors of MCS have appointed administrators to the company. Whilst the company is in administration, the powers of the existing directors are suspended. Instead, the administrators exercise all of the powers and functions of the directors. At the meeting today Mr Keith Crawford acted as Chair of the Meeting. Mr Crawford determined to adjourn the meeting because he considered that the fact that administrators have been appointed is material information for members and that, as at today, members will not have sufficient information to determine how to vote at the meeting. The Meeting has been adjourned to a time and place to be announced to ASX at a later date. 29/08/2016
The securities of McAleese Limited will be suspended from quotation immediately, following the release of an announcement by the Company regarding the appointment of voluntary administrators. 29/08/2016
On 29 August 2016, Joseph Hayes, Jason Preston, Jamie Harris and Keith Crawford of McGrathNicol were appointed Voluntary Administrators ("the Administrators") of McAleese Limited ("MCS") and each of its wholly owned subsidiaries with the exception of Sunshine Refuellers Pty Ltd29/08/2016
The securities of McAleese Limited (the "Company") will be reinstated to quotation from the commencement of trading on Wednesday 8 June 2016, following the release of an announcement by the Company.07/06/2016
The company provides a trading update regarding the following: bulk haulage; oil & gas; heavy haulage & lifting; specialised transport; and restructuring and outlook.07/06/2016
The company announced that it has entered into a binding heads of agreement with the company's existing financiers under its Syndicated Facility Agreement and a consortium led by SC Lowy Primary Investments, in which Remagen Nominees and funds and accounts managed by BlackRock are also investors in relation to a proposed, conditional, recapitalisation of the company. The proposed Recapitalisation is the outcome of the Company's comprehensive Strategic Process which commenced in late August 2015. Throughout the Strategic Process, a number of indicative, non-binding transactions were presented to, and considered by, the Company. The Recapitalisation is intended to create a sustainable capital structure for the Company.07/06/2016
The Company, its current financiers and entities associated with Mark Rowsthorn have executed a binding Heads of Agreement which remains in escrow subject to the timely execution of the Heads of Agreement by the members of the SC Lowy Consortium. The Company was advised this morning that because of internal arrangements of the SC Lowy Consortium, the consortium members are not yet in a position to execute the Heads of Agreement. There remains no certainty that the Heads of Agreement will become binding. The Company expects to provide a further update on or before Monday, 6 June 2016.01/06/2016
Negotiations between the Company, its financiers and a consortium led by SC Lowy have progressed positively over the last week. While there remains no certainty that these negotiations will yield an outcome, an agreed form binding Heads of Agreement is with all parties for final approval and execution is expected to occur on or before Tuesday, 31 May 2016. The Company expects its voluntary suspension to end following the announcement of the execution of the binding Heads of Agreement.30/05/2016
While negotiations between the Company, its financiers and a consortium led by SC Lowy are continuing positively, the proposed transaction documentation is still being settled between the parties. While there remains no certainty that these negotiations will yield an outcome, execution of a binding Heads of Agreement is now expected to occur by Friday, 27 May 2016. The Company expects its voluntary suspension to remain in place until Monday, 30 May 2016.23/05/2016
continuing positively and documentation continues to progress. While there remains no certainty that these negotiations will yield an outcome, execution of a binding Heads of Agreement is now expected to occur by Friday, 20 May 2016. The Company expects its voluntary suspension to remain in place until Monday, 23 May 2016.16/05/2016
Negotiations between the Company, its financiers and a consortium led by SC Lowy (SC Lowy) are continuing positively, however progress on documentation has been slower than anticipated. While there remains no certainty that these negotiations will yield an outcome, execution of a binding Heads of Agreement is now expected to occur by Friday, 13 May 2016. The Company expects its voluntary suspension to remain in place until Monday, 16 May 2016.09/05/2016
Negotiations between the company, its financiers and a consortium led by SC Lowy are continuing. While a transaction has not yet been agreed and there remains no certainty that these negotiations will yield an outcome, further positive progress has been made since the company's announcements on 18 April 2016. All parties are working towards signing a binding heads of agreement by Friday, 6 May 2016. The company expects its voluntary suspension to remain in place until Monday, 9 May 2016.02/05/2016
Negotiations between the Company, its financiers and a consortium led by SC Lowy (SC Lowy) are continuing. While a transaction has not yet been agreed and there remains no certainty that the Strategic Process will yield an outcome, positive progress has been made since the exclusivity period commenced. As previously advised, the Company expects its voluntary suspension to remain in place until the end of April 2016.18/04/2016
The company provides an update on its strategic process and voluntary suspension.31/03/2016
The company lodges its half year report for the six months ended 31 December 2015.15/03/2016
The company lodges its 1H FY16 Results.15/03/2016
The company provides an update on the strategic process that it has been conducting to recapitalise the Company with the assistance of Moelis & Company. The Company is actively progressing discussions with multiple parties with a view to finalising a recapitalisation proposal. As discussions and negotiations remain ongoing, the Company advises that its voluntary suspension is expected to remain in place for an additional period of up to two weeks while this matter is progressed. 15/03/2016
A voluntary suspension was sought while the Company advanced discussions with its lenders in relation to a number of alternative recapitalisation proposals, including with external providers of new capital. As discussions and negotiations remain ongoing, the Company advises that its voluntary suspension is expected to remain in place for an additional period of up to seven trading days while this matter is progressed.07/03/2016
The company provides an update on its strategic process and 1H 2016 Financial Report.29/02/2016
The securities of McAleese Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement by the Company. For further details, please refer to the Company's suspension request. 29/02/2016
The securities of McAleese Limited (the "Company") will be lifted immediately, following the announcement by the Company of its outlook for FY2015. Security Code: MCS 04/05/2015
The company advises that the voluntary suspension remains in place while it continues its discussion with Atlas27/04/2015
The securities of McAleese Limited (the "Company") will be suspended from quotation immediately, at the request of the Company pending the release of an announcement regarding the operational and financial implications resulting from the decision by Atlas Iron Limited (ASX: AGO), as announced on ASX Limited on Friday 10 April 2015, that it intends to progressively place its Pilbara mines into care and maintenance. Security Code: MCS13/04/2015
The suspension of trading in the securities of McAleese Limited (the "Company") will be lifted immediately, following the release of an announcement regarding an update of the restructure of Company's wholly owned subsidiary, Cootes Transport Group Pty Ltd, and the Company's earnings outlook for the year ending 30 June 2014. Security Code: MCS 18/02/2014
The securities of McAleese Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement regarding an update of the restructure of Company's wholly owned subsidiary, Cootes Transport Group Pty Ltd, and the Company's earnings outlook for the year ending 30 June 2014. Security Code: MCS 17/02/2014
listed entity carried for record purposes only28/11/2013

ASX Announcements (courtesy of ASX)

 

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If anyone has the percentage to apply to the cost base of shares post the demerger from TTG, please advise deListed and it might be an idea to advise the McAleese company secretary, Rohan Abeyewardene, who also does not appear to be aware of it.16/01/2015 05:57:31

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNATURENUMBERPRICEAMOUNT
    12/03/2014Gilberto MaggioloOn market300,000$0.500$150,000
    03/03/2014Keith PriceOn market415,000$0.598$248,300
    19/02/2014Keith PriceOn market790,000$0.632$499,280

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Gilberto MaggioloNon Exec Director19/03/2012
    Keith PriceExecutive Director19/03/2012

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Don TelfordNon Exec Chairman, Independent Director19/09/201330/09/2016
    Mark RowsthornCEO19/03/201230/09/2016
    Warren SaxelbyDirector01/03/201514/09/2016
    Wayne KentDeputy Chairman, Independent Director19/09/201329/08/2016
    Kerry GleesonIndependent Director01/09/201429/08/2016
    John RussellCFO05/11/201401/08/2016
    Paul GaratyManaging Director, CEO01/01/201328/03/2014
    Mark McSweeneyNon Exec Director19/03/201207/03/2014

    Date of first appointment, title may have changed.